The sale of Accredited, the programme management business of Bermudian-based R&Q Insurance Holdings Ltd, is expected to close in the second quarter of the year, the company said.

Last April, the board of R&Q announced that it was exploring strategic options for the separation of Accredited and its Legacy Insurance business.

In October, R&Q announced that it had entered into a conditional agreement with funds advised by Onex Corporation to sell 100 per cent of its equity interest in Randall & Quilter America Holding Inc, the holding company of the Accredited business.

The company said: “On the basis set out in the circular sent to shareholders on 14 December 2023 and in recent announcements, R&Q continues to work expeditiously towards achieving satisfaction of the conditions to enable that sale to take place.”

It added: “In the meantime, the board of R&Q continues to evaluate any and all options so as to realise value from its Legacy Insurance business for the benefit of all its stakeholders, including its shareholders, whether that be through the ongoing trading of that business or through alternative strategic options.

“Further announcements will be made, as appropriate, in due course.”