Qatar Insurance

Qatar Insurance Group (QIC, QIC Group)[1] is a Qatari insurance company headquartered in Doha and is the largest company in the MENA region by total assets[DH1]. QIC Group was listed 73rd on Forbes Middle East top 100 companies in 2022[2] and 72nd[3] on the Fortune 500 Arabia list for 2023.

QIC was founded in 1964 as the first domestic insurer in the State of Qatar. The Company has since expanded its global footprint through various lines of business, investments, strategic acquisitions, and the establishment of new subsidiaries. The Company and its subsidiaries are collectively referred to as the “Group” operating in 10 countries including Qatar, Oman, Kuwait, the UAE and at Lloyd’s London-the world’s prime insurance and reinsurance market, Malta, Bermuda, Zurich, Singapore and Gibraltar. [1] QIC - Qatar Insurance Group, Doha (qic-group.com)

[2] QIC Group - Top 100 Listed Companies In The Middle East 2022- Forbes Lists (forbesmiddleeast.com)

[3] فورتشن 500 العربية - قائمة الشركات (fortunearabia.com) [DH1]This quotes the boilerplate but I'm unsure of the source of information

History
Qatar Insurance Company Q.S.P.C. (QIC) was founded by Amiri Decree No.1 of 1964 as one of the first national insurance companies in the State of Qatar, with the participation of the Government of Qatar together with a few strategic corporate and individual investors.[1] In 1968, QIC opened its first branch in the United Arab Emirates, followed by further expansion into the Sultanate of Oman, and in Kuwait in 2004. In 2008, QIC began its global expansion strategy under the umbrella of “Qatar Insurance Group”. QIC started focusing on developing its presence and operations in the European and Asian markets through the establishment of Qatar Reinsurance Company Limited (Qatar Re) in 2009, and later on with the acquisition of Antares Holdings Limited together with its subsidiaries in 2014, a leading global specialist insurer and reinsurer operating in the Lloyd’s market of London. In May 2019, Epicure Investment Management LLC (“EIM”) a regulated investment manager that is registered in the Qatar Financial Centre was established. Anoud technologies LLC is the Group’s tech arm and was established in 2020.

The Company’s shares were first listed on the Doha Securities Market (currently, Qatar Stock Exchange) in 1997. QIC Group has a diverse global investment portfolio, including insurance, reinsurance, insurtech, asset management, and real estate sectors. It offers a full range of personal lines of insurance including car[2], motorcycle[3], travel[4], home[5], boat[6], life & medical insurance[7], as well as commercial insurance including property and commercial[8], marine and aviation[9], energy[10] and motor fleet[11] insurance. [1] QIC Group Corporate Governance Report 2023

[2] Car Insurance - Qatar Insurance Group (qic-group.com)

[3] Motorcycle Insurance - Qatar Insurance Group (qic-group.com)

[4] Travel Insurance - Qatar Insurance Group (qic-group.com)

[5] Home Insurance - Qatar Insurance Group (qic-group.com)

[6] Boat Insurance - Qatar Insurance Group (qic-group.com)

[7] Home - Q Life and Medical Insurance Company (qlm.com.qa)

[8] Property & Commercial - Qatar Insurance Group (qic-group.com)

[9] Marine & Aviation - Qatar Insurance Group (qic-group.com)

[10] Energy - Qatar Insurance Group (qic-group.com)

[11] Motor Fleet - Qatar Insurance Group (qic-group.com)

Profitability & Financial performance
QIC is publicly listed on the Qatar Stock Exchange and has a market capitalization of QAR 8.5 billion and is the largest insurance company in the MENA region by total assets.

For the full year 2023, the Group reported a net profit of QAR 601 million (excluding minority). The Group’s gross written premiums for the year 2023 was QAR 8.5 billion. Currently, 32% of the Group’s gross written premiums emanate from personal lines insurance written in the Middle East, UK, and Continental Europe. Meanwhile, the Group’s domestic business in Qatar and MENA recorded further growth in gross written premiums to QAR 3.6 billion, compared to QAR 2.8 billion in 2022, representing 25% growth in 2023.[1]

QIC experienced substantial growth in the UAE throughout the year 2023, in total writing AED 1.3 billion. In Oman, the successful merger with Vision Insurance helped to accelerate QIC’s growth in the local market, particularly in medical and personal line segments.

