The new QFC-based company, Kane LLC, is the first captive manager to be awarded a licence by the QFC and will be headed up by Shaun Brook, Practice Leader, Insurance Management, Kane. The company will provide a range of services, including: captive management, risk management and healthcare advisory services.
Commenting on the announcement, Shaun Brook said: “We are delighted to be the first captive manager to be licensed in the QFC. Qatar has made a significant commitment to becoming a global centre of excellence for captive insurance and has established a well structured regulatory regime which is robust, flexible and conducive to captive growth. Captives are seen as becoming a central component in Qatar’s financial make up and Kane is delighted to be able to play a prominent role in facilitating this”.
Shashank Srivastava, Acting CEO and Chief Strategic Development Officer, Qatar Financial Centre Authority, said: “We are pleased that Kane LLC is the first captive manager to be licensed in the QFC. Captive insurance is an important part of the QFC Authority’s hub initiative strategy, and we welcome Kane’s decision to open an office in Qatar.”
Phillip Thorpe, Chairman and CEO, QFCRA, commented: “We continue to see the insurance market growing at a strong rate and increasingly contributing to the growth and diversity of the Qatari economy. The regulatory authority is responding to this growth by establishing new regulatory structures to assist the further development of the insurance sector. We are pleased to see firms such as Kane LLC bringing specialist knowledge and products to Qatar, and in doing so, recognising the value of the QFC environment and the importance of high quality regulation to the success of its endeavours.”
Thursday, September 2- 2010 @ 10:20 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.