Qatar Reinsurance, which is a subsidiary of Qatar Insurance Company, bought Markerstudy for £107.8m, according to its financial results for the full year 2018.
But as part of the deal it also picked up £70.0m in cash assets from Markerstudy, which means the deal actually cost Qatar Re around £37.8m.
The business signed an agreement to buy Markerstudy’s Gibraltar-based insurance companies – Markerstudy Insurance, Zenith Insurance, St Julians Insurance and Ultimate Insurance - in January 2018.
- Gibraltar insurer, Lamp, goes into liquidation amid insolvency
- Blanc expects Goldman Sachs to invest in Aston Lark for 'at least five years'
- Three insurance firms on FSCS insolvency list
- Aston Lark confirms Goldman Sachs investment deal
- Investors value Ardonagh at £1.9bn
- Brokers warned over admin fees and commission
- Aviva continues to top Brokerbility members survey