Qatar Re picks up Markerstudy insurance firms
Contracts have been exchanged in a deal that can see 4 Markerstudy insurance corporations offered to Qatar Reinsurance Company Limited (Qatar Re).
Subject to regulatory approvals, the transaction entails Gibraltar-based firms Markerstudy Insurance Company Limited, Zenith Insurance Plc, St Julians Insurance Company Limited, and Ultimate Insurance Company Limited. Qatar Re’s acquisition is anticipated to finish within the first half of the 12 months.
“For a long time we have had a tremendous relationship with Qatar Re,” stated Markerstudy Group chief government Kevin Spencer. “Their proactive approach has assisted our development and this is a natural evolution; to combine our strengths to establish a primary player in the UK insurance sector.”
The buy not solely will add greater than £750 million to Qatar Re but additionally safe long-term capability for Markerstudy, which underwrites greater than 5% of the UK motor market. According to the announcement, the deal will create one of many greatest retail insurance managing basic brokers.
“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,” defined Spencer. “Ultimately, this arrangement will facilitate our strategy for growth and profitability, positioning us for further success.”
Qatar Re chief government Gunther Saacke stated the transaction builds on the sturdy basis of its current relationship with Markerstudy.
“It provides Qatar Re with a greater share of lower volatility business that has performed consistently well for us, balancing our specialty and catastrophe book,” famous Saacke. “In addition, the transaction will enable us to write UK business under any post-Brexit scenario.”
Meanwhile Spencer thanked Capsicum Re for having served a pivotal position within the sale.
“We have loved a powerful relationship with Markerstudy for a few years, having organized the unique quota share and co-insurance following their acquisition of Chaucer’s UK motor enterprise in 2015,” stated Capsicum Re associate Raja Balasuriya. “The burgeoning partnership between Qatar Re and Markerstudy Group will create a formidable force in UK personal lines, and we are delighted with the part we have played and look forward to continuing to work with both companies.”
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