R&Q Insurance Holdings Ltd. has this morning confirmed that it is filing for a provisional liquidation in Bermuda, raising questions over the future of its collateralised legacy sidecar vehicle Gibson Re.
R&Q has been through the wars, both in terms of persistent historical reserve deterioration, a debt-load that has shackled the company, and some might call them corporate shenanigans over quite a few years, that have all diminished the stature of what was once considered a quality legacy insurance and reinsurance market player.
Having had a plan since late 2023 to sell the Accredited business, R&Q’s program management unit, to investor Onex Corporation for a while, Onex recently came back with an alternative proposal and now R&Q has been forced to take that.
