AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a-' (Excellent) of
Concurrently, AM Best has placed under review with developing implications the Long-Term ICR of 'bbb-' (Good) of
The Credit Rating (rating) actions follow the announcement on
The developing implications reflect uncertainties surrounding R&Q's prospective risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), and its final ownership structure. The ratings will remain under review with developing implications until AM Best has sufficient clarity over the group's rating fundamentals following its acquisition.
R&Q additionally plans to issue
Despite its poor IFRS result for 2021, R&Q's underlying book of business is performing well, and the group has good growth opportunities in its two core business lines. Its business strategy is not expected to change as a result of the change in ownership.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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