Robin Raina, Chairman of the Board, President and Chief Executive Officer of Ebix, Inc, said, "This is a strategic acquisition for us as it places Ebix in a position to power the electronic trading platform for the insurance industry in the UK and Middle East, while providing services on a utilities basis."
"Qatarlyst serves over 330 members and facilitates transactions between over 290 different entities drawn from many of the world's largest and most successful blue chip insurance companies and markets in London, continental Europe and Bermuda such as Aon, Lloyd's, Swiss Re, and Munich Re," Robin added. "We are looking forward to working with all the key constituents in London, towards ensuring a market-wide use of this trading exchange through all means including the possibility of a broad based industry driven initiative like Placing Platform Limited."
Speaking on behalf of the Qatar Financial Centre Authority, Shashank Srivastava, CEO and Board Member, said: "This is a positive outcome for all parties. The QFCA is pleased to have played such a significant role in the development of Qatarlyst to this stage. Qatarlyst has found a strong new home in which it can further develop and spread its pioneering technology and services, and so contribute to the growth of the worldwide reinsurance market. This is a market with which the QFCA will continue to be fully engaged as it seeks to develop a vibrant reinsurance market in Qatar, serving both the local and international markets."
Ebix disclosed that it funded this transaction completely in cash using its existing cash reserves. No Ebix shares were issued and no investment bankers were involved in the transaction on the Ebix side. Ebix considers the size of the acquisition immaterial at present and thus did not disclose the financial details of the transaction.Enquiries: Qatar Financial Centre Authority Yusuf Jehangir, Head of Marketing and Corporate Communications