R&Q
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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 LPT comes less than a week after the legacy carrier agreed the sale of its program management business, Accredited.
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Shares continued to slide in trading on Tuesday, falling by a further 31%.
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The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
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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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Program management arm Accredited, which is in advanced sale discussions, posted profits of $28.6mn.
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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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