Veteran Bermudian insurance executive Stephen Young is to lead speciality re/insurer IQUW, which has announced the launch of a new reinsurance operation on the island.

Mr Young joins the company as chief executive officer of IQUW Bermuda and global head of Reinsurance.

He was previously chief executive officer of Sompo International Reinsurance Group.

IQUW said it will provide a wide range of re/insurance products and associated services to third party clients.

Its launch follows approval by the Bermuda Monetary Authority last month.

Mr Young said: “I am thrilled to be joining IQUW to launch our new Bermuda entity, execute on our vision to become a global, multi-line re/insurer and to enhance the overall value proposition in this strategically important market.”

The firm also announced the recruitment of Kate Hamilton as chief people officer for both IQUW and sister syndicate ERS.

Ms Hamilton joins from Guy Carpenter, where she held the role of managing director, head of International HR.

The company said the announcement follows the syndicate’s recent rebrand from Arcus 1856 to IQUW, midyear pre-emption approval and product expansion as the company pivots into an agile business that uses data and intelligent automation to enhance its underwriting decisions.

Ms Hamilton said: “Having just rebranded as IQUW, this is the perfect time to join the firm to support its growth strategy.

“I am looking forward to shaping our culture and an agenda that includes the voice of the employee as we continue our efforts to develop a diverse, engaged and highly skilled workforce.”

Peter Bilsby, ERS Group chief executive officer, said: “I am delighted that Stephen and Kate are joining the IQUW leadership team.

“The launch of our new Bermuda entity continues to deliver on our strategic plan to become a more diverse, data-led P&C re/insurer and Stephen adds a wealth of experience and expertise that will help us grow our re/insurance portfolio.

“Kate’s appointment will help us focus on our people agenda as we enhance our culture of collaboration, innovation and continuous improvement.

“I am thrilled with the progress we have made as we continue to buildout IQUW.”