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.