-
The executive joined the legacy carrier as CIO in 2020.
-
As part of the transaction, Carrick will assume the company’s staff and operations.
-
R&Q is still dealing with a Bermudian regulatory review, personnel turnover and a transitioning business model.
-
Just over half of votes cast were in favour of the $465mn sale to Onex.
-
The legacy carrier has acquired two portfolios of European casualty and motor liabilities from two separate insurance groups.
-
Selling investor Zimmer said the deal was concluded at a premium to book value, but no numbers were disclosed.
-
The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
-
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.
-
The bids received did not meet the seller’s reserve price, and it is likely to remarket the unit in two to three years.
-
R&Q expects ongoing operating losses after the sale as transitions its legacy business to a fee-based model.
-
Halfway through a complex restructuring is not the time for a CEO (and CFO) change.