IQUW, the property, commercial and speciality insurer and reinsurer, has completed its previously announced acquisition of Agora Syndicate Holdings Ltd and its subsidiaries.
We wrote on October 21st that IQUW intended to purchase Agora and its subsidiaries, the Group responsible for providing underwriting services to Agora, Lloyd’s Syndicate 3268.
The acquisition, which remains subject to regulatory and Lloyd’s approval, sees Agora’s Property D&F and Reinsurance operation become part of IQUW’s portfolio.
At the same time, the Agora team join the IQUW Property and Reinsurance teams led by incoming Head of Property, Simon Jackson, and Reinsurance Chief Executive Officer (CEO), Stephen Young.
It’s believed that the addition of Agora’s business will compliment IQUW’s existing Property Direct and Facultative, Treaty and Binder products and establish a leading Lloyd’s property market.
Alongside Jackson and Young, the team will also be led by Michael Pritchard, who will head the proposition and execute IQUW’s strategy to deliver a full-service property proposition alongside its current diverse portfolio of commercial and specialty lines.
Peter Bilsby, IQUW’s Chief Executive Officer (CEO), commented: “We have made tremendous progress in the last year as we have continued to build out IQUW into a diverse, multi-line Specialty (re)insurer. I am delighted to have closed this acquisition, subject to approvals, and to welcome the Agora team to IQUW.
“The opportunity for us to combine Agora’s business with IQUW’s significantly accelerates our growth strategy and allows us to take advantage of a hardening Property market at a strategically important time in the cycle. Additionally, we benefit by adding significant strength to the IQUW team and I am particularly excited to see our full-service Property proposition grow and become a lead market for brokers.”
In order to transfer the Managing Agency responsibilities, IQUW will work with Asta Managing Agency Limited, subject to Lloyd’s approval, in the coming months.
TigerRisk Capital Markets & Advisory acted as exclusive financial adviser to IQUW.
“As we transform IQUW into a business that uses data and intelligent automation to enhance our decisions we remain acquisitive and continue to look for complementary businesses that can accelerate our growth through product diversification, talent acquisition or technology innovation,” added Bilsby.
