R&Q

R&Q Gamma’s outstanding liabilities predominantly relate to the UK P&I Club.

The restructuring arrangement is designed to protect creditors.

The transaction has received all required regulatory approvals and closed.

He joins from R&Q Insurance Holdings, where he has been chief accounting officer.

The transaction with Enstar covers $234mn of net Accredited reserves.

The liquidators were confirmed at a hearing in Bermuda yesterday.

The Bermuda courts will assess Onex’s lower, revised offer for the fronting unit.

The transaction is conditional to the completion of the sale of shares in Accredited to Onex.

In this episode, Liberal Democrat parliamentary candidate for the Cities of London and WestminsterEdward Lucas discusses the importance of financial services in the political debate.

The liquidation will let the company sell its Accredited arm to Onex via an alternative transfer structure.

With topco liquidation looming, there are questions for R&Q and the wider market.

The agency will keep the review open until the company’s sale completes.

Onex has proposed an alternative sale structure, which includes R&Q’s potential liquidation.

The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.

Available net cash proceeds on closing are now down ~$100mn to $65mn-$110mn

The company is still working to get debt holder approval for the Accredited deal.

The company reiterated its commitment to consummating the Accredited sale.

The Lloyd’s legacy business has been placed up for sale, along with other units.

R&Q is still dealing with a Bermudian regulatory review, personnel turnover and a transitioning business model.

Just over half of votes cast were in favour of the $465mn sale to Onex.

The company announced in March last year that the executive was set to retire.

The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.

The company reiterated that, if the sale does not complete, R&Q “may not be able to repay its debt facilities as they become due, and R&Q would, therefore, be unable to continue as a going concern”.

The company said that the targets were dependent on ‘many factors’, including closing the Accredited sale and paying down debt.