bbbc19
HomeBest HostingAM Best reviews Randall & Quilter's credit ratings after the completion of...

AM Best reviews Randall & Quilter’s credit ratings after the completion of the Brickell acquisition

financial

The credit ratings of Randall & Quilter Investment Holdings and its subsidiaries have been revised to be negative from the development of AM Best.

The rating review was issued after R&Q announced that its acquisition by Brickell PC Insurance Holdings LLC had been terminated by Brickell. (See related article).

Under the terms of the original deal, announced in April, Brickell had planned to buy R&Q for £ 482 million ($ 609.4 million) in cash, as well as $ 100 million from new equity funds.

The rating agency explained that the $ 100 million funding from Brickell would have mitigated the impact of an estimated loss of IFRS (International Financial Reporting Standards) for 2021, ranging from $ 135 million to $ 145 million on the basis of capital to R&Q.

Last week, R&Q made alternative plans for a $ 100 million capital increase, which is expected to be completed on July 12, 2022. ” or that it is not complete and that R&Q’s risk-adjusted capitalization will not return to historic levels, ”AM Best said in its May 27 R&Q rating announcement.

R&Q operates two core businesses: program management and old insurance.

The AM Best credit rating notice covers the A- (Excellent) financial strength rating and the issuer’s long-term credit rating (ICR) of “a-” (Excellent) of the wholly owned subsidiaries of R&Q: Accredited Surety and Casualty Company Inc. .; Accredited Specialty Insurance Co. and Accredited Insurance (Europe) Ltd. of Malta.

At the same time, the rating review included the long-term ICR of Bermuda-based Randall & Quilter Investment Holdings Ltd.’s “bbb-” (Good), which is the group’s non-operating holding company.

R&Q’s credit ratings reflect “the strength of its balance sheet, which AM Best rates as very strong, as well as adequate operating performance, a neutral business profile and adequate risk management for the company”.

The valuations will remain under review until AM Best is certain about its R&Q capital position.

Source: AM Best

subject
I have the best

The most important insurance news in your inbox every business day.

Receive the reliable newsletter of the insurance industry

Dedicated Server
Dedicated Serverhttps://www.winteringhamfields.com
Hi, By Profession I am an Injury Attorney who handles accident cases of cars with no insurance. I took College Classes online to get a degree in game design too.
RELATED ARTICLES

Most Popular

Recent Comments