Specialty (re)insurer IQUW, has announced the launch of a new reinsurance operation in Bermuda, providing a wide range of (re)insurance products and associated services to third party clients. The launch follows approval by the Bermuda Monetary Authority last month.

The new company will be led by Bermudian and seasoned executive Stephen Young, who joins IQUW as CEO of IQUW Bermuda and Global Head of Reinsurance. Young was previously CEO of Sompo International Reinsurance Group.

In addition to Young’s appointment, the firm has also announced the recruitment of Kate Hamilton as Chief People Officer for both IQUW and sister syndicate ERS. Hamilton joins from Guy Carpenter, where she held the role of Managing Director, Head of International HR.

The announcement follows the syndicates recent rebrand from Arcus 1856 to IQUW, mid-year pre-emption approval and product expansion as the company pivots into an agile business that uses data and intelligent automation to enhance its underwriting decisions.

On his appointment, Young commented: “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.”

Kate 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.”

ERS Group Chief Executive Officer, Peter Bilsby commented: “I am delighted that Stephen and Kate are joining the IQUW leadership team. 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. I am thrilled with the progress we have made as we continue to build-out IQUW.”