(Alliance News) – R&Q Insurance Holdings Ltd on Monday confirmed the filing of a liquidation application for the company in Bermuda and announced the sale of its general insurance business.
The Bermuda-based non-life insurer announced on June 19 that it would file for provisional liquidation in Bermuda.
The move is the result of an alternative proposal to sell the company’s accredited program management business to Onex Corp, through holding company Randall & Quilter America Holding Inc.
On June 21, the company filed an application with the Supreme Court of Bermuda to appoint liquidators to oversee the final liquidation of the company.
Additionally, R&Q said it has agreed to sell its former UK general insurance company, Inceptum Insurance Co Ltd, to Marco Capital Holdings Ltd, a Malta-based acquisition group.
The agreement represents the sale of all shares of Inceptum, as well as the novation of all related insurance agreements with other R&Q entities.
As of December 31, Inceptum held £19 million in net assets and generated a loss of £2 million.
R&Q is expected to receive £11.3 million in cash for the sale in the third quarter, and the transaction is expected to generate £13 million of cash for the company.
The transaction is contingent on the sale of Accredited.
R&Q Insurance shares are suspended in London. They were last traded at 0.08p each on June 19.
By Elijah Dale, Alliance News reporter
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