DOHA: The Qatarlyst Group, comprising Qatar Insurance Services LLC, Qatarlyst SPC and Qatarlyst Limited, and collectively called “Qatarlyst” is on a partnership search.
Qatarlyst yesterday said it has appointed Pricewater-houseCoopers as independent consultants to lead the handling of the divestment / partnership search. White & Case LLC will be assisting on the legal side.
A wholly-owned subsidiary of Qatar Financial Centre Authority (QFCA), Qatarlyst was established in November 2008 with the intention of providing the next generation web-based technology solution for brokers and insurance firms to negotiate, place and accept large commercial risks electronically.
The QFCA has invested significantly in ensuring the success of Qatarlyst to date and has made considerable progress in winning insurance market appreciation of its value added web-based services and as a major innovator in the industry.
However, the QFCA Board believes that Qatarlyst has now reached a reasonable stage of maturity , where divestment to, or entering into a new partnership arrangement with, a strong third party may be the best option to leverage the current positive situation, develop the business and secure wider market acceptance.
Qatarlyst has already received expressions of interest from several potential partners and there are likely to be others interested in taking Qatarlyst to the next stage of development, Khalid Al-Mughesib, the Deputy CEO of Qatarlyst said yesterday.