Qatar Re has grown rapidly through acquisitions to take control of UK motor
Qatar Re now controls 5% of the UK motor market following its acquisition of Markerstudy’s insurance companies.
The market share figure was revealed in the half-year result of Qatar Insurance Company, parent to Qatar Re.
The figure converts to around £750m in premium. The Markerstudy deal should be signed off in the thrid quarter of this year, Qatar Insurane Company reports.
Qatar Insurance Company clocked up a 100.5% combined ratio for the half-year.
Although an improvement on the 101.5% posted last year, Qatar Insurance Company is taking action to flush out underperforming business.
It has closed its Signapore business and pared back staff in Switzerland.
It also owns UK business Antares as part of its international portfolio.
Insurance Times revealed earlier this year that Qatar Re no longer backs Pen on solicitors’ PI, with a new provider stepping in.
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