Malloy is expected to join the Board in September 2021 subject to regulatory approval.

He brings with him 26 years of leadership experience in the insurance industry, spending more than 10 years with AIG serving various executive positions in the US and Europe.

He subsequently served as CEO for Marsh UK and Europe and became Marsh’s Global President.

More recently, he was a partner at investment firm Aquiline Capital Partners LLC, where he served in multiple Chairman and CEO roles, including Non-executive Chairman of Ark Syndicate Holdings.

“The team at Qatar Re are experts in what they do, taking innovative approaches to their risk and analytical capabilities,” said Malloy.

“It’s a testament to the team’s skill and dedication that they maintain excellent, long-standing relationships with their clients and partners. I am looking forward to working with Michael and the rest of the Board and contributing to Qatar Re’s continued growth and success.”

Michael van der Straaten, CEO of QIC Global, added, “We are delighted to welcome William to our board, he is an eminent professional and has outstanding leadership experience combined with a deep understanding of the industry.

“His expertise and market insight will be a major asset to our organisation and his addition will help ensure that Qatar Re continues to be a stable and profitable business.”

“On behalf of all of us here at Qatar Re, I would like to wish Sunil a happy retirement and thank him for his excellent work and continuous support over the past few years.”

The post Qatar Re names William Malloy Chairman of the Board appeared first on ReinsuranceNe.ws.

In this role, Papachristou will oversee the operations of Zenith Insurance Plc, Markerstudy Insurance Company Limited, and St Julians Insurance Company Limited.

He reports to Michael van der Straaten, CEO at QIC Global and succeeds outgoing Gibraltar CEO Mark Cockcroft, who is stepping down from the role and leaving the business.

Papachristou brings has over 24 years’ industry experience and most recently served as Chief Actuary (Research) at the Prudential Regulation Authority for the Bank of England.

Previously he was an actuary at Aon, where he focused on reinsurance structuring and analysis, and prior to this he was a lecturer at the University of Southampton

“We are very pleased to have Dimitris join us as CEO of Qatar Re’s Gibraltar companies,” said van der Straaten. “He is a consummate professional and an industry leader with broad experience, a background in actuarial excellence and market-leading economic analysis.

“I look forward to working alongside him as we continue to move forward with the strategic vision for our Group and further strengthen our Gibraltarian operations,” van der Straaten continued.

“I would also like to thank Mark, who has been a valuable member of Qatar Re for many years and has had a pivotal role in aligning our Gibraltar companies to the wider group. We wish him every success in all his future endeavours.”

The post Papachristou takes Gibraltar CEO role at Qatar Re appeared first on ReinsuranceNe.ws.

At approximately $1.8 billion, QIC’s GWP remained stable in the first-half of 2019 when compared with the same period in 2018, as did net written premiums (NWP) at approximately $1.5 billion.

QIC is one of the leading insurers and reinsurers in Qatar and the Middle East North Africa (MENA) region, and in its H1 2019 earnings release notes that overall, domestic and MENA operations remained stable.

The firm states that it has adopted a more “restrictive and selective approach to new business generation,” which is in keeping with its ongoing focus on de-risking its book of business and placing a greater emphasis on low-volatility segments.

QIC’s international carriers, which includes Qatar Re, Antares, QIC Europe Limited and its Gibraltar based carriers continued to expand in select low-volatility areas. Combined, the firm’s international carriers now account for 75% of total GWP, which is up from the 74% in the first-half of 2018.

Overall, QIC’s net underwriting result was stable in the first-half of 2019 at $91 million, with the firm reporting a non-life combined ratio for the six-month period of 100.2%, compared with 100.5% in H1 2018. Discussing its combined ratio, QIC states that low severity, high frequency business now makes up a significant portion of the total underwriting portfolio.

Consolidated net profit attributable to the parent increased slightly year-on-year, from $106 million in H1 2018 to $113 million in H1 2019. QIC’s net investment result also improved in the period, from $112 million in 2018 to $117 million in 2019.

QIC Group’s President and Chief Executive Officer (CEO), Khalifa Abdulla Turki Al Subaey, commented: “We remain on track to repositioning our international book towards areas of lower volatility. QIC’s stable underwriting profitability increasingly reflects the attractive economics of this business which yields relatively stable and predictable margins.

