R&Q
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Program management arm Accredited, which is in advanced sale discussions, posted profits of $28.6mn. -
Insurance Insider revealed yesterday that the two firms were in advanced talks over a potential transaction.
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Goldman Sachs’ private equity arm and Atlas Merchant are no longer involved in the process, sources said.
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It is understood that the three firms are in the late stages of the process, with a September deal targeted.
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Jerome Lande is deputy CIO and managing partner at Scopia Capital Management.
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The downgrade and withdrawal follows R&Q’s request to no longer participate in AM Best’s interactive rating process.
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Scopia nominated Jerome Lande as its representative to be appointed to the R&Q board, subject to due diligence checks.
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The CEO received $3.9mn in shares alongside his salary and bonus.
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The carrier’s legacy business reported pre-tax losses of $56.6mn, while its Accredited business recorded a pre-tax profit of $55.7mn.
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The agency maintained the financial strength rating of A- for Accredited, reflecting a "very strong" balance sheet.
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Accredited and R&Q Legacy will now operate under two separate holding companies within the group.
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The decision comes after R&Q announced it was looking to separate Accredited, its programme management business, and its legacy insurance business.
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