Gunther Saacke appointed CEO of Q-Re
- Qatar: Monday, February 25 - 2013 at 11:51
Q-Re's Board of Directors announced the appointment of Gunther Saacke as Chief Executive Officer of Q-Re, effective February 24th 2013. Gunther Saacke will lead a team of senior and well-known reinsurance professionals in order to transform Q-Re into a global multi-line reinsurer with a focus on specialty lines.
Q-Re is a subsidiary of Qatar Insurance Company (QIC), headquartered in Doha, Qatar and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA). Gunther Saacke succeeds Ewen McRobbie who led Q-Re since April 2012 and now assumes new responsibilities within QIC Group.
Gunther Saacke, CEO of Q-Re commented: "I am excited about the opportunity to help build the first truly global reinsurer which originates from the emerging markets. Q-Re will have a global presence, underwrite risks across all major lines and territories and issue lead quotations based on our proprietary pricing and analytical capabilities. To our clients we will be a dependable partner who offers superior underwriting skills and line of business expertise. Our portfolio will reflect rigorous risk selection criteria and an embedded risk management culture. In combination with our strong and distinct capital base, we aim for nothing less than a position among the top 10 players of the global reinsurance industry by 2025."
Khalifa Abdulla Turki Al Subaey, Group President and CEO of QIC and Q-Re's Managing Director, said: "It is our aspiration to grow Q-Re into a leading global reinsurance company acknowledged for quality capital, technical expertise, customer focus and thought leadership. We are delighted that Gunther has come on board to lead this effort. He will be able to rely on a strong, globally renowned team of reinsurance professionals. Beyond our commercial objectives we also believe that Q-Re's growth will contribute to establishing Qatar as a reinsurance hub to be reckoned with."
Gunther Saacke has more than two decades of international reinsurance experience, with a track record of successfully building and integrating high-profile teams of industry experts. Most recently, he served as Head of Reinsurance at Endurance in London, before going on to lead Novae Re, a multi-line reinsurance operation in the Lloyd's market.
While other senior team members have already been announced in November 2012, their specific new roles at Q-Re will be communicated in due course of time.
All the appointments are subject to regulatory approvals. Q-Re is rated "A/Stable" by Standard & Poor's and "A/Excellent" by A.M. Best.
QIC provides support to Q-Re as a shareholder and through an unconditional parental guarantee and a direct quota share agreement, thus allowing Q-Re effectively to utilize its parent's capital which should soon be increased to $1.2bn (post current rights).
The State of Qatar and its related entities are the largest shareholders in QIC holding 12% of its equity. As part of a strategic initiative the company has accepted an offer from the State of Qatar to increase its equity stake in QIC to 20%. The transaction is in process of getting regulatory approvals. The shareholders of QIC have recently approved a rights issue of QR 963 million ($265m).
As a key differentiator Q-Re will pursue an integrated portfolio management approach to underwriting, as embedded in a state-of-the-art Enterprise Risk Management framework that is focused on coherently measuring and balancing insurance, credit, market, governance and compliance risks.
Based on its proprietary pricing and analytical capabilities, Q-Re will offer lead quotations and product development services with a focus on specialty lines. At the same time property and casualty lines will compliment Q-Re's product offering, thereby building and broadening long-term, sustainable client relationships.
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