(Alliance News) - R&Q Insurance Holdings Ltd on Thursday said its Legacy arm has "a robust pipeline" as it looks ahead to life after the disposal of its Accredited unit.
The Hamilton, Bermuda-based non-life specialty insurance company said its Legacy unit has "three transactions currently at an advanced state". They are either signed or agreed, subject to the regulatory nod.
"R&Q Legacy continues to enjoy a robust pipeline of opportunities with more than USD1 billion of (re)insurance reserves and over USD400 million in potential corporate liabilities," R&Q said.
The company said shareholders will vote on the disposal of Accredited at a general meeting on January 11.
R&Q announced the sale of Accredited for USD465 million in late October. R&Q said that so far, it has received the backing of 11% of shareholders for the sale.
In November, R&Q detailed its plans for R&Q Legacy as a standalone business. It said the current pipeline contains over USD850 million in reserves, and that during the current year over 50 deals representing over USD3.5 billion of reserves passed the initial suitability screening.
R&Q said its strategic priorities for Legacy include growing its fee income, and that it plans to double fees in 2025 compared with annualised results in the first half of the current year.
R&Q shares traded 0.3% lower at 11.07 pence each in London on Thursday afternoon.
By Eric Cunha, Alliance News news editor
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