Qatar Insurance Services recently acquired RI3K, (Reinsurance and Insurance for the 3rd Millennium), a London based privately held web-based insurance and reinsurance trading platform. The acquisition is expected to increase the reach of the existing Qatar Insurance Service’s Qatarlyst once the two businesses are fully integrated. It will bring forth a single platform for business with enhanced functionality and accessibility. The head business office will be located in Qatar.
Qatarlyst CEO James Southerland said: “Our ambition is to become the single e-platform that supports existing distribution channels and markets with the next generation support tool for placement, claims and accounting workflow between counter parties.”
Details of the financial value of the acquisition were not made pubic. RI3K provides a global service that replaces the old paper-based transactions usually associated with insurance transactions and has instead developed a service to support the way that buyers, brokers and carriers around the world conduct e-business. The acquisition of RI3K will give Qatarlyst access to a large number of insurers, reinsurers, broker members and connections to the new London Market Exchange.
“Evidence suggests that the next decade will see a quantum leap for the insurance sector, with analysts predicting a doubling of the Gulf market for reinsurance and large commercial risks,” said Southerland.
In regards to the acquisition of RI3K, Qatarlyst deputy CEO Khalid al-Mughesib said: “We firmly believe that the future success of our business is dependent on our ability to offer far into the future a financially and technically secure e-platform solution on which our clients can transact quickly and efficiently.”