Qatar Re has announced that it is to cease writing new and renewal business from its branch office in Singapore, effective from 20 July 2018.
The company will work closely with its Singapore-based staff, its clients and broking partners and regulators to ensure the orderly administration of existing business written from the branch.
The decision does not affect Antares Asia (Qatar Re’s sister company), which continues to participate on the Lloyd’s Asia platform.
Qatar Re’s CEO, Gunther Saacke commented: “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. We remain committed to providing the highest levels of service to all our clients and broking partners across our global franchise.”