|Barnaby Unwin Hoskins |
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+44 20 7397 0320
Manager, Public Relations
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Managing Director, Strategy & Communications
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FOR IMMEDIATE RELEASE
LONDON - JULY 28, 2022 08:12 AM (EDT)
AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Accelerant Re (Cayman) Ltd. (Accelerant Re (Cayman)) (Cayman Islands). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Accelerant Insurance Europe SA (AIE) (Belgium), Accelerant Specialty Insurance Company (ASIC) (Little Rock, AR), Accelerant National Insurance Company (ANIC) (Wilmington, DE) and Accelerant Re Ltd. (Accelerant Re Bermuda) (Bermuda). The companies are wholly owned subsidiaries of Accelerant Holdings (Cayman) Ltd. (Accelerant), a non-operating holding company in the Accelerant group. The outlook of these ratings is stable.
In AM Best’s view, Accelerant Re (Cayman), AIE, ASIC, ANIC and Accelerant Re (Bermuda) are strategically important to, and integrated within, Accelerant. AIE, ASIC and ANIC play a key role in the group’s strategy of providing insurance capacity to managing general agents (MGAs) in the United Kingdom, the European Union and the United States. Accelerant Re (Cayman) and Accelerant Re (Bermuda) are internal reinsurers within the group and are strategically important to the group’s reinsurance and capital management strategies. Accelerant’s licensed (re)insurance carriers benefit from net worth maintenance agreements with the holding company.
The ratings reflect the consolidated balance sheet strength of Accelerant, which AM Best assesses as very strong, as well as Accelerant’s adequate operating performance, limited business profile and appropriate enterprise risk management.
The group was established in 2019 with EUR 50 million of capital and provides insurance capacity to MGAs in the United Kingdom, Europe and the United States. Accelerant reported gross written premium of over USD 550 million in 2021 and has raised further capital since 2019, with capital and surplus of approximately USD 300 million and senior debt of approximately USD 50 million as at 30 March 2022. The group has recently revised its reinsurance strategy to include both traditional and alternative capital.
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 specialising 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.