REG - R&Q Insurance Hldgs - Statement re Press Comment

R&Q Insurance HoldingsAnnouncement

22/09/2023 07:00

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RNS Number : 2899N  R&Q Insurance Holdings Ltd  22 September 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

22 September 2023

 

R&Q Insurance Holdings Ltd

 

Statement regarding the recent press comment in relation to the sale of Accredited

 

The Board of R&Q Insurance Holdings Ltd ("R&Q", the "Company") notes
the press commentary regarding a potential sale of the Company's Program
Management business, Accredited.

 

As previously announced, the Board has been undertaking a review of the
strategic options for the Group, which has included the legal separation of
Accredited and R&Q Legacy. The Board confirms that it is in an advanced
stage of discussions with Onex Corporation ("Onex") regarding a potential sale
of Accredited.

 

If and when appropriate, a further announcement will be made.

 

Ends

 

 

  Enquiries to:

R&Q Insurance Holdings Ltd

 Tel: +44(0)20 7780 5850                                                                                                                                                                       Tel: 020 3727 1051

 William Spiegel

 Tom Solomon

 Fenchurch Advisory Partners LLP (Financial
 Adviser)                       Tel: +44 (0)20 7382 2222

 Kunal Gandhi

 John Sipp

 Brendan Perkins

 Richard Locke

 Tihomir Kerkenezov

 Barclays Bank PLC (Financial Adviser and Joint
 Broker)                    Tel: +44 (0)20 7632 2322

 Gary Antenberg

 Andrew Tusa

 Michael Hart

 Numis Securities Limited (Nominated Adviser and Joint
 Broker)            Tel : +44 (0)20 7260 1000

 Charles
 Farquhar

 Giles
 Rolls

 FTI
 Consulting
    Tel: +44 (0)20 3727 1051

 Tom
 Blackwell

 Enquiries to:

 

 R&Q Insurance Holdings Ltd

 Tel: +44(0)20 7780 5850                                                                                                                                                                       Tel: 020 3727 1051

 William Spiegel

 Tom Solomon

 Fenchurch Advisory Partners LLP (Financial
 Adviser)                       Tel: +44 (0)20 7382 2222

 Kunal Gandhi

 John Sipp

 Brendan Perkins

 Richard Locke

 Tihomir Kerkenezov

 Barclays Bank PLC (Financial Adviser and Joint
 Broker)                    Tel: +44 (0)20 7632 2322

 Gary Antenberg

 Andrew Tusa

 Michael Hart

 Numis Securities Limited (Nominated Adviser and Joint
 Broker)            Tel : +44 (0)20 7260 1000

 Charles
 Farquhar

 Giles
 Rolls

 FTI
 Consulting
    Tel: +44 (0)20 3727 1051

 Tom
 Blackwell

 

 

Notes to Editors:

 

About R&Q

 

R&Q is a non-life global specialty insurance company operating two highly
complementary businesses: Program Management and Legacy Insurance. Both of
these businesses are leaders in markets with high barriers to entry and
significant growth opportunities. Legacy Insurance generates profits and
capital extractions from expert management of legacy non-life insurance
portfolios. Program Management generates commission income from its licensed
(and rated) carriers in the US, EU and the UK, writing niche and profitable
program business, largely on behalf of highly rated reinsurers.

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

Website: www.rqih.com (http://www.rqih.com)

 

Important Notices

 

This announcement is for information purposes only.

 

This announcement is not intended to and does not constitute an offer to sell
or the solicitation of an offer to subscribe for or buy or an invitation to
purchase or subscribe for any securities or the solicitation of any vote in
any jurisdiction.

 

The release, publication or distribution of this announcement in jurisdictions
outside the United Kingdom may be restricted by law and therefore persons into
whose possession this announcement comes should inform themselves about, and
observe, such restrictions. Any failure to comply with such restrictions may
constitute a violation of the securities law of any such jurisdiction.

 

Fenchurch Advisory Partners LLP, which is authorised and regulated by the
Financial Conduct Authority (the "FCA") in the United Kingdom, is acting
exclusively for R&Q and for no one else in connection with the subject
matter of this announcement and will not be responsible to anyone other than
R&Q for providing the protections afforded to clients of Fenchurch
Advisory Partners LLP nor for providing advice in connection with the subject
matter of this announcement.

 

Barclays Bank PLC ("Barclays") is authorised by the Prudential Regulation
Authority (the "PRA") and regulated in the United Kingdom by the PRA and the
FCA. Barclays is acting exclusively for the Company and no one else in
connection with the content of this announcement or any matters described in
this announcement. Barclays will not regard any other person as its client in
relation to the content of this announcement or any matters described in this
announcement and will not be responsible to anyone other than the Company for
providing the protections afforded to its clients or for providing advice to
any other person in relation to any matter referred to herein.

 

Numis Securities Limited ("Numis"), which is authorised and regulated in the
United Kingdom by the FCA, is acting exclusively for R&Q and no one else
in connection with the matters set out in this announcement and will not
regard any other person as its client in relation to the matters in this
announcement and will not be responsible to anyone other than R&Q for
providing the protections afforded to clients of Numis, nor for providing
advice in relation to any matter referred to herein.

 

Certain statements contained in this announcement constitute "forward-looking
statements" with respect to the financial condition, results of operations and
businesses and plans of the Company and its subsidiaries (the "Group"). Words
such as "believes", "anticipates", "estimates", "expects", "intends", "plans",
"aims", "potential", "will", "would", "could", "considered", "likely",
"estimate" and variations of these words and similar future or conditional
expressions, are intended to identify forward-looking statements but are not
the exclusive means of identifying such statements. These statements and
forecasts involve risk and uncertainty because they relate to events and
depend upon future circumstances that have not occurred. There is a number of
factors that could cause actual results or developments to differ materially
from those expressed or implied by these forward-looking statements and
forecasts. As a result, the Group's actual financial condition, results of
operations and business and plans may differ materially from the plans, goals
and expectations expressed or implied by these forward-looking statements. No
representation or warranty is made as to the achievement or reasonableness of,
and no reliance should be placed on, such forward-looking statements. The
forward-looking statements contained in this announcement speak only as of the
date of this announcement. The Company, its directors, Barclays, Fenchurch
Advisory Partners LLP, Numis, their respective affiliates and any person
acting on its or their behalf each expressly disclaim any obligation or
undertaking to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise, unless
required to do so by applicable law or regulation of the London Stock
Exchange.

 

Unless explicitly labelled as such, no statement in this announcement is
intended to be a profit forecast or profit estimate for any period, and no
statement in this announcement should be interpreted to mean that earnings,
earnings per share or income, cash flow from operations or free cash flow for
the Company for the current or future financial years would necessarily match
or exceed the historical published earnings, earnings per share or income,
cash flow from operations or free cash flow for the Company.

 

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