william-spiegel-ceo-r-q-1-1
William Spiegel, CEO, R&Q
20 March 2023News

R&Q sells stake in MGA TPM Holdings USA

Bermuda-based insurer R&Q Insurance has completed the sale of its 40% minority holding in TPM Holdings USA, a New York-based Managing General Agent (MGA).

The stake has been acquired by Roosevelt Road Capital Partners, the controlling 60% shareholder of Tradesman, which is majority owned by Daniel Hickey, the CEO of Tradesman.

The total consideration is $47 million, subject to post-closing adjustments based on the 2022 audited financials of Tradesman.

The firm said it would use the proceeds from the transaction for general corporate purposes and to pay down debt.

R&Q suggests that it will have almost quadruples its initial investment of $25 million from the acquisition of Sandell Re in 2019, which was subsequently converted into a 40% stake in Tradesman, including $46 million of dividends received to date.




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23 February 2023   It is selling its 40% stake in managing general agent TPM Holdings USA.
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29 April 2020   Randall & Quilter Investment Holdings has raised $100 million of new equity, which will be used primarily to invest in the growth of R&Q’s programme management and legacy businesses.

More on this story

News
23 February 2023   It is selling its 40% stake in managing general agent TPM Holdings USA.
News
29 April 2020   Randall & Quilter Investment Holdings has raised $100 million of new equity, which will be used primarily to invest in the growth of R&Q’s programme management and legacy businesses.