Deal to close by July
Lloyd’s insurer and reinsurer Antares Holdings has been acquired by Qatar Insurance Company (QIC).
The deal will give QIC access to Lloyd’s through Syndicate 1274 and Antares’ own managing agency. The transaction should close in the second half of the year.
QIC chief executive and group president Khalifa Al Subaey said: “The acquisition of Antares is another important milestone in QIC’s internationalisation strategy. Antares will help QIC to build a significant global property/casualty and specialty insurance footprint.”
QIC deputy chief executive and group chief financial officer Sunil Talwar said: “Antares has developed into a highly successful franchise under the stewardship of Lightyear Capital and Stephen Redmond.
“We look forward to welcoming Stephen and his team into the QIC Group and building on the profitable growth that has been achieved thus far.”
Antares managing director Stephen Redmond said: “We are excited about becoming part of QIC and believe that Antares and QIC have complementary models built around an aligned underwriting philosophy. As part of QIC, Antares will be a stronger business that will be well placed for the future.”