Bermuda-based non-life speciality insurance company R&Q Insurance Holdings has confirmed that it is in advanced negotiations to offload its Accredited programme management unit to Canadian private equity company Onex.

The companies did not reveal the financial terms of the potential transaction.

In a stock exchange filing, R&Q said: “As previously announced, the board has been undertaking a review of the strategic options for the group, which has included the legal separation of Accredited and R&Q Legacy. 

“The board confirms that it is in an advanced stage of discussions with Onex Corporation regarding a potential sale of Accredited.”

Accredited serves the US, UK and European regions, providing A-rated insurance expertise in these regions, as well as writing admitted and non-admitted business in all states in the US.

In April 2023, the insurer announced plans to separate Accredited from its legacy insurance business, R&Q Legacy. 

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Subsequently, in June, R&Q concluded the internal reorganisation, with Accredited and R&Q Legacy now functioning under two distinct holding entities within the company.

R&Q noted that it will make more announcements linked to the sale “if and when appropriate”.

This February, R&Q signed a $47m deal to divest a 40% stake in New York-based managing general agent TPM Holdings USA (Tradesman) to Roosevelt Road Capital Partners.

The proceeds will be used to pay down debt and for general corporate purposes.