At a special general meeting held earlier today, R&Q Insurance Holdings Ltd.’s shareholders approved the sale of the company’s program management business, Accredited, which is expected to close in the first half of 2024.
The global non-life specialty insurer confirmed in September 2023 that it was in advanced talks regarding a potential sale of its Accredited business to private equity investment manager, Onex Corporation.
In October, R&Q said that it had entered into a conditional agreement to sell the program management business to Onex Corporation, although, at this time, the deal remained conditional on R&Q shareholder and other approvals.
Today, R&Q has announced that it has obtained shareholder approval for the sale of Accredited.
An announcement from the insurer reveals that of the 281,021,331 of total votes cast (which represents 74.46% of issued shared capital), 55.2%, or 155,182,983 voted for the sale, while 44.78%, or 125,838,348 voted against. A total of 1,009,618 votes were withheld.
While shareholder approval has been achieved, R&Q confirms that the sale of Accredited remains conditional on a number of other matters.
“R&Q continues to work expediently towards satisfying all other remaining conditions to the Sale and remains hopeful that appropriate agreements can be reached with all of its lending banks, providers of credit and other finance providers (the “R&Q Finance Providers”) to enable the Sale to take place,” says the company.
