Mubasher: Qatar Insurance Group on Monday announced its subsidiary Qatar Re, a global multi-line reinsurer, has been ranked the 27th an amongst top fifty global reinsurers by international credit rating agency, AM Best.
The new ranking affirms Qatar Re’s robust capital base and well-diversified portfolio, which is coupled with global business diversification, serving global reinsurance markets, according to a filing to the Qatar Stock Exchange (QSE).
The US-based ratings agency relied on the basis of unaffiliated Gross Written Premium (GWP) in 2017, in addition to having a strong track record of operational performance and robust underwriting.
In 2017, Qatar Re recorded non-life reinsurance business worth QAR 1.62 billion.
Qatar Re, headquartered in Bermuda, has been licensed as a Class 4 reinsurer by the Bermuda Monetary Authority (BMA), the statement highlighted.
Moreover, Qatar Re writes all major property, casualty and specialty lines of business through its branch offices located in major reinsurance hubs in Zurich, London, Dubai, Singapore, and a Service Company in Doha.
By 10:26 am Qatar time, Qatar Insurance Group’s stock rose 1.94% at QAR 36.50.