Global multi-line reinsurer Qatar Reinsurance (Qatar Re) has agreed to acquire Markerstudy’s Gibraltar-based insurance companies.
The deal includes Markerstudy Insurance Company, Zenith Insurance, St Julians Insurance Company and Ultimate Insurance Company.
Financial details of the acquisition have not been disclosed. Markerstudy underwrites over 5% of the UK’s motor insurance market, generating about £750m in premiums.
The transaction is subject to approval from concerned regulatory authority and is expected to be completed in the first half of this year.
QIC, the parent company of Qatar Re, has substantial relationship with Markerstudy through Qatar Re and QIC Europe (QEL).
QIC Group president and CEO Khalifa Al Subaey said: “This deal allows QIC Group to grow its lower volatility business while leveraging our existing success in QEL.
“It is a natural next step in the strategy we have pursued over recent years in relation to the group international businesses, which diversifies QIC’s overall portfolio.”
Qatar Re CEO Gunther Saacke said the deal will allow the company to write UK business under any post-Brexit scenario.
Markerstudy Group CEO Kevin Spencer said the company had a better relationship with Qatar Re for a long time.
“This strategic alliance has three-fold benefits; it enables us to simplify our product offering and processes for our intermediaries and broker partners; it provides us with “A” rated capital backing, and ensures we maintain the continuity of marketing, distribution, service and support. Ultimately, this arrangement will facilitate our strategy for growth and profitability, positioning us for further success,"Spencer said.
Image: QIC Group president and CEO Khalifa Al Subaey. Photo: Courtesy of QIC Group Doha.