The Qatar Financial Centre (QFC) Authority has announced that Qatar Insurance Services will trade under the name of Qatarlyst, representing transformational change in the regional insurance industry.

Qatarlyst derives from the word for a process that causes a significant change to take place. Distinctive qualities of the new brand are easy, open, accessible and intuitive.

The logo for Qatarlyst represents a spark or a flash of light, which is designed to reflect a moment of change and new opportunities for the insurance industry flowing from the new solution that Qatarlyst provides.

Abdulrahman Ahmed Al Shaibi, chairman of Qatarlyst and a non-executive director of the QFC Authority, said, 'Our vision is for the QFC to be the financial centre of choice in the region, and in particular to attract regional and international insurance and reinsurance firms to use Qatar as their preferred location for the Middle East region as a whole, and thus for Qatar to become the region’s (re)insurance hub.'

'The structure of the QFC is ideal for this purpose. We believe that the establishment of Qatarlyst will help us achieve this goal, and will advance the sophistication of the (re)insurance industry both in Qatar and in the wider region,' he commented.

“Qatarlyst connects insurers, reinsurers and brokers, providing the community of users with access to business, a common source of information and data for transactions between transacting counterparties and the ability to receive structured messages directly into the users own systems,” observed James Sutherland, CEO of Qatarlyst.

'The success of Qatarlyst will be determined by the community of firms that participate and manage their businesses through the system.'

'We have been working with 17 such firms representing some of the region’s most influential and important (re)insurance companies in the development stage of the project, and we are very confident that what we are about to launch will have the full support of the regional and international insurance and reinsurance industry.”

However, the legal name for Qatarlyst, which is a company authorised by the QFC Regulatory Authority, will remain Qatar Insurance Services.-TradeArabia News Service