Onex Partners, a Canadian private equity company, has closed its acquisition of Accredited, a property/casualty programme manager and a subsidiary of R&Q Insurance Holdings.
This move solidifies Onex’s position in the insurance sector, with Accredited to provide independent programme management and insurance capacity across Europe, the UK and the US.
Go deeper with GlobalData
Accredited, which writes more than $2.1bn (£1.66bn) of gross premium and collaborates with managing general agents (MGAs) on more than 70 programmes, will continue to operate independently.
As of 31 December 2023, Accredited reported estimated net assets of $255.6m and a GAAP pre-tax profit of $23.6m for the year.
The transaction, announced in October 2023, saw Onex acquiring Randall & Quilter America Holding, the parent company of Accredited, for $465m.
R&Q Insurance stated that the deal proceeds have been used to separate the Accredited business, reduce debt on the company’s secured revolving credit facility and support the wind-down of its remaining legacy businesses.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccredited CEO William Spiegel said: “As an independent platform, we will continue to partner with best-in-class MGAs and reinsurers, supported by our global scale, strong balance sheet and A- AM Best financial strength rating.
“Our strategy remains unchanged; we will focus on supporting the growth of our MGA partners and delivering high-quality, diversified business to our reinsurance partners.”
Onex Partners managing director Adam Cobourn said: “Accredited has established itself as a leading programme manager with a differentiated transatlantic footprint, a well-diversified and high-quality book of business, deep reinsurer relationships, and robust underwriting and risk management protocols.
“We look forward to partnering with Accredited’s management and employees to strengthen and grow the business. As an independent company, Accredited will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners.”
R&Q Insurance’s financial difficulties have led to the company’s decision last week to file for provisional liquidation in Bermuda.
The company has been grappling with adverse loss development in its legacy acquisition business, unexpected costs arising from the Accredited sale and unsuccessful external legacy transactions.
Last week, Teneo (Bermuda) executives Michael Morrison, Mark Allitt and Charles Thresh were appointed by the Supreme Court of Bermuda as joint provisional liquidators over R&Q Insurance.
