Fast growing Qatar insurer’s results hit the buffers
Fast-growing Qatar Insurance Company slid into an underwriting loss in the first quarter.
Qatar’s combined ratio slipped to 101.6% as it injected reserves into a run-off book of business.
“QIC also adopted a strengthened reserving governance and philosophy, resulting in a more cautious view of ultimate loss projections and a slower release of prior-year IBNR reserves,” the firm said.
Including investments, QIC managed to make a $63m profit on nearly a billion dollars of business written in the first quarter.
Fast-growing Qatar in UK
QIC has grown rapidly, using the UK as a way to boost business. It owns Lloyd’s underwriter Antares and has a reinsurance arm, Qatar Re.
As reported in Insurance Times, Qater snapped up Markerstudy’s insurance business, becoming the owner.
Markerstudy continues to underwrite the book on an MGA basis using Qatar’s capacity.
It backs Pen Underwriting via QIC Europe on solicitors’ professional indemnity and is the capacity provider for the AA’s underwriting arm, which showed impressive and fast-growing results in the first quarter.
In its first quarter briefing, QIC played up the deal to buy Markerstudy’s insurance arm.
“….Markerstudy earlier this year, will, subject to regulatory approvals, further accelerate QIC’s repositioning in international markets by adding lower volatility book of U.K. motor insurance business with predictable and long-term profitability,” it said in the first quarter statement.
|US ($)||2018 Q1||2017 Q1|
|Net underwriting result||32||49|
|Non-life combined ratio||101.6%||99.1%|
|Consolidated net profit||63||83|