Starr Finalizes IQUW Acquisition, Forging a New Insurance Powerhouse

NEW YORK & LONDON – March 23, 2026 – By Thomas Moore

Starr, the global investment and insurance organization, has officially completed its acquisition of IQUW Group, a landmark transaction that creates a significantly larger and more diversified force in the specialty (re)insurance sector. The deal, which received all necessary regulatory approvals, bolsters Starr’s capabilities across the London market, Bermuda, and the UK retail motor space, signaling a major strategic consolidation in the competitive global insurance landscape.

The completion of the deal elevates Starr’s managing agency to the ninth-largest at Lloyd’s of London, a move that dramatically increases its scale and influence within the world's most important wholesale insurance market. The combined entity is poised to leverage its enhanced market position to serve a broader base of clients and brokers across more specialist classes.

“The completion of this transaction advances Starr’s strategy to build a global, diversified, best-in-class underwriting business,” said Jeff Greenberg, chairman and co-chief executive officer of Starr, in a statement. “I am delighted to welcome our new colleagues to Starr. Together, we are a larger, more resilient platform with the scale and expertise to compete and win across global markets and deliver sustainable, long-term growth.”

Reshaping the Lloyd's Landscape

The strategic importance of becoming a top-ten player at Lloyd’s cannot be overstated. The acquisition integrates IQUW Group’s impressive $1.88 billion in Gross Written Premium (GWP) from 2025 into Starr’s operations. This premium is comprised of business from IQUW (Syndicate 1856), ERS (Syndicate 218), and IQUW Re Bermuda. IQUW itself had demonstrated a strong growth trajectory and underwriting profitability before the acquisition, reporting a GWP of $1.1 billion in 2024 with a highly favorable combined operating ratio of 83.3%.

This move reflects a wider industry trend where major re/insurers are seeking to build scale and diversify their specialty portfolios, particularly in key hubs like London and Bermuda. By absorbing IQUW's robust and profitable book of business, Starr not only expands its footprint but also strengthens its ability to deploy capital and underwrite larger, more complex risks. The deal enhances distribution channels and deepens underwriting expertise, creating a more formidable competitor in a market that is healthy but increasingly crowded.

As part of the integration, IQUW’s Syndicate 1856 will be rebranded as Starr, aligning it with the parent company's global identity. Starr’s existing Syndicate 1919 will continue to operate without any brand change.

A Strategic Play for Scale and Diversification

Beyond the increased presence at Lloyd's, the acquisition is a calculated move to enhance Starr's reinsurance capabilities and diversify its product offerings. IQUW Re Bermuda and IQUW’s London-based reinsurance business will be consolidated and rebranded as Starr Re. This new entity will write the company's inward reinsurance, benefiting from Starr’s formidable capital strength and A.M. Best “A” (Excellent) rating. This will enable what the company calls “thoughtful capital deployment across market cycles,” positioning the group to better serve clients across the entire re/insurance spectrum.

The current reinsurance market is characterized by cautious confidence, with a focus on underwriting discipline and return adequacy. By creating a more powerful Starr Re, the organization is better positioned to capitalize on opportunities in casualty, specialty, and structured risks, which offer valuable diversification benefits.

Steve Blakey, president and chief executive officer of Starr Insurance Holdings, emphasized the focus on service continuity and enhancement. “We are thrilled to be bringing together our talented people and ensuring that our clients and brokers have the same seamless support and access to a broader suite of specialist solutions,” he commented. “As a combined organization, we will remain relentlessly focused on delivering exceptional service for our brokers and clients across all elements of our business.”

Navigating Integration and Brand Strategy

A key aspect of the post-merger strategy is the nuanced approach to branding. While Syndicate 1856 and IQUW’s reinsurance arms will adopt the Starr name, ERS (Syndicate 218) will continue to trade under its existing brand. This decision highlights the powerful brand equity ERS has built as the UK’s largest specialist motor insurer at Lloyd’s. Retaining the name leverages its strong and established presence, avoiding disruption in a key market segment.

Leadership continuity appears to be a cornerstone of the integration plan. Peter Bilsby, who led IQUW Group as its chief executive, will now take the helm of Starr’s international business. His leadership is expected to ensure a smooth transition and help realize the synergies between the two organizations.

“The completion of this transaction is a proud moment for everyone who has contributed to building the IQUW Group since its inception,” Bilsby stated. “From the outset, our ambition was to create a high-performing, specialist platform defined by great talent and market-leading data and technology. Now, as part of Starr, we can take advantage of being part of a stronger and more diversified global organization.”

This sentiment points to another potential benefit of the merger: scaling IQUW’s recognized strengths in data analytics and technology across the wider Starr group, which could drive underwriting and operational efficiencies.

A Favorable Regulatory Horizon

The transaction successfully navigated the complex web of regulatory approvals from bodies in the UK, Bermuda, and other relevant jurisdictions. The current regulatory climate in these key insurance hubs appears broadly supportive of such strategic moves. In the UK, both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) are pursuing agendas aimed at streamlining rules and supporting the international competitiveness of the insurance sector following the Solvency II review.

Similarly, the Bermuda Monetary Authority (BMA) is focused on enhancing its supervisory framework while promoting efficiency and innovation. This includes exploring new structures for alternative capital and risk transfer. The stable and growth-oriented regulatory environments in Starr's key operating territories provide a solid foundation for the newly expanded entity to pursue its strategic objectives.

For clients and brokers, the promise is a more robust partner with greater capital strength, a broader product suite, and expanded global reach. The successful integration of IQUW's talent and technology into Starr's formidable platform will be the key to turning this ambitious strategic vision into a market reality.