AM Best Assigns Credit Ratings to Accelerant Insurance UK Limited

LONDON--(BUSINESS WIRE)--
AM Best has assigned a Financial Strength Rating of A- (Excellent) and а Long-Term Issuer Credit Rating of “a-” (Excellent) to Accelerant Insurance UK Limited (AIUK) (United Kingdom). The company is a wholly owned subsidiary of Accelerant Holdings (Accelerant), the non-operating holding company of the Accelerant group. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Accelerant’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings of AIUK reflect the entity’s role and strategic importance to the Accelerant group as a principal writer of business in the UK going forward. The company benefits from common management: explicit and implicit financial support, including capital commitments and reinsurance, as well as operational support.

Accelerant was established in 2019 to provide insurance capacity to managing general agents (MGA) in the UK, Europe and the United States. The group also offers underwriting, claims handling and analytical support to its MGA partners. Accelerant reported gross written premium of over USD 1.1 billion in 2022, supported by capital and surplus of over USD 300 million and senior debt of approximately USD 100 million.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Todor Kitin

Senior Financial Analyst

+44 20 7397 0335

[email protected]

Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310

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Mahesh Mistry
Senior Director, Analytics

+44 20 7397 0325

[email protected]

Al Slavin
Senior Public Relations Specialist

+1 908 882 2318

[email protected]

Source: AM Best