The successful $450 million debt sale that closed this week was a step on the road to putting Qatar Re in the top tier of the reinsurance industry,

That is the view of Gunther Saacke, the Bermudian company’s chief executive officer, who described the sale of the notes as a “significant milestone”.

“With the introduction of tradable notes, Qatar Re is seizing the opportunity to finance future growth on the back of a modern efficient capital structure,” Mr Saacke said.

“The notes have reduced our cost of capital and are a significant milestone on our path to establishing Qatar Re in the top tier of our industry.”

He added: “The issuance has taken our company beyond the $1 billion capital mark; an important threshold to potential clients who make this a prerequisite. The increased capital strength will enable us to respond to increasing demand from existing and new clients for substantial capacity as part of our comprehensive service proposition.”

The offering of the Reg S Perpetual non-call 5.5 subordinated Tier 2 notes, which have an initial coupon of 4.95 per cent, was 14 times oversubscribed.

The issue attracted over 290 orders of more than $6.5 billion and achieved a balanced global distribution of investors comprising 30 per cent Asia, 29 per cent UK, 20 per cent Middle East, 19 per cent Continental Europe and 2 per cent from other regions.

The 4.95 per cent coupon will be fixed until the first call date in September 2022.

The rapidly growing company, whose parent organisation is the Qatar Insurance Company, is based in new offices at the Belvedere development on Pitts Bay Road, where there will be a special opening ceremony this evening, involving directors and top executives, as well as Bermudian dignitaries.