DOHA, 30 March 2009
The Board of Qatar Insurance Services (QIS) has announced the appointment of James Sutherland as Chief Executive Officer of QIS.
QIS is a technology-based reinsurance trade fulfillment system which will provide a secure, structured electronic service, and will facilitate transaction workflow, the production of documentation and effective management information to local, regional and global insurance firms. It will provide a very solid foundation for Qatar’s objective to become the region’s leading insurance and reinsurance centre.
QIS is wholly owned by the QFC Authority, and is currently located at the QFC Tower, in West Bay in Doha.
Work on creating the system that will form the basis of QIS is reaching an advanced stage and a number of international insurance and reinsurance firms are working with QIS to ensure that it meets the needs of the insurance industry and helps to develop insurance and reinsurance in Qatar and the Middle East region as a whole. QIS is expected to go live in the first half of 2009.
Prior to his latest appointment, James Sutherland was Director of Business Development Insurance and Reinsurance at the QFC Authority from April 2008. Previously he was with Lloyd’s of London where he was responsible for international development and operations. Earlier in his career he spent 11 years running insurance operations in South East Asia and 8 years with a global insurance broker in London.
Abdulrahman Al Shaibi, Chairman of QIS, and a Non-executive Director of the QFC Authority, said "James Sutherland has been instrumental in the establishment of QIS, and his wealth of knowledge both of the international insurance and reinsurance industry, the needs and expectations of firms seeking new markets and the ambitions of Qatar in becoming the hub for insurance and reinsurance in the region makes him an ideal candidate for this important post. With the weight of the QIS Board to support him he can expect to make rapid headway in establishing QIS as a significant new attraction for the global insurance industry to establish operations in Qatar and the region."
Media Contact:
Steve Martin
Director of Marketing and Corporate Communications
Tel +974 4967755 Mob +974 583 1937 e-mail s.martin@qfc.com.qa
Layla Salem
Senior Media Executive
Tel: +974 4967793 Mob +9745830054 email l.salem@qfc.com.qa
Notes to Editors:
Qatar Insurance Services Board
- Abdulrahman Al Shaibi, Chairman
Mr Al Shaibi is a Non-Executive Director of the QFC Authority, Member of the State of Qatar Finance Policy Committee and Head of Qatar Petroleum's Project Finance Group. - Ian Cormack, Deputy Chairman
Mr Cormack is a Non-executive Director of the QFC Authority and a Non-Executive Director of Aspen Re and Pearl Assurance Group. He was previously European Chief Executive of AIG Inc, prior to which he had a 30 year career with Citigroup - Mike Peachey, Non-executive Director
Mr Peachey is an Independent Insurance Advisor and previously Chairman and Chief Executive Officer of INDECS (which provides risk management advice) and Director of Charles Taylor Consulting PLC - Stuart Pearce, Non-executive Director
Mr Pearce is CEO and Director General, QFC Authority - Max Taylor, Non-executive Director
Mr Taylor was previously Chairman of Lloyd’s of London, President of the Insurance Institute of London and Deputy Chairman of Aon Limited - John Coomber, Non-executive Director
Mr Coomber is a Non-executive Board member of Swiss Re and previously CEO of the company, a member of the Supervisory Board of Euler Hermes, and a board member of Pensions Insurance Corporation Holdings, Mactavish, Parhelion Capital Ltd, Parhelion Underwriting Limited, and telent Limited. In 2007 he was made an Honorary Fellow of the Chartered Insurance Institute. - Leonard Schrank, Non-executive Director
Mr Schrank is Co-founder and Chairman and CEO, ACT3 Technologies LLC, and was previously CEO of SWIFT (Society for Worldwide Interbank Financial Telecommunication)
Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.
QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.
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