Property and specialty re/insurer IQUW has reported a combined operating ratio of 80.9% for the full year 2023, as gross written premiums reported increased by 35% year-on-year to $913 million.
The firm explains that premium growth was primarily a result of the syndicate sustaining its trajectory in its third operating year as it continued to deliver on its strategy to build a diverse, multi-line specialty portfolio.
Peter Bilsby, Chief Executive Officer, IQUW commented: “I am delighted with the progress we have made throughout 2023, with all divisions contributing positively to the result. We have continued to deliver on our strategy, building out our insight-led vision by bringing new, real-time data on-stream for our underwriting and claims teams to support and empower their decision-making.
“Our result reflects the huge amount of work that has been delivered across the IQUW team which provides us with a platform for continued growth.”
IQUW was set up in January 2021 with a vision to blend data, automation, and machine learning with human expertise to allow underwriters to make faster, more informed, data-driven decisions.
Throughout 2023, the company added to its team of underwriters, claims specialists and data scientists, who join with expertise in cyber technology and seismology.
“Our 2024 strategy will remain largely unchanged and we anticipate further growth as we continue to enhance our service proposition to brokers and clients as we build out. IQUW’s transition from a start-up to (re)insurance market of choice remains on track,” Bilsby concluded.
