OLDWICK, N.J.--(BUSINESS WIRE)--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.
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