R&Q confirms talks to sell Accredited
R&Q Insurance Holdings (R&Q) has confirmed that it is in talks to sell its programme management business Accredited.
Following press speculation, London-based specialty insurer R&Q said it was in advanced negotiations with Canadian private equity investment manager Onex Corp over the potential sale of Accredited, which supports managing general agents in the US, Europe and the UK.
In a statement Friday, R&Q said: “As previously announced, the board has been undertaking a review of the strategic options for the Group, which has included the legal separation of Accredited and R&Q Legacy. The board confirms that it is in an advanced stage of discussions with Onex Corporation regarding a potential sale of Accredited.”
In June, R&Q announced plans to raise capital and separate its legacy and programme management businesses, including the potential disposal of Accredited. At the time, R&Q said: “R&Q continues to explore strategic transactions with third parties as part of the separation to enable Accredited to operate independently. A process is underway for the potential sale of Accredited, with interest expressed from a number of parties. In addition, a variety of strategic alternatives are being explored in relation to R&Q Legacy.”
R&Qs legacy business specialises in acquiring the assets and liabilities of captives and industry mutuals.
