IQUW Boosts Bermuda Platform with $1B capital and A- AM Best Rating
We are pleased to announce that we have been assigned an A- rating from global credit rating agency AM Best.
The A- rating marks another milestone in the Group’s evolution as it looks to expand its third-party reinsurance business from its Bermuda platform. This provides IQUW with broader ability to serve clients and brokers worldwide, utilising Group capital of over $1billion.
IQUW Re Bermuda, a Bermuda Monetary Authority regulated commercial reinsurer, was launched in 2021 with the objective to deliver on IQUW’s strategic plan to create a global, diverse, data-led (re)insurer.
Stephen Young, CEO of IQUW Bermuda said “I am incredibly proud of the IQUW team and all the work that has led us to this milestone. Over the last three years, we have built an experienced team and embedded new operational capabilities in Bermuda from the ground up. This rating and Bermuda balance sheet will strengthen IQUW’s relevance in the market and support the next stage of IQUW’s growth strategy.”
Young added: “The rating enhances our ability to write third-party business from Bermuda, which will provide IQUW with the flexibility to react to market conditions and expand in line with our risk appetite.”
IQUW Group posted record profits in 2024, writing $1.6billion in Gross Written Premium and a Combined Ratio of 83.1% from the Bermuda platform and Lloyd’s Syndicates 1856 and 218. The Bermudian build out aligns with IQUW’s strategy to add distribution and platforms to build franchise value through a service-led value proposition.
Peter Bilsby, IQUW Group Chief Executive Officer, commented: “Securing an A- AM Best rating is a significant endorsement of IQUW’s financial strength and our capability to support clients on a global scale.”
Bilsby continued: “As a Bermuda based company, this rating allows us to expand alongside Lloyd’s. Our Bermudian platform is complementary to our Lloyd’s presence and will enable us to continue to responsibly grow the business through both locations.”
“IQUW’s strong foundation has been delivered through excellent market collaboration and our vision of intelligent underwriting. That vision combines data and technology with human expertise to deliver insightful and fast responses to our clients and brokers – an approach that has seen us named by Gracechurch as delivering Outstanding Underwriting service – and one that provides us with a blueprint to continue to develop in Bermuda.”
The senior debt issue of $170m was supported by funds and accounts managed or advised by Hudson Structured Capital Management Ltd. (conducting its re/insurance business as HSCM Bermuda) and investors associated with Kilter Finance. Howden Capital Markets & Advisory acted as financial advisors to IQUW on the debt issue.
