PROGRAM MANAGEMENT SERVICES UK LIMITED

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  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have formed judgment and are satisfied that at the time of approving the financial statements, that there is a reasonable expectation that Company has adequate resources to continue its operations for the foreseeable future. The financial statements have been prepared on the going concern basis, which assumes the Company will have sufficient funds to continue to pay its debts as they fall due and thus continue to trade. The Company assumes that the ultimate Parent undertaking, Accredited International Insurance Group Inc (Delaware), will continue to provide financial support to the Company.”

Significant events

• “In 2023, the employment contracts of the UK-based staff previously employed by Accredited Insurance Europe Limited were transferred to the Company. In 2024, additional employees were transferred from R&Q Central Services Limited prior to its cessation of trading on 16 September 2024.”
• “On 17 August 2023, Accredited International Insurance Group Inc., the parent company, made the £1 initial shareholder contribution.”
• “On 4 April 2023, R&Q announced that it was undertaking a strategic initiative to separate its legacy insurance business, R&Q Legacy, from its program management business, Accredited (which includes the Company, Accredited Insurance (Europe) Limited, Accredited Specialty Insurance Company US, Accredited Surety and Casualty Company, Inc. US).”
• “On 20 October 2023, R&Q announced that it had entered into a conditional agreement with funds advised by Onex Corporation ("Onex") to sell 100 per cent of the equity interest in Randall & Quilter America Holdings Inc., the holding company of Accredited, for a purchase price of $465 million.”
• “On 13 June 2024, R&Q announced that Onex provided an alternative transaction structure to that of the original Sale (the "Alternative Proposal") that could be implemented in the event that the closing conditions to the original Sale were not able to be satisfied, and on 19 June 2024, the R&Q concluded that the Alternative Proposal represented the best option to secure value and to ensure the completion of the Accredited sale.”
• “On 21 June 2024, the ultimate parent company, R&Q Insurance Holdings Ltd, filed for provisional liquidation in Bermuda and implemented the sale of Accredited to Onex through that process.”
• “On 28 June 2024, 100% of the equity interest in Accredited, including the Company, was sold to Onex Partners, for a cash consideration of $420 million.”
• “There were no material events affecting the Company which occurred after the reporting date.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.