Qatar captive converted to reinsurance only
It has been reported that the captive insurance company of Qatar Petroleum, Al Koot Insurance and Reinsurance, will be converted to a Qatari reinsurance company.
In a keynote address last week, Yousef Hussain Kamal, minister of Finance and Economy in Qatar announced the news, adding that public-listed insurers in Qatar, as well as non-Qatari companies, will have the opportunity to own shares in Al Koot that matches their own market share.
The state of Qatar will own 30 percent of the reinsurance entity at the early stages of launching the company in order to promote and safeguard the initiative, said Kamal.
