Qatar Insurance Group to set up subsidiary in Malta

The Qatar Insurance Group (QIC) has announced plans to set up a subsidiary in Malta, according to the Gulf Times newspaper.

QIC's Board of Directors approved the move, saying it would serve to “attract good and strategic risks” from various European countries.

QIC, the largest insurance company in the Middle East, recently completed the acquisition of Antares Holdings Limited, the specialist insurance and reinsurance group operating in the Lloyd’s market.

During the same meeting, the company's first-half results were announced, showing the company’s investment and other income stood at QR600 million in June, up 62% on the same period last year.

QIC has posted a net profit of QR635 million in the first half of this year, up 53% on the same period in 2013.