Doha, 07 March 2019:
Qatar Insurance Group, the leading insurer in the MENA region has partnered with Commercial Bank Qatar Masters to be the Official Tournament insurer for the region’s premier Golf tournament. QIC, along with its subsidiaries Qatar Re and Antares, is proud to support the tournament for twelve consecutive years.
Founded in 1964, Qatar Insurance Company (QIC) was the first domestic insurer of Qatar. Today QIC is a dominant insurer in the region and is regarded as the largest insurer in MENA region in terms of profitability, assets and market capitalization. QIC’s consistent rating of A/Stable from Standard & Poor’s and A(Excellent) from A.M. Best affirms QIC’s core strength and sustainable performance.
Implementing its diversification strategy of expanding beyond the borders of Qatar, QIC Group today has been successful in establishing its underwriting footprint across the globe. Besides owning subsidiaries in the MENA region – Oman, Kuwait and a branch in the UAE, the Group also owns a reinsurance subsidiary, Qatar Re and a specialty reinsurance and insurance entity, Antares.
Qatar Re is licensed as a Class 4 Insurer by the Bermuda Monetary Authority and is a global multi-line reinsurer writing all major property, casualty and specialty lines of business. Qatar Re seeks to reduce volatility by balancing traditional ‘specialty’ business with a portfolio of structured reinsurance, providing capital relief and growth financing for carefully selected clients and affiliates, including QIC Group’s subsidiaries, namely, QIC Europe Limited (QEL), Zenith Insurance Plc and Markerstudy Insurance Company Limited. Qatar Re is rated A/Stable by S&P Global and A (Excellent) by A.M. Best, which reflects its underlying financial strength. In 2017 Qatar Re was ranked 27th amongst the global top 50 reinsurers by international credit rating agency A.M. Best.
Antares, a subsidiary of QIC Group is a specialist insurer and reinsurer operating at Lloyd’s in London, Shanghai and Singapore. Lloyd’s is the world’s global insurance and reinsurance market of choice. Antares delivers a worldwide diversified range of Property, Casualty, Specialty, and Marine and Aviation underwriting services through its highly experienced team of underwriters. Antares is dedicated to provide an efficient and effective service to its clients ensuring quality, security, continuity and a consistent approach to risk transfer. Antares benefits from the consistently strong security ratings assigned to Lloyd’s 'A+' from Standard & Poor’s and 'A' from A.M. Best.
Endorsing itself as the leading insurance powerhouse in the MENA region, QIC offers customized insurance products for personal (Car, Home, Travel, Boat, Personal Accident Benefit) and commercial risks (Energy, Marine & Aviation, Property & Casualty, Medical and Motor). Written by a highly qualified team of underwriters, QIC’s insurance solutions reflect customer centricity and a consistent approach towards risk transfer.
Commenting on the Group’s strategic partnership, Mr. Ali Fadala, Senior Deputy Group President & CEO of QIC Group remarked, “As the Official Tournament Insurer of this year’s Commercial Bank Qatar Masters Golf Tournament, QIC Group has once again demonstrated its continued commitment to local sporting events. The Group with its subsidiaries Qatar Re and Antares’ are delighted to renew this long-term partnership and raise Qatar’s global profile in support of Qatar National Vision 2030.”