Regarding international operations, Antares Managing Agency Ltd (“Antares”), the Lloyd’s specialist insurance and reinsurance subsidiary of QIC, continues to be the major engine for performance and growth. The Group’s insurance service results were a profit of QAR 747 million in 2023, compared to loss of QAR 465 million over the same period in 2022. [1] Annual+Report+EN.pdf (amazonaws.com)

Ratings
QIC holds an A- issuer credit and financial strength rating from Standard & Poor[1], as well as an A- (Excellent) Financial Strength Rating from AM Best[2]. [1]QIC S&P Ratings

[2] AM Best Company - Best's Credit Report (amazonaws.com)

QIC’s Global Footprint
QIC’s geographic footprint spans multiple continents, with presence in Qatar, The UAE, Oman, Kuwait, The United Kingdom, Singapore, Zurich, Bermuda, Malta and Gibraltar.

Qatar Insurance Company Q.S.P.C. (QIC)[1] is the parent company of QIC group of companies and is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint.

Oman Qatar Insurance Company (OQIC)[2], Kuwait Qatar Insurance Company (KQIC)[3], UAE Qatar Insurance Company (UAEQIC)[4] are Qatar Insurance Group’s subsidiaries in the GCC region that deliver innovative retail solutions for home, travel and car insurances to every segment of their customer base. They also serve as a conduit for providing insurance services across the GCC and help connect overseas insurance interests through their global network.

Antares Global[5], with branches in London, Shanghai and Singapore, it operates at Lloyd’s - the world’s prime global insurance and reinsurance market. This specialist insurer and reinsurer is recognized for its exemplary services across the globe. Through its highly experienced team of underwriters, Antares provides a diversified range of property, reinsurance, casualty and specialty underwriting services worldwide.

Antares Re[6] is a Class-4 insurer and a global multi-line reinsurer writing all major property, casualty and specialty lines of business. With its headquarters in Bermuda, and its offices in Zurich and London, Antares Re is situated close to the world’s major reinsurance markets and to the core operations of its clients. The company, backed by a parental guarantee from Qatar Insurance Company S.A.Q. (QIC), benefits from QIC’s substantial and growing capital base.

Antares at Lloyd’s (Syndicate 1274)[7] is a well-established managing agency at Llyod’s with a highly experienced and respected market underwriters who work with brokers and a trusted network of cover holders to offer insurance and reinsurance solutions through its platforms in the UK, Singapore and Bermuda covering worldwide risks, while working closely with Antares Re in Bermuda particularly on marine and property covers.

QIC Europe Limited (QEL)[8] is a Malta based insurer with a branch office in London. QEL is a wholly owned subsidiary of Antares Re and is regulated by the Malta Financial Services Authority (MFSA). The company’s business model involves writing insurance sourced through carefully selected managing general agents (MGAs) and coinsurance partners across the European Economic Area (EEA). Backed by a full guarantee from QIC, QEL benefits from QIC Group’s capital base.

Epicure Investment Management (EIM)[9] was established in 2019. The asset manager specializes in optimizing and diversifying financial portfolios to achieve long-term investment goals. Its approach is rooted in meticulous research and a comprehensive understanding of global markets to identify emerging trends and capitalize on untapped opportunities while rigorously managing risk. Epicure’s core investment strategy focuses on investing in GCC Equity markets with a value driven philosophy, and on managing global fixed income allocations – Bonds & Sukuks. Epicure manages client assets in discretionary portfolio mandates as well as in funds. EIM manages over US$ 7 billion of investment assets across equites, fixed income and real estate.

Epicure Islamic Investment Management (EIIM)[10] is a joint venture between QIC Group (51%) and QInvest LLC (49%) which commenced business operations in 2022. Epicure Islamic core strategy is built on the foundational principles of Islamic finance that focuses on Sharia compliant Equities and Sukuks.

Qatar Insurance Real Estate (QICR) [DH1] specializes in real estate investments. The company’s portfolio consists of real estate assets in Qatar. QICR invests in income-generating real estate assets with strong anchor tenants.

