Qatar Re to open new London branch; appoints head
Bermuda-based Qatar Reinsurance Company (Qatar Re) has received regulatory authorisation from the UK's Prudential Regulation Authority (PRA) to open a branch office in London and carry out certain regulated activities.
Michael van der Straaten will lead the branch, in addition to his current role as the company’s chief underwriting officer for long tail and specialty classes.
Van der Straaten began his career at Lloyd’s as a box manager and non-marine property treaty underwriter. He joined Qatar Re in December 2016 from Chubb Tempest Re where he held the role of deputy head of London and head of Casualty, overseeing the development of their international casualty and motor portfolios. Prior to this, he held various underwriting positions with a primary focus on casualty lines alongside wider management responsibilities.
Gunther Saacke, Qatar Re’s CEO, said: “We are very pleased with Qatar Re’s authorisation in the UK. London is the leading global hub for specialty and wholesale insurance. Therefore, a local underwriting presence is almost imperative for any aspiring global reinsurer. This is particularly true for Qatar Re as proximity to our clients and brokers is one of our proven value drivers.
“For Qatar Re, Britain is a major market of growing importance. Only a few days ago, we announced the acquisition, subject to regulatory approvals, of Markerstudy Group’s Gibraltar-based insurance companies which underwrite more than 5% of the UK motor insurance market, generating annual premiums of about £ 750 million.”
Van der Straaten commented: “I am excited about my additional role as London branch head. Our local presence allows us to further enhance our access and offering to our UK clients and brokers. Qatar Re is looking forward to becoming an important member of the UK insurance community.”
Join us at Intelligent Automation in Insurance - London 2018. Book by Jan 31st and you could save £400.
More of today's news
XL Group estimates $45m cat loss from Southern California wildfires
QBE appoints CEO of Australian and New Zealand operations
Technology shifts insurers' focus with greater emphasis on bundled services
Validus subsidiary AlphaCat climbs to $3.4bn in assets under management
Insurtech Hippo targets 60 percent coverage of US through Spinnaker partnership
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze