Qatari-Owned Insurer to Double London Presence With New Offices
(Bloomberg) -- A Qatar Insurance Co. SAQ unit has signed a lease for a new headquarters close to the Lloyd's of London insurance market that is more than twice the size of the company's existing premises.
Antares Underwriting Services Ltd., acquired by QIC in 2014, agreed with Aldgate Developments and the City of London Corporation to lease 21 Lime Street, an office development that will be completed next month, according to a joint statement issued by the building's broker CBRE Group Inc. The company will occupy the entire 32,000 square feet (3,000 square meters) of offices in the building on a 15-year lease.
Acquiring a new headquarters underlines the company's commitment to the Lloyd's of London insurance market and reflects the company's growth under QIC, Antares managing director Stephen Redmond said in the statement. QIC is the largest insurance company in the Middle East and North Africa by market value.
The decision comes as other companies in London consider moving employees out of the the city following Britain's vote to leave the European Union. Lloyd's of London, the insurance market founded in the British capital in 1688, plans to open a European Union hub in Brussels following the U.K. vote to leave the bloc.
To contact the reporter on this story: Jack Sidders in London at jsidders@bloomberg.net.
To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Ross Larsen, Andrew Blackman
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