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Onex Partners completes accredited acquisition

Posted on by darion

Accredited provides independent program management and underwriting capacity in Europe, the UK and the US. Source: Amnaj Khetsamtip/Shutterstock.

Onex Partners, a Canadian private equity firm, has completed the acquisition of Accredited, a property and casualty program management subsidiary of R&Q Insurance Holdings.

The move strengthens Onex’s position in the insurance sector, with Accredited providing independent programme management and underwriting capacity across Europe, the UK and the US.

Accredited, which generates more than $2.1bn (£1.66bn) in gross premiums and works with managing agents (MGAs) on more than 70 schemes, will continue to operate independently.

As of December 31, 2023, Accredited reported estimated net assets of $255.6 million and GAAP pretax earnings of $23.6 million for the year.

In the transaction, announced in October 2023, Onex acquired Randall & Quilter America Holding, the parent company of Accredited, for $465 million.

R&Q Insurance said the proceeds from the transaction were used to spin off its accredited business, reduce debt under the company’s secured revolving credit facility and support the winding down of its remaining legacy businesses.

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Accredited 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, differentiated business to our reinsurance partners.”

Onex Partners managing director Adam Cobourn said: “Accredited has established itself as a leading program manager with a diversified transatlantic reach, a well-diversified and high-quality business portfolio, deep reinsurer relationships and robust underwriting and risk management protocols.

“We look forward to working with Accredited’s management and employees to strengthen and grow the company. As an independent company, Accredited will be well-positioned for responsible growth thanks to its strong balance sheet and the support of Onex Partners.”

Financial difficulties at R&Q Insurance led to the company deciding last week to file for provisional liquidation in Bermuda.

The company is facing adverse loss developments in its legacy business due to acquisitions, unexpected costs resulting from accredited sales and unsuccessful external transactions.

Last week, Teneo (Bermuda) directors Michael Morrison, Mark Allitt and Charles Thresh were appointed by the Supreme Court of Bermuda as joint provisional liquidators of R&Q Insurance.