Starr Insurance has agreed to acquire IQUW Group, a move that will significantly expand its underwriting capabilities and strengthen its position in key global markets.
Upon completion, Starr's managing agency will become the ninth-largest at Lloyd's.
IQUW Group, which has approximately $1.9 billion in gross written premiums, operates through two Lloyd's syndicates - IQUW, a specialty re/insurer across multiple lines, and ERS, the UK’s largest motor insurer at Lloyd’s. The group also includes IQUW Re Bermuda, its reinsurance platform. The acquisition will combine Starr’s global specialty insurance and reinsurance operations with IQUW’s established presence at Lloyd’s, creating one of the most diversified and well-capitalised platforms in the market.
Outside Lloyd’s, Starr provides commercial non-life insurance in over 170 countries, spanning six continents. The acquisition is expected to enhance the company’s reach in Bermuda, UK retail motor, and London wholesale, three areas that represent strategic growth priorities for Starr.
Following the transaction, Peter Bilsby, IQUW Group’s chief executive officer, will take on a new role leading Starr’s international business, working closely with Stuart Scott, president of UK and EME, and José Ribeiro, president for APAC and LATAM.
Starr chairman and co-chief executive officer Jeff Greenberg said the acquisition aligns with Starr’s focus on diversification and underwriting profitability. He described IQUW as a “natural fit,” noting the complementary strengths of both organizations.
Steve Blakey, president and CEO of Starr Insurance Holdings, added that the deal represents a significant expansion in “Bermuda, UK retail motor, and London wholesale - the most important wholesale market globally,” highlighting the limited overlap between the two companies and the opportunity to reach more clients in specialist classes.
For IQUW, the move marks a transition into a larger global network with greater resources and distribution. Bilsby said joining Starr would allow the company to “scale up its specialist products” while applying its data-driven underwriting model to benefit the wider Starr group.
The transaction, advised by BofA Securities for Starr and Evercore Partners International LLP and J.P. Morgan Securities for IQUW, is expected to close in the first half of 2026, subject to regulatory approvals. Both firms will continue to operate independently until completion.
The deal underscores the continued consolidation and strategic repositioning within the Lloyd’s market, where scale, diversification, and data capabilities are becoming key competitive differentiators among global re/insurers.
