Mubasher: Qatar Reinsurance Company Limited on Wednesday announced signing an agreement to acquire Markerstudy’s Gibraltar-based insurance companies.

Under the deal, Qatar Reinsurance’s acquisition includes Markerstudy Insurance Company Limited, Zenith Insurance PLC, St Julians Insurance Company Limited, and Ultimate Insurance Company Limited.

Qatar Reinsurance Company is a subsidiary of Qatar Insurance Company Group (QIC).

Markestudy has a market share of more than 5% of the UK’s motor insurance market, generating GBP 750 million ($1.018 billion), QIC said in a bourse filing.

“This deal allows QIC Group to grow its lower volatility business while leveraging our existing success in QEL. It is a natural next step in the strategy we have pursued over recent years in relation to the group international businesses, which diversifies QIC’s overall portfolio,” Khalifa Al Subaey, the president and CEO of QIC, said.

Meanwhile, Markerstudy Group CEO Kevin Spencer stated that “For a long time we have had a tremendous relationship with Qatar Re. 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.”