R&Q to sell Inceptum

R&Q Insurance Holdings announced an agreement to sell Inceptum Insurance Company, a legacy general insurance company located in the UK and regulated by the PRA and FCA, to Marco Capital Holdings, a Malta based legacy acquisition group.

The Transaction is conditional on the completion of the previously announced sale of the shares in Accredited to Onex. The Transaction also includes and is subject to the completion of certain reinsurance agreements, between R&Q entities, Accredited Insurance Europe, and R&Q Re and Inceptum being novated to Marco Re. The Transaction has already received necessary R&Q board approvals, but is subject to change of control approval by the PRA and other regulatory approvals as required for the reinsurance agreements.

The agreement represents the sale of 100% of the shares of Inceptum to Marco, alongside the novation of any related reinsurance arrangements with other R&Q entities (including AIEL). At the end of 2023, Inceptum reported net assets of £19 million and a loss of £2 million.

R&Q will receive £11.25 million in cash for the sale of the shares in Inceptum.