Starr, a global investment and insurance organization, announced it has entered a definitive agreement to acquire IQUW Group, a specialty insurance and reinsurance business that combines data and analytics with underwriting expertise.
Financial terms of the transaction were not been disclosed.
The acquisition will expand the classes of business that Starr underwrites and will position the combined company for growth across a broader range of global market segments, Starr said in a media statement, which also reported that Starr’s managing agency is set to become the ninth-largest agency operating at Lloyd’s as a result of the deal.
According to the announcement, IQUW Group has gross written premiums of roughly $1.9 billion and includes two Lloyd’s syndicates: IQUW, a specialty insurer and reinsurance operating across multiple specialty lines, and ERS, the U.K.’s largest motor insurer at Lloyd’s. IQUW Re Bermuda, a Bermuda-based reinsurance platform, is also part of IQUW Group.
“The acquisition will bring together Starr’s specialty insurance and reinsurance capabilities with IQUW Group’s strong market presence and complementary portfolio, creating one of the most diversified platforms at Lloyd’s,” the group’s said in a statement.
Outside of the Lloyd’s market, Starr writes commercial non-life insurance globally, with coverage in over 170 countries across six continents.
“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,” said Jeff Greenberg, chairman and co-chief executive officer of Starr.
Following completion of the transaction, Peter Bilsby, IQUW Group’s chief executive officer, will lead Starr’s international business. He will work with Stuart Scott, Starr’s president of U.K. and EME, and José Ribeiro, Starr’s president for APAC and LATAM.
Steve Blakey, president and chief executive officer of Starr Insurance Holdings, commented: “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.”
Reflecting on IQUW’s original vision, Bilsby said, the insurer’s strategy was “to bring together market-leading talent with technology and data analytics to enhance service and decision-making” for brokers and insureds. “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,” he said, in anticipation of IQUW’s next chapter.
The transaction is expected to close in the first half of 2026, subject to regulatory approvals and other customary closing conditions.
Until the deal closes, both companies will continue to operate independently.
BofA Securities served as financial adviser to Starr, and Skadden, Arps, Slate, Meagher and Flom LLP served as legal adviser.
Evercore Partners International LLP and J.P. Morgan Securities served as financial advisers to IQUW, and Norton Rose Fulbright LLP served as legal adviser.
Sources: Starr, IQUW Group
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