Former Qatar Petroleum captive puts plans on hold
Al Koot, an insurance subsidiary of Gulf International Services, has put on hold plans to convert the business into a reinsurance entity.
A spokesman for the company told the Qatar stock exchange that “the discussions have been put indefinitely on hold.”
The company has not announced the reason for the change in its plans, saying only that “no major change is expected in the company structure or in its operation.”
Al Koot was the captive of Qatar Petroleum, before diversifying its risk coverage to other firms.
As the majority of Qatar's reinsurance underwriting takes place abroad, the conversion was seen as a positive step by market analysts in the Gulf state.
