AM Best Places Credit Ratings of Accelerant Holdings’ Rated Subsidiaries Under Review With Developing Implications
AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Accelerant Insurance Europe SA (Belgium), Accelerant Insurance UK Limited (United Kingdom), Accelerant Specialty Insurance Company (Little Rock, AR), Accelerant National Insurance Company (Little Rock, AR), Accelerant Insurance Company of Canada (Canada), Accelerant Re (Cayman) Ltd. (Cayman Islands) and Accelerant Re I.I. (Puerto Rico). The companies are wholly owned subsidiaries of Accelerant Holdings (Accelerant), a non-operating holding company in the Accelerant group.
Accelerant has announced that subject to customary closing conditions, including shareholder and regulatory approval, it has entered into a definitive agreement with Thoma Bravo to become a privately held company. Thoma Bravo is one of the world’s largest software-focused investment firms, with over $172 billion in assets under management and experience in acquiring many companies over the past 20 years. Under the agreement, Accelerant Class A and Class B shareholders will receive $20.25 per share, if the closing of the transaction is delayed by certain pending insurance regulatory approvals, a 6% ticking fee will accrue per annum for a specified period. Upon completion of the transaction, Accelerant and its common shares (NYSE: ARX) will be delisted.
