Statement re Press Comment

R&Q Insurance Holdings Ltd

22 September 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

22 September 2023

R&Q Insurance Holdings Ltd

Statement regarding the recent press comment in relation to the sale of Accredited

The Board of R&Q Insurance Holdings Ltd ("R&Q", the "Company") notes the press commentary regarding a potential sale of the Company's Program Management business, Accredited.

As previously announced, the Board has been undertaking a review of the strategic options for the Group, which has included the legal separation of Accredited and R&Q Legacy. The Board confirms that it is in an advanced stage of discussions with Onex Corporation ("Onex") regarding a potential sale of Accredited.

If and when appropriate, a further announcement will be made.

Ends

Enquiries to: R&Q Insurance Holdings Ltd                                                                     Tel: [phone] William Spiegel Tom Solomon Fenchurch Advisory Partners LLP (Financial Adviser)                       Tel: [phone] Kunal Gandhi John Sipp Brendan Perkins Richard Locke Tihomir Kerkenezov Barclays Bank PLC (Financial Adviser and Joint Broker)                    Tel: [phone] Gary Antenberg Andrew Tusa Michael Hart Numis Securities Limited (Nominated Adviser and Joint Broker)            Tel : [phone] Charles Farquhar                                                                                  Giles Rolls                                                                                            FTI Consulting                                                                                        Tel: [phone] Tom Blackwell                                                                                        Tel: [phone]

Notes to Editors:

About R&Q 

R&Q is a non-life global specialty insurance company operating two highly complementary businesses: Program Management and Legacy Insurance. Both of these businesses are leaders in markets with high barriers to entry and significant growth opportunities. Legacy Insurance generates profits and capital extractions from expert management of legacy non-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

Website: www.rqih.com

Important Notices

This announcement is for information purposes only.

This announcement is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction.

The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.

Fenchurch Advisory Partners LLP, which is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom, is acting exclusively for R&Q and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than R&Q for providing the protections afforded to clients of Fenchurch Advisory Partners LLP nor for providing advice in connection with the subject matter of this announcement.

Barclays Bank PLC ("Barclays") is authorised by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the FCA. Barclays is acting exclusively for the Company and no one else in connection with the content of this announcement or any matters described in this announcement. Barclays will not regard any other person as its client in relation to the content of this announcement or any matters described in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice to any other person in relation to any matter referred to herein.

Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for R&Q and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than R&Q for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to herein.

Certain statements contained in this announcement constitute "forward-looking statements" with respect to the financial condition, results of operations and businesses and plans of the Company and its subsidiaries (the "Group"). Words such as "believes", "anticipates", "estimates", "expects", "intends", "plans", "aims", "potential", "will", "would", "could", "considered", "likely", "estimate" and variations of these words and similar future or conditional expressions, are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon future circumstances that have not occurred. There is a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. The forward-looking statements contained in this announcement speak only as of the date of this announcement. The Company, its directors, Barclays, Fenchurch Advisory Partners LLP, Numis, their respective affiliates and any person acting on its or their behalf each expressly disclaim any obligation or undertaking to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable law or regulation of the London Stock Exchange.

Unless explicitly labelled as such, no statement in this announcement is intended to be a profit forecast or profit estimate for any period, and no statement in this announcement should be interpreted to mean that earnings, earnings per share or income, cash flow from operations or free cash flow for the Company for the current or future financial years would necessarily match or exceed the historical published earnings, earnings per share or income, cash flow from operations or free cash flow for the Company.

 

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