R&Q has raised US$50m in preferred equity with potential to increase to US$60m. The financing is being provided by Scopia Capital Management which has a last disclosed holding of 8.0% in R&Q. The proceeds are to be used to increase capitalisation for the R&Q Legacy business and for general corporate purposes. R&Q has now received all approvals necessary to complete the separation of the Accredited program management and R&Q Legacy businesses in connection with which Accredited is no longer paying intra-group dividends to R&Q as it seeks an independent credit rating from AM Best. A process is underway for the potential sale of Accredited. Separately, R&Q has reported strong results for 1Q23 from the Accredited business with Gross Written Premium (GWP) of US$0.5bn and Program Fee Income (PFI) of US$22m.
13 Jun 2023
R&Q Insurance Holdings | Financing Update
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R&Q Insurance Holdings | Financing Update
R&Q Insurance Holdings Ltd (RQIH:LON) | 1.9 0 0.0% | Mkt Cap: 7.21m
- Published:
13 Jun 2023 -
Author:
Colin Smith -
Pages:
2
R&Q has raised US$50m in preferred equity with potential to increase to US$60m. The financing is being provided by Scopia Capital Management which has a last disclosed holding of 8.0% in R&Q. The proceeds are to be used to increase capitalisation for the R&Q Legacy business and for general corporate purposes. R&Q has now received all approvals necessary to complete the separation of the Accredited program management and R&Q Legacy businesses in connection with which Accredited is no longer paying intra-group dividends to R&Q as it seeks an independent credit rating from AM Best. A process is underway for the potential sale of Accredited. Separately, R&Q has reported strong results for 1Q23 from the Accredited business with Gross Written Premium (GWP) of US$0.5bn and Program Fee Income (PFI) of US$22m.