RCS - Randall & Quilter Ld - AM Best rating for Accredited Specialty Insurance

R&Q Insurance HoldingsAnnouncement

07/12/2020 07:00

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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                                     Tel: 020 7977 0933

 William Spiegel                                 Tel: +1 917 826 5877

 Numis Securities Limited (Nominated Advisor)
 Stuart Skinner / Huw Jeremy                     Tel: 020 7260 1000
 Charles Farquhar                                Tel: 020 7260 1000

 Shore Capital Stockbrokers Limited
 Stephane Auton/James Thomas                     Tel: 020 7408 4090

 FTI Consulting

 Edward Berry/Tom Blackwell                      Tel: 020 3727 1046

 

 

 

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
(https://protect-eu.mimecast.com/s/0nAuCQkz1s1okRiP24kT?domain=rqih.com)

 

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