R&Q

R&Q is selling its 40% minority stake in Tradesman, which it acquired in 2019 following the acquisition of Sandell Re.

The R&Q founder had been linked to 777 since its attempted acquisition of the listed firm.

Among the programmes accredited, R&Q agreed its first in Germany.

Going forward, the legacy M&A division will be led by co-heads Huw Battrick and Parri Spector.

The executive chairman has sold around half of his holding back to the company.

The pair have acquired an MSA subsidiary that holds product liability claims for exposure to harmful substances.

The LPT will provide the unnamed California-based pool with reserves related to legacy general liability, employment practices liability and auto liability risks.

The carrier also reported a fee income of $60mn, up from $30mn in the nine-month period ended 30 September 2021.

Huw Battrick replaces Tom Dixon, who left R&Q earlier this year after more than six years at the carrier.

Activist investors had tabled resolutions to oust William Spiegel as executive chairman and appoint Ken Randall as a director.

The carrier’s programme management business’ GWP rose by 82% to $807.3mn.

Phoenix’s original letter, penned by CIO and co-founder Gary Channon last week, described the carrier as being “not competently led” by executive chairman William Spiegel.