R&Q Insurance to sell insurance and program management unit to Canada's Onex (updated)
20/10/2023 18:27
(Adds details on sale in paragraphs 2-5)
Oct 20 (Reuters) - Bermuda-based global specialty
insurance firm R&Q Insurance Holdings RQIH.L said on Friday it
would divest its insurance and program management business,
Accredited, to Onex Corp ONEX.TO for an enterprise value of
$465 million.
Proceeds from the sale, expected to be around $300 million,
would be used to significantly pare R&Q's debt.
The sale, likely to close by the first half of 2024, is
conditional on transfer of R&Q's chief executive officer,
William Spiegel, and Chief Financial Officer Thomas Solomon to
Accredited upon closing.
After the deal's closing, group Non-Executive Chairman Jeff
Hayman would be appointed as chairman and interim CEO of R&Q,
while company insider Paul Bradbrook would be appointed as CFO.
R&Q in April had said it was reviewing strategic options to
separate Accredited and its legacy insurance business.
(Reporting by Akshita Toshniwal; Editing by Krishna Chandra
Eluri and Shilpi Majumdar)
((Akshita.Toshniwal@thomsonreuters.com;))