Qatar Re moves to BermudaReprints
Qatar Reinsurance Co. L.L.C. has re-domiciled to Bermuda to take advantage of the island's geography and regulatory framework, the company said in a statement Thursday.
In addition to benefitting from improved proximity to clients, in particular in the Americas and also to the North American broker community, the company will double its capitalization to $500 million as part of the re-domiciling, said a spokesman in an email statement to Business Insurance.
The island also offers a favorable regulatory environment.
“The Bermuda Monetary Authority is a proven and reputable regulator with a strong track record and has achieved Solvency II equivalency,” said the spokesman in the email.
“Bermuda was a natural choice for us due to its international reputation and proximity to the U.S. market, along with its anticipated Solvency II equivalence. The regulatory regime gained over decades of proven reliability stands for uncontested best practices and will support our ability to access and compete throughout the world's markets in a credible manner,” Gunther Saacke, CEO of Qatar Re, said in the statement.
Qatar Re also said that it has been granted a class four insurance license in Bermuda and was recently granted a license to underwrite in the Dubai International Financial Centre.