Shareholders of Bermudian-based R&Q Insurance Holdings Ltd have approved the company’s proposed sale of Accredited, its programme management business, at a special general meeting held on Thursday in London.

A resolution to approve the sale received 155,182,983 votes, or 55.22 per cent of votes cast.

There were 125,838,348 votes cast against the resolution, or 44.78 per cent of votes cast.

The total votes cast as a percentage of issued share capital was 74.46 per cent.

A spokesman for R&Q said: “R&Q continues to work expediently towards satisfying all other remaining conditions to the sale and remains hopeful that appropriate agreements can be reached with all of its lending banks, providers of credit and other finance providers to enable the sale to take place.”

The company said closing was expected to occur late in the first quarter of 2024 or early in the second quarter.

Last 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.