IQUW is seeking a rating for its Bermuda balance sheet

While he does not claim complete foresight, Stephen Young, chief executive of  IQUW Bermuda and global head of reinsurance, says the company had an inkling rates were changing when it launched. That was in 2020 and it has enjoyed a solid start as a result.

“At the time of launch, we felt rates were changing,” he said. “It seemed like a real opportunity and things have certainly panned out that way. But the industry as a whole has a lot of work still to do.

“We need to prove to investors that we can write business and be profitable well above the cost of capital on a regular basis.”