Private equity firm Abry Partners has completed the sale of speciality re/insurer IQUW to global insurance and investment group Starr, marking the end of a multiyear investment that saw the company establish and scale a platform based in Bermuda.

IQUW grew into a diversified global platform spanning Lloyd’s and Bermuda during Abry’s ownership. Financial terms were not disclosed.

Nathan Ott, a partner at Abry Partners, credited a “rewarding partnership” with the team at IQUW, including group chief executive Peter Bilsby and group chief financial officer Richard Hextall, as well as fellow investor Aquiline Capital Partners.

“Insurance has long been a core sector for Abry, and this transaction exemplifies what can be achieved when sector expertise meets exceptional leadership and clear strategic vision,” Mr Ott said.

“During our partnership, IQUW scaled their global platform, delivered industry-leading innovation and built something truly differentiated, and we’re proud to have been part of their journey.”

Abry announced in October that IQUW entered into a definitive agreement to be acquired by Starr, a global insurance and investment organisation.

IQUW established its Bermuda reinsurance operation in 2021 when it backed a $350 million capital raise for ERS, the predecessor platform to IQUW, alongside Aquiline.

Since then, it has positioned the unit as a key growth engine for the wider group, writing property catastrophe and expanding into lines such as mortgage, credit and cyber reinsurance.

The Bermuda platform, led by CEO Stephen Young, has been a strategic growth engine for the wider group, with a focus on data-led underwriting and global reinsurance markets.

The company has reported strong growth in recent years, writing approximately $1.6 billion in gross written premium in 2024.

It operates with more than $750 million in net assets and access to over $1 billion in group capital, and holds an A- (Excellent) financial strength rating from AM Best.

Abry said it invested in IQUW alongside Aquiline with the aim of building a technology-forward speciality insurer with global reach — a strategy the firm said was realised through platform expansion, hiring top talent and improved returns during its ownership.

The acquisition will expand Starr’s underwriting footprint by combining its global speciality insurance operations with IQUW’s diversified platform.

The deal will also strengthen Starr’s position in the London market, with its managing agency expected to become the ninth-largest at Lloyd’s, while adding IQUW Re Bermuda to its international reinsurance capabilities. Following completion, Mr Bilsby is expected to lead Starr’s international business.