RE: Onex ($7.2B) company buying RQIH17 Apr 2024 09:39
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