Tradesman Program Managers, a provider of insurance services, completed the merger with Sandell Re, a provider of reinsurance. R&Q, the parent company of Sandell, will hold a 35% stake in the combined company. Financial terms were not disclosed. "Through our minority interest in the combined business we have a unique opportunity to drive fee-based revenues in the agency and program management businesses, whilst generating strong underwriting results in the risk carrier. We're delighted to have completed this transaction and look forward to working with Dan Hickey and his team," Ken Randall, R&Q Executive Chairman.