The re/insurer IQUW is in advanced talks to acquire UK-based Lloyd’s insurer Agora Holdings, the company has said.

If the sale is completed, Agora’s property insurance and reinsurance businesses will form part of IQUW’s portfolio and the Agora team will join the IQUW property insurance and reinsurance teams, headed by incoming head of property Simon Jackson and reinsurance CEO Stephen Young, respectively.

IQUW said that Agora is responsible for providing underwriting services to Lloyd’s syndicate 3268. Discussions to close the transaction are advanced and expected to complete in the coming days, subject to regulatory and Lloyd’s approval.

The company said: “Combining Agora’s business with IQUW’s existing property portfolios will create one of Lloyd’s leading property markets, accelerating IQUW’s strategy to deliver a full-service property proposition alongside its continued commercial and specialty build-out.”

The statement added: “At this stage, there can be no assurance that any agreement will be reached or that a transaction will be consummated. Further updates will be provided when available.”

IQUW announced in July that Mr Young would be CEO of speciality re/insurer IQUW Bermuda and global head of reinsurance for the group.

He was previously chief executive officer of Sompo International Reinsurance Group.

IQUW said that it will provide a wide range of re/insurance products and associated services to third-party clients.