Qatar Reinsurance Company, whose industries include maritime shipping, is now in a better position to sell policies throughout the United Kingdom.
The reinsurer said it has been authorised by the Prudential Regulation Authority to carry out certain regulated activities, including reinsurance underwriting, in the UK from its branch office in London.
The location was opened in the city's center in 2013 to establish a presence in the UK but it was not a regulated carrier for underwriting, spokesman Kai-Uwe Schanz said.
"This office is a natural progression from the representative office," he said, adding the venue was previously limited to marketing and gathering market data. "It's the first step to full-blown underwriting privileges."
He said the office will focus on the UK market.
Michael van der Straaten, Qatar Re's chief underwriting officer for long tail and specialty classes, will lead the bureau, which will employ a few underwriters.
"Our local presence allows us to further enhance our access and offering to our UK clients and brokers," Straaten said.
Straaten began his career at Lloyd’s as a box manager and non-marine property treaty underwriter, Qatar Re said.
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 development of international casualty and motor portfolios.
He previously held various underwriting positions with a primary focus on casualty lines alongside wider management responsibilities.
“London is the leading global hub for specialty and wholesale insurance," chief executive Gunther Saacke said. “For Qatar Re, Britain is a major market of growing importance."
Qatar Re, a subsidiary of QRE Group, also has offices in Zurich, Dubai and Singapore.
