R&Q

R&Q seeks to strengthen board with Welch and Hirsh appointments

London-listed R&Q Insurance Holdings has bolstered its board with the dual appointments of Stephen Welch and Lawrence Hirsh as non-executive directors, effective from 18 April 2024.

R&Q share price slumps 45% on weak FY23 guidance

London-listed R&Q’s share price collapsed by 45 percent on Friday following news that the group is to sell its 49 percent stake in a corporate legacy joint venture with Obra Capital and that it expects to post a “significant pre-tax loss” for 2023.

R&Q to sell corporate legacy JV stake to Obra Capital; anticipates “significant” pre-tax loss in 2023

R&Q Insurance Holdings has reached an agreement to sell its share in a joint venture with Obra Capital to the investment fund in a deal worth $30mn, as the London-listed firm warned that it expects to post a “significant pre-tax loss” for 2023.

European Commission gives green light to Onex acquisition of R&Q Accredited

The European Commission has approved private equity firm Onex Corporation’s proposed $465mn acquisition of R&Q’s profitable program fronting platform Accredited.

R&Q considering strategic options outside ongoing trading for beleaguered legacy arm

R&Q has responded to “recent press speculation” with confirmation its board is evaluating any and all options for R&Q Legacy, which includes alternative strategic options outside the ongoing trading of the business.

BMA engages PwC to scrutinise R&Q as tricky balancing act continues

PwC is acting for the Bermuda Monetary Authority to assess the adequacy of R&Q’s legacy reserves as the regulator scrutinises the details of the proposed break-up of the beleaguered company, The Insurer can reveal.

R&Q shareholders approve controversial $465mn Accredited sale by 55% to 45%

R&Q shareholders have narrowly backed the legacy and program management specialist’s proposed $465mn sale of fronting arm Accredited in a major win for CEO William Spiegel and CFO Tom Solomon.

D-Day for R&Q as investors vote on $465mn Accredited sale

The brutal destruction of value in R&Q over the last two years sets the scene for the vote on the $465mn Accredited deal, scheduled for today at 2.30pm at the group’s London office.

R&Q co-founder Alan Quilter retires

The “Q” of London-listed legacy acquisition firm R&Q has retired from the group more than 30 years after he co-founded the business with Ken Randall.

The 12 themes of 2023 – Part 3

The Insurer’s editorial team chooses 12 of the most significant events or trends that emerged in 2023, following parts one and two earlier this week.

Scopia reduces stake in R&Q to 7.7%

New York-based investment fund Scopia Capital Management has reduced its stake in R&Q to 7.72 percent, having only recently expanded it from 8.03 percent to 9.29 percent.

BMA orders R&Q to cease writing new legacy business

The troubled run-off acquisitions company R&Q has been told to put on hold the approval of any new external legacy transactions through its Bermudian reinsurance unit until the Bermuda Monetary Authority completes its review of R&Q Legacy.

Slater has lost £50mn+ on R&Q; which way will it lean now?

UK fund manager Slater Investments is one of many R&Q investors nursing heavy paper losses following the company’s extraordinary implosion in 2023. Now they are being asked to back the management duo leaving with R&Q’s only profitable business…

R&Q received four bids for Accredited as both legacy and program heads exit

Legacy and program firm R&Q received four bids during the sale process for its fronting arm Accredited, three of which required R&Q’s CEO William Spiegel and CFO Tom Solomon to transition over to Accredited following completion, the London-listed company said today.

R&Q sets Jan date for $465mn Accredited sale shareholder vote

London-listed R&Q has set an 11 January date for shareholders to vote on the proposed spin-off of the embattled group’s profitable fronting arm Accredited.

Slater, R&Q shareholders express concerns over controversial $465mn Accredited spin-off

UK fund manager Slater Investments is one of a number of R&Q investors agitating for greater scrutiny of the company’s proposed $465mn restructure, which will result in shareholders lumbered with a loss-making legacy business while the company’s senior management duo defect with its profitable program business to the Canadian PE firm Onex Partners.

R&Q senior exits continue with Masel departure

Senior exits from the troubled legacy and program firm R&Q have continued, with New York-based Ben Masel the latest departure.

Scopia expands stake in R&Q to close to 10%

New York-based investment fund Scopia Capital Management has expanded its stake in R&Q to 9.74 percent after buying more than six million shares in the company over the past week.

R&Q confirms plans to explore its own back-years legacy deal in turnaround bid

R&Q is exploring the potential sale or securitisation of back-book legacy liabilities as part of a refocused strategy to de-risk and minimise volatility in its balance sheet, following the sale of fronting arm Accredited.

$465mn Accredited spin-off in play as R&Q share price collapses

The extraordinary collapse in London-listed R&Q’s share price this week is creating doubt over the agreed $465mn sale of its fronting business Accredited to Onex Partners.

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