IQUW UK Ltd. Has Agreed to Acquire Agora Syndicate Holdings Ltd

Transaction Overview

IQUW has agreed to acquire of Agora Syndicate Holdings Ltd (“Agora”), along with its subsidiaries

  • Agora provides underwriting services to support Lloyd’s Syndicate 3268 (“S.3268”)
    IQUW will assume the capacity of S.3268 for the 2022 YOA, not assuming any exposure to 2021 & prior years

Agora will accelerate IQUW’s growth strategy and complement its existing property and reinsurance portfolio

IQUW is a new property, commercial and specialty (re)insurance business

  • IQUW brings decades of underwriting, financial, operational, and investing experience in the insurance sector
    • With a best in class senior management team including Peter Bilsby, CEO and Richard Hextall, CFO
  • This year IQUW completed a $350m capital raise led by Abry Partners (“Abry”)
    • Alongside Abry, an Aquiline Capital Partners led investor group also participated in the capital raise
  • IQUW offers a diverse range of (re)insurance products through Syndicate 1856

Agora was set up as an SPA underwriting on behalf of Skuld’s S.1897 and became a full Syndicate in 2018

  • Agora was founded and is led by market veteran Michael Pritchard, who also acts as S.3268’s Active Underwriter
  • S.3268 focuses on property and specialty lines and has a 2021 year of account stamp capacity of £140m

TigerRisk Capital Markets & Advisory Role

TCMA is acting as exclusive financial advisor to IQUW; key roles and responsibilities include:

  • Assistance in financial modelling, valuation and investor returns analysis
  • Leading due diligence coordination and assisting in creation of materials shared with IQUW Investors and Board
  • Advice on negotiating key transaction terms and conditions and structuring
  • Providing objective advice to IQUW throughout the process

This represents TCMA’s second transaction with IQUW, following the Abry led capital raise earlier this year