AM Best Comments on Credit Ratings of Randall & Quilter America Holdings Inc.’s Members Following Acquisition by Onex Partners
June 28 2024 - 5:47PM
Business Wire
AM Best has commented that the under review with
developing implications status remains unchanged for the Financial
Strength Rating of A- (Excellent) and the Long-Term Issuer Credit
Ratings (Long-Term ICR) of “a-” (Excellent) of Accredited Specialty
Insurance Company (ASI) (Gilbert, AZ), Accredited Surety and
Casualty Company, Inc. (ASC) (Orlando, FL) and Accredited Insurance
(Europe) Limited (AIEL) (Malta), collectively known as Accredited,
following the group’s acquisition by Onex Partners (Onex).
Accredited has confirmed the completion of its acquisition by
Onex, effective June 28, 2024. Accredited will now operate as an
independent program management company providing insurance capacity
in Europe, the United Kingdom and United States. Accredited
provides underwriting capacity to large managing general agents in
exchange for a recurring fee. Onex has confirmed that this strategy
remains unchanged with the acquisition.
AM Best placed these Credit Rating (ratings) under review with
developing implications on Oct. 22, 2023, when Randall &
Quilter Insurance Holdings, Ltd entered into a conditional
agreement to sell 100% of its equity interest in Randall &
Quilter America Holdings Inc., the intermediate holding company of
Accredited, to funds advised by Onex.
AM Best views the sale of Accredited to Onex as credit positive
for Accredited. The ratings are expected to remain under review
with developing implications until AM Best assesses the quality and
extent of support provided by Onex to Accredited, at which point
the ratings review may be resolved.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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