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.

The Credit Ratings (ratings) will remain under review with developing implications pending the close of the transaction and AM Best’s evaluation of the integration of plans and the expected impact on the organization’s balance sheet strength, operating performance, business profile and enterprise risk management. AM Best will continue discussions with management throughout this period.

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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