Global non-life specialty insurer R&Q Insurance Holdings Ltd (R&Q) has confirmed it is still exploring different strategic options for its Legacy Insurance business. However, it anticipates finalising the sale of its Accredited business by the end of the second quarter of 2024.
In April 2023, R&Q’s Board announced plans to explore separating its Program Management business, Accredited, from its Legacy Insurance business.
R&Q suggests that this separation will position both segments on a “more favourable footing” for more profitable growth, each with its own suitable financial structures.
In October 2023, R&Q entered into a conditional agreement with private equity investment manager Onex Corporation to sell 100% of its equity interest in Randall & Quilter America Holding Inc., the parent company of the Accredited business.
In a recent update, R&Q stated it’s actively evaluating different options to maximise the value of its Legacy Insurance business for the benefit of all stakeholders, including shareholders.
“Whether that be through the ongoing trading of that business or through alternative strategic options,” R&Q adds.
R&Q continues to work diligently towards meeting the conditions outlined in the circular sent to shareholders on 14 December 2023 and recent announcements, with the expectation of closing the sale in Q2 2024.
