S&P Warns Over £240M Loan Repayment to Qatar Insurer
Law360, London (November 26, 2019, 5:15 PM GMT) -- Qatar Insurance Co. faces “significant exposure” to a potential failure by U.K. insurance underwriter Markerstudy to repay a £240 million ($309 million) loan by March, ratings agency Standard & Poor's warned on Tuesday, as it downgraded QIC's financial outlook from stable to negative.
Markerstudy, which mainly writes commercial motor insurance in Britain, took out a loan of £217.3 million in 2018 from Qatar Re, part of QIC, which has since built up interest of £24.4 million.
According to the latest official filing by Markerstudy Insurance Services, in September, 50% of that money including interest is due on Dec. 1, while the...
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