IQUW has reported record profits for the year ending Dec. 31, 2024, with a combined operating ratio of 83.3%, up from 80.9% in 2023.
The specialty re/insurer also recorded a 22% year-on-year increase in gross written premiums, reaching US$1.1 billion. This marks the company’s fourth consecutive year of growth since its establishment in 2021.
The company marked its fourth year of operations in 2024. In 2023, IQUW announced that it had achieved a 35% year-on-year increase, with GWP rising to US$913 million. It also reported a COR of 80.9%, indicating strong underwriting profitability
In 2024, IQUW also invested in technology and personnel to strengthen its lead capabilities across multiple specialist product lines, including property, marine and energy, credit and political risk, and portfolio solutions.
Chief executive officer Peter Bilsby (pictured above) said the company has continued to expand its specialty portfolio in key areas. He credited the results to IQUW’s team, its growing lead capability, and the development of its service proposition, noting the role of brokers in supporting the company’s growth.
Looking ahead to 2025, he said IQUW aims to consolidate its position through data insights, strategic growth initiatives, and service delivery to brokers and clients.
IQUW operates through Lloyd's syndicate 1856 and maintains a reinsurance platform in Bermuda.
Last month, IQUW launched a new ports & terminals insurance product, which the company says positions it as a lead market provider in this sector.
The product, led by Ali Welchman, provides coverage for physical loss or damage to marine property and cargo handling equipment, as well as business interruption and third-party liabilities. Welchman focuses on developing a global ports and terminals book, bringing 10 years of experience in the sector.
February also saw the appointment of Andrew Tongue as lead underwriter to oversee its credit and political risk team. He reports to Chris Wilkinson, head of specialty, and will be responsible for shaping the company’s product offerings in this sector.
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