Legacy
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago. -
The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
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The bids received did not meet the seller’s reserve price, and it is likely to remarket the unit in two to three years.
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R&Q expects ongoing operating losses after the sale as transitions its legacy business to a fee-based model.
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Halfway through a complex restructuring is not the time for a CEO (and CFO) change.
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R&Q CEO William Spiegel will transfer to the Accredited program management business.
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Darag’s German outfit completed the transaction to assume expired long-term liability insurance policies from the undisclosed captive.
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The seller is facing an uphill struggle convincing its legacy rivals that there is strategic value in the merger deal.
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Although the total deal values for 2022 and 2023 were almost identical, PwC noted that one-third fewer deals were announced in the more recent half-year period.
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Catalina put its Irish subsidiary up for sale in May as it looks to streamline operations.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.
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