AM Best keeps Accredited ratings unchanged during sale turmoil
AM Best has confirmed that the A- (Excellent) ratings of R&Q-owned Accredited remain in place but are still under review.
The fronting business’ ratings for financial strength and long-term issuer credit were put under review in October last year when R&Q agreed to sell Accredited to Onex.
However, last week R&Q announced it was considering filing for a provisional liquidation in Bermuda and then completing the sale of Accredited to Onex through that process instead.
The update caused R&Q’s share price to collapse further. Having already dropped from 50.05p to 16.5p after the October announcement, it fell again by
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