Insurance software provider Ebix has bought the Qatarlyst insurance and reinsurance electronic trading exchange from the Qatar Financial Centre Authority (QFCA), giving it greater access to London and Middle Eastern markets.

Ebix Singapore acquired the exchange, which was established in 2008 for brokers and insurers to negotiate, place and accept large commercial risks.

Qatarlyst has two platforms, one serving the Middle East and North Africa and the other focused on the London and global reinsurance markets. It has more than 330 members and transacts between more than 290 entities.

Selling the system is the best way to develop the business and gain wider market acceptance, the QFCA says.

Ebix Chairman, President and CEO Robin Raina says it is a strategic acquisition that “puts us in a position to possibly be the utility powering the electronic trading platform for the insurance industry in the UK and Middle East, while providing this service on a utilities basis to the insurance industry”.