Q-Re’s registers strong 2014 renewals
In an exclusive interview with The Edge, Gunther Saacke, CEO Q-Re speaks about their business model on property, casualty and speciality lines premiums.
Media reports have said that Q-Re, a wholly-owned subsidiary of Qatar Insurance Company, expects to write around USD269 million (QAR979 million) of property, casualty and speciality lines premiums from the January 1 renewals. Talking to The Edge on how the premium lines have been chosen, Saacke said, “Q-Re writes all reinsurance business, if it is insurable (by standard definitions). There are only a few lines where we have not yet developed the necessary skill set. The importance of a certain business line evolves through the offered return on equity and our mid-term view on the development of these lines.”
Saacke pegged property renewals at 160 percent, speciality at 45 percent, aviation at 125 percent, agriculture at 30 percent, and casualty at 15 percent.
As the only reinsurance company based here in Qatar, what advantage does it give Q-Re? Saacke’s take on the local advantages were, “Whilst it is always helpful not to encounter too much competition, the local markets are only a minor part of our portfolio. This may slightly change going forward as the business potential in these regions outpaces other regions of the world.”
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