AM Best has raised the Financial Strength Rating of IQUW Re Bermuda Limited, the Bermuda reinsurance platform of Starr, to A (Excellent) from A-, and lifted its long-term issuer credit rating to "a+" (Excellent). The outlook on both ratings is positive.
The action comes roughly 14 months after IQUW Re first received its A- from AM Best in March 2025, a notably quick rating trajectory that reflects its absorption into the larger Starr platform.
The Bermuda carrier was placed under review with positive implications after Starr completed its acquisition of the entity earlier this year.
Starr's existing insurance subsidiaries already carried A (Excellent) FSRs across U.S., Bermuda, China, Hong Kong, Malta, Singapore, Switzerland, and U.K. domiciles, meaning the upgrade effectively brings the Bermuda reinsurance arm in line with the broader group.
AM Best linked the action to Starr's balance sheet position and underwriting discipline across its global operations. The rating agency pointed to the group's operating performance, financial flexibility, capital resources, and market profile as central factors behind the move.
Starr runs a diversified specialty re/insurance platform, with underwriting hubs in the United States, the London market, Bermuda, Europe, Asia, and Latin America.
The carrier operates in more than 170 countries across six continents, writing commercial non-life business globally and offering property, casualty, and accident and health products alongside specialty lines including aviation, marine, energy and excess casualty.
In previously reported developments, Starr completed its acquisition of IQUW Group on March 23, 2026, having first announced the deal in October 2025. Under the transaction, IQUW Re Bermuda and IQUW's London reinsurance operations now trade as Starr Re, writing the group's inward reinsurance.
Syndicate 1856 has been rebranded as Starr, while ERS (Syndicate 218) continues under its existing brand given its established UK motor market position, and Syndicate 1919 is unchanged. The deal lifted Starr's managing agency to the ninth-largest at Lloyd's, with IQUW Group reporting $1.88 billion in 2025 gross written premium.
Peter Bilsby (pictured above), president of international at Starr, said the decision validates the group's Bermuda strategy.
"AM Best's A rating is an important endorsement of our Bermuda platform," he said, citing the company's capital position, underwriting discipline, and focus on building a stable, globally diversified organization.
Bilsby added that the upgrade highlights Starr's ability to deliver meaningful capacity and long-term partnerships, supported by responsive underwriting teams with decision-making authority.
Jeff Greenberg, chairman and co-CEO of Starr, said the action should reinforce broker and client confidence in the group's platform. "It demonstrates the depth of our balance sheet, our global reach and the value of experienced teams delivering clarity and consistency in the market," he said.
The positive outlook on both ratings signals AM Best may consider further upgrades for IQUW Re should performance hold across the integration period.
