Best’s News & Research Service - June 28, 2024 04:50 PM (EDT)
AM Best Comments on Credit Ratings of Randall & Quilter America Holdings Inc.’s Members Following Acquisition by Onex Partners
- June 28, 2024 04:50 PM (EDT)
//BestWire// - 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.
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