This expansion signals Accelerant’s commitment to establishing a robust presence in Canada.
Omega Insurance Holdings is renowned for providing re/insurers with secure, innovative, and tailored solutions specifically designed for navigating the complexities of entering and exiting the Canadian insurance market. This acquisition is expected to enhance Accelerant’s capabilities and offerings in the region.
The move aligns with Accelerant’s growth strategy, tapping into the expertise of Omega Insurance Holdings to strengthen its position in the Canadian insurance landscape. As the insurtech sector continues to evolve, this acquisition positions Accelerant to play a key role in shaping and optimizing insurance operations in Canada.
With a reported 80 managing general agents (MGAs) in Canada as of 2022, Accelerant has gained regulatory approval to extend its comprehensive services to Canadian MGAs. The services cover distribution management, operational support, actuarial insights, regulatory compliance, and essential capital support to ensure the success of its MGA members.
Notably, Accelerant has recently provided capacity for Rainbow’s innovative Business Owner’s Policy (BOP) tailored for the restaurant industry. Looking ahead, Accelerant is eyeing new capital in 2024, hinting at a potential stock market debut.
Speaking about the recent acquisition, Jeff Radke, CEO and co-founder of Accelerant, commented: “Accelerant’s entry into Canada is an exciting culmination of years of work to understand and meet the unique needs of Canadian managing general agents and programme administrators.”
Author: Joanna England