Further to the announcement on 27 June 2024 that Michael Morrison, Mark Allitt and Charles Thresh of Teneo (Bermuda) Limited had been appointed by the Supreme Court of Bermuda as Joint Provisional Liquidators ("JPLs") over R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the Company"), the Company today announces that the sale of 100% of R&Q's equity interest in Accredited Insurance Holdings Inc (formerly known as Randall & Quilter America Holding Inc.), the holding company of R&Q's program management business ("Accredited"), to Onex Partners ("Onex") has been completed for a cash consideration of $420 million.
As at 31 December 2023, Accredited had estimated net assets of $255.6 million and in the year ending 31 December 2023 generated a GAAP pre-tax profit of $23.6 million.
The consideration for the transaction with Onex has been used to implement the separation of the Accredited business from the Company, to pay down a portion of the Company's secured Revolving Credit Facility and provide limited funding to the Company to help facilitate the orderly wind-down of its remaining legacy businesses.
The JPLs will provide a further update on the status of the provisional liquidation of the Company's remaining legacy business as soon as practical.
Queries in relation to the provisional liquidation can be submitted to the JPLs at rqih-info@teneo.com.
