The board of Bermudian-based R&Q Insurance Holdings Ltd is in advanced talks with Canada’s Onex Corporation regarding the sale of Accredited, the company’s programme management business.

The company 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.

“If and when appropriate, a further announcement will be made.”

Onex is an alternative asset manager founded in 1984 by Gerald Schwartz.

It has approximately $50 billion of assets under management, operating from offices in Toronto, New York, New Jersey, Boston and London.