Qatar Re Acquires UK Motor Insurer Markerstudy

Bermuda-based Qatar Reinsurance Company (Qatar Re) has signed a sales purchase agreement to buy Markerstudy’s Gibraltar-based insurance company.

Markerstudy underwrites more than 5% of the UK motor insurance market, generating premiums of about $1 billion, News website Intelligent Insurer reported.

“This transaction builds on the strong foundation of our existing relationship,” said Gunther Saacke, Qatar Re’s CEO. “It provides Qatar Re with a greater share of lower volatility business that has performed consistently well for us, balancing our specialty and catastrophe book. In addition, the transaction will enable us to write UK business under any post-Brexit scenario.

“Through this acquisition, Qatar Re reaffirms its commitment to supporting innovative entrepreneurship in insurance marketing, distribution and servicing.”

Kevin Spencer, CEO of Markerstudy Group, said: “For a long time we have had a tremendous relationship with Qatar Re. Their 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. The transaction is subject to regulatory approvals and is anticipated to complete in the first half of 2018.