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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Affirms Credit Ratings of Qatar Insurance Company Q.S.P.C. and Its Subsidiary

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Qatar Insurance Company Q.S.P.C. (QIC) (Qatar), and its subsidiary, Antares Reinsurance Company Limited (Antares Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect QIC’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as the group’s adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of Antares Re factor in its strategic importance to QIC.

The group’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and is supported by good financial flexibility, a conservative investment portfolio by asset class and low reinsurance dependence. An offsetting factor is the concentration of QIC’s assets toward Qatar and the Gulf Cooperation Council countries, even though a little more than of half the group’s business is sourced from the United Kingdom, Europe and Bermuda.

QIC’s underwriting results have been unprofitable and volatile during the period 2018-2022, evidenced by a five-year weighted average IFRS 4 combined ratio (including discontinued operations) of 107% and a standard deviation of 6%. Over this period, the group was negatively impacted by natural catastrophe losses and other events such as changes in the Ogden discount rate and COVID-19-related business interruption losses. In 2023, QIC achieved breakeven results on its underwriting operations, with a net/gross combined ratio of 100%. Going forward, the group is expected to report improved underwriting performance as a result of corrective measures implemented by management. Despite historically challenging underwriting results, investment returns have helped QIC achieve positive net profits. QIC’s return-on-equity ratio improved to 10% in 2023, up from its five-year (2018-2022) weighted average of 4%.

The group is geographically well-diversified, with insurance operations in the Middle East and multi-channel international platforms under the Antares Global brand, including a Bermuda-domiciled reinsurer (Antares Re), a Lloyd's platform (Syndicate 1274) and carriers in Europe. The business mix has changed in recent years, with motor insurance representing a growing portion of premium in 2022. However, the group's decision to rebalance its portfolio has resulted in materially reduced exposure to U.K. motor business, a trend that AM Best expects to continue over the medium term.

Whilst QIC’s ERM capabilities have steadily improved in recent years, AM Best believes there is room for further development in order for QIC to manage risk holistically at group level. The appropriate ERM assessment therefore takes into account AM Best’s expectation that further steps will be taken to strengthen governance and controls, enabling more proactive ERM across the group.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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