Lloyd’s insurer in ‘advanced’ talks to buy Agora and its subsidiaries
Lloyd’s specialty re/insurer IQUW, the recently rebranded Arcus Syndicate 1856 that is backed by ERS Group, has said that it is in “advanced” discussions to acquire Agora Holdings, and plans to merge the business with its existing property portfolios to “create one of Lloyd’s leading property markets”.
IQUW has revealed its intention to acquire Agora and its subsidiaries, the group responsible for providing underwriting services to Agora, Lloyd’s syndicate 3268.
Discussions to close the transaction are advanced and expected to complete in the coming days, subject to regulatory and Lloyd’s approval, the company said in a statement, adding that there can be no assurance that any agreement will be reached or that a transaction will be consummated.
The proposed transaction will see Agora’s property insurance and reinsurance businesses form part of IQUW’s portfolio and the Agora team join the IQUW property insurance and reinsurance teams, headed by incoming head of property Simon Jackson and reinsurance CEO Stephen Young (pictured), respectively.
IQUW further stated that 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.
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