Report
EUR 614.70 For Business Accounts Only

QIC = a “hedge fund reinsurer”

​Premium valuation prices in perfection but downside risk prevails.

  • ​QIC is a ‘hedge-fund reinsurer’ which aims to become a more balanced insurance company.
  • Its reinsurance business is based on a ‘contingent credit swap’, which derives its profits from pricing anomalies in retrocessionaire underwriting. QIC Asset Management operates as a hedge fund, boosted by the capital increase, but de-risking is inevitable as it continues to diversify its profile, benefiting from regulatory arbitrage.Its insurance business thrives on acquisitive growth and rebalancing its P&C and Life & Health insurance business.
  • QIC is still a ‘predator’, and could acquire insurance assets in Saudi Arabia or Turkey in the next 12 months.
  • All catalysts are priced with a 42% premium to its peers based on P/tNAV 17e.

Underlying
Qatar Insurance Co.

Provider
Arqaam Capital
Arqaam Capital

Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for frontier and emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target frontier and emerging markets. Arqaam Capital is headquartered in the Dubai International Financial Centre (DIFC), with additional offices in Libya, Lebanon, Egypt, and South Africa. 

Arqaam Capital's research platform provides the largest coverage footprint of MENA equities and one of the largest on the African continent with a total of 300 stocks under coverage. Arqaam Capital is ranked as one of the leading research providers in the region - a reflection of its broad coverage universe, its in-depth and high quality research, as well the compelling investment ideas that the team generates. The analysts closely analyze their sectors and issue in-depth company and sector research while the strategy team connects the micro with the macro, focusing on index analysis, macroeconomics and strategy research. 

Other Reports on these Companies
Other Reports from Arqaam Capital

ResearchPool Subscriptions

Get the most out of your insights

Get in touch