Qatarlyst, the technology-based insurance and reinsurance trade fulfilment system based in Doha, has announced that it has acquired RI3K, a London based innovator of technology that supports paperless transactions for the commercial insurance and reinsurance industry.
The transaction amount is not disclosed.
Their full press release follows
Qatar Insurance Services LLC, trading as Qatarlyst, the technology-based insurance and reinsurance trade fulfilment system based in Doha, is pleased to announce that it has acquired RI3K, the London based pioneer and innovator of technology that supports paperless transactions for the commercial insurance and reinsurance industry.
This is a transformational deal for Qatarlyst, expanding its international reach and enhancing its service offering to London and beyond, creating additional opportunities for growth and providing a quantum leap in the number of members served to over 330, whilst more than doubling its headcount to over 45.
RI3K provides a global ‘Platform as a Service’ (PaaS) which replaces the paper-based processes that support the transactions of all types and classes of large commercial insurance and facultative and treaty reinsurance.
The service has been developed to support the way that buyers, brokers and carriers around the world conduct business. It allows them to collaborate, create contracts, distribute risk and transact in a way that is faster, more accurate and efficient than the paper and email based processes that currently support commercial insurance negotiations.
RI3K facilitates transactions for over 4,200 individual users drawn from over 300 of the world’s largest and most successful blue chip insurance companies and intermediaries operating in the London and other global insurance markets.
The strategic rationale
The acquisition significantly increases the scale and scope of the existing Qatarlyst business. The two
businesses are expected to be fully integrated over time to create a single platform with enhanced functionality and accessibility.
Qatarlyst, owned by the Qatar Financial Centre Authority (QFC Authority) and which provides a web based solution for regional brokers and insurance firms to negotiate, place and accept large commercial insurance risks electronically, is expected to benefit from RI3K’s interface with London and the international markets. In turn, existing RI3K customers will benefit from long term financial security and Qatarlyst’s superior functionality in areas such as Retakaful, Claims and Accounting.
The combination of Qatarlyst and RI3K will help to accelerate the development of the Qatar Financial Centre in its declared ambition to become a leading hub for reinsurance in the GCC region and beyond. This acquisition also gives Qatar the opportunity to help meet London’s insurance market needs for enhanced paperless trading.
Headquartered in Qatar with a significant presence and investment in London, the enlarged business will connect global, regional and local markets, enabling brokers, insurers and reinsurers to drive down their transactional unit cost, save valuable time and will provide increased data accuracy, management information and control.
Abdulrahman Al Shaibi, Chairman of Qatarlyst and Managing Director of the QFC Authority, commented:
“The acquisition of RI3K is a clear sign of our long term commitment to develop the Qatarlyst offering. 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.
In addition, our continual investment in and development of our platform supports the wider strategy of the QFC Authority to develop a regional hub for reinsurance and captive insurance and one that is efficiently connected to other key global centres. London is the world’s oldest insurance market and it is important that we secure and maintain strong links with it and other global markets.”
Robin Merttens, Chief Operating Officer of RI3K and who will become Marketplace Director heading up the London office of the enlarged group, commented:
“The long-term nature of Qatar’s commitment to the building of an industry utility should provide all the comfort and reassurance our customers and prospects require. Going forward, the strategy for the enlarged Qatarlyst service is consistent with the change programme in London and will contribute significantly to it.”
James Sutherland, CEO of Qatarlyst, commented:
“This acquisition is a good strategic fit both technologically and geographically for Qatarlyst giving us access to the key London and international markets. 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 workflows between counterparties. We support the London Market Reform agenda and our aim is to win over all the major brokers and risk assumers in the London Market to using the single Qatarlyst platform to facilitate their business.”
Previous Post: Mubadala GE Capital reaches $2 billion mark in commitments in first year
Next Post: Abu Dhabi investment firm buys stake in Brazilian investment bank