IQUW highlights double-digit growth in latest results

IQUW highlights double-digit growth in latest results | Insurance Business Canada

Reinsurance

IQUW highlights double-digit growth in latest results

CEO emphasizes continued progress in third year of operation

Reinsurance

By
Kenneth Araullo

Property and specialty re/insurer IQUW has reported a combined operating ratio of 80.9% in its financial results for the year ending December 31, 2023.

This company showcased a 35% increase in gross written premiums from the previous year, to $913 million.

Founded in January 2021, IQUW set out with the ambition to merge data, automation, and machine learning with the nuanced expertise of human underwriters.

Throughout 2023, it expanded its workforce, bringing in additional underwriters, claims specialists, and data scientists with specialized knowledge in fields such as cyber technology and seismology.

Peter Bilsby, chief executive officer of IQUW, shared his satisfaction with the company’s achievements over the past year, attributing the success to the collective effort of all divisions.

“I am delighted with the progress we have made throughout 2023, with all divisions contributing positively to the result,” Bilsby said. “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.”

Looking ahead, Bilsby emphasized the continuity of IQUW’s strategy into 2024, projecting further growth and enhancements to its service offerings for brokers and clients.

“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,” Bilsby said.

What are your thoughts on this story? Please feel free to share your comments below.