Program management business Accredited is now owned by Onex Partners.
Accredited, which collaborates with managing general agents on over 70 programs, was sold by R&Q Insurance Holdings for $420 million. It will operate as an independent program management firm, writing more than $2.1 billion in gross premium and serving Europe, the UK, and the US.
The program manager’s previous owner is currently in provisional liquidation. Michael Morrison, Mark Allitt, and Charles Thresh of Teneo (Bermuda) Limited were appointed last week as joint provisional liquidators of R&Q. The provisional liquidation in Bermuda was part of the alternative structure that allowed the Accredited transaction to move forward.
William Spiegel, chief executive of Accredited, stated when the deal completion was announced: “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.”
Read more: R&Q sells subsidiary to Marco Capital
Adam Cobourn (pictured), Onex Partners managing director, noted: “Accredited has established itself as a leading program 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.”
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