R&Q Insurance Holdings Ltd Comment on recent press speculation

RNS Number : 0369F

R&Q Insurance Holdings Ltd

01 March 2024

 

R&Q Insurance Holdings Ltd

 

Comment on recent press speculation

 

1 March 2024

 

R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the Company") notes the recent press speculation regarding the Company.

 

In April 2023, the Board of R&Q announced that it was exploring strategic options for the separation of its Program Management business, Accredited, and its Legacy Insurance business. As announced on 20 October 2023, R&Q has entered into a conditional agreement with funds advised by Onex Corporation to sell 100% of its equity interest in Randall & Quilter America Holding Inc., the holding company of the Accredited business. On the basis set out in the circular sent to shareholders on 14 December 2023 and in recent announcements, R&Q continues to work expeditiously towards achieving satisfaction of the conditions to enable that sale to take place. R&Q currently expects closing of that sale to occur in Q2 2024. In the meantime, the Board of R&Q continues to evaluate any and all options so as to realise value from its Legacy Insurance business for the benefit of all its stakeholders, including its shareholders, whether that be through the ongoing trading of that business or through alternative strategic options.

 

Further announcements will be made, as appropriate, in due course.

 

-Ends-

 

Enquiries to:   R&Q Insurance Holdings Ltd                                                                          Tel: [phone] Jeff Hayman William Spiegel Tom Solomon   Fenchurch Advisory Partners LLP (Financial Adviser)                              Tel: [phone] Kunal Gandhi Brendan Perkins John Sipp Richard Locke Tihomir Kerkenezov   Barclays Bank PLC (Financial Adviser and Joint Broker)                          Tel: [phone] Gary Antenberg Richard Bassingthwaighte Anusuya Nayar Gupta Grant Bickwit   Howden Tiger (Financial Adviser)                                                                 Tel : [phone] Rob Bredahl                                                                                  Leo Beckham                                                                                               Deutsche Numis (Nominated Adviser and Joint Broker)                           Tel : [phone] Charles Farquhar                                                                                  Giles Rolls                                                                                              FTI Consulting                                                                                         Tel: [phone] Tom Blackwell                                                                                          ​

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

SPCFLFFRFAIAFIS