Qatar Re’s acquisition of Markerstudy Group’s insurance companies represents the latest milestone on its journey toward becoming a global insurance group, according to Qatar Insurance Group (QIC) group president and CEO, Khalifa Abdulla Turki Al Subaey.
As part of the transaction, which was announced 3 January and is subject to regulatory approval, Qatar Re acquired Markerstudy Group’s Gibraltar-based insurers, namely Markerstudy Insurance, Zenith Insurance, St Julians Insurance and Ultimate Insurance.
Al Subaey suggested that the deal is evidence of the progression of QIC’s global expansion and diversification strategy, and gives them a solid platform to access the UK market looking ahead.
The transaction is subject to regulatory approvals and is expected to be completed in the first half of 2018.
He stated: “The main strategic attraction of this unique deal is the addition of a sizeable
lower volatility book of UK motor insurance business with predictable and long-term profitability.”
“The Markerstudy transaction will enable QIC to continue writing UK business under any post-Brexit scenario.”
Looking forward, Al Subaey suggested QIC will continue to implement their global expansion and diversification strategy while maintaining their leadership position in the MENA region.
He added: “Through the Markerstudy transaction, we continue to strengthen the foundation for our target of becoming a global top-50 insurance group.”
