Bermuda-based global specialty insurance firm R&Q Insurance Holdings said on Friday it would divest its insurance and program management business, Accredited, to Onex Corp. 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.
R&Q Announces Capital Raise of $50M-$60M, Completes Reorganization
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)
Topics Canada
Was this article valuable?
Here are more articles you may enjoy.
Lemonade Books Q4 Net Loss of $21.7M as Customer Count Grows 
Fla. Commissioner Offers Major Changes to Citizens’ Commercial Clearinghouse Plan 
World’s Growing Civil Unrest Has an Insurance Sting 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
