R&Q

The penny finally drops for R&Q shareholders – and with it millions in lost equity

The debt-riddled, loss-making R&Q Group finally sold its program arm Accredited late on Friday to Canadian private equity firm Onex Partners.

R&Q share price slumps 52% following Accredited sale news

London-listed R&Q’s share price collapsed by 52.05 percent at today’s close to below 24.00 pence following the news late on Friday that the group will likely have to cease trading if shareholders do not approve the sale of its profitable Accredited business.

R&Q sells the Accredited crown jewels but proceeds represent only half of debt

The $465mn enterprise value put on Accredited in its proposed sale to Onex Partners appears to be broadly in line with expectations, but net cash proceeds available to R&Q after the deal closes may cover as little as half of the beleaguered parent’s debt, analysis by The Insurer shows.

European MGA-reinsurance fronter Accredited finally sold to Onex Partners

Private equity interest in the MGA-reinsurer fronting sector continued with news late on Friday that European-US hybrid carrier Accredited is to be sold to Onex Partners.

R&Q urges shareholders to back $465mn Accredited spin-off to Onex

R&Q has finally unveiled agreed terms to spin off its profitable fronting business Accredited to Canadian private equity firm Onex Partners, with the London-listed firm warning shareholders that a failure to back the deal may have “material implications on R&Q’s ability to continue as a going concern”.

R&Q falls to $58mn H1 loss after $40mn legacy reserves charge

London-listed R&Q has posted a heavy $58mn pre-tax operating loss for H1 2023 following adverse movements in its legacy back book, but said its up-for-sale fronting arm Accredited continued to perform strongly.

R&Q shares close up 16% after confirming Accredited sale talks with PE firm Onex

R&Q’s share price closed up 16.45 percent on 22 September after the troubled company confirmed it is in discussions with the Canadian private equity firm Onex Corporation over the sale of its hybrid fronting business Accredited.

R&Q shares rise 13% after confirming advanced talks with Onex over Accredited sale

R&Q’s share price has risen 13 percent in early trading following confirmation the company is in advanced discussions with Canadian private equity firm Onex Corporation over the sale of its hybrid fronting business Accredited.

Obra Capital and R&Q name Cooke as CEO of MSAC joint venture

Obra Capital and R&Q have appointed Kevin Cooke to lead its joint venture as CEO of Mine Safety Appliances Company (MSAC).

R&Q appoints Scopia’s Lande as non-executive director

R&Q has appointed Scopia Capital Management’s Jerome Lande as a non-executive director with immediate effect.

Goldmans, Golden Gate and AmTrust among second round bidders for Accredited

Goldman Sachs’ private equity arm, PE firm Golden Gate Capital and AmTrust are among the interested parties in the second round of the bidding process for R&Q-owned fronting carrier platform Accredited, Program Manager understands.

Accredited A- rating reaffirmed by AM Best as R&Q long-term ICR is withdrawn

R&Q has notified AM Best of its decision to withdraw its group long-term issuer credit rating after its Accredited subsidiaries recently became an independent rating unit holding a crucial A- financial strength rating, which is currently under review pending a sale of the program fronting platform.

How far will AM Best’s patience stretch with R&Q?

AM Best understands the damage it can cause when it downgrades a company’s financial strength rating below A-, which is why it is cautious and methodical before taking this step.

R&Q “material uncertainty” as a going concern without Accredited sale: PKF Littlejohn

Auditors for R&Q have warned the firm’s ability to trade forward as a going concern is “conditional on the successful sale” of its fronting business Accredited Group.

R&Q Re ‘Brandywine’ liquidation confirmed by PA regulator

R&Q’s US subsidiary R&Q Re – better known as Brandywine – has formally been ordered into liquidation by a Pennsylvania court with the state’s insurance commissioner Michael Humphreys appointed liquidator, a position which includes exclusive jurisdiction over any claims payouts.

Scopia nominates Lande as R&Q board representative

Scopia Capital Management has named Jerome Lande as its representative to join the R&Q board.

R&Q CEO Spiegel ranks as best-paid London insurance CEO despite record 2022 loss

R&Q CEO William Spiegel saw his executive compensation far exceed that of other London-listed insurance CEOs during 2022 despite the legacy and fronting specialist posting an eye-watering pre-tax loss of $292mn for the full year.

R&Q posts bruising 2022 FY loss of $292mn

Days before it would have been in breach of London Stock Exchange listing rules, R&Q has posted a record pre-tax loss of $292mn fuelled by heavy operating losses in its legacy arm, a series of “one-off” costs and both realised and unrealised investment losses.

R&Q delays 2022 results once again as listing rules deadline fast approaches

R&Q has once again delayed publishing its FY 2022 results and is now perilously close to breaching London Stock Exchange listing rules. The legacy and fronting business has only until Friday before it will have surpassed the six-month financial results deadline rule that applies to companies listed on London’s junior exchange, AIM.

Accredited’s A- rating remains under review following R&Q internal reorg

AM Best has maintained the under review with negative implications status for Accredited’s ratings following parent R&Q completing an internal reorganisation to separate its program management and legacy insurance businesses.

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