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CPE News (10.21.2023) – Onex Corporation (TSX: ONEX) has announced that Onex Partners V has agreed to acquire Accredited, the global program management business of R&Q Insurance Holdings Ltd. (LSE: RQIH).
Onex chose not to disclose purchase price in its news release while it is publicly available from R&Q.
R&Q disclosed the entering into a conditional agreement with Onex Partners V to sell 100% of the equity interest in Randall & Quilter America Holding Inc., the holding company of Accredited, for an enterprise value of $465 million, representing an expected equity value of approximately $438 million. (all dollar figures in US dollars)
R&Q said the closing of the sale is conditional on R&Q shareholder approval, regulatory approval and customary consents from certain R&Q debt providers. The sale is also conditional on the transfer of R&Q’s CEO William Spiegel, and CFO Thomas Solomon to Accredited upon closing.
Accredited is a leading program manager, providing A-rated insurance capacity in the US, UK and Europe. Accredited’s US, UK and EU-regulated insurance companies act as an intermediary between Managing General Agents (MGAs) and reinsurers. Accredited has grown significantly over the last three years achieving Gross Written Premium and Fee Income of $1.8 billion and $80 million, respectively, in the twelve months to 31st December 2022, and $1.1 billion and $46 million, respectively, in the six months to 30th June 2023
I read the “reinsurance news” article covering it all beyond just the initial purchase of assets and changes going forward.
Just Google "Onex buying Randall Quilter"
do some research fellas
Looks like a see of red but they are mostly if not all buys including my own top up today.
Institution can level up from shorts closing etc
Hi, new to share dealing. Been looking around for a week or two and this share has popped up. Looks good, so i've had a little dabble.
Well I suppose that’s the risk that it doesn’t for some unseen reason go thru but given the news flow that would seem unlikely and the last TR1 was an institution increasing their position.
https://www.londonstockexchange.com/news-article/RQIH/update-on-trading-and-sale-of-accredited/16420021
So whose buying Rqih?
let's dig some info
If no sell them Continue as normal....
non life insurance company don't have £10m valuation,
usually above £100m
And if the assets don’t sell ?
Ask moved to 4p and however one can buy at 3p
mms Stop misleading retail investors
that's not fair game, showing 4p to buy when actually one can buy for 3p
Mms allowing buys at 3p whilst Ask printed at 3.5p
clearly wants to deter Retail buyers..... or allowing mms mates on the cheap
hmm......
3p buys printed in red.......
don't be fooled by Mms, this is a bargain SP
Oh yeah I’ve crunched the numbers and looks fantastic … just as always when it looks this good you have that niggle in the back of your mind that you are missing something.
I don’t think we are btw and will be topping up today just gotta move some money around 👍
Rns 12 June 2023
Placing done at 60.98p for $60m!
looks like after sale of asset sp heading to 60p
all aligning to 60p🎯
After paying off debts, #RQIH will have 60p per share in value
plus business will also grow.......
Placing was done at c60p
3p is a gift
Mms Getting the price wrong again
it's 3p to buy!!!!
Not 3.5p as mms printed
sell 2.91
mms will have stop misleading people on Sp prices
Massive opportunity here
mms gifting sp at 3p
seen this sort of price mismatch
I’m gonna top up again today. Upside seems fantastic … I hope I’m not missing something here 🤔
Mms misleading it's 3p to buy
not 3.5p
$465m asset sale due in Q2,2024 (that's anyday)
buy 3p now
The sale was expected as R&Q had previously stated it was in advanced talks regarding a potential sale of its program management unit, Accredited.
The agreement that has been reached will see Onex Corporation buying 100% of the equity interest in Randall & Quilter America Holding Inc., which the holding company of Accredited
Closing the deal is conditional on R&Q shareholder approval, regulatory approval and customary consents from certain R&Q debt providers, the company explained.
R&Q said that the sale of Accredited is at an enterprise value of $465m, which represents an expected equity value of approximately $438 million.
$500m
advance stage of the sell process!!!
https://www.reinsurancene.ws/rq-agrees-accredited-sale-to-onex-at-465m-enterprise-value/
$500M asset sale!!
Mcap £11M
is this the biggest opportunity markets presenting to Retail investors?
66% of company held by Institutional investors like Banks, Fund Managers
Presently over 75% are held by funds and BOD
https://www.rqih.com/investors/corporate-governance/aim-rule-26-disclosure/