Shares in R&Q Insurance Holdings Ltd (AIM:RQIH) climbed over 12% on Friday morning after the firm confirmed it is in talks over the potential split of its business.
According to a statement, R&Q is in “advanced talks” with investment manager Onex (TSX:OCX) Corporation over the sale of its Maltese-based insurance wing Accredited.
“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 group said in a statement.
AIM-listed R&Q had been addressing media speculation following a first hint in April that a spin-off was being explored.
Shares jumped 12.4% to 55p.