P&C program manager Accredited has announced the successful completion of its acquisition by Onex Partners, and has also revealed the completion of a legacy reinsurance transaction with insurance group Enstar in connection with the acquisition.
This acquisition follows R&Q’s provisional liquidation in Bermuda, allowing the conditional sale of its Accredited Program Management business to Onex Corporation to proceed.
Onex proposed this alternative transaction structure to R&Q after the original sale conditions were not met, facilitating the deal’s completion.
Accredited will now operate independently, providing A- rated (AM Best) insurance capacity in Europe, the UK, and the US.
William Spiegel, CEO of Accredited, stated, “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.”
Adam Cobourn, Managing Director at Onex Partners, commented, “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.”
Additionally, Enstar has completed a reinsurance transaction with Accredited as part of the acquisition by Onex Partners. This reinsurance covers Accredited’s assumed and underwritten legacy deals, including diverse portfolios such as asbestos, general casualty, workers’ compensation, and other exposures in the US and UK/European markets.
The reinsurance covers net reserves of approximately $234 million, with Enstar handling all administrative duties and claims.
Guy Carpenter acted as the broker for the transaction, which followed the broader acquisition’s closing and receipt of regulatory approvals.
Dominic Silvester, CEO of Enstar, emphasised, “This partnership with Onex is a strong example of how Enstar can step in to facilitate broader M&A transactions in support of our partner’s long-term strategic goals. The legacy arrangement will enable Accredited to continue to focus on serving its programme management business with a strong capital base.”
