Markerstudy restructures QIC loan ahead of December deadline

Markerstudy has reached an agreement with Qatar Insurance Company (QIC) for restructuring the loan arrangements that were due to be paid on 1 December 2019.

The group had obtained loans totalling £217.3m from Qatar Re - half of which was due to be paid back by 1 December 2019 and the remainder on 31 March 2020, plus interest of £24.2m.

Markerstudy said that the restructured loan represents a “long-term solution providing security to customers and suppliers”. 

Group chief executive Kevin Spencer said: “We enjoy a close alliance with our business partner, QIC, and we have worked together collaboratively and fruitfully for many years. QIC has demonstrated their continuing support of Markerstudy, which is testament to the stability of our partnership.

“With the expertise of Markerstudy Group and strength of QIC’s balance sheet, we have one of the foremost insurance sector unions.”