AM Greatest confirms that the monetary power score and long-term issuer credit score scores of Accredited’s subsidiary corporations stay unchanged following their acquisition by Onex Companions from R&Q Insurance coverage Holdings Ltd. — a deal that was completed on June 28.
AM Greatest positioned these credit score scores underneath evaluate with creating implications on Oct. 22, 2023, when Randall & Quilter Insurance coverage Holdings Ltd. entered into a conditional agreement to promote 100% of its fairness curiosity in Randall & Quilter America Holdings Inc., its program administration subsidiary to funds suggested by Onex, the Toronto-based non-public fairness firm.
Unchanged are the monetary power score of A- (Wonderful) and the long-term issuer credit score scores of “a-” (Wonderful) of Accredited Specialty Insurance coverage Firm (in Arizona); Accredited Surety and Casualty Co. (in Orlando) and Accredited Insurance coverage (Europe) Ltd. (in Malta), AM Greatest mentioned. The businesses are collectively referred to as Accredited.
Onex Partners Completes Acquisition of R&Q’s Program Manager, Accredited
Accredited will now function as an unbiased program administration firm offering insurance coverage capability in Europe, the UK and United States. Accredited offers underwriting capability to massive managing common brokers in trade for a recurring payment, AM Greatest mentioned, noting that Onex has confirmed that this technique stays unchanged with the acquisition.
AM Greatest mentioned it views the sale of Accredited to Onex as credit score optimistic for Accredited. The scores are anticipated to stay underneath evaluate with creating implications till AM Greatest assesses the standard and extent of assist supplied by Onex to Accredited, at which level the scores evaluate could also be resolved.
AM Greatest confirms that its monetary power score and long-term issuer credit score scores of Accredited’s subsidiary corporations stay unchanged following their acquisition by Onex Companions from R&Q Insurance coverage Holdings Ltd., which was completed on June 28.
AM Greatest positioned these credit score scores underneath evaluate with creating implications on Oct. 22, 2023, when Randall & Quilter Insurance coverage Holdings Ltd. entered right into a conditional settlement to promote 100% of its fairness curiosity in Randall & Quilter America Holdings Inc., the intermediate holding firm of Accredited, to funds suggested by Onex, the Toronto-based non-public fairness firm.
Unchanged are the monetary power score of A- (Wonderful) and the long-term issuer credit score scores of “a-” (Wonderful) of Accredited Specialty Insurance coverage Firm (in Arizona); Accredited Surety and Casualty Co. (in Orlando) and Accredited Insurance coverage (Europe) Ltd. (in Malta). The businesses are collectively referred to as Accredited.
Accredited will now function as an unbiased program administration firm offering insurance coverage capability in Europe, the UK and United States. Accredited offers underwriting capability to massive managing common brokers in trade for a recurring payment, AM Greatest mentioned, noting that Onex has confirmed that this technique stays unchanged with the acquisition.
AM Greatest mentioned it views the sale of Accredited to Onex as credit score optimistic for Accredited. The scores are anticipated to stay underneath evaluate with creating implications till AM Greatest assesses the standard and extent of assist supplied by Onex to Accredited, at which level the scores evaluate could also be resolved.
Supply: AM Greatest
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