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Qatari reinsurer redomiciles to Bermuda

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Qatar Reinsurance Co. L.L.C. on Tuesday said it will redomicile to Bermuda and merge with its existing Bermuda-incorporated reinsurer, Antares Reinsurance Ltd.

The move will bring Qatar Re’s capital base to approximately $500 million, and Qatar Re will continue to benefit from a parental guarantee from Qatar Insurance Co. S.A.Q. and the existing A/stable and A (excellent) credit ratings from Standard & Poor’s Corp. and A.M. Best Co. Inc., respectively, the statement said.

Qatar Re plans to maintain a branch office in the Qatar Financial Center in Doha, Qatar and will continue to operate its existing branch office in Zurich and representative offices in London and Singapore, the statement said.

The establishment of a further branch office in the Dubai International Financial Center is awaiting regulatory approval, according to the company.

“Moving Qatar Re’s headquarters to Bermuda will consolidate capital and further enhance the international scope of our business and proximity to our clients,” Gunther Saacke, Qatar Re’s CEO, said in the statement.

The move is expected to take place in the fourth quarter of 2015, subject to regulatory approvals, the statement said.

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