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.
Click here for the full press release.
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