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FOR IMMEDIATE RELEASE
OLDWICK - JULY 09, 2014 12:28 PM (EDT)
A.M. Best has placed under review with developing implications the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of Accredited Surety and Casualty Company, Inc. (Accredited) (Orlando, FL).
The rating actions follow the recent announcement by Randall & Quilter Investment Holdings Ltd. (R&Q) (Hamilton, Bermuda) (AIM: RQIH) that a merger agreement between its wholly owned subsidiary, Randall & Quilter America Holdings Inc., and Accredited Holding Corporation, the parent company of Accredited, has been signed.
The ratings will remain under review pending the completion of the merger and the conclusion of A.M. Best's discussions with management of both Accredited and R&Q regarding plans for future operations, business strategy and risk-adjusted capitalization. The transaction is expected to take approximately three months to close, pending regulatory approval.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.