Anoud Technologies (Anoud Tech)[11] was established in the Qatar Financial Center (QFC) in 2020 as a wholly owned subsidiary of QIC Group. Anoud Tech works in close collaboration with Swiss Re (one of the largest reinsurance companies in the world) and offers Anoud+, a best-in class IT insurance platform to insurers in developed and emerging markets alike. As an internally developed solution that utilizes digital technology, Anoud+ provides insurers with an efficient and comprehensive system for managing every facet of their insurance programs. It was ranked by ACORD and Alchemy Crew in the Top 10 Leaders with the greatest current and future ability to change the industry through insurtech. [1] QIC Qatar

[2] OQIC Oman Qatar Insurance Company

[3] Kuwait - Qatar Insurance Company (qickwt.com)

[4] UAE Qatar Insurance Company (qicuae.com)

[5] Antares (antaresglobal.com)

[6] Antares » Antares Re (antaresglobal.com)

[7] Antares » Antares at Lloyd’s (antaresglobal.com)

[8] qiceuropeltd.com

[9] Home - Epicure (eim.com.qa)

[10] Epicure Islamic Investment Management (eiim.com.qa)

[11] Home - Anoud Technologies [DH1]Website not available

Leadership
The current QIC Group Board of Directors is chaired by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani. The Group is led by Mr. Salem Al Mannai, who was appointed Group CEO in 2020 and also serves as the Chairman of the MENA Insurtech Association. He is supported by a senior management team that consists of experts in various fields, such as administration, operations, digital, audit, risk, investment, actuarial, and finance and has been instrumental in bringing innovative solutions to cement QIC Group’s position as a pioneer in the insurance industry, both in the MENA region and across international markets and is the driving force behind its growth, reputation, and social impact.

The group has won several awards for its leadership, including the Best Insurance Leadership GCC at Capital Finance International (Cfi.co) for multiple years.

Senior Management Team

Members of the management team include: Sultan Ghani, Advisor to Group CEO, Rashid Al Buainain, Group Chief Administrative Officer, Ahmed Al Jarboey, Chief Operating Officer QIC, Lars Gehrmann, Group Chief Digital Officer, Saji Philipose, Group Chief Audit Executive, Mark Graham, Group Chief Risk Officer, Chirag Doshi, Group Chief Investment Officer, Ahmed El Tabbakh, Deputy CEO – International, Varghese David, Group Chief Financial Officer, C. M. Unnikrishnan, Deputy CEO - MENA Operations and Claude Perret, Group Chief Actuary.

Entities CEOs are:

Michael van der Straaten of Antares Global Holdings Limited  and of Antares Re, Pantelis Koulovasilopoulos, CUO Long Tail & Specialty of Antares Global and of QIC Europe Ltd, Hassan Al-Lawati of QIC Oman, Abdullah Abdulatif Suliman Al-Ahmad of QIC Kuwait, Mark Graham of Antares at Lloyd’s, Dimitris Papachristou  of Gibraltar Based Companies, Ilango Thiyagarajan of QIC UAE.

Environmental, Sustainability & Governance (ESG)
QIC is committed to supporting the formal commitment by the State of Qatar under the Paris Agreement to reduce the country’s greenhouse emissions by 25 percent by 2030, in line with the commitments outlined in Qatar National Vision 2030 (QNV). In 2022, QIC established an ESG committee with members dedicated to integrating ESG into all business operations including its underwriting, management philosophy and investments. In 2022, QIC became the first insurer in the MENA region[1] to sign the United Nations Environment Programme-Finance Initiative’s ‘Principles for Sustainable Insurance’ (UNEP-FI PSI), a global network of insurance stakeholders committed to integrating ESG along their value chain and adopting metrics that are more comprehensive than the financial metrics typically used in the industry. [1] Signatory Companies – United Nations Environment – Finance Initiative (unepfi.org)

