IQUW has received an A- financial strength rating from AM Best, following the issuance of US$170 million in senior debt.
The rating applies to IQUW Holdings Bermuda Limited and its subsidiary IQUW Re Bermuda, a commercial reinsurer regulated by the Bermuda Monetary Authority.
The rating is expected to support IQUW’s expansion in third-party reinsurance business through its Bermuda platform. The group said that it plans to increase its presence in property, specialty, and casualty reinsurance, drawing on group capital of over US$1 billion.
Stephen Young (pictured above), CEO of IQUW Bermuda, said that the rating improves the company’s ability to write third-party business from Bermuda and allows it to adjust to market conditions in line with its risk appetite.
IQUW Re Bermuda was launched in 2021 as part of the group’s plan to establish a global re/insurance business with a focus on data-driven underwriting. The platform complements IQUW’s operations at Lloyd’s, where it manages Syndicates 1856 and 218.
The US$170 million senior debt transaction was supported by investors affiliated with Hudson Structured Capital Management Ltd., operating as HSCM Bermuda, and Kilter Finance. Howden Capital Markets & Advisory served as financial advisor to IQUW for the deal.
In 2024, IQUW reported US$1.6 billion in gross written premium and a combined ratio of 83.1% across its Bermuda operations and Lloyd’s syndicates. The group has said that its expansion in Bermuda is aligned with a broader strategy focused on building franchise value through a service-oriented model.
The company marks its fifth year of operations in 2025. 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.
Earlier this month, the specialty re/insurer also introduced a new active assailant insurance product in partnership with crisis response specialist Crisis24.
The coverage is designed to protect businesses against physical attacks carried out by individuals or groups using weapons such as firearms, knives, vehicles, or drones.
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