Reinsurance News
R&Q
R&Q confirms in advanced talks over sale of Accredited business to Onex
22nd September 2023
Global non-life specialty insurer R&Q Insurance Holdings has confirmed that it is now in advanced talks regarding a potential sale of its Accredited program Management business to private equity investment manager Onex Corporation. The news was reported last night and this morning R&Q has filed a stock exchange announcement confirming its ... Read the full article
R&Q & Obra Capital hires Kevin Cooke as CEO of MSAC
25th August 2023
R&Q Insurance Holdings Ltd. and Obra Capital, Inc., have appointed Kevin Cooke as Chief Executive Officer of Mine Safety Appliances Company, LLC (MSAC). According to the announcement, in his role as CEO, Cooke will hold responsibility for the oversight and management of the company as well as leading the active pursuit ... Read the full article
R&Q names Jerome Lande as Non-Exec Director
17th July 2023
Global non-life specialty insurer R&Q Insurance Holdings Ltd, has announced the appointment of Jerome Lande as a Non-Executive Director with immediate effect. Lande is an experienced board member with over two decades of leadership experience as an investor. He currently serves as Managing Partner and Deputy CIO at Scopia Capital Management. In ... Read the full article
R&Q sees FY 2022 operating loss of $33m, cites adverse Legacy development
29th June 2023
Despite seeing strong growth in its Accredited business in 2022, R&Q Insurance Holdings has reported a pre-tax operating loss of $33.3 million, impacted by $32 million of adverse development and the transition to a fee-based revenue model at R&Q Legacy. R&Q's Accredited business saw Gross Written Premiums of $1.8 billion in ... Read the full article
AM Best recognizes Accredited as an Independent Rating Unit, maintains A- Financial Rating
27th June 2023
Global non-life specialty insurer R&Q Insurance Holdings Ltd. has announced that AM Best has recognized Accredited as an independent ratings unit, distinct from R&Q. AM Best has maintained the Financial Strength Rating of A- (Excellent) of Accredited Specialty Insurance Company (ASI), Accredited Surety and Casualty Company, Inc. (ASC) and Accredited Insurance ... Read the full article
R&Q raising up to $60m in equity, completes separation of program / legacy
12th June 2023
R&Q Insurance Holdings is raising up to $60 million in new equity through a preferred arrangement with one of its shareholders Scopia Capital Management, while also having announced the completion of an internal separation of its its Program Management business, Accredited, and its Legacy Insurance business. R&Q has actually confirmed raising ... Read the full article
AM Best places ratings of R&Q and subsidiaries under review as Board considers strategic options
6th April 2023
The announcement from non-life specialty insurer R&Q Insurance Holdings earlier this week that its Board is conducting a strategic review to separate its program management and legacy businesses, has seen AM Best place the credit ratings of the firm and its rated subsidiaries under review with negative implications. On April ... Read the full article
R&Q to separate Program Management & Legacy Insurance business
4th April 2023
Global non-life specialty insurer R&Q Insurance Holdings has announced that its board is reviewing strategic options to separate its Program Management business, Accredited, and its Legacy Insurance business. R&Q states that its Program Management business, Accredited, has grown significantly over the past three years, achieving record GWP and Fee Income (excluding ... Read the full article
R&Q confirms appointment of William Spiegel as CEO, Jeffrey Hayman as Non-Exec Chairman
31st March 2023
Global non-life specialty insurer with a focus on program management and legacy business, R&Q Insurance Holdings Ltd, has added Jeffrey Hayman as its new Non-Executive Chairman, with William Spiegel assuming the role of Group Chief Executive Officer (CEO). At the same time, Alan Quilter, the firm's current CEO, will now work ... Read the full article
R&Q completes sale of 40% stake in MGA Tradesman
17th March 2023
Bermuda-based insurer R&Q Insurance Holdings has announced the completion of the sale of its 40% minority holding in the New York-based Managing General Agent, TPM Holdings USA, (Tradesman). In February, it was reported that R&Q had reached an agreement to sell its stake to Roosevelt Road Capital Partners, the controlling ... Read the full article
RRCP buyback secures 100% ownership of MGA Tradesman
23rd February 2023
Roosevelt Road Capital Partners (RRCP) has reached an agreement to buy back R&Q Insurance Holdings' 40% stake in New York-based MGA Tradesman. R&Q announced this morning that the total consideration is $47 million, subject to post-closing adjustments based on the 2022 audited financials of Tradesman. Approximately $41 million of the consideration ... Read the full article
R&Q to sell 40% stake in MGA Tradesman for $47 million
23rd February 2023
Bermuda-based insurer R&Q Insurance Holdings has reached an agreement to sell its 40% stake in the New York-based MGA Tradesman to Roosevelt Road Capital Partners, the controlling 60% shareholder of Tradesman, which is majority owned by Daniel Hickey, Jr., the CEO of Tradesman. The total consideration is $47 million, subject to ... Read the full article
R&Q expands Program Management business with new partnerships
19th January 2023
Bermuda-based insurer R&Q Insurance Holdings Ltd has announced an update for its Program Management business, approving partnerships with seven new programs in December 2022, with an anticipated total GWP of ~$130m over the next 12-15 months. R&Q Accredited approved the partnerships, with the programs expected to begin writing business during the ... Read the full article
R&Q and Obra Capital form new JV to acquire MSA Safety’s legacy liabilities
6th January 2023
R&Q Insurance Holdings Ltd. and Obra Capital, Inc., the recently rebranded Vida Capital, have invested in a new joint venture to acquire a wholly owned subsidiary of global safety equipment manufacturer, MSA Safety Incorporated. In connection with the closing of the deal, MSA Safety contributed roughly $341 million in cash to the ... Read the full article
R&Q Accredited completes loss portfolio transfer
5th December 2022
R&Q has completed a loss portfolio transfer worth $60m to its a- (IX) rated carrier, Accredited Surety and Casualty Company, Inc. According to the firm, the reinsurance transaction provides the California-based pool with economic finality for approximately $60m of reserves related to legacy General Liability, Employment Practices Liability and Auto Liability ... Read the full article
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