Qatar Reinsurance Company Limited (Qatar Re) has announced it is to suspend the writing of all new and renewing facultative business from its branch office in the Dubai International Financial Centre.
The Bermuda-based reinsurer made the announcement this morning. It comes against a backdrop of continued tensions between the state of Qatar and neighbouring nations including the UAE which has been underway for over a year.
Gunther Saacke, Qatar Re’s CEO, explained: “During the past year, Qatar Re – in conjunction with the wider QIC Group- has been carrying out a strategic review of its business with the objective of boosting underwriting profitability and operational efficiency and realising its strategic objectives. We remain committed to providing the highest levels of service to all our clients and broking partners across our global franchise.”
Qatar Re said distribution throughout the MENA region will continue to be provided by the QIC Group’s existing operations in Doha, Dubai, Oman and Kuwait.