The money was raised through the Irish Stock Exchange
A Qatar Insurance Company subsidiary raised £344m to boost the capital base of Qatar Re.
The money was raised via the Irish Stock Exchange, according to latest accounts.
The Bermuda based subsidiary subordinated Tier 2 qualifying capital notes amounting to the total raised.
Parent company QIC acts as guarantor to the notes.
The results provided further detail, stating: “The notes were issued in registered form at par value, in denominations of USD 200,000 and integral multiples of USD 1,000 in excess thereof.
“The notes do not have a stated maturity date and are perpetual in nature, and do not obligate the Issuer to repay or settle by delivery of cash or another financial asset.”
Qatar Re completed the acquisition of Markerstudy’s Gibraltar-based insurance businesses in July last year, with Insurance Times revealing parent QIC had a net spend of around £36m on the deal.
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