Qatar Insurance Company’s re-insurance subsidiary Q-Re will soon establish operations in Zurich and Bermuda as part of a “significant” step onto the global insurance business.
QIC, which is the dominant player in the domestic market, is also establishing specialist investment vehicles through its Qatar Financial Centre-based QIC Capital.
These, which come under its five-year strategic plan, were highlighted yesterday by Sheikh Khalid bin Mohamed bin Ali al-Thani to shareholders, who approved the 45% dividend (25% cash bonus and 20% stock dividend) at the annual general assembly meeting.
Highlighting that it intends to raise Qatar as an insurance and re-insurance business hub in the Middle East, the company said it plans to position its re-insurance arm Q-Re as a leading global company out of Qatar that will provide much-needed capital, capacity and risk management capabilities to insurers internationally.
“We have embarked upon an extensive programme to enhance our global reach through Q-Re, which is expected to double the company’s size,” Sheikh Khalid said in the board of directors’ report.
Read more: http://www.gulf-times.com/business/191/details/342567/qic-eyes-zurich%2c-bermuda-ops
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