Bermudian-based R&Q Insurance Holdings Ltd has appointed Stephen Welch and Lawrence Hirsh to its board as non-executive directors.

The company said Mr Welch has worked for financial sponsors and investors in both executive and non-executive roles.

He has extensive experience managing complex corporate issues, including several restructuring situations of regulated financial services and insurance businesses.

Mr Welch is also a non-executive director of Telegraph Media Group Ltd, The Spectator (1828) Ltd and the Primary Group Ltd.

He was a partner at McGrathNicol and a senior managing director at FTI Consulting, and is a chartered accountant.

R&Q said Mr Hirsh has acted as an independent board member and adviser to a number of companies, providing financial and operational services.

He was previously a managing director for Alvarez & Marsal, leading its Southeastern US Corporate Restructuring Practice, and a partner at Arthur Andersen LLP.

As both an adviser and during his career, the company said, Mr Hirsh has a track record of helping drive operational improvements and cost reduction programmes.

Jeff Hayman, chairman of R&Q, said: “Stephen and Lawrence both bring relevant additional experience to the board, in particular with regards to our priorities of reducing debt and improving the efficiency and expense base of the go-forward business.

“As we continue to work towards completing the sale of Accredited, these appointments also support our ongoing discussions with lenders to achieve their necessary approvals.”