Digitalization & Innovation
Digitalization and innovation are playing a key role in the strategic direction of QIC. In 2022, the Group launched its latest venture, QIC Digital Venture partners Unit (QIC DVP)[1], a unit that capitalizes on the Group’s global footprint and diverse organizational capabilities (insurance, investments and technology) to create a collaborative and effective partnership approach that serves as a doorway for international businesses into the MENA market. QIC DVP spearheaded the establishment of the MENA Insurtech Association[2] a membership based association founded to build insurtech ecosystem through connecting innovations, talents, partners, and capital. The association holds an annual MENA Insurtech Startup Competition[3], an initiative aimed at promoting innovation and entrepreneurship within the MENA region's insurance industry. The initiative takes the form of a regional competition held in countries across the MENA region, including Qatar, Saudi Arabia, UAE, Oman, and Egypt, in addition to virtual competitions to allow startups from the wider MENA region and beyond to participate. The competition provides a platform for innovative startups to showcase their ideas and technologies to potential investors and industry leaders.

The Association also holds the MENA Insurtech Summit, an annual conference for international insurers, startup founders, investors and key players to discuss and explore partnerships with close focus on sharing insights on the latest industry trends, innovation, investment and digital transformation, with the goal of fostering learning and collaboration between the MENA Insurtech ecosystem players. 2022[4] was the inaugural year. The theme for 2023 was ‘MENA Insurtech Rising’[5] and the 2024 edition is themed ‘AI Impact on Insurance Value Chain’[6]. Some of the top themes the summit covers are digital innovation, VC investment strategies, the funding landscape, strengthening synergies with Africa and deepening insurance penetration rates in the continent, and the emergence of a new regulatory environment as a result of innovation, as well as AI and other topics. [1] QIC Digital Venture Partners – Building insurance ecosystems through connecting ideas, talents, partners and capital (qic-digitalventures.com)

[2] MENA InsurTech Association | Building InsurTech Ecosystem in the MENA Region (insurtech-mena.com)

[3] Competitions 2024 - Insurtech MENA (insurtech-mena.com)

[4] InsurTech MENA Summit 2022 - 23 June in Doha (insurtech-mena.com)

[5] InsurTech Rising - MENA InsurTech Summit, Doha -2023 (20-22 May) (insurtech-mena.com)

[6] MENA Insurtech Summit 2024 - AI Impact on Insurance (insurtech-mena.com)

Corporate Social Responsibility (CSR)
The Group’s social corporate responsibility program addresses issues such as access to education, health, sports, culture and environmental sustainability. The Group regularly partners with Katara Cultural Village, to support the preservation of Qatar heritage by supporting key events, such as the Katara International Arabian Horse Festival[1]; S’hail[2], the International Hunting & Falcons Exhibition and the Samla race[3], the annual national endurance competition. Additionally, QIC has supported the Goals4Good[4] tournament organized by Education Above All to support some of the world’s most vulnerable children.


 * In 2021, Oman QIC, the Group subsidiary in Oman donated OMR 100,000 – valued at approximately QAR 1 million to relief efforts following tropical cyclone Shaheen to support and rebuild the battered areas.
 * Additionally, Oman QIC has earmarked 20% of its CSR budget in support of the Oman Charitable Organization. The funds are utilized to assist those affected by natural disasters.
 * In 2023 OQIC supported various philanthropic associations in support of people with disability including people with hearing impairment and people with Down syndrome, in addition to supporting  various health causes such as cancer and sickle cell awareness initiatives.
 * QIC Group has over its years of operation through its various companies and subsidiaries around the world contributed to local initiatives that support the communities it operates in including the following initiatives:

London

 * Donated unutilized gifts after the festive season to help those in need in the local community.
 * Donated non-perishable food items to City Harvest London, rescuing food, people and the planet.
 * Participated in the Standard Chartered Great City Race 2023 for London’s premier corporate 5k running Challenge.
 * Donated toys and sensory items to Stephen Hawking School
 * Contributed to Green Ribbon Campaign & City Giving Day Treasure Hunt by providing support to individuals suffering from mental illness and participating in the City Giving Day Treasure Hunt
 * Provided support to serving and ex-serving military personnel as part of the Royal British Legion annual poppy appeal.
 * The team volunteer at the Spitalfields City Farm which provides a safe space that empowers people to make positive change to their lives, the local community, and the planet.
 * Donated coats to Wrap Up London to support the collection of pre-loved warm coats to be shared directly with frontline charities supporting people through cold conditions during winter.
 * Donated toys to the Great Ormond Street Hospital Children's Charity for Christmas
 * Collected and packed hygiene items for the National Society of the Prevention of Cruelty to Children in support of domestic abuse survivors.

