APRIL 06, 2018 10:09 AM (EDT)
A.M. Best Affirms Credit Ratings of Accredited Surety and Casualty Company, Inc.
|Samiksha Gupta |
+1 908 439 2200, ext. 5658
Raymond Thomson, CPCU, ARe, ARM
+1 908 439 2200, ext. 5621
Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK - APRIL 06, 2018 10:09 AM (EDT)
A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Accredited Surety and Casualty Company, Inc. (Accredited) (Orlando, FL). The outlook for these Credit Ratings (ratings) is stable.
Accredited is wholly owned by Randall & Quilter Investment Holdings Ltd. (R&Q) [AIM: RQIH]. R&Q owns non-life insurance portfolios in run-off, services companies active in insurance and insurance entities that are open for ongoing business.
The ratings reflect Accredited’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings also reflect Accredited’s solid level of risk-adjusted capitalization, positive operating earnings driven by low bail bond loss experience and niche market position within the bail bond industry.
Offsetting the positive rating factors are Accredited’s high expense structure, the execution risk associated with its business expansion plan, and its product mix, which exposes the company to changes in regulation related to bail bonds. Although management continues to expand Accredited’s writings into specialty property/casualty lines to broaden its offerings, the majority of business currently remains in the surety sector. The stable outlook reflects A.M. Best’s expectation that operating results will continue to be profitable, and that Accredited’s level of risk-adjusted capitalization will remain supportive as planned growth and diversification of product offerings continue to occur.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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