The deal, which requires shareholder and regulatory approval, follows a “strategic initiative” R&Q announced in April to separate its runoff business from its ongoing insurance business, which supports program managers in the United States and Europe.

R&Q expects $300 million in net cash proceeds from the sale. The proceeds “will be entirely used to facilitate a material de-leveraging of R&Q,” the company said in a statement.

In the U.S., Accredited’s operations include Accredited Specialty Insurance Co. The insurer targets small to medium-sized businesses and offers limits up to $50 million, according to its website.

On closing, William Spiegel, CEO of R&Q, and Thomas Solomon, chief financial officer, will transfer to Accredited and R&Q will seek a new top executive, the statement said.