Insurance group Randall & Quilter plans provisional liquidation in Bermuda due to failed financial rescue attempts.
Insurance group Randall & Quilter (R&Q) plans to file for provisional liquidation in Bermuda due to failed efforts to secure a financial rescue. Despite selling its 100% program management business, Accredited, to Onex Corp for $465m, the company faces financial difficulties including adverse loss development, unforeseen Accredited sale costs, and inability to complete external legacy transactions. Consequently, its shareholders are expected to see little to no value.
June 19, 2024
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