Qatar Insurance Company announces completion of Antares acquisition
Qatar Insurance Company SAQ (“QIC”), the largest insurance company in the Middle East, is pleased to announce the completion of the acquisition of Antares Holdings Limited (“Antares”), a leading specialist insurance and reinsurance group operating in the Lloyd’s market.All necessary regulatory approvals for the acquisition have been obtained.
The acquisition of Antares expands QIC’s global footprint through access to Lloyd’s Syndicate 1274 and Antares’ own integrated managing agency, as well as a Bermudian platform with a Class 3 reinsurance license.
Khalifa Al Subaey, Group President and CEO of QIC said: “The acquisition of Antares significantly accelerates our vision to establish QIC as a global insurance group. We are now generating over 50 percent of our premium volume in international markets. QIC will continue to build out this additional engine of growth in order to complement and diversify our highly dynamic domestic and regional business.”
Mr. Al Subaey added: “Antares will continue to operate under its own brand at Lloyd’s and enjoy a stable future. We welcome our new colleagues to QIC. Their dedication and expertise have been central to Antares’ success.”
Stephen Redmond, Managing Director of Antares said: “Our acquisition by QIC marks the beginning of an exciting new chapter in the history of Antares. Our complementary capabilities and aligned underwriting philosophies afford ustremendous opportunities.”