Reinsurance News
R&Q
R&Q Re (Bermuda) receives approval for Scheme of Arrangement
6th February 2025
On June 26, 2024, R&Q Insurance Holdings Ltd. announced the appointment of joint provisional liquidators (JPLs) as part of its restructuring process, marking a significant shift in the company’s path that ultimately led to the approval of the Scheme of Arrangement by the Supreme Court of Bermuda ... Read the full article
Marco Capital completes acquisition of Inceptum from R&Q
29th November 2024
European P&C insurance run-off group Marco Capital Holdings Limited has completed its acquisition of Inceptum Insurance Company Limited, a UK non-life insurance company in run-off, from Randall & Quilter II Holdings Ltd. The acquisition was initially announced earlier this year, with reports stating that R&Q would receive £11.25 million from ... Read the full article
R&Q announces joint provisional liquidators
28th June 2024
On June 26th, R&Q Insurance Holdings Ltd announced significant developments, including the appointment of joint provisional liquidators (JPLs), the resignation of its Nominated Adviser, and the likely delisting of its shares. R&Q has confirmed that at a hearing yesterday, Michael Morrison, Mark Allitt, and Charles Thresh of Teneo (Bermuda) Limited were ... Read the full article
Marco to acquire Inceptum from R&Q, as R&Q confirms entry into liquidation
24th June 2024
R&Q Insurance Holdings Ltd has entered into an agreement to sell Inceptum Insurance Company Limited, a UK domiciled, legacy general insurance company, regulated by the PRA and FCA, to Marco Capital Holdings Limited, a Malta-based legacy acquisition group, for $11.25 million, subject to regulatory approval. The agreement represents the sale of ... Read the full article
R&Q confirms provisional liquidation in Bermuda to facilitate Accredited sale
19th June 2024
Following evaluation from its Board, R&Q has confirmed that it will be filing for a provisional liquidation in Bermuda and that it expects the previously announced sale of Accredited to Onex Corporation to be implemented through that process. If you recall, on the 13th of June, R&Q released an update ... Read the full article
Liquidation risk for R&Q as Accredited sale discussions continue with Onex
13th June 2024
As R&Q continues progress discussions regarding the sale of Accredited, buyer Onex has proposed an alternative transaction structure to that of the original sale that could be implemented in the event that the original closing conditions were not able to be satisfied. Back in October 2023, the non-life specialty insurer announced ... Read the full article
R&Q enters into lock-up agreement related to Accredited sale
25th April 2024
R&Q Insurance Holdings has announced that it has entered into a lock-up agreement with several parties relating to debt restructuring and a number of other issues, as it seeks their approval to sell Accredited to Onex Corporation’s Onex Partners, in a deal that the company hopes to complete this quarter. Read the full article
R&Q names Welch and Hirsh as Non-Exec Directors
19th April 2024
Global non-life specialty insurer R&Q Insurance Holdings Ltd (R&Q) has announced the addition of Stephen Welch and Lawrence Hirsh to its Board as Non-Executive Directors. Having worked for financial sponsors and investors in both executive and non-executive roles, Welch has extensive experience managing complex corporate issues including several restructuring situations of ... Read the full article
R&Q confirms retirement of co-founder Alan Quilter
2nd January 2024
Non-life specialty insurance firm R&Q Insurance Holdings has confirmed that co-founder Alan Quilter retired and stood down from its Board of Directors on 31 December 2023. Back in March of 2023, R&Q revealed that Quilter, then Group Head of Program Management, would retire from R&Q and the Board of Directors ... Read the full article
R&Q subjected to BMA review of legacy business, halting transactions
22nd December 2023
R&Q Insurance Holdings said this morning that the Bermuda regulator has requested an independent actuarial review of its legacy reserves, its capital and its cash flow projections, which will put on hold any legacy transaction to Bermuda based R&Q Re, including a previously announced deal. R&Q said it has been in ... Read the full article
R&Q board recommends sale and business separation for strategic refocus
15th December 2023
In a unanimous decision, the Non-Executive Directors of non-life specialty insurer R&Q have recommended the separation of its business through a proposed sale. The directors assert that this move is in the best interests of R&Q, its shareholders, and other stakeholders. The proposed sale, which hinges on shareholder approval at a Special ... Read the full article
R&Q signs $80m LPT reinsurance agreement with UK motor insurer
26th October 2023
Non-life specialty insurer R&Q Insurance Holdings has signed a Loss Portfolio Transfer (LPT) reinsurance agreement with a UK motor insurer covering net reserves of around $80 million. According to R&Q, the transaction is subject to regulatory approvals and other conditions of closing. Huw Battrick, Co-Head of Legacy M&A at R&Q, commented, “We ... Read the full article
R&Q agrees Accredited sale to Onex at $465m enterprise value
20th October 2023
Non-life specialty insurer R&Q Insurance Holdings has just confirmed that it has entered into a conditional agreement to sell its Accredited program Management business to private equity investment manager Onex Corporation. The sale was expected as R&Q had previously stated it was in advanced talks regarding a potential sale of ... Read the full article
Resilience expands cyber insurance coverage to £10 million
4th October 2023
Resilience, a leading cyber risk solution provider, has announced a significant expansion of its underwriting capacity to offer up to £10 million in cyber insurance coverage for clients across the United Kingdom and European Union. This capacity boost is the result of a strategic partnership with RSA Insurance and R&Q Accredited, ... Read the full article
R&Q sees H1 operating loss of $58m driven by adverse reserve development
29th September 2023
Despite seeing strong growth in its Accredited business in H1 of 2023, R&Q Insurance Holdings has reported a pre-tax operating loss of $58 million, primarily due to adverse reserve development in R&Q Legacy reserves of $40 million. R&Q noted that one of its strategic objectives for H1 was to grow Fee ... Read the full article
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