Created: Jun 30, 2024 01:00 PM
William Spiegel, CEO of Accredited (File {photograph})
Toronto-based Onex Companions has accomplished its acquisition of Accredited, the worldwide P&C programme supervisor.
The deal comes after Teneo (Bermuda) Ltd was appointed joint provisional liquidators of Bermudian-based R&Q Insurance coverage Holdings Ltd, the house owners of Accredited.
The proposed sale of Accredited to Onex was introduced by R&Q final October.
Accredited will now function as an impartial programme administration firm offering A- rated insurance coverage capability in Europe, Britain and the USA. Accredited writes greater than $2.1 billion of gross premium and companions with managing normal brokers on over 70 programmes.
William Spiegel, CEO of Accredited, mentioned: “As an impartial platform, we are going to proceed to accomplice with best-in-class MGAs and reinsurers, supported by our international scale, sturdy stability sheet and A- AM Finest monetary energy score.
“Our technique stays unchanged; we are going to give attention to supporting the expansion of our MGA companions and delivering top quality, diversified enterprise to our reinsurance companions.”
Adam Cobourn, managing director at Onex Companions, mentioned: “Accredited has established itself as a number one programme supervisor with a differentiated transatlantic footprint, a well-diversified and high-quality guide of enterprise, deep reinsurer relationships and strong underwriting and threat administration protocols.
“We look ahead to partnering with Accredited’s administration and workers to strengthen and develop the enterprise. As an impartial firm, Accredited can be properly positioned for accountable development with a robust stability sheet and backing from Onex Companions.”
• Bermudian-based Enstar Group Ltd introduced that considered one of its wholly-owned subsidiaries has accomplished a transaction to reinsure legacy enterprise written by Accredited Surety and Casualty Firm Inc and Accredited Insurance coverage (Europe) Ltd.
Enstar has offered reinsurance in reference to the acquisition of Accredited by Onex.
The reinsurance addresses Accredited’s assumed and underwritten legacy offers, comprising diversified portfolios, together with asbestos, normal casualty, employees’ compensation, and different exposures in each the US and the UK/European markets.
The reinsurance gives cowl for internet reserves of roughly $234 million, with all administrative duties and claims dealing with transferring to Enstar.
Adam Cobourn, managing director at Onex Companions (File {photograph})