AM Best Ratings Unchanged for Accredited, Onex’s New Program Management Unit

AM Best confirms that the financial strength rating and long-term issuer credit ratings of Accredited’s subsidiary companies remain unchanged following their acquisition by Onex Partners from R&Q Insurance Holdings Ltd. — a deal that was completed on June 28.

AM Best placed these credit 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., its program management subsidiary to funds advised by Onex, the Toronto-based private equity company.

Unchanged are the financial strength rating of A- (Excellent) and the long-term issuer credit ratings of “a-” (Excellent) of Accredited Specialty Insurance Company (in Arizona); Accredited Surety and Casualty Co. (in Orlando) and Accredited Insurance (Europe) Ltd. (in Malta), AM Best said. The companies are collectively known as Accredited.

Onex Partners Completes Acquisition of R&Q’s Program Manager, Accredited

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, AM Best said, noting that Onex has confirmed that this strategy remains unchanged with the acquisition.

AM Best said it 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.

AM Best confirms that its financial strength rating and long-term issuer credit ratings of Accredited’s subsidiary companies remain unchanged following their acquisition by Onex Partners from R&Q Insurance Holdings Ltd., which was completed on June 28.

AM Best placed these credit 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, the Toronto-based private equity company.

Unchanged are the financial strength rating of A- (Excellent) and the long-term issuer credit ratings of “a-” (Excellent) of Accredited Specialty Insurance Company (in Arizona); Accredited Surety and Casualty Co. (in Orlando) and Accredited Insurance (Europe) Ltd. (in Malta). The companies are collectively known as Accredited.

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, AM Best said, noting that Onex has confirmed that this strategy remains unchanged with the acquisition.

AM Best said it 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.

Source: AM Best

Topics AM Best