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Qatar Reinsurance Company Limited (“Qatar Re”), the established reinsurance subsidiary of the US$4.3 billion Qatar Insurance Company (“QIC”) group, has completed its re-domicile to Bermuda, and has been licensed by the Bermuda Monetary Authority as a Class 4 reinsurer. Qatar Re cited Bermuda’s “decades of proven reliability”, “uncontested best practices” and its anticipated full Solvency II equivalence as being some of the regulatory drivers for its move to Bermuda.
From a commercial perspective, they also noted that the move will allow the company to expand its client base through additional products and underwriting expertise as well as an increased market scope and presence, and that it will support [their] ability to access and compete throughout the world’s markets in a credible manner.
Michael Frith, Kent Smith and Jacqueline King of Conyers’ Bermuda office advised on the matter.