R&Q Insurance Holdings Ltd Sale of Accredited to Onex Partners
June 28 2024 - 1:07PM
RNS Regulatory News
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
-Ends-
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