OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Accredited Specialty Insurance Company (Phoenix, AZ), Accredited Surety and Casualty Company, Inc. (Orlando, FL) and Accredited Insurance (Europe) Limited (Malta), collectively known as Accredited. The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has assigned an FSR of A- (Excellent) and a Long-Term ICR of “a-” (Excellent) to Accredited Insurance (UK) Limited (United Kingdom). The outlook assigned to these ratings is 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.
Accredited was acquired by funds managed by Onex Partners (Onex) from R&Q Investment Holdings on June 28, 2024. The group has since established itself as an independent specialty insurance company providing insurance capacity to managing general agents in Europe, the United Kingdom and the United States. AM Best expects that Accredited will maintain its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (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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