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FOR IMMEDIATE RELEASE
LONDON - JANUARY 26, 2024 11:26 AM (EST)
AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” (Excellent) of Accelerant Re Ltd. (Accelerant Re Bermuda) (Bermuda). The company is a wholly owned subsidiary of Accelerant Holdings (Accelerant), a non-operating holding company in the Accelerant group. At the time of the withdrawal, the outlook of the Credit Ratings (ratings) was stable.
The withdrawal of the ratings is due to Accelerant having made a strategic decision not to have Accelerant Re Bermuda commence operations following the establishment by Accelerant of a licensed affiliate in Cayman.
AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, a final rating opinion could not be produced for Accelerant Re Bermuda due to its cancelled insurance registration and the absence of insurance liabilities.
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.