Starr, a New York-based investment and insurance organization, announced Wednesday it has a definitive agreement to acquire IQUW Group, a London-based specialty insurer and reinsurer.
Terms of the transaction were not disclosed.
The deal will expand the classes of business Starr underwrites and position the combined company for growth across a broader range of global market segments, Starr said in a statement.
IQUW Group, with gross written premiums of approximately $1.9 billion, includes two Lloyd’s syndicates: IQUW, a specialty insurer and reinsurer that operates across multiple lines, and ERS, a specialist auto insurer in the United Kingdom. It also has a Bermuda-based reinsurance platform, IQUW Re Bermuda.
“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,” Starr Chairman and co-CEO Jeff Greenberg said in the statement.
Outside the Lloyd’s market, Starr writes commercial non-life insurance globally, with coverage in over 170 countries across six continents. It also has a Lloyd’s managing agency.
Once the deal closes, IQUW Group CEO Peter Bilsby will oversee Starr’s international operations. Mr. Bilsby will work closely with Starr executives Stuart Scott, president of UK and EME, and José Ribeiro, president of APAC and LATAM.
The deal will significantly expand Starr’s presence in Bermuda, the U.K., retail auto and the London wholesale market.
“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 CEO of Starr Insurance Holdings, said in the statement.
The deal is expected to close in the first half of 2026, subject to regulatory approvals. Until the deal closes, both companies will continue to operate independently.