Bermuda was “a natural choice” as a home for Qatar Re, said the reinsurer’s chief executive officer yesterday as it completed its redomiciling to the Island.

Gunther Saacke added that Bermuda had “decades of proven reliability” in the insurance industry and that his company’s move from Qatar would bring it closer to brokers.

Qatar Re also announced that it had acquired its Class 4 licence from regulator the Bermuda Monetary Authority (BMA).

As part of the re-domiciling, Qatar Re said its capitalisation would increase to approximately $500 million.

Mr Saacke said: “Looking at the exciting development of our company over the recent years our move to Bermuda marks a significant milestone on our journey to becoming one of the most sought-after partners in our industry.

“Bermuda was a natural choice for us due to its international reputation and proximity to the US market, along with its anticipated Solvency II equivalence.

“The regime’s recognition gained over decades of proven reliability stands for uncontested best practices and will support our ability to access and compete throughout the world’s markets in a credible manner.”

Qatar Re’s office is at 106 Pitts Bay Road. The firm also has offices in London and Singapore, as well as the Qatari capital Doha, and a branch in Zurich. Its parent company is Qatar Insurance Company (QIC), which has a market capitalisation of around $4.3 billion.

“With our relocation to Bermuda, Qatar Re is also moving closer to the broker community,” Mr Saacke added. “Along with our existing cedants I am looking forward to further developing this network and introducing them to our entrepreneurial and practical approach. “As this is only a transfer of incorporation to Bermuda of our existing company and not a start-up, all functions and services are in place and we are ready to write business.”

In its statement, Qatar Re added: “The combination of Qatar Re’s relocation to Bermuda, its development of international platforms in key locations worldwide and the Class 4 licence will benefit the company in expanding its client base through additional products and underwriting expertise as well as an increased market scope and presence.”