LONDON and ATLANTA, Dec. 21,
2020 /PRNewswire/ -- Accelerant Holdings ("Accelerant" or
the "Company"), an underwriting group that specializes in serving a
carefully selected and managed network of member managing general
agencies ("MGAs"), today announced its expansion into the
U.S. market, as well as AM Best's re-affirmation of its group
A- (Excellent) rating. The A- mark is in AM Best's Financial Size
Category VIII, for companies with $100 - $250 million
in adjusted policyholders' surpluses.
The group rating is inclusive of both its existing Malta-based carrier, Accelerant Insurance
Limited, as well as its newly established carriers in Belgium, Accelerant Insurance Europe Limited,
and Arkansas, Accelerant Specialty
Insurance Company ("ASIC"). ASIC will serve as Accelerant's
platform for writing excess and surplus lines business in the U.S.
The Company plans to announce the acquisition of an admitted
carrier in early 2021, once approved by regulators.
Accelerant was formed in October
2018 with the goal of providing a unique, technology-enabled
capacity solution to MGAs in the UK and European markets. Primarily
focusing on low volatility, small commercial business, Accelerant
is highly underwriting-driven and retains a significant share of
gross written premium in order to properly align incentives with
both its MGA and reinsurance partners. Leveraging sophisticated
data analysis of its underlying MGAs' books of business, as
well as a long-term capacity commitment, Accelerant utilizes
technology to improve loss ratio performance and enable its
partners to grow continually and profitably. In February 2019, Altamont Capital Partners
("Altamont"), a middle market private equity firm focused on making
long term investments, made an initial investment in Accelerant.
Since then, Altamont has provided additional equity to Accelerant
to fund the capitalization of its carriers in Europe and the U.S.
"Since our founding, we've maintained a
strong focus on providing best-in-class MGAs with a
low stress, high value relationship that delivers predictable,
long-term capacity and a responsive, collaborative approach," said
Jeff Radke, CEO of Accelerant. "The
need for this service in the U.S. market is as great as it is in
the UK and European markets, and we're excited to provide our
future MGA members with an alternative to the conflicts,
bureaucracy and short-term commitments inherent with traditional
capacity solutions."
Joe Zuk, President of ASIC,
added, "We've recruited an extraordinarily talented team to lead
Accelerant's U.S. business. Rich
Koehler, John Willemsen,
Hugh Burgess, and the rest of the
team are seasoned insurance industry veterans, who
will be significant contributors to the dual mandate of helping
Accelerant build a market-leading business in the U.S.
while enabling our MGA members' success."
"We have long been active investors in the U.S. MGA
market," said Sam Gaynor, Managing
Director of Altamont. "Our team has a keen understanding
of the need for Accelerant's approach of bringing
differentiated technology, a seasoned, forward-thinking team, and
well-capitalized, A- rated paper to best of breed MGAs. With
our long-term investment horizon, we look forward to continuing to
support Accelerant's growth in both the U.S., U.K. and
Europe."
About Accelerant Holdings
Accelerant Holdings is an
underwriting group that specializes in serving a carefully selected
and managed network of Member MGAs in Europe and the U.S. Accelerant has an
established strategy and a powerful customer value proposition,
executed by a proven management team, utilizing seasoned
relationships to create and control an attractive insurance
portfolio serving small and medium-sized enterprises. Accelerant
Insurance has been awarded an AM Best A- (Excellent) rating
ensuring our Members and their customers can be confident that
Accelerant has the financial strength to support them when they
need it most. For more information, please visit accelins.com.
About Altamont Capital Partners
Altamont Capital
Partners is a private investment firm based in the San Francisco Bay Area with more than
$2.5 billion of assets under
management. Altamont is focused on investing in middle market
businesses where it can partner with leading management teams to
help its portfolio companies reach their full potential. The firm's
principals have significant experience building business success
stories across a range of industries, including financial services,
healthcare, consumer/retail, industrials, and business services.
Within the insurance industry, Altamont is either a current or past
investor in McLarens Global Claims Services, Celestite Holdings,
Embark General, Kuvare Holdings, and Accelerant Holdings.
MEDIA CONTACT:
Jonathan
Keehner, Kate Thompson,
Julia Sottosanti
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Accelerant-JF@joelefrank.com
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SOURCE Accelerant Holdings