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Qatar Re Will Acquire Markerstudy Companies Based in Gibraltar

By 1st April 2018No Comments
Qatar Reinsurance Co. Ltd. has signed an agreement to buy four Gibraltar-based insurers from Markerstudy Group.Financial details of the deal were not disclosed, but Qatar Re said that Markerstudy underwrites more than 5 percent of the UK motor insurance market, generating premiums of about $1.0 billion.
The soon-to-be-acquired companies are: Markerstudy Insurance Co. Ltd., Zenith Insurance PLC, St. Julians Insurance Co. Ltd. and Ultimate Insurance Co. Ltd.
Qatar Re and its sister company, QIC Europe Ltd (QEL), already have a long-standing business relationship with Markerstudy, the companies explained.
“This transaction builds on the strong foundation of our existing relationship,” commented Gunther Saacke, Qatar Re’s CEO. “It provides Qatar Re with a greater share of lower-volatility business that has performed consistently well for us, balancing our specialty and catastrophe book. In addition, the transaction will enable us to write UK business under any post-Brexit scenario.”
“For a long time we have had a tremendous relationship with Qatar Re,” affirmed Kevin Spencer, CEO of Bessels Green, England-based Markerstudy Group. “Their proactive approach has assisted our development and this is a natural evolution – to combine our strengths to establish a primary player in the UK insurance sector.”
“This strategic alliance has threefold benefits: It enables us to simplify our product offering and processes for our intermediaries and broker partners; it provides us with ‘A’-rated capital backing and ensures we maintain the continuity of marketing, distribution, service and support,” added Spencer.
The transaction is subject to regulatory approvals and should be completed in the first half of 2018.
Source: Qatar Re
Tim Kelly

Tim is a highly qualified Independent Engineer with over 20 years experience as an Engineering Assessor of damaged vehicles.

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