Tell us how you joined the insurance industry?
While I was at university studying Anthropology, I interned at Talbot in aerospace reinsurance. I had previously met people who were working in insurance and was aware of the sector. I found my internship interesting and after graduating, I was taken on as an Assistant Underwriter in Trade & Commodity Finance at AIG on their graduate scheme, working up to the role of Underwriter. I joined IQUW in January 2022.
What do you like most about the Credit & Political Risk line & your role in general?
It is a complex line, and every single transaction is unique. Credit & Political Risk can span the entire spectrum of banking products and political perils for every sector and geography across the world. It means you have to pay close attention to financial structures and the geopolitical environment in addition to the policy wording. If something happens in the news, it always has the potential to affect the risk environment – it’s not always self-evident because world events can have indirect consequences throughout global finance and politics. I enjoy that the variety and pace of risk and commercial considerations keeps us on our toes.
What attracted you to IQUW?
I was attracted by the quality of the people at IQUW and the opportunity to write a broader range of risks. I joined because I knew about the people who were setting it up – they are extremely well regarded in the industry, and I was intrigued. It was also an exciting opportunity to be part of a new company’s journey. I had always wanted to diversify my skill set and experiences of the market by writing a variety of political and financial risks rather than sticking to one asset class. That is something that IQUW does well more widely than just my team, with a portfolio of products spanning from Aviation and Cyber to Professional Lines, Marine, Political Violence and War.
What, in your opinion, differentiates IQUW’s approach?
IQUW is nimble and we pride ourselves on delivering quick turnaround times on enquiries for our brokers, which is particularly important in my line of business. The underlying transactions can become quite complex, and it’s not uncommon in the industry for people to take a week or more to respond. Prioritising fast turnarounds, making sure we’re always accessible for discussion (via phone, email or at Lloyd’s) and providing clarity for our brokers on their risks differentiates us, and people always remark on how helpful that is.
Can you tell us more about the Credit & Political Risk team?
When I joined IQUW, we were focused solely on underwriting political risk perils as well as sovereign non-payment by nation state counterparties. We have increased our appetite over the last two years, moving to support a wider range of clients and into new product areas such as private obligor credit. To support this expansion, we have introduced some great hires such as Andrew Tongue, who joined the team as Lead Underwriter in December 2024 and Justin Rampersad, who joined us from a tier-one bank as an Analyst. We also have another hire joining us in October 2025.
I enjoy working with this highly experienced team. Justin adds another dimension to the way we analyse fundamental creditworthiness and look at complicated risks, while Andrew has more than 15 years’ experience in the Political Risk market and has seen significant changes to the space in that time, such as the Lloyd’s regulatory changes in 2017 which allowed the market to underwrite a greater variety of financial products. Since Covid, the market has changed again in my opinion, further broadening the spectrum of risks it is willing to cover. Having Andrew at the helm, who has been in the market across various cycles, is super helpful.
What are the main trends affecting the Credit & Political Risk sector?
The dominant trend at the moment is the market’s expansion into new asset classes. Conventionally, the market looked at trade-related transactions such as trade loans and letters of credit but is now looking increasingly at assets which were not historically covered, including, as examples, bonds and derivatives. The advantage of both bonds and derivatives is that they’re more quickly purchasable by the insureds (representing a quicker source of funds for borrowers) and as assets are also generally saleable if the underlying credit starts to deteriorate.
At IQUW, we support bond and derivative products, particularly (through not exclusively!) in Latin America, as well as more traditional financial products, such as loans taken out by emerging market governments, which remains the core of our portfolio. Insuring these assets opens the door for new financing into developing economies.
In your role, what are your main aims and priorities and what excites you most about the challenges ahead?
At IQUW, my priority is to take a disciplined approach to underwriting, creating solutions for new and complex risks that safeguard our insureds and supports our brokers. Writing Credit & Political Risk at IQUW, I feel like I’m doing something important. The projects we cover unlock billions of dollars of new investment into developing economies and will often support critical infrastructure such as hospitals, roads and bridges. Working to find new solutions for our clients helps to mobilise capital to support investment opportunities wherever they may be in the world.
