Toronto-based Onex Partners has completed its acquisition of Accredited, the global P&C programme manager.

The deal comes after Teneo (Bermuda) Ltd was appointed joint provisional liquidators of Bermudian-based R&Q Insurance Holdings Ltd, the owners of Accredited.

The proposed sale of Accredited to Onex was announced by R&Q last October.

Accredited will now operate as an independent programme management company providing A- rated insurance capacity in Europe, Britain and the United States. Accredited writes more than $2.1 billion of gross premium and partners with managing general agents on over 70 programmes.

William Spiegel, CEO of Accredited, said: “As an independent platform, we will continue to partner with best-in-class MGAs and reinsurers, supported by our global scale, strong balance sheet and A- AM Best financial strength rating.

“Our strategy remains unchanged; we will focus on supporting the growth of our MGA partners and delivering high quality, diversified business to our reinsurance partners.”

Adam Cobourn, managing director at Onex Partners, said: “Accredited has established itself as a leading programme manager with a differentiated transatlantic footprint, a well-diversified and high-quality book of business, deep reinsurer relationships and robust underwriting and risk management protocols.

“We look forward to partnering with Accredited’s management and employees to strengthen and grow the business. As an independent company, Accredited will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners.”

• Bermudian-based Enstar Group Ltd announced that one of its wholly-owned subsidiaries has completed a transaction to reinsure legacy business written by Accredited Surety and Casualty Company Inc and Accredited Insurance (Europe) Ltd.

Enstar has provided reinsurance in connection with the acquisition of Accredited by Onex.

The reinsurance addresses Accredited’s assumed and underwritten legacy deals, comprising diversified portfolios, including asbestos, general casualty, workers’ compensation, and other exposures in both the US and the UK/European markets.

The reinsurance provides cover for net reserves of approximately $234 million, with all administrative duties and claims handling transferring to Enstar.