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Doha Insurance eyes opening representative offices in London, Beirut

Doha Insurance Group QPSC plans to open representative offices in London and Beirut, which will underwrite reinsurance business such as energy risks and life and medical insurance, the Gulf Times reported March 18, citing Chairman Sheikh Nawaf bin Nasser bin Khaled al-Thani.

Nawaf told shareholders that there is also a possibility of converting representative offices to branches, if necessary. He reportedly added that the firm has obtained final approval from the Qatar Central Bank to turn its Islamic insurance branch, Doha Takaful, into a limited liability shareholding company.

He added that with interest rates expected to rise in the coming year, Doha Insurance Group would look to diversify its assets, including by increasing the proportion of bonds and sukuks it holds.

CEO Bassam Hussein also told the newspaper that Doha Takaful would be transformed into a fully fledged, wholly owned insurer in its own right.