Doha – Qatar, Thursday 8th August 2024: Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the MENA region, announces a strategic restructuring of its UK motor business. This restructuring is in line with QIC Group's strategy to streamline loss-making and low margin businesses and to bring the international operations of the Group back to profitability. By successfully completing this restructuring, the Group is confident that its international business will continue reporting consistent profitability by focusing on less volatile lines of businesses.
This restructuring positions the Group for a greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of direct insurer. As part of this decision, QIC Group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance Plc and Markerstudy Insurance Co. Ltd. These companies will continue to service their existing customers in the normal course of business.
The Group will therefore no longer classify the companies as a disposal group held for sale and discontinued operation.
Commenting on the transaction update, Mr. Salem Al Mannai, QIC Group CEO, said: “This decision has been taken in accordance with the Group’s approach to rebalance its international and regional operations. We are pleased with the outcome, we look forward to further implementing our strategy, which has, so far, brought us significant success and improved consistent profitability.”
Qatar Insurance Company Q.S.P.C (QIC, QIC Group) is a publicly listed insurer with a consistent performance history of 60 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader and the first digital insurance company in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the largest insurance companies in the MENA region in terms of written premium and total assets and is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7 billion.
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