AM Best has placed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (ICR) of “a-” (Excellent) for IQUW Re Bermuda Limited (IQUW Re) under review with positive implications. Additionally, the credit rating agency has placed the Long-Term Issue Credit Rating of “bbb-” (Good) for IQUW’s $170 million senior unsecured notes, due 2035, also under review with positive implications.
IQUW Re is a wholly owned subsidiary of IQUW Holdings Bermuda Limited (IQUW), which is the ultimate holding company of the IQUW group.
This rating action follows the announcement by Starr Insurance & Reinsurance Limited of its definitive agreement to acquire 100% of the IQUW group. AM Best’s review with positive implications reflects the potential financial and operational advantages IQUW could gain by joining a larger, financially stronger organisation. According to AM Best, the transaction could significantly enhance IQUW’s capabilities and market position.
AM Best will maintain the ratings under review until the transaction is completed and a full assessment of IQUW’s future business plan can be undertaken.
The acquisition by Starr Insurance is set to combine the firm’s expertise in specialty insurance and reinsurance with IQUW Group’s solid market presence and complementary portfolio. The deal is expected to close in the first half of 2026, though it remains subject to regulatory approval and certain closing conditions. Both companies will continue to operate independently until the deal is finalised.