Shares in Bermudian-based R&Q Insurance Holdings Ltd have lost more than two thirds of their value since Friday evening’s announcement of the planned sale of Accredited, its programme management business.

R&Q stock closed at 14.78 pence on the London Stock Exchange on Thursday, well off last Friday’s closing price of 50.05p.

Shares in R&Q traded at a 52-week high of 87p in February.

R&Q has entered into a conditional agreement to sell 100 per cent of the equity interest in Randall & Quilter America Holding Inc, the holding company of Accredited, to funds advised by Toronto-based Onex Corporation for $465 million.

Closing of the sale is conditional on R&Q shareholder approval, regulatory approval and customary consents from certain R&Q debt providers.

It is also conditional on the transfer of R&Q's chief executive officer, William Spiegel, and chief financial officer, Thomas Solomon, to Accredited upon closing.

Closing is expected to occur in late Q1 2024 or early Q2.