Qatar Re - Building a global reinsurer

Transcription

1 Qatar Re - Building a global reinsurer Monte Carlo, 15 September 2014

2 Introduction to Qatar Re: A strong foundation Introduction Rated A/Stable by S&P and A (Excellent) by A.M. Best. Established in 2009, Qatar Re is the first pure reinsurance company based in the State of Qatar. Qatar Re is looking to achieve a GWP in excess of US$ 550m in Capitalization Qatar Re has US $ 230m of shareholders equity as at 30 th June, Commitment to increase capital base by an additional US$ 50m by Q This capital is supported by QIC which has Shareholders equity of US$ 1.51 billion as at 30 th June, 2014 and a market capitalization of US$ 4.41 billion as at 31 st August, Parental Guarantee and Quota Share between QIC and Qatar Re A Parental Guarantee by QIC provides unconditional cover for the complete obligations and liabilities of Qatar Re. Qatar Re currently cedes 70% of its book of business to QIC via an internal quota share agreement. 2

3 Key milestones since inception 2009: Q-Re, a regional player 2013: Repositioning as a global reinsurer 2014: Launch of Qatar Re Founded by Qatar Insurance Company (QIC) Group in 2009 Launched as a regional P&C reinsurer Focus on MENA and Asia Premiums of US$ 110m in 2012, staff of 25 Recruited an experienced underwriting team Q New management team on board: CEO, CUO, CRO Repositioned as a global multi-line player in 2013 Opened in key locations - Zurich Branch office - London Rep office Built a global portfolio focused on specialty lines First full year renewal Continued expansion, i.e. acquisition of liability and facultative capabilities Geographic expansion: Bermuda Branch office Rebranded as Qatar Re Further expansion in near future 3

4 Key achievements since repositioning Strong results in a soft-market scenario Built an efficient, welldiversified portfolio Established a global team and presence Key financial data As of 30 th June, 2014 Lines of business As of 30 th June, 2014 Qatar Re office locations As of 30 th June, 2014 Ø Gross written premiums of 21% 30% London Zurich US$ 327 million 2% Ø Combined ratio of 94% Ø Net profit US$ 16 million 5% 6% 6% 17% Bermuda Doha 13% Motor Agriculture Property Credit & Surety * Dubai office application in progress Energy Marine & Avia@on Engineering Others/Mul@ Lines 4

5 Our Key Financial Data Gross written premiums in US$ million Combined ratio in % Net profit in US$ million % GWP growth 94% Combined ratio 80% Net profit growth 5

6 Well-positioned going forward Distinct Strong and unmatched, unique access to capital Instantly diversifies cedants reinsurance panel Highly rated security Diversified Multi-line approach, focus on specialty lines Global presence in relevant reinsurance markets Integrated portfolio management Decisive Underwriting authority at front-end Senior underwriting team with acknowledged technical and market expertise Flat hierarchies, rapid decision-making processes 6

7 Building a balanced portfolio HY 2014 HY % 30% Motor Property 11% 5% 3% 40% Agriculture 6% 2% 5% 6% 6% 13% 17% Credit & Surety Energy Marine & Avia@on Engineering 14% 21% Others/Mul@ Lines Strong diversification across all lines, significant increase in Multi Lines 7

8 Expanding our global reach HY 2014 HY % 3% 3% Europe 25% 3% 3% Americas Asia 57% Africa 25% 52% Oceania 12% More balanced geographical spread, business volume doubled in the Americas 8

9 Outlook for the remainder of 2014 Grow our portfolio, expand liability and facultative business Further diversify geographical spread with strengthened presence in the Americas and Asia Continue to expand our global presence with additional (branch) offices to be opened Refine key internal processes, balancing flexibility and operational excellence 9

10 Thank you 10

11 Disclaimer Some of the statements in this media briefing may consist of forward-looking statements or statements of Qatar Re s future expectations based on the information available to it currently. There are many factors and conditions, financial or economic, whether owing to market conditions or the happening of catastrophic events, that may cause actual events or results to be materially different from those that may be anticipated by such statements. Neither Qatar Re, nor its parent and its affiliated companies, make any representation or warranty, whether express or implied, as to the accuracy, completeness of such statements, nor is any representation or warranty made that they will be reviewed, amended or brought up to date. Neither Qatar Re, nor its parent and its affiliated companies, accept any liability whatsoever for any decision made, or action taken or not taken, including the consequences thereof, in connection or conjunction with, directly or indirectly, the information and/or statements contained in this media briefing. 11

12 Appendix 12

13 QIC - Our ultimate parent company Qatar Insurance Company ( QIC ), was founded in 1964 First domestic insurance company in the State of Qatar Market leader in Qatar and a dominant insurer in the GCC & MENA region Underwriting footprint across the Middle East Rated A/Stable from Standard & Poor s and A (Excellent) by A.M. Best Publicly listed on the Doha Stock Exchange Market capitalization of US$ 4.41 billion as at 31 st August,

14 Our management team Gunther Saacke Chief Executive Officer Parvez Siddiqui Head of Zurich Finance Marc Tueller Head of Agriculture Stewart McCrae Lloyd s Market Manager smccrae@qregroup.com Willi Schuerch Chief Underwriting Officer wschuerch@qregroup.com Alok Sahi Head of Doha Finance asahi@qregroup.com Stefano Lorenzini Head of Credit & Surety slorenzini@qregroup.com Stephan Rappaz Head of Liability (as of 1 Dec 2014) Luke Roden Head of Property North America Branch Manager Bermuda lroden@qregroup.com Alan Tomlinson Head of London Representative Office atomlinson@qregroup.com Nabil Massaad Head of Facultative Engineering Head of Doha Operations nmassaad@qregroup.com Michael Roth Head of International Cat Branch Manager Zurich mroth@qregroup.com Peter Frei Chief Risk Officer peterfrei@qregroup.com Manfred Dennler Property per Risk mdennler@qregroup.com Peter Bitterlin Head of Energy pbitterlin@qregroup.com Mark Cockroft Chief Actuary mcockroft@qregroup.com Johannes Goebel Engineering jgoebel@qregroup.com Andrew Deighton Head of Claims adeighton@qregroup.com Michael Gertsch Head of Global Facultative mgertsch@qregroup.com Patrick Cove Head of Aviation & Marine pcove@qregroup.com Beatrix Münger Head of Structured Finance bmuenger@qregroup.com 14