Legacy

The transaction would have been one of the largest the market has seen for years.

The executive joined the legacy carrier as CIO in 2020.

As part of the transaction, Carrick will assume the company’s staff and operations.

Just over half of votes cast were in favour of the $465mn sale to Onex.

The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.

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Need to Know

The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.

The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.

R&Q said it expects ongoing operating losses after the sale as it works on transitioning its legacy business to a fee-based model, with plans to explore further transactions to de-risk and reduce volatility.

R&Q CEO William Spiegel will transfer to the Accredited program management business.

Although the total deal values for 2022 and 2023 were almost identical, PwC noted that one-third fewer deals were announced in the more recent half-year period.