Qatar Reinsurance Company (Qatar Re) has received a licence to operate in and from the Dubai International Financial Centre (DIFC) from the Dubai Financial Services Authority (DFSA).

The licence enables Qatar Re to offer facultative and treaty reinsurance in classes 4, 5, 6 and 8 (including marine, aviation and transport, property, construction and engineering, energy, liabilities and personal accident) to clients from the Middle East, Africa and Asia. Senior executive officer Nabih Massaad has been appointed to lead the branch. He will commence operations with a staff of eight employees, mostly in underwriting roles.

“The branch licence from the DFSA is yet another milestone in our strategy of expanding Qatar Re’s global franchise,” says Gunther Saacke, CEO of Qatar Re. “In a marketplace under pressure from commoditisation, proximity to clients and first-hand market insight are key to providing added value services and bespoke products across the region.”

Despite the opening in Dubai and the transfer of incorporation to Bermuda, Qatar Re’s operations in Qatar continue to supply services, for instance through a new service entity called Qatar Reinsurance Services, which will deliver management accounting, claims administration and actuarial services.