Overview of IQUW’s 2024 Financial Performance
Specialty insurer and reinsurer, IQUW, has announced impressive financial results for the fiscal year ending 31 December 2024. The company reported a combined operating ratio of 83.3% alongside a notable gross written premium (GWP) growth of 22%. This achievement marks the fourth consecutive year of growth since IQUW’s inception in 2021, with this year’s GWP reaching $1.1 billion.
Analysis of the Combined Ratio
The combined ratio for 2024 stands at 83.3%, which shows a slight increase compared to the 80.9% reported in the previous year, 2023. Nonetheless, this figure reflects the company’s robust performance in a competitive market.
Statements from Leadership
Peter Bilsby, the Chief Executive Officer of IQUW, expressed his satisfaction with the results, stating, “I am delighted with our results and the growth across our chosen areas of expertise as we continue to build a diverse, multi-line specialty portfolio.” He acknowledged the role of IQUW’s agile and empowered team, their expanding lead capabilities, and the strengthened service propositions in achieving these results.
Recognition and Investments
Last month, IQUW was honored with the Underwriting Service Quality Marque by Gracechurch, a prominent insurance consultancy, recognizing their outstanding underwriting performance. Throughout the year, the company made significant investments in technology and personnel aimed at enhancing lead capabilities across its specialized products such as Property, Marine & Energy, Credit & Political Risk, and Portfolio Solutions.
Strategic Outlook for 2025
Looking ahead to 2025, Bilsby emphasized the company’s commitment to maintaining momentum. He stated, “We remain on track and continue to deliver on our strategic ambitions. We have recruited and promoted exceptional talent, expanded our portfolio, developed our use of data to enhance our decision making and delivered outstanding underwriting service.” The focus will be on consolidating their position through strategic growth initiatives, intelligent use of data and insights, and delivering top-tier service to brokers and clients.