“The Group’s outlook for the remainder of the year is cautiously optimistic. Our exposure to the geopolitical situation in the Middle East and the vagaries of global re/insurance pricing is relatively moderate.

“As QIC does not underwrite the market but focuses on bespoke, innovative and expertise- based transactions we can view the various risk scenarios presented by the political and economic environment with relative equanimity.”

The post Qatar Re & international carriers continue to expand for QIC in 2019 appeared first on ReinsuranceNe.ws.

Van der Straaten was appointed as acting CEO in January 2019 after it was revealed that the former head of Qatar Re, Gunther Saacke, intended to step down at the Board meeting in March.

Additionally, Qatar Re has appointed Pantelis Koulovasilopoulos to take over van der Straaten’s previous role as Chief Underwriting Officer (CUO) for Long Tail & Specialty Classes.

Koulovasilopoulos formerly served as Qatar Re’s deputy CUO – Long Tail & Specialty Classes.

“We are pleased to announce that Qatar Re has decided to appoint Michael van der Straaten as CEO,” said Sunil Talwar, Chairman of the Board of Directors of Qatar Re.

“Mike has fitted seamlessly into the position, building on his achievements as our former chief underwriter for Long Tail and Specialty Classes,” he continued.

“We are convinced that Mike will bring Qatar Re’s ongoing transition to a business model based on lower volatility and more reliable profitability to a successful conclusion.”

Van der Straaten joined Qatar Re in late 2016 and was appointed to his CUO post in February 2017, at which time he also joined Qatar Re’s Executive Management Committee.

He started his career in Lloyd’s as a Box Manager and Non-Marine Property Treaty Underwriter, and moved to Qatar Re from ACE Tempest Re, where he held the role of Deputy Head of London and Head of Casualty, overseeing the development of the company’s international casualty and motor business.

Prior to this, van der Straaten held various underwriting positions with a primary focus on casualty lines alongside wider management responsibilities.

“I am excited to take the helm at Qatar Re at a time when our company is increasingly generating its own business from market segments that we understand thoroughly,” van der Straaten commented.

“We embarked on this course more than two years ago and are starting to reap the benefits. Our expertise in these areas is obviously a major boon for us against the backdrop of stubbornly tough trading conditions in global (re)insurance,” he added.

“I am looking forward to working with the Qatar Re team towards positioning our firm as a profitable enabler of innovative and entrepreneurial business models in insurance.”

Koulovasilopoulos has over 27 years of experience in insurance and reinsurance and joined Qatar Re in May 2017 from Chubb Tempest Re International, where he was the Chief Actuary.

He was previously Group Chief Pricing Actuary for Aspen and Chief Pricing Actuary at Zurich Global Corporate UK.

The post Qatar Re confirms Michael van der Straaten as permanent CEO appeared first on ReinsuranceNe.ws.

Despite the impacts of major catastrophe losses, QIC has reported net income of $182 million for the full-year 2018 and a net underwriting result of $158 million, compared with $116 million and $32 million a year earlier, respectively.

QIC’s non-life combined ratio for the year strengthened from 105.8% in 2017 to 101.3%, and excluding any prior-year reserve developments and natural and man-made cat losses, the combined ratio totalled 98.7%.

The firm explains that its underwriting result is defined as net earned premiums reduced by the sum of gross claims paid, reinsurance recoveries, movement in outstanding claims, net commission expense, and other insurance income.

The firm states that its “robust underwriting performance” is in line with its overall book of business and its continued shift towards lower volatility exposures.

Highlighting this shift, QIC notes that low severity, high frequency business now accounts for roughly 50% of its total underwriting portfolio, compared with 42% as at the end of 2017.

Gross written premiums (GWP) and net written premiums (NWP) increased, year-on-year, to $3.5 billion and $3 billion, respectively.

QIC Group President and Chief Executive Officer (CEO), Khalifa Abdulla Turki Al Subaey, said: “For the global insurance industry, 2017 and 2018 were the costliest back-to-back years on record. Insurers and reinsurers had to digest catastrophe losses close to USD 230 billion. Still, rate increases remain elusive as the growth of alternative capital with lower return hurdles places secular and not just cyclical pressure on (re)insurance margins in the low frequency high severity space. Against this backdrop, our strategic decision, taken more than a year ago, to shift the underwriting focus to a lower volatility segment has proven right.”

