IQUW Re Bermuda, announced plans to expand its predominantly property cat reinsurance product suite with t
he additions of mortgage, credit, and cyber reinsurance to its portfolio.
This continued product expansion comes at a time of significant development for IQUW. The group has access
to over $1 billion of capital and IQUW Re Bermuda has net assets of over $750 million. Earlier this ye
ar, AM Best confirmed the company’s financial strength with an A- (Excellent) rating.
With the IQUW Re Bermuda balance sheet, capital foundation and AM Best rating in place, the business is now id
eally positioned to add new additional diversifying lines of mortgage, credit, and cyber reinsurance.
The cyber insurance sector is experiencing sustained growth and significant underinsurance in parts of
the SME sector, the company said. In addition, rising credit pressures in consumer and commercial portfolios hi
ghlight the need for strategic reinsurance solutions. Meanwhile, with an expectation of lower U.S. interest ra
tes in the future, IQUW said it anticipates increased mortgage refinancing and origination volumes to drive more capital need across this sector.
“We are incredibly proud of the strong team we’ve built in Bermuda. Backed by our A- AM Best rating and a robust cap
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ital base, launching mortgage, credit, and cyber reinsurance products is the natural step forward,” commented Stephen
Young, CEO of IQUW Bermuda. “We’re well positioned to serve reinsurance markets with data-led underwriting and to adapt to evolving risk appetites.”
In 2024, the firm’s combined operations across the Bermuda platform and Lloyd’s Syndicates 1856 and 218
achieved $1.6 billion in GWP with a combined ratio of 83.1% as a result of disciplined underwriting and profitable expansion.
“IQUW Re Bermuda is supported by strong capital, an experienced team and a proven ability to deliver results. T
he platform is evolving into a strategic growth engine for the IQUW Group,” Young added. “With new product momentu
m and a focus on data-driven underwriting, IQUW Re Bermuda is set to play an increasingly influential role in the global reinsurance market.”
About IQUW
IQUW is a growing specialty insurance and reinsurance business combining data, intelligent automation, and human expertise to make fast, informed decision
s, so every risk is made seamlessly simple. IQUW’s products are distributed through Lloyd’s Syndicate 1856 and IQUW Bermuda, covering aviation, cyber, c
argo, crisis management, marine, credit & political risk, energy, property, D&O, financial institutions, political violence, terror, and war insurance risks, as well as reinsurance for property treaty (international and U.S.), and specialty.