R&Q
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The downgrade and withdrawal follows R&Q’s request to no longer participate in AM Best’s interactive rating process. -
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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The company is considering separating its program management business Accredited from its legacy division.
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The split of the program and legacy businesses is the most obviously compelling path for R&Q shareholder value creation.
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The company believes the program management and legacy businesses would work better as standalone operations.
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Jeffrey Hayman has been nominated as non-executive chairman.
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After taking a $90mn capital charge relating to the former Ace run-off asbestos book in 2021, the group is looking to liquidate the entity.
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