TIDMRQIH
RNS Number : 2899N
R&Q Insurance Holdings Ltd
22 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
22 September 2023
R&Q Insurance Holdings Ltd
Statement regarding the recent press comment in relation to the
sale of Accredited
The Board of R&Q Insurance Holdings Ltd ("R&Q", the
"Company") notes the press commentary regarding a potential sale of
the Company's Program Management business, Accredited.
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 ("Onex") regarding a potential sale of Accredited .
I f and when appropriate, a further announcement will be
made.
Ends
Enquiries to:
R&Q Insurance Holdings Ltd Tel: +44(0)20 7780 5850
William Spiegel Tel: 020 3727 1051
Tom Solomon
Fenchurch Advisory Partners LLP (Financial Adviser) Tel: +44
(0)20 7382
2222
Kunal Gandhi
John Sipp
Brendan Perkins
Richard Locke
Tihomir Kerkenezov
Barclays Bank PLC (Financial Adviser and Joint Broker) Tel: +44
(0)20
7632 2322
Gary Antenberg
Andrew Tusa
Michael Hart
Numis Securities Limited (Nominated Adviser and Joint Broker) Tel
: +44
(0)20 7260 1000
Charles Farquhar
Giles Rolls
FTI Consulting Tel: +44 (0)20 3727 1051
Tom Blackwell
Notes to Editors:
About R&Q
R&Q is a non-life global specialty insurance company
operating two highly complementary businesses: Program Management
and Legacy Insurance. Both of these businesses are leaders in
markets with high barriers to entry and significant growth
opportunities. Legacy Insurance generates profits and capital
extractions from expert management of legacy non-life insurance
portfolios. Program Management generates commission income from its
licensed (and rated) carriers in the US, EU and the UK, writing
niche and profitable program business, largely on behalf of highly
rated reinsurers.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
Important Notices
This announcement is for information purposes only.
This announcement is not intended to and does not constitute an
offer to sell or the solicitation of an offer to subscribe for or
buy or an invitation to purchase or subscribe for any securities or
the solicitation of any vote in any jurisdiction.
The release, publication or distribution of this announcement in
jurisdictions outside the United Kingdom may be restricted by law
and therefore persons into whose possession this announcement comes
should inform themselves about, and observe, such restrictions. Any
failure to comply with such restrictions may constitute a violation
of the securities law of any such jurisdiction.
Fenchurch Advisory Partners LLP, which is authorised and
regulated by the Financial Conduct Authority (the "FCA") in the
United Kingdom, is acting exclusively for R&Q and for no one
else in connection with the subject matter of this announcement and
will not be responsible to anyone other than R&Q for providing
the protections afforded to clients of Fenchurch Advisory Partners
LLP nor for providing advice in connection with the subject matter
of this announcement.
Barclays Bank PLC ("Barclays") is authorised by the Prudential
Regulation Authority (the "PRA") and regulated in the United
Kingdom by the PRA and the FCA. Barclays is acting exclusively for
the Company and no one else in connection with the content of this
announcement or any matters described in this announcement.
Barclays will not regard any other person as its client in relation
to the content of this announcement or any matters described in
this announcement and will not be responsible to anyone other than
the Company for providing the protections afforded to its clients
or for providing advice to any other person in relation to any
matter referred to herein.
Numis Securities Limited ("Numis"), which is authorised and
regulated in the United Kingdom by the FCA, is acting exclusively
for R&Q and no one else in connection with the matters set out
in this announcement and will not regard any other person as its
client in relation to the matters in this announcement and will not
be responsible to anyone other than R&Q for providing the
protections afforded to clients of Numis, nor for providing advice
in relation to any matter referred to herein.
Certain statements contained in this announcement constitute
"forward-looking statements" with respect to the financial
condition, results of operations and businesses and plans of the
Company and its subsidiaries (the "Group"). Words such as
"believes", "anticipates", "estimates", "expects", "intends",
"plans", "aims", "potential", "will", "would", "could",
"considered", "likely", "estimate" and variations of these words
and similar future or conditional expressions, are intended to
identify forward-looking statements but are not the exclusive means
of identifying such statements. These statements and forecasts
involve risk and uncertainty because they relate to events and
depend upon future circumstances that have not occurred. There is a
number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements and forecasts. As a result, the Group's
actual financial condition, results of operations and business and
plans may differ materially from the plans, goals and expectations
expressed or implied by these forward-looking statements. No
representation or warranty is made as to the achievement or
reasonableness of, and no reliance should be placed on, such
forward-looking statements. The forward-looking statements
contained in this announcement speak only as of the date of this
announcement. The Company, its directors, Barclays, Fenchurch
Advisory Partners LLP, Numis, their respective affiliates and any
person acting on its or their behalf each expressly disclaim any
obligation or undertaking to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required to do so by applicable
law or regulation of the London Stock Exchange.
Unless explicitly labelled as such, no statement in this
announcement is intended to be a profit forecast or profit estimate
for any period, and no statement in this announcement should be
interpreted to mean that earnings, earnings per share or income,
cash flow from operations or free cash flow for the Company for the
current or future financial years would necessarily match or exceed
the historical published earnings, earnings per share or income,
cash flow from operations or free cash flow for the Company.
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END
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