R&Q
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The two carriers have injected a further $100mn into the underwriting project. -
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The legacy and programme specialist has also changed its name to R&Q Insurance Holdings.
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The legacy specialist started the fundraise in the wake of a collapsed takeover by Brickell.
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The longevity specialist had sought to sell on R&Q shares pledged to it as collateral.
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The price is a 14% premium on yesterday’s close but substantially below the price that Brickell offered to take the firm private.
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The settlement is a “contribution towards costs” from R&Q to Brickell but not an “admission of liability by either party”.
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The investment management firm holds a 12.4% stake in the company.
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The company also gave further details on its planned $100mn fundraise.
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The legacy carrier’s program fee income was $18mn, a 125% year-on-year increase.
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The review follows the move by Brickell to terminate its acquisition plans, as AM Best noted an expected 2021 loss for R&Q of $135mn-$145mn.
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