Randall & Quilter Inv Hldgs Ltd Accredited A.M. Best Group rating increase
March 20 2019 - 4:00AM
RNS Non-Regulatory
TIDMRQIH
Randall & Quilter Inv Hldgs Ltd
20 March 2019
Randall & Quilter Investment Holdings Ltd.
20 March 2019
Accredited's growth momentum underpinned by A.M. Best Group
rating increase
Accredited Surety & Casualty Company, Inc ('Accredited'),
the Florida-headquartered US insurance company that is licenced to
write admitted P&C business in all fifty states, has had its
A.M. Best Group rating increased from VII to VIII.
The group rating increase reflects the increased balance sheet
strength of Accredited and its holding company, Randall &
Quilter Investment Holdings Ltd. (R&Q), following successful
equity (GBP107mn) and debt capital ($70mn) raises earlier this
month and December 2018 respectively. It also follows A.M. Best
affirming Accredited's A- (excellent) financial strength rating
last month.
In a statement accompanying the affirmation, A.M. Best said
R&Q's "balance sheet strength is underpinned by its
risk-adjusted capitalisation being at the strongest level, as
measured by Best's Capital Adequacy Ratio (BCAR)".
The A.M. Best Group upgrade and rating affirmation will provide
further support and growth momentum to Accredited's focus on
program underwriting on behalf of US MGAs. This is because, in
addition to the AM Best A- financial strength rating,
counterparties often require a minimum group rating. 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.
Ken Randall, R&Q, Chairman and CEO, commented: "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".
Ends
Enquiries to:
Randall & Quilter Investment Holdings www.rqih.com
Ltd.
Ken Randall Tel: 020 7780 5945
Numis Securities Limited
Stuart Skinner (Nominated Adviser) Tel: 020 7260 1000
Charles Farquhar (Broker) Tel: 020 7260 1000
Shore Capital Stockbrokers Limited
Dru Danford / Stephane Auton Tel: 020 7408 4090
FTI Consulting
Edward Berry/Tom Blackwell Tel: 020 3727 1046
Notes to Editors:
About Accredited Surety & Casualty Company, Inc:
Accredited Surety & Casualty, Inc is an A.M. Best A- (VIII)
rated, T Listed, insurance company that has admitted licences to
operate in all fifty states and is an ISO and AAIS subscriber.
Accredited partners with MGAs and similar companies and their
insurance capital partners to write business on Accredited Surety
& Casualty licensed and admitted paper. Accredited is the
fastest growing US program insurer and closed 5 new program
underwriting partnerships in 2018.
R&Q, a company listed on the AIM Market of the London Stock
Exchange, specialises in developing and delivering insurance
program partnerships in the US and Europe and providing solutions
to owners of discontinued insurance business.
About R&Q
The overall mission of the Bermuda-based Group is to:
-- Generate profits and capital extractions from expert management of legacy non-life insurance acquisitions/reinsurances, including in Lloyd's; and
-- Grow commission income from its licensed (and rated) carriers
in the US and EU/UK, writing niche and profitable program business,
largely on behalf of highly rated reinsurers.
Our aim is to continue to grow sustainable profit streams to
support our business model and increase book value and cash
distributions to shareholders.
The Group was founded by Ken Randall and Alan Quilter in
1991.
In addition to its Lloyd's syndicate, the group operates through
two AM Best A- (excellent) rated platforms: Accredited Surety &
Casualty Inc, a Florida-headquartered insurance company that is
licenced to write admitted business in all fifty states and
Accredited Insurance (Europe) Ltd, an insurance company that is
headquartered in Malta and licenced to write business in all 28 EU
member states.
Legal Entity Identifier (LEI): 2138006K1U38QCGLFC94
Website: www.rqih.com
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END
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