Starr, the global investment and insurance company has entered into a definitive agreement to acquire IQUW Group, the specialty insurance and reinsurance organisation.
The deal is expected to expand Starr’s underwriting capabilities and position the combined company for growth across a broader range of global market segments.
IQUW Group operates two syndicates at Lloyd’s of London: IQUW, a specialty re/insurer that operates across multiple specialty lines and ERS, the UK’s largest motor insurer at Lloyd’s.
IQUW Group also includes IQUW Re Bermuda, the organisation’s Bermuda-based reinsurance platform.
The acquisition is expected to combine Starr’s specialty insurance and reinsurance expertise with IQUW Group’s strong market presence and complementary portfolio.
Following completion of the acquisition, Starr’s managing agency will become the ninth-largest agency operating at Lloyd’s.
The transaction is expected to close in the first half of 2026, subject to regulatory approvals and other customary closing conditions. Terms of the transaction have not been publicly disclosed.
It’s important to highlight that both companies will continue to operate independently until the deal closes.
Furthermore, BofA Securities served as financial adviser to Starr, and Skadden, Arps, Slate, Meagher and Flom LLP served as legal adviser.
While Evercore Partners International LLP and J.P. Morgan Securities served as financial advisers to IQUW, and Norton Rose Fulbright LLP served as legal adviser.
Jeff Greenberg, chairman and co-chief executive officer of Starr, commented: “This strategic acquisition of IQUW Group is about diversification and a focus on underwriting profitability, consistent with our own. The combination of our companies will give us a larger footprint in the London market and result in a stronger organization. We have known and respected Pete Bilsby for a number of years. He has built an exceptional team, and I am delighted that he will lead our international business.”
Steve Blakey, president and chief executive officer of Starr Insurance Holdings, said: “Through this transaction, we are significantly expanding our presence in Bermuda, U.K. retail motor, and London wholesale, the most important wholesale market globally. With limited overlap between the two organizations, the addition of IQUW Group means we will be able to serve more clients and brokers in more specialist classes and market segments.”
Peter Bilsby, chief executive officer of IQUW Group, added: “I cannot think of a better new home for IQUW Group than with Starr. When we launched IQUW, our vision was to bring together market-leading talent with technology and data analytics to enhance service and decision-making for our brokers and (re)insureds.”
He continued: “I am very grateful for Aquiline’s and Abry’s support over the years, and I am immensely proud that we have delivered on our vision. Being part of Starr will enable us to scale up our specialist products, and our tech and data capabilities will be of benefit to the wider Starr group. I am incredibly excited for this next chapter and what we can achieve together.”
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