Markerstudy in ‘advanced’ talks with Qatar Re, say reports
Qatar Re is in talks to take over UK motor insurer Markerstudy, according to reports.
The Insurance Insider reported that the parties are in advanced talks aimed at a change of ownership of the Gibraltar-based insurer.
Markerstudy declined to comment.
In May, it was reported that Markerstudy had appointed an investment bank to explore a possible sale of the business. The company declined to comment at that time.
Stricter capital requirements under the Solvency II regime and the cut in the Ogden discount rate were said to have placed a strain on Gibraltar-based insurers including Markerstudy.
Early last year, Markerstudy announced that its insurance companies in Gibraltar and Malta had exited transitional provisions under the Solvency II regime after its shareholders injected more than £45m new capital. Solvency II came into effect at the start of 2016, and insurers unable to meet the new stringent capital requirements at that time were allowed an extra two years to comply.