Incorporated in 2003, Al Koot Insurance And Reinsurance SAQ is currently a wholly-owned subsidiary of Gulf International Services. The company has a 33% stake in a joint venture, Fereej Real Estate Company. Al Koot’s authorised share capital is QR500 million with its paid-in capital currently QR218.6 million.
The registered head office is located at Al Maha Building, Bin Omran, P.O. Box 24563, Doha, state of Qatar. Total headcount is 53, with all staff based at the head office.
Prior to its acquisition by GIS, Al Koot was the captive insurance company of Qatar Petroleum and hence was established with the primary aim of providing insurance and reinsurance services to QP and its business ventures. Although no longer a direct subsidiary of QP, Al Koot still provides a de facto captive insurance service to the QP group.
All of the group’s services are principally provided within the construction, operations, marine and medical insurance and reinsurance fields. The group’s insurance and reinsurance services are of 3 different types:
Insurance services, which are provided only to the QP group, consist of direct underwriting services and insurance advisory services, with directly underwritten risks being either fully or partially insured.
As a reinsurer, Al Koot will not directly insure risks, but will reinsure a portion of risk a third party insurer has itself assumed. By arrangement, the company is entitled to match winning local reinsurance bids offered to QP and thereby assume a defined percentage of the risk.
- Fund Management
Al Koot manages the administration of claims of a QP group life and personal accident fund that provides death and disability insurance benefits to QP employees.
Currently, there are no plans to enter new insurance or reinsurance markets or segments, to increase or decrease Al Koot’s percentage interest in reinsurance risks or to reduce the company’s historical captive insurer role.
For more information, please visit the Al-Koot website.