January 3, 2018 / 10:19 AM / 9 months ago

Qatar Re to buy insurer Markerstudy's underwriting business

LONDON (Reuters) - Qatar Re, a unit of Qatar Insurance (QINS.QA), has agreed to buy UK motor insurer Markerstudy’s underwriting businesses for an undisclosed sum, Markerstudy said on Wednesday.

The deal for Gibraltar-based Markerstudy Insurance Company, Zenith Insurance, St Julians and Ultimate Insurance is expected to complete in the first half, Markerstudy said in a statement and will see Qatar Re take on 750 million pounds in gross written premiums.

After the deal is completed, Markerstudy will no longer underwrite insurance and will instead focus on its role as a managing general agent.

Reporting by Carolyn Cohn; editing by Simon Jessop

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