Qatar Insurance Company (QIC) has wrapped up the takeover of Antares, a Lloyd's specialist insurance and reinsurance group, for an undisclosed sum.
The agreement, which was originally signed in February this year, received all necessary regulatory approvals including UK, Bermudian and Qatari regulatory approvals, according to QIC.
The transaction will offer 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.
Commenting on the deal, QIC group president and CEO Khalifa Al Subaey said: "The acquisition of Antares significantly accelerates our vision to establish QIC as a global insurance group."
"We are now generating over 50% of our premium volume in international markets.
"QIC will continue to build out this additional engine of growth in order to complement and diversify our highly dynamic domestic and regional business," Subaey added.
"Antares will continue to operate under its own brand at Lloyd’s and enjoy a stable future."
Founded in 1964, QIC provides non-life insurance and re-insurance product and services, and manages its underwriting footprint across the Middle East, Africa and Asia.
Antares launched Lloyd’s Syndicate 1274 in 2008 to offer a diversified range of property, casualty, marine and aviation underwriting and claims services, globally.
———————————————————————————————————————————————————————-
Image: Qatar Insurance Company completes Antares takeover. Photo courtesy of stockimages/ FreeDigitalPhotos.net.