IQUW executes strategy and turns syndicate to profit

Property, Commercial and Speciality (re)insurer IQUW has today announced a 2021 Combined Ratio of 93%, following a year which saw the insurer remediate and repurpose Syndicate 1856 into a more diversified, global specialty, commercial lines and reinsurance business. This is a strong result in the first year of active operation for the expanded business.

The strategy to build a diverse, multi-line portfolio has benefited from the expert underwriting leadership of David Morris, Steve Tebbutt, Gary Lill, Chris Wilkinson, Simon Jackson and Phil Furlong who have led an expanded product offering that includes the existing Property, Energy and Cyber lines alongside new product lines; Marine, Aviation, Political Risk, Professional Lines, Political Violence, Terrorism and War. In addition, IQUW opened a new Bermuda reinsurance operation led by Stephen Young.

The Syndicate is set to continue its initial success through 2022 following gross premium plan approval of $681 million and the realisation of benefits following the acquisition of Agora Syndicate 3268, which accelerates the insurer’s Property D&F account. In addition, further growth is targeted as the lines launched in the latter half of 2021 continue to build out throughout 2022 and with the launch of Crisis Management as a new line in the second quarter.

IQUW also manages the 2020 & prior business for the previous capital providers. The aggregate result for the Syndicate was a combined ratio of 108.6%.

IQUW Group CEO, Peter Bilsby commented: “I am delighted with our result and our progress in what has been IQUW’s start-up year. We raised additional capital, recruited an exceptional team and expanded our portfolio to execute on our strategy to build a diverse, multi-line business. The acquisition of Agora, Syndicate 3268 has further bolstered our capabilities as we enter 2022.

Bilsby continued: “Whilst 2021 has seen a strong start for IQUW and brokers have welcomed our entrance in the market, we will continue to transform IQUW into a business that uses data and intelligent automation to enhance our decisions and deliver excellent service. We have come a long way, but we are really just getting started”.