Existing majority investor Altamont Capital Partners also participated in the round. Accelerant will deploy the capital to continue to rebuild the way that underwriters share and exchange risk to improve outcomes for program managers, primary issuing carriers, and ultimate risk-bearers.
“Aspects of the insurance industry have been broken for a long time,” said Jeff Radke, CEO and co-founder of Accelerant. “At Accelerant our approach is pretty simple — which is maybe what makes it a little radical: We’re bringing transparency, data, and shared incentives back into the equation, serving MGUs as important partners in the insurance ecosystem, and overall making it easier and more efficient to exchange risk. The approach is clearly resonating and successfully aligning incentives. I’m thrilled by this endorsement of our strategy and to have the opportunity to put this capital to work on behalf of our current and prospective Members in service of the industry at large. We look forward to working with new partners to apply our differentiated approach and technology to lines of insurance beyond SME within which we can have an equally significant impact.”
Historically, underwriting teams supporting complex or niche lines of business have lacked the modern solutions needed to facilitate their work, which has hindered their ability to get capacity and to properly understand and exchange risk. With a partner-first approach, Accelerant specializes in serving a carefully selected and managed network of managing general underwriters (MGU) and program administrators (PA) that it refers to as its Members.
Accelerant’s InSightFull data platform helps members better understand risk, benefit from insights, and handle operational and regulatory complexity. Together, Accelerant works with its Members to drive market-leading profitable growth, focusing on the small and medium-sized businesses that power our global economy and their niche insurance needs.
“The Accelerant team understands the challenges that MGUs and PAs face with conventional carriers, and they’ve built an offering to address those needs. With cutting-edge data and analytic capabilities, Accelerant’s platform eliminates bureaucracy to offer an experience that prioritizes velocity and collaboration,” said Todd Boehly, co-founder and CEO of Eldridge. “We’re excited to support Accelerant as they enter their next phase of growth and create value throughout the insurance ecosystem with their member-centric, collaborative approach.”
“Accelerant’s unique focus on data-driven collaboration has proven to be a winning strategy for its Member MGUs. This success is thanks in part to the depth and breadth of the team’s expertise, combining career knowledge of the entire insurance value chain with invaluable data science experience,” said Sam Gaynor, Managing Director at Altamont.
Keoni Schwartz, Managing Director at Altamont added further, “Accelerant is at the forefront of innovating beyond the legacy system, and we’re excited to continue to support Accelerant with an additional investment in this round, as we believe the momentum is only increasing.”
Financial Technology Partners (“FT Partners”) served as exclusive advisor to Accelerant and its Board of Directors and Sidley Austin LLP acted as legal counsel.