R&Q shareholders to vote on proposed sale of Accredited
Shareholders of Bermudian-based R&Q Insurance Holdings Ltd are to vote on the company’s proposed sale of Accredited, its programme management business, at a special general meeting next month.
The meeting will be held in London on January 11, with shareholder approval required for the proposed sale to go through.
In April, R&Q announced that it was undertaking a strategic initiative to separate its legacy insurance business, R&Q Legacy, from its programme management business, Accredited.
In October, R&Q said that it had entered into a conditional agreement with funds advised by Onex Corporation to sell 100 per cent of the equity interest in Randall & Quilter America Holdings Inc, the holding company of Accredited, for a purchase price of $465 million, which represents an expected equity value of approximately $438 million when adjusted for Accredited’s existing debt commitments.
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