We are pleased to announce a combined operating ratio of 80.9% as our financial results for the year ending 31 December, 2023.

Gross written premiums grew 35% year-on-year to $913 million as the syndicate sustained trajectory in our third operating year and continued to deliver on our strategy to build a diverse, multi-line specialty portfolio.

IQUW Chief Executive Officer, Peter Bilsby 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. We have continued to hire through 2023, adding to our team of underwriters, claims specialists and data scientists, who join with expertise in cyber technology and seismology. IQUW’s transition from a start-up to (re)insurance market of choice remains on-track.

Bilsby 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.”