Randall & Quilter’s executive chairman William Spiegel has underlined the ambitions of newly established Excess & Surplus lines carrier Accredited Specialty Insurance (ASI), after the firm secured its ratings from AM Best.
ASI has been assigned a Financial Strength Rating of A- (Excellent), a Financial Size Category of IX, and a Long-Term Issuer Credit Rating of “a-“. The ratings have been assigned an outlook of ‘stable’.
ASI is domiciled in Arizona and its AM Best rating is the final step in R&Q’s establishment of an E&S program management company.
ASI is led by Patrick Rastiello, who joined R&Q as ASI’s Chief Executive Officer in September.
“We are delighted to receive this rating for Accredited Specialty Insurance Company from AM Best, demonstrating both confidence in our ambitions to build a leading E&S program manager and the business’ capital strength,” said Spiegel.
“We are also pleased to have the ratings for ASC and AIEL affirmed, underpinning R&Q’s established position as a leading provider of high-quality program capacity in both the US and Europe.
“As a program manager with a rating of A- and a Financial Size of IX, the Accredited companies are one of the best capitalised program managers making us a prime choice for MGAs and reinsurers.”
In a statement accompanying the affirmation, AM Best noted, “The ratings of ASI reflect the consolidated balance sheet strength of R&Q, which AM Best categorizes as very strong.”
AM Best also recently affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of R&Q’s US Admitted Market program management company,as well as its european program management company
“ASI is now both rated and licensed and set to take advantage of the many opportunities that the vibrant E&S market offers,” Spiegel added.
“We already have a strong pipeline and are well positioned to begin writing business and building scale.
“The US MGA market is approaching $60 billion in annual premiums and most MGAs operate within the E&S market.
“We are excited by the significant opportunity we have to build a meaningful player in the E&S market to complement our leading Admitted Market program business, ASC. We have now delivered on our strategic objective of establishing Accredited as a comprehensive program management solutions provider in all its major markets.”
