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insurance business enterprise SAQ (QIC) announced that it has reached
settlement to acquire the complete proportion capital of Antares Holdings
confined, together with its subsidiaries, a specialist insurer and reinsurer
operating in the Lloyd’s marketplace.
QIC stated the purchase of Antares “will provide with access
to Lloyd’s thru Syndicate 1274 and Antares’ own included managing corporation,
as well as bringing a Bermudian platform with a category three reinsurance
license.”
The transaction is situation to uk,
Bermuda and Qatari regulatory approvals. it is
anticipated to shut in the second half of 2014. financial terms of the transaction
have no longer been disclosed.
Khalifa Al Subaey, group President and CEO of QIC stated:
“the purchase of Antares is another important milestone in QIC’s
internationalization method. Antares will help QIC to construct a sizeable
worldwide belongings & casualty and area of expertise coverage footprint.”
Sunil Talwar, Deputy CEO & institution CFO of QIC added:
“Antares has advanced into a especially a success franchise underneath the
stewardship of Lightyear Capital and Stephen Redmond.
Antares’ strong and diverse underwriting platform perfectly
enhances our organization’s present worldwide operations. We look ahead to
welcoming Stephen and his group into the QIC institution and building on the
worthwhile increase that has been performed so far.”
Redmond,
managing Director of Antares defined the purchase by way of QIC as recognition
of the “giant development that we have made because the formation of Antares in
2007 and of the achievements that the business enterprise has made beneath the
steering of our contemporary shareholders.
“we're excited about turning into part of QIC and agree with
that Antares and QIC have complementary fashions built round an aligned
underwriting philosophy. As a part of QIC, Antares might be a more potent
enterprise in order to be properly positioned for the future,” he delivered.
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