Daily Digest: Brickell moves to terminate R&Q takeover; London market’s reputation with MGAs ‘will take time to repair’; FedNat secures capital injection for Monarch

R&Q shares plunge 40% as Brickell moves to terminate takeoverLegacy and programme manager Randall & Quilter’s (R&Q) shares plunged 40% on Wednesday after proposed acquirer Brickell PC Insur­ance Holdings moved to end a takeover deal. On April 1, Brickell, which is backed by Miami-based investment firm 777 Partners, agreed to take over R&Q for £482m ($605m) in cash. Brickell also agreed to inject $100m of new equity funding into the business. But last week, initial shareholder voting on the proposed takeover of R&Q was adjourned as the company failed to gain sufficient support for the deal at the first attempt. Brickell said R&Q is in “material breach” of the terms of the implementa­tion agreement that forms part of the takeover deal.