Qatar Insurance Company (QIC) has signed an agreement to purchase the entire share capital of Antares Holdings, together with its subsidiaries.
Antares Holdings is a specialist insurer and reinsurer operating in the Lloyd’s market. If the proposed deal materializes, it will give QIC access to Lloyd’s through Syndicate 1274 and Antares’ own integrated managing agency, and bring a Bermudian platform with a Class 3 reinsurance license.
Qatar Insurance Company group president and CEO Khalifa Al Subaey said, "The acquisition of Antares is another important milestone in QIC’s internationalisation strategy. Antares will help QIC to build a significant global property & casualty and specialty insurance footprint."
QIC deputy CEO & group CFO Sunil Talwar commented, "Antares has developed into a highly successful franchise under the stewardship of Lightyear Capital and Stephen Redmond.
"Antares’ robust and diversified underwriting platform perfectly complements our group’s existing global operations," Talwar concluded.
Subject to the UK, Bermudian and Qatari regulatory approvals, the transaction is expected to conclude during the second half of 2014.
Established in 1964, QIC offers non-life insurance and re-insurance product and services, and manages its underwriting footprint across the Middle East, Africa and Asia.