REG - R&Q Insurance Hldgs - Sale of Accredited to Onex Partners

R&Q Insurance HoldingsAnnouncement

28/06/2024 18:15

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RNS Number : 4599U  R&Q Insurance Holdings Ltd  28 June 2024

 

R&Q Insurance Holdings Ltd (in provisional liquidation)

 Sale of Accredited to Onex Partners

28 June 2024

Further to the announcement on 27 June 2024 that Michael Morrison, Mark Allitt
and Charles Thresh of Teneo (Bermuda) Limited had been appointed by the
Supreme Court of Bermuda as Joint Provisional Liquidators ("JPLs") over
R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the Company"), the
Company today announces that the sale of 100% of R&Q's equity interest in
Accredited Insurance Holdings Inc (formerly known as Randall & Quilter
America Holding Inc.), the holding company of R&Q's program management
business ("Accredited"), to Onex Partners ("Onex") has been completed for a
cash consideration of $420 million.

As at 31 December 2023, Accredited had estimated net assets of $255.6 million
and in the year ending 31 December 2023 generated a GAAP pre-tax profit of
$23.6 million.

The consideration for the transaction with Onex has been used to implement the
separation of the Accredited business from the Company, to pay down a portion
of the Company's secured Revolving Credit Facility and provide limited funding
to the Company to help facilitate the orderly wind-down of its remaining
legacy businesses.

The JPLs will provide a further update on the status of the provisional
liquidation of the Company's remaining legacy business as soon as
practical.

Queries in relation to the provisional liquidation can be submitted to the
JPLs at RQIH-info@teneo.com (mailto:RQIH-info@teneo.com)

 

-Ends-

   Media Enquiries:

Joint Provisional
 Liquidators

 Douglas Campbell (douglas.campbell@teneo.com
 (mailto:douglas.campbell@teneo.com) )

 Laura Marshall (laura.marshall@teneo.com)

 

 

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