Qatar Re is continuing to part company with underwriters and other personnel with at least four Switzerland-based staff set to leave the carrier, re-Insurance.com understands.
It is understood that Qatar Re’s head of casualty Stephan Rappaz has been let go after four years at the Bermuda-domiciled reinsurer.
He will be followed to the exit by casualty underwriter Benedikt Hirschvogl who is understood to be moving to Germany.
Both men joined Qatar Re around four years ago from Munich Re-owned New Re. Rappaz had worked at New Re for almost 15 years, eventually becoming head of casualty underwriting.
Hirschvogl, meanwhile, had been at New Re since 2009 after joining from the reinsurer’s parent company where he wrote casualty. The exits from the carrier’s Swiss office follow recent news that its head of North American casualty, Bermuda-based Kenneth Sharp, was leaving the firm to set up a non-standard auto carrier in Florida.
Separately, Qatar Re’s head of risk management in Switzerland, Peter Frei is also understood to be retiring from the Qatar Insurance Company-owned carrier. The executive has been at the firm since 2013.
And finally, its head of underwriting risk management Johannes Goebel is also understood to be leaving the firm.
News of the departures follow Qatar Re’s decision to shutter its facultative business in Dubai.
In a statement at the time, Qatar Re’s CEO Gunther Saacke said: “During the past year, Qatar Re - in conjunction with the wider QIC Group - has been carrying out a strategic review of its business with the objective of boosting underwriting profitability and operational efficiency and realising its strategic objectives.
“We remain committed to providing the highest levels of service to all our clients and broking partners across our global franchise.”
Qatar Re’s parent company QIC does not break out its results for its subsidiaries. However, Qatar Re and QIC’s Lloyd’s syndicate Antares endured significant losses in 2017 including in property cat.
QIC said the trio of Atlantic hurricanes that devastated parts of the Caribbean and the US was an “earnings event only”. However, they did add 6.8 points to its 105.8 percent combined ratio.
“Through its global operations Qatar Re and Antares’ Lloyd’s syndicate 1274, QIC was significantly impacted by these unprecedented natural catastrophic events,” the group said in a statement.