AM Best Affirms Credit Ratings of Qatar Insurance Company Q.S.P.C. and Its Subsidiary
The group is geographically well-diversified, with insurance operations in the Middle East and multi-channel international platforms under the Antares Global brand, including a Bermuda-domiciled reinsurer (Antares Re), a Lloyd's platform (Syndicate 1274) and carriers in Europe. The business mix has been volatile in recent years, with a growing focus on motor insurance, which reached 56% of consolidated gross written premium (GWP) in 2021. However, QIC's announcement stating its intention to divest from its Gibraltar-based carriers -- which largely write U.K. motor -- has halted this growth and resulted in a decline of motor premium to 50% of 2022 consolidated GWP, a trend that AM Best expects to continue over the medium term.
- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Qatar Insurance Company Q.S.P.C.
- For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
- For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .
- AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.