IQUW monitoring additional specialty classes as it targets further growth in 2025

By Scott Vincent

March 15 - (The Insurer) - IQUW is continuing to monitor new classes that align with its specialty short-tail focus as part of ongoing expansion efforts in 2025, director of underwriting risk David Morris told The Insurer.

Morris said this year will see "potentially new subclasses, almost certainly new underwriters" added as the company builds on the $1.1 billion gross written premiums it achieved in the 2024 calendar year.

IQUW has announced a series of hires in the second half of 2024 and early 2025, strengthening its marine, energy, political risk and property teams.

Morris said: "There are various areas we monitor. It needs to tick the right box in terms of being aligned to our specialty short-tail focus. Any classes would need to align to that philosophy, and be accretive to our strategy of delivering consistent earnings."

Morris said there remains pricing adequacy in the market to deliver growth. "One of the principle battlegrounds is return of appetite driving competition over new business," he said.

IQUW was launched in 2021 through a rebrand of Arcus Syndicate 1856 after Aquiline-backed ERS replaced the ILS arm of Credit Suisse as the syndicate’s capital provider.

The syndicate has since expanded into multiple specialty classes. Morris’ role encompasses underwriting, claims and outwards reinsurance and risk.

He said the reinsurance buying process was smoother at 1.1 than it had been in recent years.

“Two years ago, there was much more uncertainty within the market. Quotes were coming in later, with more variance in definitions and terms and conditions.

“That has transitioned over the last year, and certainty at 1.1 this year the process was smoother. There was a more aligned market, from a purchasing perspective.”