Qatar Reinsurance Company (Qatar Re), a multi-line reinsurer-based in Bermuda, has stopped writing new and renewal business from its branch office in Singapore from July 20.
The reinsurer stated that it will work closely with its Singapore-based employees, its clients, broking partners and regulators to ensure the orderly administration of existing business written from the branch.
The latest decision will not affect Qatar Re’s sister company, Antares Asia, which continues to participate on the Lloyd’s Asia Platform.
Earlier in June, Qatar Re, which operates as a subsidiary of Qatar Insurance Company (QIC), suspended writing all of its facultative business from its branch office in the Dubai International Financial Centre (DIFC) after a strategic review.
Qatar Re CEO Gunther Saacke said: “Like many of our peers, we have been looking very closely at our business with a view to enhancing underwriting profitability and operational efficiency in what continues to be a very challenging environment for global reinsurers.
“As a reinsurer committed to the long-term sustainability of our business, it is appropriate that we should continue to reflect on the performance of our underwriting portfolio and the effectiveness of our distribution network and to adapt our approach where we believe this to be in the best interests of the company, our policyholders and our shareholder.”
Qatar Re writes all property, casualty and specialty lines of business from its headquarters in Bermuda and branch offices in London, Zurich, Singapore and the DIFC.