The reinsurer’s non-life combined ratio reflects catastrophe losses experienced by Qatar Re and Antares, which includes a number of hurricanes and typhoons, as well as the devastating California wildfires. Furthermore, Antares was hit by a major marine loss in Germany, says QIC.

QIC’s international carriers, which includes Qatar Re, Antares, and also QIC Europe Limited and Markerstudy, posted GWP of $2.7 billion, which is growth of 11%.

The company notes an ongoing, unwavering commitment to cost efficiency, underlining that its administrative expense ratio improved to 6.3% in 2018.

Furthermore, and to assist with its cost efficiency drive, the re/insurer states that it has restructured its reinsurance retrocession programmes, with current retro market conditions enabling the firm to manage earnings volatility in a more cost-efficient manner.

A concerted approach to purchasing retro cover, says QIC, will benefit the Group’s underwriting performance.

“This comprehensive de-risking was successfully completed towards the end of 2018 and we should be able to reap the fruit of this effort in 2019 and beyond. At the same time, as Qatar’s dominant insurer and a leading regional operator and investor, our Group is set to benefit from Qatar’s impressive recovery from the economic blockade that was imposed on the nation by some of its neighbouring countries in June 2017.

“For these reasons, we are cautiously optimistic for the remainder of the year even though global economic and industry uncertainties continue to loom large,” said Khalifa Abdulla Turki Al Subaey.

The post QIC’s net result improves in 2018 as cost-efficiency drive continues appeared first on ReinsuranceNe.ws.

The Board of Directors has said that it is with regret that they have accepted his decision to step down. Chief Underwriting Officer (CUO) for Long Tail and Specialty Classes, Michael van der Straaten, is to be appointed acting CEO of the reinsurer.

Saacke commented: “I believe that this is an appropriate time for the Company to benefit from the perspectives of a new leader. I would like to express my appreciation to colleagues, customers and the many partners around the world with whom I have worked over the past 6 years. Qatar Re is a great company with outstanding prospects as a reliable force to be reckoned with in the ever changing global market.

“While the market conditions remain challenging, I am confident that our talented, highly dedicated people, our promising pipeline and strong underwriting management will deliver significant value in the years ahead. I wish Mike every success in his new role and am sure he will make a major contribution.”

Saacke began his career with Hannover Re, and has more recently held positions at Endurance in London, and was also founding CEO and CUO of Novae Re.

Khalifa Al Subbay, Group CEO and President of QIC, added: “On behalf of QIC, I would like to thank Gunther for his outstanding and significant contribution to Qatar Re. Under his strong strategic and operational leadership Qatar Re has developed into a formidable franchise, placed among the global Top 30, and is recognized as a modern and reliable reinsurer around the world.

“In the challenging environment of recent years Gunther has brought to bear his tremendous following in the market. He has been instrumental in building and inspiring our teams and has greatly supported the very substantial and dynamic development of our Group.”

The post Qatar Re CEO Gunther Saacke to step down this year appeared first on ReinsuranceNe.ws.

QIC, a leading insurer and reinsurer in Qatar and the Middle East and North Africa (MENA) region, has reported net income of $130 million for the first nine months of the year, compared with $85 million a year earlier.

Year-on-year, gross and net premiums written increased to $2.6 billion and $2.3 billion respectively, while its net underwriting result improved to $104 million, compared with a $28 million loss a year earlier.

At the same time, the re/insurer’s non-life combined ratio improved year-on-year from 108.2% to 102%. So, despite strengthening it remained in unprofitable territory. QIC states that the current year combined ratio of 102% reflects Qatar Re’s, its reinsurance arm, and Antares’, its specialist Lloyd’s market re/insurer, share in hurricane Florence and typhoon Jebi, which are expected to drive industry-wide losses of more than $10 billion. Furthermore, QIC notes that Antares was hit by a major marine loss in Germany.

The insurer and reinsurer notes that excluding and prior-year reserve development and as well as natural and man-made cat losses, its combined ratio for the first-nine months of the year was 99.2%.

Year-on-year, investment income for the group declined by 23% in the first nine-months of 2018 to $169 million, which the firm states is mainly a result of certain one-off investment gains booked in the first-half of last year.

