Al Koot Insurance and Reinsurance Company
Incorporated in 2003, it is currently a wholly-owned subsidiary of Gulf International Services (GIS). Al Koot’s authorized share capital is QR 500 million with its paid-in capital currently QR 218.6 million.
The registered Head Office is located at Al Maha Building, Bin Omran Area, P.O. Box 24563, Doha, and State of Qatar.
Total headcount is 63 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, risk management, insurance and reinsurance services to QP and its business ventures. Following acquisition, Al Koot, as an indirect subsidiary of QP, was providing a de facto captive insurance service to the QP Group until mid 2015.
All of the company’s services are principally provided within the construction, operations, marine, and medical insurance and reinsurance fields.
Since June 2015 and following QP circular ending the company’s status as QP captive, Al Koot formed various committees to change its structure to commercial entity.
The transformation committee submitted all required documents and necessary explanation about the company’s operation to S&P and got a credit rating of A- stable which enabled Al Koot continue to underwrite energy accounts that are the core business of the company. In the meantime the company started to consolidate its underwriting capabilities and change its structure to meet the new phase.
The company was able to maintain almost all its energy book of business but with reduced shares to allow for the entrance of other local insurers. Our aim is to secure a share of the commercial market and at the same time prepare the company to compete in all future tenders.