NEW YORK & LONDON--(BUSINESS WIRE)--Oct 29, 2025--
Starr, a global investment and insurance organization, today announced that it has entered into a definitive agreement to acquire IQUW Group. The acquisition of IQUW Group will expand the classes of business that Starr underwrites and will position 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.
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IQUW Group has gross written premiums (GWP) of approximately $1.9 billion and includes two Lloyd’s syndicates: IQUW, a specialty (re)insurer that operates across multiple specialty lines and ERS, the U.K.’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 specialty insurance and reinsurance capabilities with IQUW Group’s strong market presence and complementary portfolio, creating one of the most diversified platforms at Lloyd’s.
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 U.K. and EME, and José Ribeiro, Starr’s president for APAC and LATAM.
“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,” 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, U.K. retail motor, and London wholesale, the most important wholesale market globally. 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.”
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 (re)insureds. 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.
BofA Securities served as financial adviser to Starr, and Skadden, Arps, Slate, Meagher and Flom LLP served as legal adviser. Evercore Partners International LLP and J.P. Morgan Securities served as financial advisers to IQUW, and Norton Rose Fulbright LLP served as legal adviser.
About Starr
Starr is the marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries. Starr is a leading global investment and insurance organization with a presence on six continents. Through its operating insurance companies, Starr provides property, casualty, and accident and health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries domiciled in the U.S., Bermuda, China, Hong Kong, Malta, Singapore, Switzerland, and U.K. each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor’s rating of “A+” (Strong).
About IQUW Group
IQUW Group is a specialty insurance and reinsurance business that combines data and analytics with underwriting expertise. The IQUW Group operates through IQUW, IQUW Re Bermuda and ERS, offering a diversified (re)insurance portfolio across specialty, property, and motor lines. IQUW Group’s businesses use data intelligently, to make fast, informed decisions and to deliver better outcomes for brokers and clients. IQUW Syndicate 1856, underwrites a range of specialty and property classes at Lloyd’s, combining expert insight with technology led decision making. IQUW Re Bermuda provides reinsurance solutions through a disciplined, analytical approach and has an A- rating from AM Best. ERS, Syndicate 218 at Lloyd’s, is the UK’s largest specialist motor insurer, offering insurance solutions across a diverse range of vehicles and drivers, from classic and performance cars to commercial and specialist risks. For more information, visit www.iquwgroup.com.
Starr Announces Acquisition of IQUW Group
WASHINGTON (AP) — When acting Attorney General Todd Blanche signed off on a nearly $1.8 billion fund meant to compensate President Donald Trump's allies for alleged political prosecution, he may have pleased his boss.
But the eyebrow-raising move — the latest in his push to prove his loyalty to Trump — has agitated the same Republican lawmakers he would need to secure the permanent job.
Blanche insists he’s not auditioning for the job of attorney general. But a succession of splashy steps the Justice Department has taken under his watch since he took the position on an acting basis last month, including an indictment of former FBI Director James Comey, has left no doubt about the impression he’s hoping to make on the president who appointed him.
The fund in particular has put Blanche at the center of a Republican firestorm at a time when he aims to establish himself as the perfect person for the job for the remainder of Trump’s term. And it sharpened concerns from Democrats and other Blanche critics that he has not shed his mantle as the president’s personal attorney.
“So the nation’s top law enforcement official is asking for a slush fund to pay people who assault cops? Utterly stupid, morally wrong — Take your pick,” Republican Sen. Mitch McConnell of Kentucky, the former majority leader, said in a statement.
A former federal prosecutor in New York, Blanche came to public prominence for his lead role on Trump's defense team, including during the Republican's hush money trial in New York. That perch afforded him, he has said, a firsthand look at what he contends was the weaponization of the criminal justice system against Trump.
He was brought into the Justice Department as deputy attorney general, the No. 2 job, then was elevated last month after Trump ousted Pam Bondi.
Now he finds himself the latest Trump-appointed attorney general to simultaneously confront expectations from subordinates to uphold institutional norms and demands from the president to do his bidding.
Trump's first attorney general, Jeff Sessions, was forced out after the 2018 midterms after infuriating the president over his recusal from an investigation into ties between Russia and the 2016 presidential campaign. Another, William Barr, resigned after their relationship fizzled over Barr's refusal to back Trump's baseless claims of massive election fraud. Bondi was removed after struggling to bring successful prosecutions against Trump's political opponents.
