January 3, 2018 / 9:30 AM / a year ago

CORRECTED-Qatar Re to buy insurer Markerstudy's underwriting business

(Corrects attribution in paragraph 2)

LONDON, Jan 3 (Reuters) - Qatar Re, a unit of Qatar Insurance, has agreed to buy UK motor insurer Markerstudy’s underwriting businesses for an undisclosed sum, Markerstudy said on Wednesday.

The deal for Gibraltar-based Markerstudy Insurance Company, Zenith Insurance, St Julians and Ultimate Insurance is expected to complete in the first half, Markerstudy said in a statement and will see Qatar Re take on 750 million pounds ($1.02 billion) in gross written premiums.

After the deal is completed, Markerstudy will no longer underwrite insurance and will instead focus on its role as a managing general agent. ($1 = 0.7356 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop)

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