Q-Re reports strong growth in January renewals

Expansion of Q-Re’s portfolio in 2013 has fuelled a marked increase in renewals, with the company reporting it expects to write approximately US$269 million of property, casualty and speciality lines premiums from the January 1 renewals (excludes Lloyd’s participations).

“On a constant foreign exchange basis, this volume represents an increase of 43% from the 2013 expiring renewable base of business,” notes a statement from Q-Re, a wholly owned subsidiary of Doha-based Qatar Insurance Company, which recently opened a branch office in Zurich, a representative office in London and plans to soon open a branch office in Bermuda.

Q-Re expects to maintain momentum for strong growth for the full year of 2014, the press release notes.

“Q-Re remains on track to building a strong global reinsurance franchise,” Q-Re CEO Gunther Saacke notes in the statement, adding the company “continued to deliver against plan in a highly challenging and competitive market environment.”

Adds Saacke, “Q-Re also bolstered its presence in the Lloyd’s market through new participations. At the same time, we opted for significant reductions of renewed business in lines and territories where our profitability criteria were not met.”

Willi Schuerch, chief underwriting officer for Q-Re, says the company “recorded the fastest growth in North American property and credit and surety business as well as in the aviation segment where we basically started from scratch.”

In its established specialty lines – in particular, agriculture and casualty classes – these developed with growth of 20% to 30%, Schuerch reports.

However, Q-Re opted to shrink its international property catastrophe business by 10% while increasing marine premiums only slightly by 15%, he says.