AM Best withdraws Accelerant Re (Bermuda) rating
AM Best has withdrawn the financial strength rating of A- (Excellent) of Bermuda-registered Accelerant Re after the company decided to commence operations in the Cayman Islands instead of Bermuda.
The company is a wholly owned subsidiary of Accelerant Holdings, a non-operating holding company in the Accelerant group. At the time of the withdrawal, the outlook of the Credit Ratings was stable.
"The withdrawal of the ratings is due to Accelerant having made a strategic decision not to have Accelerant Re Bermuda commence operations following the establishment by Accelerant of a licensed affiliate in Cayman," AM Best said. "AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal.
"However, a final rating opinion could not be produced for Accelerant Re Bermuda due to its cancelled insurance registration and the absence of insurance liabilities."
Accelerant Re (Cayman), which helps members exchange and transfer risk more effectively, while also connecting them with long-term capital, is headed by experienced insurance-linked securities (ILS) industry executive Tim Tetlow who spent much of his career in Bermuda, where he previously worked for ILS Capital and HSCM.
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