Qatar General places its Dubai subsidiary in run-off

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Qatar General Insurance and Reinsurance Company (QGIRCO) has put its Dubai branch into a run-off. The company has decided to stop issuing new insurance policies and begin the process of selling its business.

QGIRCO has been planning to leave the Dubai insurance market since December 2017. The Nasdaq Dubai Stock Exchange indicates that this decision coincides with the regional crisis which started in June 2017 when Saudi Arabia, the United Arab Emirates, Egypt and Bahrain broke off diplomatic and commercial relations with Qatar.

The United Arab Emirates is QGIRCO's only foreign market. The company had gross premiums of around 61.8 million QAR (17.0 million USD) in 2017.

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Tue, 04/12/2018 - 16:50
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