R&Q Insurance Holdings Ltd. (AIM:RQIH) said the planned sale of its program management business to funds advised by Onex Corporation (TSX:ONEX) remains on track, despite speculation in the media. The company in a statement cited recent "press speculation" in making the update and said the sale remains on track. The company is currently working "expeditiously" to achieve satisfaction of the sales conditions and will make further announcements as appropriate, the statement said.

R&Q Insurance Holdings Ltd. said last year it reached a conditional agreement with funds advised by Onex Corp. to sell Randall & Quilter America Holding Inc., the holding company of program business Accredited, for $465 million. It cited unsustainable leverage.

"R&Q currently expects closing of that sale to occur in Second Quarter 2024," the company said in a statement. "In the meantime, the board of R&Q continues to evaluate any and all options so as to realize value from its legacy insurance business for the benefit of all its stakeholders." Bermuda's financial services regulator said late last year it was pausing certain activities of R&Q Insurance Holdings Ltd. as the regulator requests an actuarial review of the group's reserves. R&Q has been in discussions with the Bermuda Monetary Authority about the strategy for R&Q Legacy given the proposed sale of its Accredited program business, R&Q said in a statement, adding the BMA has requested an independent actuarial review of the required reserves of the remaining group, its capital and its cash flow projections following the sale.