AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of Accredited Insurance Holdings Inc.’s Members
2024年8月9日 - 11:36PM
ビジネスワイヤ(英語)
AM Best has removed from under review with developing
implications and affirmed the Financial Strength Ratings of A-
(Excellent) and the Long-Term Issuer Credit Ratings of “a-”
(Excellent) of Accredited Specialty Insurance Company (Gilbert,
AZ), Accredited Surety and Casualty Company, Inc. (Orlando, FL) and
Accredited Insurance (Europe) Limited (Malta), collectively known
as Accredited. The outlooks assigned to these Credit Ratings
(ratings) are stable.
The ratings reflect Accredited’s balance sheet strength, which
AM Best assesses as very strong, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management. In addition, AM Best has increased Accredited’s
Financial Size Category to IX based on its consolidated insurance
operations under Accredited Insurance Holdings, Inc.
The rating actions follow the completed acquisition of
Accredited by funds managed by Onex Partners (Onex) from R&Q
Investment Holdings on June 28, 2024. Accredited will now operate
as an independent program management company providing insurance
capacity in Europe, the United Kingdom and the United States.
Accredited provides underwriting capacity to large managing general
agents, connecting those entities with global reinsurance capital
in exchange for a recurring fee. Onex confirmed that Accredited’s
business strategy remains unchanged following the completed
acquisition.
Accredited’s balance sheet strength is underpinned by its
risk-adjusted capitalization, which is at the strongest level, as
measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects
that Accredited will maintain its strongest-level risk-adjusted
capitalization, as measured by BCAR, while generating profitable
operating results and surplus growth in the near term.
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 specializing 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. For more information,
visit www.ambest.com.
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Billiah Moturi Financial Analyst +1 908 882
2191 billiah.moturi@ambest.com
Alan Murray Director +1 908 882 2195
alan.murray@ambest.com
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Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com