IQUW sees business rise 35% in 2023

Re/insurer IQUW, which has operations in Bermuda, said gross written premiums rose 35% in 2023 as it continued to build out its operations. 

The specialty and property re/insurer said its combined rating ratio was 80.9% in its third year in business. 

“I am delighted with the progress we have made throughout 2023, with all divisions contributing positively to the result," said IQUW chief executive officer, Peter Bilsby. "We have continued to deliver on our strategy, building out our insight led vision by bringing new, real-time data on-stream for our underwriting and claims teams to support and empower their decision making. 

"Our result reflects the huge amount of work that has been delivered across the IQUW team which provides us with a platform for continued growth."

IQUW launched in 2021 in the UK with the goal of using automation and machine learning to help underwriters to make faster, more informed, data-driven decisions. It operates two syndicates at Lloyd's of London. 

The re/insurer said it had continued to hire through 2023, adding to its team of underwriters, claims specialists and data scientists, who join with expertise in cyber technology and seismology. 

Bilsby added: “Our 2024 strategy will remain largely unchanged and we anticipate further growth as we continue to enhance our service proposition to brokers and clients as we build out.”

The company statement added: "IQUW’s transition from a start-up to (re)insurance market of choice remains on-track."

IQUW Bermuda is led by veteran underwriter Stephen Young.

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