IQUW Re Bermuda has announced plans to broaden its reinsurance offerings with the addition of mortgage, credit, and cyber reinsurance products.
The move represents the next phase in the company’s development on the island, following a period of expansion in its property catastrophe reinsurance business.
The company, part of the IQUW Group, has access to more than US$1 billion in capital, with IQUW Re Bermuda holding net assets exceeding US$750 million. Earlier in 2024, AM Best affirmed the company’s financial strength with an A- (Excellent) rating.
IQUW Re Bermuda’s leadership said that this capital base and rating position the business to diversify into new lines, including mortgage, credit, and cyber reinsurance.
The decision to enter these markets comes as the cyber insurance sector continues to grow, with underinsurance remaining an issue for small and medium-sized enterprises. Rising credit pressures in both consumer and commercial portfolios have also increased demand for reinsurance solutions.
In the mortgage segment, expectations of lower US interest rates are anticipated to drive higher refinancing and origination volumes, leading to greater capital needs for lenders. IQUW Re Bermuda aims to provide disciplined mortgage risk capacity to meet this demand.
The expansion builds on IQUW’s recent financial and operational results. In early 2025, the group reported US$1.6 billion in gross written premium and a combined ratio of 83.1% across its Bermuda operations and Lloyd’s syndicates, reflecting growth and disciplined underwriting.
“We are incredibly proud of the strong team we’ve built in Bermuda," said Stephen Young (pictured above), CEO of IQUW Bermuda. "Backed by our A- AM Best rating and a robust capital base, launching mortgage, credit, and cyber reinsurance products is the natural step forward.
“We’re well positioned to serve reinsurance markets with data-led underwriting and to adapt to evolving risk appetites,” Young said.
IQUW has also introduced new specialty products to address emerging risks. The company recently launched an active assailant insurance product in partnership with crisis response specialist Crisis24.
The company has also made key appointments to support its growth strategy. In January, IQUW added three professionals to its energy team, strengthening its expertise in underwriting, claims, and engineering.
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