Starr, a global investment and insurance organization, announced it has entered into a definitive agreement to acquire IQUW Group. This move will expand its underwriting classes and strengthen its position across international markets. Once completed, the acquisition will make Starr’s managing agency the ninth-largest operating agency at Lloyd’s.
IQUW Group, which generates approximately $1.9 billion in gross written premiums, operates two Lloyd’s syndicates: IQUW, a specialty (re)insurer spanning multiple lines, and ERS, the U.K.’s largest motor insurer at Lloyd’s. The group also includes IQUW Re Bermuda, its reinsurance platform. The deal will merge Starr’s specialty insurance and reinsurance expertise with IQUW’s established market footprint, creating one of the most diversified underwriting platforms in the Lloyd’s ecosystem.
Following the acquisition, IQUW Group CEO Peter Bilsby will assume leadership of Starr’s international business. He will collaborate with Stuart Scott, president of Starr’s U.K. and EME division, and José Ribeiro, president for APAC and LATAM.
The acquisition extends Starr’s footprint in key markets, including Bermuda, London, and the U.K. retail motor sector. The two firms have limited overlap, allowing the combination to expand coverage across more specialized lines and regions while enhancing client and broker service.
Globally, Starr provides commercial non-life insurance in over 170 countries across six continents. The firm’s insurance subsidiaries maintain “A” ratings from A.M. Best and “A+” ratings from Standard & Poor’s for its Lloyd’s syndicate.
The transaction, expected to close in the first half of 2026 pending regulatory approval, will allow both companies to continue operating independently until completion. Financial terms were not disclosed. BofA Securities advised Starr, with legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP. Evercore Partners International LLP and J.P. Morgan Securities advised IQUW, with Norton Rose Fulbright LLP providing legal counsel.
KEY QUOTES:
“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.”
Jeff Greenberg, Chairman and Co-Chief Executive Officer, Starr
“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.”
Steve Blakey, President and Chief Executive Officer, Starr Insurance Holdings
“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. 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.”
Peter Bilsby, Chief Executive Officer, IQUW Group
