R&Q’s Accredited secures upgrade from AM Best
Accredited Surety & Casualty Company, the Florida-headquartered US insurer owned by Randall & Quilter Investment Holdings, has had its group rating upgraded by AM Best from VII to VIII.
Because some counterparties often require a minimum group rating, the company said the upgrade and will allow it to grow faster and increase its focus on programme underwriting on behalf of US MGAs. “It is especially important in program underwriting partnerships where the financial strength ratings of Accredited is an essential indication of the balance sheet strength of the company and its ability to stand behind its commitments,” the company said.
AM Best said the group rating increase reflects the increased balance sheet strength of Accredited and its holding company, Randall & Quilter Investment Holdings, following successful equity (£107mn) and debt capital ($70mn) raises earlier this year and in December 2018. AM Best also affirmed Accredited’s A- (excellent) financial strength rating last month.
Ken Randall, R&Q, chairman and CEO, said: “We are delighted to receive the Group upgrade by AM 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 AM 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. In 2018 R&Q contracted with MGA’s to write estimated Gross Written Premium of circa $500mn and expects to maintain similar growth momentum in 2019.”
Todd Campbell, Accredited President and CEO, commented: “In 2018, AM Best upgraded R&Q’s group strength rating from VI to VII and it prompted yet more interest from prospective business partners keen to explore underwriting partnerships with Accredited in the US. We expect the same positive impact again as Accredited’s unique offering - high quality, fully licenced and AM Best A- rated capacity - is clearly valued by our partners.”
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