Khalifa Abdulla Turki Al Subaey, Group President and Chief Executive Officer (CEO) of QIC Group, said: “The third quarter of 2018 saw a string of major catastrophes losses, especially in the US and Japan. Still, rate increases remain elusive as the growth of alternative capital with lower return hurdles places secular and not just cyclical pressure on (re)insurance margins in the low frequency high severity space. Against this backdrop, we continue rebuilding our book of business towards low volatility characteristics, focusing on clients who pursue an innovative and analytical approach to product development and underwriting.”

“This transformation process unfolds as we have to deal with challenges beyond our control such as the geopolitical situation in the Middle East and the vagaries of global re/insurance loss and pricing cycles. Therefore, QIC Group is redoubling its efforts to excel in an area which counts among our historical strengths: Cost-efficiency. In that respect, we consider ourselves a forerunner among our global peers some of which have recently embarked on major restructuring plans.”

The post Florence & Jebi impacts push QIC’s 9M combined ratio above 100% appeared first on ReinsuranceNe.ws.

The company said that as from July 20th 2018 Qatar Re has ceased underwriting both new and renewal business from Singapore branch office.

Qatar Re said it will work closely with staff based in Singapore, as well as the firm’s clients, broking partners and regulators “to ensure the orderly administration of existing business written from the branch.”

Qatar Re said that the decision to cease underwriting reinsurance from the branch office in Singapore does not affect its sister company, Antares Asia, which will continue to operate on the Lloyd’s Asia Platform.

Gunther Saacke, CEO of Qatar Re, explained the rationale behind the move, “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.”

The move reflects a rationalisation of the global platform Qatar Re has built, likely in response to cost pressures that reinsurers currently face.

The ability to achieve lobal reach has also changed though, and it is perhaps becoming less vital for reinsurers to maintain branch offices in as many locations across the globe as it used to be. This trend could continue as technology allows reinsurers to deploy capacity efficiently with broader global reach without the need for as many physical offices.

The post Qatar Re to cease underwriting from Singapore branch appeared first on ReinsuranceNe.ws.

Facultative reinsurance will continue to be distributed throughout the Middle East & North Africa (MENA) region by QIC Group’s existing operations in Doha, Dubai, Oman, and Kuwait.

Gunther Saacke, Chief Executive Officer of Qatar Re, commented: “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.”

Headquartered in Bermuda, Qatar Re also has branch offices in London, Zurich, Singapore, and the Dubai International Finance Centre, from which it writes all property, casualty, and specialty lines of business.

The post Qatar Re suspends facultative underwriting at Dubai practice appeared first on ReinsuranceNe.ws.

The acquisition of Markerstudy, which underwrites more than 5% of the U.K. motor insurance market, generating annual premiums of about £750 million, significantly expands the firm’s UK profile, in line with the firm’s ambitious expansion plans.

Khalifa Abdulla Turki Al Subaey, Group President & Chief Executive Officer (CEO) of QIC Group commented; “this is the vision our Board of Directors formulated back in 2011 when QIC Group’s non-MENA business represented just 20% of our total portfolio.

“Meanwhile, we have successfully repositioned Qatar Re as a global player and Antares as our Lloyd’s specialty platform. Including the Markerstudy companies, the share of QIC Group’s non-MENA business will soon exceed 80%.”

“The main strategic attraction of this unique deal is the addition of a sizeable lower volatility book of U.K. motor insurance business with predictable and long-term profitability.

“Moreover, through our subsidiaries Qatar Re and Antares, we are well positioned to benefit from any cyclical upturn in global specialty and other non-motor (re)insurance markets. And, finally, the Markerstudy transaction will enable QIC Group to continue writing U.K. business under any post-Brexit scenario.”

QIC said the acquisition adds carefully managed exposure to the U.K. motor market – lower-volatility business that balances Qatar Re’s more volatile reinsurance lines.

As part of the transaction, QIC Group and Markerstudy will enter into a long-term agreement under which Markerstudy’s underwriting agencies in the U.K. will continue to exclusively write the existing business into the Gibraltar-based insurance companies as well as potentially develop new products.

The post QIC expands UK profile with Markerstudy Group acquisition appeared first on ReinsuranceNe.ws.