Qatar Re to acquire Markerstudy underwriting
Qatar Re, a unit of Qatar Insurance, has agreed to buy UK motor insurer Markerstudy’s underwriting businesses for an undisclosed sum.
The deal, expected to complete in the first half of 2018 will see Qatar Re acquire Gibraltar-based Markerstudy Insurance Company, Zenith Insurance, St Julians and Ultimate Insurance. It will see Qatar Re take on £750m in gross written premiums.
Markerstudy chief executive, Kevin Spencer said, ‘Their [Qatar Re] proactive approach has assisted our development and this is a natural evolution; to combine our strengths to establish a primary player in the UK insurance sector.’
He continued, ‘This strategic alliance has three-fold benefits; it enables us to simplify our product offering and processes for our intermediaries and broker partners; it provides us with A-rated capital backing, and ensures we maintain the continuity of marketing, distribution, service and support.’
