Starr acquisition of IQUW expands Lloyd’s footprint and scale now

Starr has agreed to buy IQUW Group in a transaction designed to broaden its underwriting footprint and push the combined managing agency into the top ten at Lloyd’s in the UK. The deal brings together two complementary specialty platforms and is expected to materially enhance Starr’s presence across London, Bermuda and the UK retail motor market.

IQUW Group writes roughly $1.9 billion of gross written premium and comprises Lloyd’s syndicates focused on specialty and property plus ERS, the market’s leading specialist motor insurer, and a Bermuda reinsurance arm. Integrating those businesses with Starr’s existing specialty insurance and reinsurance operations will create one of the more diversified platforms operating at Lloyd’s.

The seller (or current owners) of IQUW Group appear to be the private-equity firms Aquiline Capital Partners and Abry Partners.

Management changes are already mapped out: on completion Peter Bilsby will run Starr’s international franchise, working alongside Stuart Scott and José Ribeiro on European, APAC and LATAM markets. Starr’s leadership says the move is primarily about diversification and underwriting returns rather than cost-driven consolidation.

Lloyd’s continues to reward scale and product diversification as climate, cyber and casualty volatility reshape reinsurance and specialty risk appetites. Greater scale at Lloyd’s can improve negotiating leverage with brokers, expand capacity lines and support the investment of underwriting analytics — an area where IQUW has previously emphasised data-led decision making.

The transaction is subject to regulatory approvals and is expected to close in the first half of 2026. Until then both groups will operate independently. Terms have not been disclosed. Advisors on the deal were engaged on both sides, underlining the strategic complexity of merging Lloyd’s-capitalised operations with international insurance and Bermuda reinsurance platforms.

For Starr the acquisition accelerates access to UK retail motor and Bermuda reinsurance scale while strengthening its London wholesale offering. For brokers and insureds it promises a broader product set and potentially faster, analytics-driven underwriting decisions. Key near-term risks will include integrating IT and pricing models, aligning capital structures and preserving underwriting discipline while scaling.

Longer term, the combined business should be better positioned to compete for large specialty placements at Lloyd’s and pursue cross-border growth. With operations spanning over 170 countries and activities across six continents, the enlarged Starr platform aims to convert increased scale into improved underwriting profitability and expanded service for global clients.