Bermuda-based R&Q Insurance Holdings is set to file for provisional liquidation as it attempts to complete the sale of a subsidiary to Canadian private equity firm Onex Corporation.
The troubled insurer, which has been trying to sell programme management business Accredited since November 2023, said it considered provisional liquidation and the subsequent sale of the company to Onex to be its best option to secure value.
R&Q said it will request that trading in the company’s shares on the AIM exchange be suspended and it will be filing for liquidation in the Supreme Court of Bermuda “in due course”. R&Q’s shares had dropped from 1.85 on June 12 to 6p in trading yesterday before the shares were suspended. They closed at 10p.
R&Q announc…
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