Mubasher: Qatar Insurance Company (QIC) on Thursday announced that its Bermuda based subsidiary, Qatar Reinsurance Company Limited (Qatar Re), has received the UK regulators’ approval to open its branch office in London.

This step supports QIC’s strategy to expand globally, in addition to Qatar Re’s existing branches in Zurich, Singapore and Dubai, according to the company’s statement on Qatar Stock Exchange (QSE).

QIC’s international presence also comprises UK based insurance vehicle, Antares, and QIC Europe Limited (QEL) based in Malta, the statement added.

Commenting on the opening of the new branch office, Qatar Re CEO Gunther Saacke said: “London is the leading global hub for specialty and wholesale insurance. Therefore, a local underwriting presence is almost imperative for any aspiring global reinsurer. This is particularly true for Qatar Re as proximity to our clients and brokers is one of our proven value drivers.”

“For Qatar Re, Britain is a major market of growing importance. Only a few days ago, we announced the acquisition, subject to regulatory approvals, of Markerstudy Group’s Gibraltar-based insurance companies which underwrite more than 5% of the UK motor insurance market, generating annual premiums of about £ 750 million,” Saacke added.