REG - R&Q Insurance Hldgs - R&Q agrees sale of Inceptum

R&Q Insurance HoldingsAnnouncement

24/06/2024 07:00

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RNS Number : 4911T  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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