Accelerant has announced a partnership with newly established WoodStar Reciprocal Exchange, creating a new source of underwriting capacity dedicated exclusively to the Accelerant Risk Exchange.
WoodStar launches with more than US$220 million in capital and surplus notes provided by third-party institutional investors, including KKR-backed Kilter Finance and funds managed by Blue Owl Capital. The reciprocal insurer has also received an A- (Excellent) Financial Strength Rating from AM Best.
New underwriting capacity for the Accelerant platform
Under the agreement, WoodStar will provide underwriting capacity solely through the Accelerant Risk Exchange, supporting the platform’s network of specialty managing general agents (MGAs).
Accelerant said it does not hold an ownership stake in WoodStar. Instead, it will provide a range of services under contractual agreements, including:
- Underwriting support
- Distribution
- Claims services
- Operational and administrative services
WoodStar is expected to begin writing meaningful volumes of direct business through the Accelerant Risk Exchange in 2027.
Backed by institutional investors
The launch highlights continued institutional investor interest in insurance risk as an alternative asset class.
WoodStar’s initial capital base comes from:
- Kilter Finance, the insurance-focused investment platform backed by KKR
- Funds managed by Blue Owl Capital
The structure provides long-term underwriting capacity while allowing investors to participate in insurance risk through a dedicated reciprocal insurer.
Executive perspectives
Jeff Radke, CEO of Accelerant, said the partnership strengthens the company’s capital platform.
“WoodStar is another step forward for our platform. We continue to develop attractive structures for institutional investors and other risk capital providers to partner with the Accelerant Risk Exchange and support our growing Member base.”
Dan Knipe, Chief Investment Officer of Kilter Finance, said the investment was driven by confidence in Accelerant’s underwriting model.
“We have been impressed by Accelerant’s underwriting capabilities, deep MGA network, and differentiated approach to aligning risk and capital. We are excited to be partnering with the Accelerant Risk Exchange through WoodStar.”
Charles Lens, Managing Director at Kilter Finance, described the transaction as another example of the firm’s expertise in insurance investments.
Blue Owl Capital Managing Director Bharath Subramanian added:
“We are excited to support WoodStar, a structure designed for long-term, capital-efficient growth. We look forward to providing capital to meet the risk management needs of a diversified group of small and medium sized US businesses together with the Accelerant Risk Exchange.”
Expanding alternative capital in specialty insurance
The partnership reflects the growing role of institutional investors in insurance markets, particularly in specialty and commercial lines. As underwriting conditions become more competitive and demand for diversified capital sources increases, insurers and MGAs are increasingly adopting structures that connect third-party investment capital directly with underwriting platforms.
For Accelerant, the addition of WoodStar expands the pool of dedicated capacity available to its MGA members while reinforcing its strategy of aligning underwriting expertise with long-term institutional capital. The arrangement also demonstrates how alternative capital providers are continuing to broaden their participation beyond traditional reinsurance into innovative insurance operating structures.
