Legacy
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Insider US’s morning summary of the key stories to get you up to speed fast. -
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
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The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
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R&Q said it expects ongoing operating losses after the sale as it works on transitioning its legacy business to a fee-based model, with plans to explore further transactions to de-risk and reduce volatility.
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R&Q CEO William Spiegel will transfer to the Accredited program management business.
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Although the total deal values for 2022 and 2023 were almost identical, PwC noted that one-third fewer deals were announced in the more recent half-year period.
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Catalina put its Irish subsidiary up for sale in May as it looks to streamline operations.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.
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The legacy carrier reported significant unrealised investment losses.
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