AM Best rating for Accredited Specialty Insurance

RNS Number : 6768H

Randall & Quilter Inv Hldgs Ltd

07 December 2020

 

Randall & Quilter Investment Holdings Ltd.

AM Best Group assigns Financial Strength Rating of A- (Excellent) to Accredited Specialty Insurance Company

7 December 2020

Randall & Quilter Investment Holdings Ltd. ('R&Q') the leading non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses, is pleased to announce that Accredited Specialty Insurance Company ("ASI"), R&Q's newly formed Excess & Surplus ('E&S') lines carrier, has been assigned by A.M. Best Group ("AM Best") a Financial Strength Rating of A- (Excellent), a Financial Size Category of IX, and a Long-Term Issuer Credit Rating of "a-". The ratings have been assigned an outlook of 'stable'.

In a statement accompanying the affirmation, AM Best noted: "The ratings of ASI reflect the consolidated balance sheet strength of R&Q, which AM Best categorizes as very strong."

ASI is domiciled in Arizona and its AM Best rating is the final step in R&Q's establishment of an E&S program management company. ASI is led by program management veteran Patrick J. Rastiello who joined R&Q as ASI's CEO in September.

Additionally, AM Best also recently affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" of Accredited Surety and Casualty Company, Inc. ("ASC"), R&Q's US Admitted Market program management company, and Accredited Insurance (Europe) Limited ("AIEL") (Malta), R&Q's European program management company

William Spiegel , Deputy Executive Chairman of R&Q, said: "We are delighted to receive this rating for Accredited Specialty Insurance Company from AM Best, demonstrating both confidence in our ambitions to build a leading E&S program manager and the business' capital strength. We are also pleased to have the ratings for ASC and AIEL affirmed, underpinning R&Q's established position as a leading provider of high-quality program capacity in both the US and Europe. As a program manager with a rating of A- and a Financial Size of IX, the Accredited companies are one of the best capitalised program managers making us a prime choice for MGAs and reinsurers.

"ASI is now both rated and licensed and set to take advantage of the many opportunities that the vibrant E&S market offers. We already have a strong pipeline and are well positioned to begin writing business and building scale. The US MGA market is approaching $60 billion in annual premiums and most MGAs operate within the E&S market. We are excited by the significant opportunity we have to build a meaningful player in the E&S market to complement our leading Admitted Market program business, ASC. We have now delivered on our strategic objective of establishing Accredited as a comprehensive program management solutions provider in all its major markets."

R&Q was advised by TigerRisk Capital Markets & Advisory.

Ends

Enquiries to:

Randall & Quilter Investment Holdings Ltd. www.rqih.com Ken Randall William Spiegel Tel: [phone] Tel: [phone] Numis Securities Limited (Nominated Advisor) Stuart Skinner / Huw Jeremy Tel: [phone] Charles Farquhar Tel: [phone] Shore Capital Stockbrokers Limited Stephane Auton/James Thomas Tel: [phone] FTI Consulting Edward Berry/Tom Blackwell Tel: [phone]

Notes to Editors:

About R&Q  

R&Q is a non-life global specialty insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant secular growth opportunities.  

Legacy Insurance generates profits and capital extractions from expert management of legacy non-life insurance portfolios. Program Management generates commission income from its licensed (and rated) carriers in the US, EU and the UK, writing niche and profitable program business, largely on behalf of highly rated reinsurers.

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

Website : www.rqih.com  

 

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