Specialty re/insurer IQUW Bermuda has appointed Tristram Prior (pictured above) to lead the launch of its directors and officers (D&O), financial institutions (FI) and cyber insurance products from the island platform.
Prior, currently a lead underwriter in London, will relocate to Bermuda, subject to immigration approval, to become head of professional lines and cyber insurance, Bermuda, where he will be responsible for building out the D&O, FI and cyber portfolios.
He will report to James Mitchell, who took on the position of chief underwriting officer at IQUW Bermuda in October and is overseeing the development of property direct and facultative insurance. All new insurance products remain subject to approval from the Bermuda Monetary Authority.
IQUW said the launch of the new insurance products in Bermuda is in response to rising global demand for more sophisticated risk solutions in professional lines, cyber and property. The company cited evolving regulatory requirements, digital transformation and increasing risk complexity as key drivers of this demand.
IQUW said the expansion of professional lines and cyber in Bermuda is underpinned by IQUW Re Bermuda’s capital position, which includes access to more than US$1 billion in capital and net assets exceeding US$750 million, supporting both insurance and reinsurance growth from the jurisdiction.
The group has already used this platform to enter mortgage, credit and cyber reinsurance, and the new primary products are intended to complement that reinsurance portfolio and deepen its presence with global clients.
“We’re delighted that Tristram has agreed to join the IQUW Bermuda team to drive forward our underwriting strategy, which recognizes our ability to elevate talent from within the IQUW Group,” Mitchell said. He added that Prior’s technical background and leadership track record made him “the ideal choice” to introduce the new lines of business in Bermuda.
Mitchell previously served as managing director for global specialties and North American treaty at Guy Carpenter before joining IQUW Bermuda.
Mitchell said the broader product set is expected to strengthen IQUW’s ability to provide a wider range of solutions to clients and brokers around the world. He described the development as “another successful milestone in the Bermuda platform’s evolution into a global re/insurance hub for the IQUW Group.”
