19 July 2021Life

IQUW unveils new Bermuda office led by former Sompo exec

Specialty re/insurer IQUW has unveiled a new reinsurance operation in Bermuda.

The office, which provides re/insurance products and services to third party clients, is led by Bermudian Stephen Young, who joins as chief executive officer (CEO) of IQUW Bermuda and global head of reinsurance. Young was previously CEO of Sompo International Reinsurance Group.

Meanwhile Kate Hamilton also joins IQUW and sister syndicate ERS as chief people officer. She joins from Guy Carpenter where she was managing director and head of international human resources.

IQUW received approval from the Bermuda Monetary Authority for its new Bermuda office in June.

IQUW recently rebranded from Arcus 1856 as it embraces the use of data and intelligent automation to enhance its underwriting decisions.

Peter Bilsby, ERS Group CEO, said: “The launch of our new Bermuda entity continues to deliver on our strategic plan to become a more diverse, data-led P&C re/insurer and Stephen adds a wealth of experience and expertise that will help us grow our re/insurance portfolio. Kate’s appointment will help us focus on our people agenda as we enhance our culture of collaboration, innovation and continuous improvement.”

Young said: “I am thrilled to be joining IQUW to launch our new Bermuda entity, execute on our vision to become a global, multi-line re/insurer and to enhance the overall value proposition in this strategically important market.”

Hamilton added: “Having just rebranded as IQUW, this is the perfect time to join the firm to support its growth strategy. I am looking forward to shaping our culture and an agenda that includes the voice of the employee as we continue our efforts to develop a diverse, engaged and highly skilled workforce.”