R&Q Insurance Holdings Ltd. warns it is facing growing financial difficulties, which could affect the companys stability as a business and ultimately lead to liquidation.
In a June 13 statement, R&Q acknowledges it has been struggling under the weight of adverse loss development in its core legacy acquisition business, unexpected costs and expenses associated with sale of its program management business, Accredited, as well as the inability to consummate external legacy transactions.
For several years, R&Q has been aiming to restructure the company, namely by raising capital and selling assets, including the sale of Accredited, to Onex Corp., the Toronto-based private equity company, for a purchase price of $4…
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