The parent of Bermudian-based reinsurance company IQUW, is being acquired by Starr, a global investment and insurance organisation.

The companies have announced a definitive agreement for the purchase of the IQUW Group, expanding the classes of business that Starr underwrites and positioning the combined company for growth across a broader range of global market segments.

As a result of the acquisition, Starr’s managing agency is set to become the ninth-largest agency operating at Lloyd’s.

IQUW Group has gross written premiums of some $1.9 billion and includes two Lloyd’s syndicates: IQUW, a speciality (insurer and) reinsurer that operates across multiple speciality lines and ERS, the UK’s largest motor insurer at Lloyd’s, as well as IQUW Re Bermuda, its Bermuda-based reinsurance platform.

The acquisition will bring together Starr’s speciality insurance and reinsurance capabilities with IQUW Group’s strong market presence and complementary portfolio, creating one of the most diversified platforms at Lloyd’s, a press statement said.

Outside of the Lloyd’s market, Starr writes commercial non-life insurance globally, with coverage in over 170 countries across 6 continents.

Following completion of the transaction, Peter Bilsby, IQUW Group’s chief executive officer, will lead Starr’s international business, working closely with Stuart Scott, Starr’s president of UK and Europe and Middle East, and José Ribeiro, Starr’s president for Asia Pacific and Latin America.

“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 organisation,” said Jeff Greenberg, chairman and co-chief executive officer of Starr.

“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.”

Steve Blakey, president and chief executive officer of Starr Insurance Holdings, commented: “Through this transaction, we are significantly expanding our presence in Bermuda, UK retail motor, and London wholesale, the most important wholesale market globally. 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.”

Peter Bilsby, chief executive officer of IQUW Group said: “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 (insureds and) reinsureds. 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.”

The transaction is expected to close in the first half of 2026, subject to regulatory approvals and other customary closing conditions. Until the deal closes, both companies will continue to operate independently. Terms of the transaction have not been publicly disclosed.