Two weeks after becoming acting attorney general, Blanche announced the appointment of Joseph diGenova, an 81-year-old former Justice Department prosecutor from the Reagan administration, to a special position inside the department. He'll oversee a Florida-based investigation into whether former law enforcement and intelligence officials conspired over the last decade to undermine Trump.
“At some point, at the right time, that will be made public and the American people will see exactly what happened to this administration and President Trump over the past decade," Blanche told Fox News.
Prior government reviews of the FBI's Trump-Russia investigation, a centerpiece of the current conspiracy investigation, have failed to produce criminal charges against senior officials or evidence of criminal conduct by them. It's not clear what, if any, new information the continuing investigation has developed.
The Justice Department also last month obtained an indictment charging Comey, a Trump foe whose prosecution the president has long called for, with threatening Trump through a social media photo of seashells in the numerical arrangement of “86 47" — a case legal experts say will be challenging for prosecutors. Comey has said he wouldn't be surprised if the Justice Department pursues additional indictments.
In other moves, Blanche announced an indictment of the Southern Poverty Law Center, a nonprofit that has been the target of conservative outrage, with misleading donors about its activities, and has publicly defended a Justice Department crackdown on leaks to the news media, including subpoenas to reporters.
Arguably the most audacious demonstration of loyalty to Trump came this week when the Justice Department announced the creation of a $1.776 billion fund to compensate people who feel they've been unjustly investigated and prosecuted, coupled with a guarantee of immunity from tax audits for Trump and his eldest sons.
As Republican concerns grew, Blanche held a tense meeting with GOP lawmakers Thursday. Shortly afterward, Senate Republicans abruptly left Washington without voting on a roughly $70 billion bill to fund immigration enforcement agencies.
Blanche, who defended the fund at a congressional hearing this week, has said anyone who believes they've been persecuted can apply for compensation regardless of political affiliation. But the fund has been widely understood as a boon to Trump allies investigated during the Biden administration.
“It’s pretty clear that he’s not the attorney general for the United States as much as he's the attorney general for President Trump,” said Stephen Saltzburg, a George Washington University law professor and senior Justice Department official in the 1980s. He said Blanche would get an A+ if report cards were issued for fealty to Trump.
David Laufman, a former chief of staff to the deputy attorney general in President George W. Bush's administration, said that rather than protecting the Justice Department's independence, Blanche has been a “willing and ardent accomplice for carrying out any partisan or corrupt scheme the White House may devise.”
Blanche’s supporters dismiss the suggestion he is trying to curry favor with Trump to secure the permanent job.
“What he is doing is he is seeking justice based on facts and the law,” said Jay Town, who served as a U.S. attorney in Alabama during the first Trump administration. “And I don’t think that will ever change about him, whether he is the attorney general going forward or doesn’t spend another day in the administration. He is an honorable man and anybody that knows him knows that to be true.”
Blanche also says he is not angling to keep his job or feeling pressure to placate Trump.
He has told reporters he would be honored to be nominated but, "if he chooses to nominate somebody else and asks me to go do something else, I will say, ‘Thank you very much. I love you, sir.’ I don’t have any goals or aspirations beyond that.”
In recent days, he's functioned as the fund's public face and most visible defender, a role consistent with his comfort in the spotlight. He sometimes holds multiple press conferences a week and grants interviews to a variety of news outlets, a contrast to Bondi, who largely stuck to Fox News appearances.
His defenders say his experience as a federal prosecutor has made him a more sophisticated communicator for the department than Bondi, but his statements have at times invited backlash, including his refusal to rule out that violent Jan. 6 rioters could be eligible for payouts.
Though Blanche will appoint the five commissioners tasked with processing claims, his precise role in the fund’s implementation is unclear. He told CNN it was developed through negotiations with Trump’s private lawyers, not him.
For some Democrats, that's a difference without a distinction.
“Mr. Attorney General, you are acting today like the president's personal attorney," Sen. Chris Van Hollen, a Maryland Democrat, told Blanche during a combative exchange in a Senate hearing, "and that's the whole problem."
Acting Attorney General Todd Blanche arrives for a closed-door meeting with Republican senators who are expected to abandon a proposal for $1 billion in security money for the White House complex and President Donald Trump's ballroom after it has failed to win enough party support, at the Capitol in Washington, Thursday, May 21, 2026. (AP Photo/J. Scott Applewhite)
Acting Attorney General Todd Blanche arrives for a closed-door meeting with Republican senators who are expected to abandon a proposal for $1 billion in security money for the White House complex and President Donald Trump's ballroom after it has failed to win enough party support, at the Capitol in Washington, Thursday, May 21, 2026. (AP Photo/J. Scott Applewhite)
