QIC Group Announces 'Strategic Restructuring' Of UK Motor Business
(MENAFN- Gulf Times) Qatar Insurance Company (QIC) has announced a“strategic restructuring” of its UK motor business.
This restructuring is in line with QIC Group's strategy to streamline loss-making and low margin businesses and to bring the international operations of the Group back to profitability.
By successfully completing this restructuring, QIC Group is confident that its international business will continue reporting consistent profitability by focusing on less volatile lines of businesses.
This restructuring positions the group for a greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of direct insurer.
As part of this decision, QIC Group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance and Markerstudy Insurance Company. These companies will continue to service their existing customers in the normal course of business.
The Group will therefore no longer classify the companies as a disposal group held for sale and discontinued operation.
Commenting on the transaction update, Salem al-Mannai, QIC Group CEO, said:“This decision has been taken in accordance with the Group's approach to rebalance its international and regional operations. We are pleased with the outcome and we look forward to further implementing our strategy, which has, so far, brought us significant success and improved consistent profitability.”
MENAFN07082024000067011011ID1108528391
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.