Qatar Re acquisition of Markerstudy still hangs on regulatory approval

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Exclusive: Markerstudy is still waiting on its new parent Qatar Re to gain regulatory approval for the acquisition.

However, Markerstudy group underwriting director Gary Humphreys said it was unlikely to throw a spanner in the works for the deal.

Markerstudy’s Gibraltar-based insurance business was bought by Qatar Re in January.

Humphreys said: “It has received regulatory approval everywhere other than in Qatar,

“There are a couple of outstanding points that the Qatar Re need to finalise before the approval is completed. Its just taken a little bit longer than we anticipated.”

Neither Bermuda-based Qatar Re nor the Qatar Financial Centre Regulatory Authority were immediately available for comment.

Qatar Insurance Company, the parent of Qatar Re, saw full year profit decline 24% from $83m to $63m, and its underwriting profit declined to $32m from $49m.

The group saw a combined ratio of 101.6% in Q1 2018, down from 99.1% in the same reporting period of 2017.

 

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