Onex Companions, a Canadian personal fairness firm, has closed its acquisition of Accredited, a property/casualty programme supervisor and a subsidiary of R&Q Insurance coverage Holdings.
This transfer solidifies Onex’s place within the insurance coverage sector, with Accredited to supply unbiased programme administration and insurance coverage capability throughout Europe, the UK and the US.
Accredited, which writes greater than $2.1bn (£1.66bn) of gross premium and collaborates with managing normal brokers (MGAs) on greater than 70 programmes, will proceed to function independently.
As of 31 December 2023, Accredited reported estimated web property of $255.6m and a GAAP pre-tax revenue of $23.6m for the yr.
The transaction, introduced in October 2023, noticed Onex buying Randall & Quilter America Holding, the dad or mum firm of Accredited, for $465m.
R&Q Insurance coverage said that the deal proceeds have been used to separate the Accredited enterprise, scale back debt on the corporate’s secured revolving credit score facility and assist the wind-down of its remaining legacy companies.
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Accredited CEO William Spiegel stated: “As an unbiased platform, we’ll proceed to accomplice with best-in-class MGAs and reinsurers, supported by our world scale, robust steadiness sheet and A- AM Greatest monetary energy score.
“Our technique stays unchanged; we’ll deal with supporting the expansion of our MGA companions and delivering high-quality, diversified enterprise to our reinsurance companions.”
Onex Companions managing director Adam Cobourn stated: “Accredited has established itself as a number one programme supervisor with a differentiated transatlantic footprint, a well-diversified and high-quality e book of enterprise, deep reinsurer relationships, and sturdy underwriting and threat administration protocols.
“We sit up for partnering with Accredited’s administration and staff to strengthen and develop the enterprise. As an unbiased firm, Accredited might be effectively positioned for accountable development with a powerful steadiness sheet and backing from Onex Companions.”
R&Q Insurance coverage’s monetary difficulties have led to the corporate’s resolution final week to file for provisional liquidation in Bermuda.
The corporate has been grappling with antagonistic loss improvement in its legacy acquisition enterprise, surprising prices arising from the Accredited sale and unsuccessful exterior legacy transactions.
Final week, Teneo (Bermuda) executives Michael Morrison, Mark Allitt and Charles Thresh had been appointed by the Supreme Courtroom of Bermuda as joint provisional liquidators over R&Q Insurance coverage.
