IQUW and Agora close in on deal

Specialty re/insurer IQUW, formerly Arcus 1856, is in advanced talks to buy fellow Lloyd’s underwriter Agora Holdings.

“Discussions to close the transaction are advanced and expected to complete in the coming days, subject to regulatory and Lloyd’s approval,” IQUW  has announced.

The transaction would see Agora’s property insurance and reinsurance businesses and team come under the IQUW brand, headed by incoming head of property Simon Jackson and reinsurance CEO Stephen Young.

“Combining Agora’s business with IQUW’s existing Property portfolios will create one of Lloyd’s leading property markets, accelerating IQUW’s strategy to deliver a full-service property proposition alongside its continued commercial and specialty build out,” the company said.

IQUW announced the launch of its new reinsurance operation in Bermuda, led by Stephen Young, in July.