Qatar Insurance Co. S.A.Q. on Thursday said it has agreed to acquire the entire share capital of Hamilton, Bermuda-based Antares Holdings Ltd., a specialist insurer and reinsurer operating in the Lloyd's of London market.
Terms of the transaction were not disclosed.
“The acquisition of Antares will provide QIC with access to Lloyd's through syndicate 1274 and Antares' own integrated managing agency, as well as bringing a Bermudian platform with a Class 3 reinsurance license,” said Doha, Qatar-based Qatar Insurance in a statement announcing the transaction.
The deal is expected to close in the second half of the year subject to U.K., Bermudian and Qatari regulatory approval, Qatar Insurance said in the statement.
“The acquisition of Antares is another important milestone in QIC's internationalization strategy. Antares will help QIC to build a significant global property and casualty and specialty insurance footprint,” said Qatar Insurance Group President and CEO Khalifa Al Subaey in the statement.
“We are excited about becoming part of QIC and believe that Antares and QIC have complementary models built around an aligned underwriting philosophy,” said Antares managing director Stephen Redmond in the statement. “As part of QIC, Antares will be a stronger business that will be well placed for the future.”