Zurich

Supported Schweizer Tafel by donating 40 Lindt chocolate easter boxes to support the collection of surplus flawless food from wholesalers, producers and retailers to be distributed free of charge to social institutions taking care of people affected by poverty.

Zurich

Supported GibSams which operates a confidential freephone helpline and chat service to support those experiencing emotional distress to reduce the number of suicides in Gibraltar.

Malta


 * Supported St. Helen of Anjou (SECC) a voluntary organization bridging two cultures (Serbia and Malta) by promoting Serbian cultural heritage
 * Supported Noah’s Ark Dog Sanctuary rescuing innumerable abandoned dogs by offering them comfort and medical care with many moving to homes locally and overseas
 * Contributed to Dr Klown a non-governmental organization dedicated to providing clown doctor services at Mater Dei Hospital (Malta)
 * Supported Hospice Malta which aims to provide and promote the highest standards of palliative care whilst helping and supporting families.

Bermuda


 * The team volunteered for Planet Math to help make math fun for children in the local community.
 * Donated stationery supplies to help equip Bermuda’s public schools with the resources they need for a better-quality education.
 * Contributed to Bermuda Lawn Tennis Association which implements a responsible tennis methodology that supports programs and development from grassroots through to the professional level.
 * Provided a contribution to Bermuda Zoological Society which supports and inspires appreciation and care for island environments and animal habitat exhibits that focus on species from oceanic islands, as well as related environmental education, conservation projects and research programs.

[1] QIC Sponsors Katara International Horse Festival 2023 - Qatar Insurance Group (qic-group.com)

[2] QIC Group sponsors Gyer category of Katara’s Hunting & Falconry Exhibition S'hail 2018 - Qatar Insurance Group (qic-group.com)

[3] Qatar Insurance Group honored at the Samla Race 2023 award Ceremony - Qatar Insurance Group (qic-group.com)

[4] Qatar Insurance Group sponsors EAA’s “Goals4Good” tournament - Qatar Insurance Group (qic-group.com)

Awards and listings

 * 1) QIC has listed in Forbes magazine's Top 100 Companies in the Middle East, and the Fortune 500 Arabia for the largest companies in the Arab region.
 * 2) QIC and its subsidiaries earned multiple industry awards including:
 * 3) Best Insurance Website in The Middle East,  Best Insurance Website in Qatar and Best Digital Insurance Company in Qatar at Global Brands Magazine Awards; Best Insurance Website in Qatar, Best Online Travel Insurance Provider in Qatar and Best Motor Insurance Provider in Qatar from World Economic Magazine; Best Digital Insurer in Qatar from Global Business Outlook Awards; Best General Insurance Company in Qatar and Leading Digital Insurance Company in Qatar from International Business Magazine; Domestic General Insurer of The Year in Qatar at Insurance Asia Awards; Best Motor Insurance Company in Qatar and Best Travel Insurance Company in Qatar at International Finance Awards; Best Travel Insurance Company in The Middle East at the Global Banking & Finance Review Awards; Motor Insurer of The Year at the InsureTek Golden Shield Excellence Awards; Qatar Insurer of The Year at the MENA IR Awards; Best Domestic General Insurance Company at the Finance Derivative Magazine Awards; Most Sustainable Insurance Company Qatar and Most Trusted Insurance Company in Qatar from World Business Outlook.
 * 4) Anoud Technologies won Insurtech of the year at the Middle East Insurance Industry Awards 2023 and was named the Fastest growing integrated insurtech platform GCC 2023 at the Annual International Finance Awards.
 * 5) QIC was awarded the Capital Finance International (Cfi.co) award for Best Insurance Leadership GCC for multiple years in a row.
 * 6) QIC is ranked as the Top Investment House by the Asset magazine for four years in a row.