Onex Partners to acquire Accredited from R&Q Insurance Holdings
Private equity firm Onex announced that Onex Partners V has agreed to acquire Accredited, the global program management business of R&Q Insurance Holdings, for an enterprise value of $465 million.
Accredited is a specialty insurance company operating in North America and Europe that provides underwriting capacity to MGAs with support from the global reinsurance market. Accredited operates as a hybrid fronting carrier, retaining a portion of the premium and risk it underwrites while ceding the majority to reinsurance partners.
“We are pleased to have the opportunity to establish Accredited as an independent, market-leading program management platform. Accredited has all the ingredients for success as a hybrid carrier, including a talented management team, a well-diversified and high-quality book of business, strong reinsurer relationships and robust underwriting and risk management protocols. It will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners. Investing in the insurance industry has been a core strength for Onex for many years. We look forward to supporting Accredited’s management team in this next phase of growth.” – Adam Cobourn, managing director at Onex Partners.
The transaction is anticipated to close in the first half of 2024, subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions, including approval by R&Q’s shareholders.