LONDON and ATLANTA, March 8,
2021 /PRNewswire/ -- Accelerant Holdings ("Accelerant" or
the "Company"), the parent company of an underwriting group that
specializes in serving a carefully selected and managed network of
member managing general agencies and program administrators
("Members"), today announced the acquisition of Commonwealth
Insurance Company of America ("CICA") from Brit Group, a subsidiary
of Fairfax Financial (TSX: FFH). CICA is a Delaware domiciled admitted insurance carrier
with licenses in 48 states and the District of Columbia. Along with the
previously announced formation of Accelerant Specialty Insurance
Company ("ASIC"), a surplus lines carrier domiciled in Arkansas, CICA is Accelerant's second owned
statutory entity in the U.S. This acquisition enables the Company
to serve its best-in-class Members across both non-admitted and
admitted market segments. Accelerant remains rated A- (Excellent)
by AM Best within its Financial Size Category. Accelerant
plans to rename CICA as Accelerant National Insurance Company
("ANIC").
In conjunction with closing the CICA transaction, Accelerant
also finalized the rollout of its proprietary underwriting and
analysis platform, Accelerant InSightFull, into the U.S. market.
Accelerant InSightFull was initially launched as part of the
Company's European and UK operations and has previously been
implemented across Accelerant's underwriting activities in more
than 13 countries. The platform facilitates secure and unabridged
data flow from the retail broker to reinsurers and other risk
bearing capital. The platform delivers critical information to
Members with clarity and speed. Accelerant InSightFull also
provides significant data regarding claims experience, loss
information, premium flow and more, benefiting all the participants
in the value chain that Accelerant is disrupting.
"Completing the acquisition of CICA is an important development
for our Company," said Jeff Radke,
CEO of Accelerant. "We formed Accelerant with the goal of employing
technology and a partnership-oriented approach to provide an
enhanced user experience to our Members. Adding an admitted
platform to our offerings will enable us to write a broader array
of program business in the U.S. market."
Rich Koehler, Chief Business
Officer of Accelerant U.S., added, "Accelerant InsightFull
technology is unique to the insurance market as it allows the
Company to not only efficiently onboard new Members onto our
platform, but to also provide them with data-driven insights
enabling their business to achieve greater growth and generate
superior underwriting results. Leveraging Accelerant InSightFull,
we look forward to helping our U.S. Members drive success."
Joe Zuk, Operating Partner of
Altamont Capital, Accelerant's private equity sponsor and President
of ASIC, stated, "We are building the premier,
vertically-integrated platform focused solely on the smaller
commercial program administrator market. The technology, insights
and support we provide are truly second to none, and we look
forward to continuing to grow our property, liability and specialty
business through supporting program administrators across the
U.S."
About Accelerant Holdings
The Accelerant companies
form an underwriting group specializing in serving a carefully
selected and managed network of Members in Europeand the U.S..
Accelerant has an established strategy, and a powerful customer
value proposition executed by a proven management team, to utilize
seasoned relationships to create and control an attractive
insurance portfolio serving small and medium-sized enterprises.The
Accelerant Insurance Group 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
$2.75 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,
Tanner Kaufman
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Accelerant-JF@joelefrank.com
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SOURCE Accelerant Holdings