REG - R&Q Insurance Hldgs - Accredited receives independent AM Best Rating

R&Q Insurance HoldingsAnnouncement

26/06/2023 07:00

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RNS Number : 8128D  R&Q Insurance Holdings Ltd  26 June 2023

 

R&Q Insurance Holdings Ltd

 

AM Best recognizes Accredited as an Independent Rating Unit and maintains an
A- Financial Strength Rating*

 

26 June 2023

 

R&Q Insurance Holdings Ltd, (AIM-RQIH) ("R&Q" or the "Group"), the
leading non-life global specialty insurance company focusing on Program
Management ("Accredited") and Legacy Insurance ("R&Q Legacy") businesses,
is pleased to announce that AM Best has recognized Accredited as an
independent ratings unit, distinct from R&Q.

 

AM Best has maintained the Financial Strength Rating of A- (Excellent)* of
Accredited Specialty Insurance Company (ASI), Accredited Surety and Casualty
Company, Inc. (ASC) and Accredited Insurance (Europe) Limited (AIEL),
collectively known as Accredited. In providing the ratings, AM Best cited
Accredited's balance sheet strength, which AM Best assessed 'as very strong.'

 

This rating is an important part of establishing Accredited as a stand-alone
entity, demonstrating its financial strength to MGA and reinsurance partners.
As recently announced, Accredited has already achieved the necessary approvals
to operate as a separate holding company within the Group and a process is
underway for the potential sale of Accredited with interest expressed from a
number of parties.

 

William Spiegel, Chief Executive Officer, commented: "Since announcing our
strategic plan to separate Accredited and R&Q Legacy we have moved at pace
to realize this objective. Securing an independent rating for Accredited is a
critical milestone, underpinning its exciting prospects as a standalone
business. As we recently announced, Accredited has enjoyed an excellent start
to 2023 with Gross Written Premium for the 12 months ended 31 March 2023 of
~$2 billion. This independent AM Best rating will give the team, and their
partners in the market, continued confidence as we build on Accredited's
position as a leading global independent hybrid carrier."

 

*Rating remains 'under review' pending finalization of sale process

 

Link to AM Best release:

https://news.ambest.com/presscontent.aspx?refnum=33498&altsrc=2
(https://news.ambest.com/presscontent.aspx?refnum=33498&altsrc=2)

 

Ends

 

 Enquiries to:

 

R&Q Insurance Holdings Ltd
 William Spiegel                    Tel: +44 020 7780 5850
 Tom Solomon                        Tel: +44 020 7780 5850

 Numis Securities Limited (Nominated Adviser and Joint Broker)
 Giles Rolls                        Tel: +44 020 7260 1000
 Charles Farquhar                   Tel: +44 020 7260 1000

 Barclays Bank PLC (Joint Broker)

 Andrew Tusa                        Tel: +44 020 7632 2322

 FTI Consulting (Media Relations)

 Tom Blackwell / Shipra Khanna      Tel: +44 020 3727 1051

 

Enquiries to:

R&Q Insurance Holdings Ltd
 William Spiegel                    Tel: +44 020 7780 5850
 Tom Solomon                        Tel: +44 020 7780 5850

 Numis Securities Limited (Nominated Adviser and Joint Broker)
 Giles Rolls                        Tel: +44 020 7260 1000
 Charles Farquhar                   Tel: +44 020 7260 1000

 Barclays Bank PLC (Joint Broker)

 Andrew Tusa                        Tel: +44 020 7632 2322

 FTI Consulting (Media Relations)

 Tom Blackwell / Shipra Khanna      Tel: +44 020 3727 1051

 

 

 

Notes to Editors:

 

About R&Q

 

R&Q is a global non-life specialty insurance company. We operate two core
businesses: Program Management and Legacy Insurance. Both these businesses are
leaders in their respective markets.

 

Our approach is to deploy our origination and underwriting capabilities,
alongside our licensed and rated carriers in the US, EU, and the UK, to
generate attractive fee returns in Program Management and Legacy Insurance.

 

Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94

 

Website: www.rqih.com (http://www.rqih.com)

 

 

 

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