R&Q Insurance in advanced talks with Onex for sale of Accredited unit
R&Q Insurance Holdings Ltd, the global non-life specialty insurance giant, has turned heads in the industry with emerging press speculations hinting at a potential divestment of its coveted Program Management division, Accredited. This follows closely on the heels of previous announcements by the Board, which underscored a comprehensive review of strategic alternatives for the broader Group. These included the legal bifurcation of Accredited and R&Q Legacy.
Onex Corporation Positioned as the Potential Buyer
The board has advanced significantly in its deliberations with Onex Corporation (“Onex”) in the context of potentially offloading Accredited. While stakeholders eagerly await conclusive news, the Board pledges to release further updates when deemed fit.
A Closer Look at Accredited’s Global Footprint
Established as a vanguard in program management, Accredited boasts a commanding presence across the US, UK, and Europe. Its unrivaled feat lies in its unique capability to extend A- rated insurance capacity uniformly across these territories. Furthermore, it can seamlessly undertake both admitted and non-admitted business dealings in every US state.
Elaborating on its US credentials, Accredited America rolls out a comprehensive spectrum of insurance solutions, encompassing all 50 states and even the District of Columbia. Buttressing this arm are two powerhouses: Accredited Surety and Casualty Company, Inc. and Accredited Specialty Insurance Company. Both entities proudly flaunt an A- rating complemented by a Financial Size Rating of VIII as per A.M. Best.
On the European front, R&Q Accredited Europe, anchored in Malta, champions the provision of capacity solutions. Its influence spans the UK and spills over into various European nations, covering a multitude of product lines.