Randall & Quilter Inv Hldgs Ltd A.M. Best rating
September 25 2019 - 1:01AM
RNS Non-Regulatory
TIDMRQIH
Randall & Quilter Inv Hldgs Ltd
25 September 2019
Randall & Quilter Investment Holdings Ltd.
September 25, 2019
Accredited's growth momentum continues following A.M. Best Group
rating affirmation and increase in financial category size
Accredited Surety & Casualty Company, Inc. ('ASC'), the
Florida-headquartered US insurance company that is licensed to
write admitted P&C business throughout the US, has had its A.M.
Best Group rating of A- (Excellent) affirmed and its financial size
rating upgraded to IX ($250-$500 million) from VIII.
Accredited Insurance (Europe) Limited and its UK Branch also
benefits from the enhanced rating from A.M. Best
The Group's rating, together with the increased balance sheet
strength of the Accredited companies and their ultimate holding
company, Randall & Quilter Investment Holdings Ltd. (R&Q),
follows a successful equity raise earlier this year
(GBP103.5m).
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 ASC's focus on program
underwriting on behalf of US MGAs. This is because, in addition to
the AM Best A- (Excellent) financial strength rating,
counterparties often require a minimum group rating. It is
especially important in program underwriting partnerships where the
financial strength rating of ASC is an essential indication of the
balance sheet strength of the company and its ability to stand
behind its commitments. With a IX group rating, ASC is now on par
with its larger US competitors.
Ken Randall, R&Q Executive Chairman, 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."
Todd Campbell, ASC's President and CEO, commented: "The upgraded
Group strength rating will generate yet more interest from
prospective business partners keen to explore underwriting
partnerships with Accredited in the US. We expect another positive
impact 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
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- (IX)
rated, T Listed, insurance company that has admitted licenses to
operate in all fifty states and is an ISO and AAIS subscriber. ASC
partners with MGAs and similar companies and their insurance
capital partners to write business on Accredited Surety &
Casualty licensed and admitted paper. ASC is the fastest growing US
program insurer and has launched 14 new program underwriting
partnerships.
R&Q, a company listed on the AIM Market of the London Stock
Exchange, specializes 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.
The Group provides program underwriting services 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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