Randall & Quilter Investment Holdings’ (R&Q) newly established E&S program management business Accredited Specialty Insurance Company (ASI) has been given an A- financial strength and a- long-term issuer credit rating by AM Best.
The E&S platform adds to the group’s established US admitted program fronting carrier Accredited Surety and Casualty Company, as well as its European subsidiary Accredited Insurance Europe Ltd.
In a note, AM Best said the ratings of ASI reflect the consolidated balance sheet strength of London-based and listed R&Q, which is considered “very strong”.
With ASI fully owned by legacy acquirer and program manager R&Q, the parent maintains ultimate senior management responsibility for the E&S platform.
“ASI provides E&S licensing and underwriting capabilities for the group’s opportunities in the United States. ASI leverages knowledge, expertise and experience from its international colleagues to employ a common strategy for R&Q worldwide,” the ratings agency continued.
“In addition, R&Q provides infrastructure support, integration, common enterprise risk management and financial flexibility to ASI,” said AM Best.
As previously reported, R&Q has hired former Aon Re executive and industry veteran Patrick Rastiello as CEO of ASI as it looks to grow in the fast hardening E&S market.
Rastiello brings 40 years of experience in the insurance market, with a particular focus on working with MGAs and programs.
Based in Boston, he is working closely with Todd Campbell, president and CEO of Accredited Surety and Casualty Company. The existing US admitted platform combined with Accredited’s European platform recently reached a milestone of over $1bn of contracted GWPs.