Doha: Qatar Insurance Company (QIC) announced the completion of the strategic restructuring of its motor insurance operations in the United Kingdom.

The group indicated that this new structure is in line with its strategy to organize the subscription operations, restore Qatar Insurance’s international operations, and achieve profits, indicating its keenness to continue its international operations in achieving sustainable profitability, especially after the successful completion of the restructuring process.

This restructuring positions the group for greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of a direct insurer.

As part of this decision, QIC group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance Plc, and Markerstudy Insurance Co. Ltd. These companies will continue to service their existing customers in the normal course of business. The Group will, therefore, no longer classify the companies as a disposal group held for sale and
discontinued operation.

In a related context, QIC Group CEO Salem Al Mannai said that this decision has been taken in accordance with the group’s approach to rebalancing its international and regional operations, enhancing profitability for shareholders, developing the group’s business, diversifying risks, deploying capital in different markets, and not concentrating in specific markets. He added that the group looks forward to implementing its strategy, which has achieved significant success and consistent profitability.

Source: Qatar News Agency