Qatar Reinsurance Co. Ltd. announced it has received authorization from the UK Prudential Regulation Authority to underwrite business from its branch office in London.
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.
“We are very pleased with Qatar Re’s authorization in the UK,” commented Gunther Saacke, Qatar Re’s CEO.
“London is the leading global hub for specialty and wholesale insurance. Therefore, a local underwriting presence is almost imperative for any aspiring global reinsurer,” he added. “This is particularly true for Qatar Re as proximity to our clients and brokers is one of our proven value drivers.”
Britain is a major market of growing importance for Qatar Re, he affirmed.
“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 percent of the UK motor insurance market, generating annual premiums of about £750 million [US$1.0 billion].”
“Our local presence allows us to further enhance our access and offering to our UK clients and brokers,” said Michael van der Straaten, head of Qatar Re’s UK branch and chief underwriting officer, Long Tail and Specialty Classes. “Qatar Re is looking forward to becoming an important member of the UK insurance community.”
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 international casualty and motor portfolios. Prior to this, he held various underwriting positions with a primary focus on casualty lines alongside wider management responsibilities.
Source: Qatar Re
Related:
Topics Underwriting London
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