25 September, 2019
Accredited Surety & Casualty Company, Inc. (‘ASC’), the Florida-headquartered US insurance company that is licensed to write admitted P&C business throughout the US, has had its A.M. Best Group rating of A- (Excellent) affirmed and its financial size rating upgraded to IX ($250-$500 million) from VIII.
Accredited Insurance (Europe) Limited and its UK Branch also benefits from the enhanced rating from A.M. Best.
The Group’s rating, together with the increased balance sheet strength of the Accredited companies and their ultimate holding company, Randall & Quilter Investment Holdings Ltd. (‘R&Q’), follows a successful equity raise earlier this year (£103.5m).
In a statement accompanying the affirmation, A.M. Best said R&Q’s “balance sheet strength is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR)”.
The A.M. Best Group upgrade and rating affirmation will provide further support and growth momentum to ASC’s focus on program underwriting on behalf of US MGAs. This is because, in addition to the A.M. Best A- (Excellent) financial strength rating, counterparties often require a minimum group rating. It is especially important in program underwriting partnerships where the financial strength rating of ASC is an essential indication of the balance sheet strength of the company and its ability to stand behind its commitments. With a IX group rating, ASC is now on par with its larger US competitors.
Ken Randall, R&Q Executive Chairman, commented: “We are delighted to receive the Group upgrade by A.M. Best. In two years, R&Q has become a leading provider of high-quality program underwriting capacity in both the US and Europe. Crucial to this offering is our A.M. Best A- (Excellent) financial strength rating which is a badge of confidence that our partners can have in R&Q’s capital strength and has been a driving force in our growth”.
Todd Campbell, ASC’s President and CEO, commented: “The upgraded Group strength rating will generate yet more interest from prospective business partners keen to explore underwriting partnerships with Accredited in the US. We expect another positive impact as Accredited’s unique offering – high quality, fully licenced and A.M. Best A- rated capacity – is clearly valued by our partners”.
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