IQUW Holdings Bermuda Ltd (“IQUW”) $170 Million Senior Notes Issuance

On 19 March 2025 IQUW completed a $170m senior unsecured notes offering

• The proceeds will be down-streamed into IQUW Bermuda, to support the assignment of an A- FSR rating by AM Best
• This is a major strategic development for IQUW, enabling IQUW Re to expand materially its third-party underwriting capabilities

IQUW, formed in 2021, is a diversified (re)insurer writing c.$1.6bn of premium across specialty insurance lines

• Consisting of Syndicate 1856 (specialty (re)insurance) and Syndicate 218 (specialty motor); a Bermudian Reinsurer (IQUW Re) and a Bermudian Agency
• IQUW is owned by US-based private equity firm Aquiline Capital Partners, Abry Partners and an Aquiline-led investor group
• IQUW writes cover for Aviation, Cyber, Cargo, Crisis Management, Marine, Energy, Property, D&O, Financial institutions, Political Violence and Terror and War risks, plus International and US
• Property Treaty/Speciality Reinsurance and UK Specialist Motor
• The business is led by a highly experienced Management team and Board, including Peter Bilsby Group CEO and Richard Hextall Group CFO

The Notes were privately placed with funds and accounts managed or advised by Hudson Structured Capital Management Ltd. (conducting its re/insurance business as HSCM Bermuda) and investors associated with Kilter Finance

• Significant demand led to a very competitively priced transaction
• The fixed rate notes were issued with a bbb+ rating by AM Best

HCMA acted as Exclusive Financial Advisor to IQUW

• Leveraged expertise with specialist credit investor market and drove the negotiation and execution of the transaction
• Offered pivotal transactional advice and process guidance throughout the transaction
• Key transaction steps led by HCMA included:
  • Marketing the transaction to potential investors and optimizing a highly competitive process
  • Offering insights around senior notes transaction terms and conditions
  • Managing and organizing an efficient due diligence process
  • Advising and assisting in the negotiation of final transaction terms

This transaction cements HCMA’s position as a leading advisor on capital to firms in the Lloyd’s and the Global (Re)Insurance Markets