IQUW, the property specialty insurer and reinsurer with operations in Bermuda, has announced a combined operating ratio of 80.9 per cent as it revealed financial results for the 2023 fiscal year.

The organisation has a Bermudian-based reinsurance business, Class 3B insurer IQUW Re Bermuda, and a Bermudian-based agency business, IQUW Agency Bermuda Ltd.

IQUW underwrites at Lloyd's through syndicates 218 and 1856, underwriting an array of commercial risks and deploying data and analytics to complement underwriting.

The organisation said gross written premiums grew 35 per cent year-on-year to $913 million as the syndicate sustained trajectory in its third operating year and continued to deliver on its strategy to build a diverse, multi-line specialty portfolio.

IQUW chief executive officer Peter Bilsby said: “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.”

He added: “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.”