AM Best downgrades Qatar Insurance Company ratings
Ratings agency AM Best has downgraded the financial strength and long-term issuer credit ratings of Markerstudy-affiliated Qatar Insurance Company to A- (Excellent) from A (Excellent).
QIC subsidiary Antares Reinsurance Company (Bermuda) has been similarly downgraded and the outlook of all ratings has been revised to stable from negative.
As previously reported by Insurance Age, an institutional buyer is primed to buy the Qatar Insurance Company-owned Markerstudy underwriting business.
QIC revealed in its third-quarter results that it wanted to exit ‘low margin and loss making’ international direct business and had a buyer lined up for both Markerstudy Insurance Company
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