R&Q agrees sale of Inceptum

R&Q Insurance Holdings Ltd
24 June 2024
 

R&Q Insurance Holdings Ltd

 

R&Q agrees sale of Inceptum

 

24 June 2024

 

R&Q Insurance Holdings Ltd (AIM: RQIH) ("R&Q" or "the Company") today announces an agreement to sell Inceptum Insurance Company Limited ("Inceptum"), a legacy general insurance company located in the UK and regulated by the PRA and FCA, to Marco Capital Holdings Limited ("Marco"), a Malta based legacy acquisition group (the "Transaction"). 

 

The Transaction is conditional on the completion of the previously announced sale of the shares in Accredited to Onex. The Transaction also includes and is subject to the completion of certain reinsurance agreements, between R&Q entities, Accredited Insurance Europe Ltd ("AIEL"), and R&Q Re (Bermuda) Ltd and Inceptum being novated to Marco Re Limited ("Marco Re"). The Transaction has already received necessary R&Q board approvals, but is subject to change of control approval by the PRA and other regulatory approvals as required for the reinsurance agreements. 

 

The agreement represents the sale of 100% of the shares of Inceptum to Marco, alongside the novation of any related reinsurance arrangements with other R&Q entities (including AIEL). As at 31 December 2023, Inceptum had estimated net assets of £19m. In the year to 31 December 2023, Inceptum generated a loss of £2m.

 

R&Q will receive £11.25m for the sale of the shares in Inceptum, payable in cash. Inclusive of the impact of the novation of the reinsurance arrangements, the Transaction is expected to generate approximately £13m of liquidity for the Company.

 

The cash proceeds from the sale of the shares in Inceptum will be received on completion, anticipated to be Q3 2024.

 

 

 

-Ends-

 

Enquiries to:

 

R&Q Insurance Holdings Ltd                                                                      Tel: +44 (0)20 7780 5850

Jeff Hayman

William Spiegel

Tom Solomon

 

Fenchurch Advisory Partners LLP (Financial Adviser)                             Tel: +44 (0)20 7382 2222

Kunal Gandhi

Brendan Perkins

John Sipp

Richard Locke

Tihomir Kerkenezov

 

Barclays Bank PLC (Financial Adviser and Joint Broker)                        Tel: +44 (0)20 7632 2322

Gary Antenberg

Richard Bassingthwaighte

Anusuya Nayar Gupta

Grant Bickwit

 

Howden Tiger (Financial Adviser)                                                               Tel : +44 (0)20 7398 4888

Rob Bredahl                                                                                 

Leo Beckham                                                                                           

 

Deutsche Numis (Nominated Adviser and Joint Broker)                          Tel : +44 (0)20 7260 1000

Charles Farquhar                                                                                 

Giles Rolls                                                                                           

 

Ankura Consulting (Europe) (Debt Financial Adviser)                              Tel : +44 (0)20 7469 1111

Alistair Dick                                                                                 

 

FTI Consulting                                                                                               Tel: +44 (0)20 3727 1051

Tom Blackwell                                                                                       


 


 



 

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