Acquisition brings IQUW’s $1.9bn GWP and Bermudian reinsurance platform into Starr, expanding its specialty and motor underwriting footprint at Lloyd’s.
Starr has entered into a definitive agreement to acquire IQUW Group, in a deal that will significantly expand its presence at Lloyd’s and broaden its specialty portfolio.
The transaction will lift Starr’s managing agency to ninth-largest by capacity at Lloyd’s once completed.
IQUW Group writes around $1.9bn in gross premiums and includes two Lloyd’s syndicates: specialty carrier IQUW and ERS, the UK’s largest motor insurer at Lloyd’s.
The acquisition also includes IQUW Re Bermuda, the group’s reinsurance platform.
Starr said the combination would create one of the market’s most diversified underwriting businesses, strengthening its capabilities across multiple specialty risk classes.
Beyond Lloyd’s, Starr writes commercial non-life insurance in more than 170 countries.
Upon completion, IQUW Group chief executive Peter Bilsby will lead Starr’s international business.
He will work closely with Stuart Scott, Starr’s president for the UK and Europe, and José Ribeiro, president for Asia Pacific and Latin America.
Jeff Greenberg, chairman and co-chief executive officer at Starr, said the acquisition aligned with the firm’s focus on profitable diversification.
“This strategic acquisition of IQUW Group is about diversification and a focus on underwriting profitability, consistent with our own,” Greenberg said.
“The combination of our companies will give us a larger footprint in the London market and result in a stronger organisation.
“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,” he added.
Steve Blakey, president and CEO of Starr Insurance Holdings, said the transaction expanded the group’s presence in Bermuda, UK retail motor and London wholesale.
“With limited overlap between the two organisations, the addition of IQUW Group means we will be able to serve more clients and brokers in more specialist classes and market segments,” Blakey said.
The transaction is expected to close in the first half of 2026, subject to regulatory approvals.
Bilsby said joining Starr would accelerate the scale and reach of IQUW’s specialist products and data-driven underwriting.
“I cannot think of a better new home for IQUW Group than with Starr. 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 added.
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