22nd Dec 2023 10:54
R&Q Insurance Holdings Ltd - Hamilton, Bermuda-based non-life specialty insurance company - Has "engaged closely" in recent months with Bermuda Monetary Authority, its principal insurance regulator, regarding the future strategy for R&Q Legacy. R&Q in October announced plans to sell its Accredited unit for USD465 million, leaving R&Q Legacy as a stand-alone business. BMA has now requested an independent actuarial review of the remaining group's reserves.
BMA says R&Q will need to pause redemption of the Tier 2 USD20 million floating rate subordinated notes issued by R&Q Re (Bermuda) Ltd and due Friday. Notes remain outstanding, and R&Q will continue paying interest. R&Q also must put on hold approval of any new external legacy transactions to Re (Bermuda) while the BMA undertakes its review, including the UK Motor loss portfolio transfer announced in late October. R&Q says these decisions will impact Legacy's ability to complete transactions in the short term, but its overall strategy for the Legacy business is unchanged.
Current stock price: 8.78 pence, down 20% on Friday morning in London
12-month change: down 85%
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.