Mirek Wieczorek, Head of Reinsurance at ICW Group Insurance Companies, has emphasized the company’s versatile capabilities, describing it as “multidisciplinary” and well-prepared to thrive not only in conventional traditional markets but also in the realm of less traditional, customized, bespoke programs.
In an interview with Reinsurance News, Wieczorek highlighted ICW Re’s adaptability and readiness to excel across a spectrum of reinsurance landscapes.
Elaborating on ICW Re and the wider growth strategy for ICW Group, Wieczorek emphasized the paramount importance of multidisciplinary skills in the current market environment. He asserted that reinsurance underwriters must possess a holistic view of risk and have the technical underwriting ability to assess diverse facets and angles of the modern dynamic reinsurance market.
This multidimensional approach, according to Wieczorek, would be pivotal in realizing ICW Group’s assertive growth ambitions to build a high-performing reinsurance portfolio.
“In the current market, we all know and experience the war on talent. Our growth strategy in the future relies heavily on deploying our multidisciplinary skills. We believe that the current successful reinsurance underwriter must have a holistic view of risk and be able to see many aspects of underwriting risk from different angles, it’s key for our profitable success story,” said Wieczorek.
“Having a small but high performing team allows us to respond very quickly. Our underwriters can underwrite a wide range of risks, whether it’s workers’ comp, auto, commercial, general liability, homeowners, credit, mortgage, property catastrophe, and a variety of non-traditional transactions. We rely a lot on our talented team. We seek people who are problem solvers with a strategic perspective. We look for people who can offer their own vision and their own strategy to advance us forward,” he added.
Just less than five years ago, ICW Group’s CEO, Kevin Prior, and the company’s Board embarked on a visionary endeavor to expand their presence in the reinsurance sector. Their strategic timing, amidst a hardening market, proved to be impeccable.
Wieczorek expressed his role in turning this vision into reality, giving credit to the visionary thinking of Kevin Prior and the unwavering support of ICW Group’s owner, Ernest Rady. As a privately held company, ICW Group enjoys the advantage of nimbleness, allowing them to swiftly implement evolving strategies in today’s fast-paced market environment. They are known for making decisions efficiently, with direct conversations replacing the cumbersome committee approach.
ICW Group’s financial stability and backing have been instrumental in their success, with the company doubling its capital over the past decade. Wieczorek highlighted the unique position of ICW Re, describing it as a start-up within a 50-year-old well established successful insurance organization. This strong internal support allowed them to establish their ICW Re reinsurance operation and rapidly gain recognition in the industry as a marquee Assumed Reinsurance provider.
“Most importantly, we benefit tremendously from the ICW Group mothership with fantastic top-notch infrastructure, finance, legal, IT, marketing, reserving and comprehensive executive management support. These are 50 year-plus qualities of a successful private insurance enterprise headquartered here in San Diego,” said Wieczorek.
ICW Re is on the cusp of reaching the impressive milestone of $1 billion in premium written, a remarkable achievement for a relatively young operation. As they continue to evolve and adapt, the future holds significant promise for ICW Group in the dynamic reinsurance market.
The promotion of Wieczorek in April 2023 comes as ICW Group Insurance Companies solidifies its position in the market.
