Accelerant Holdings has announced the acquisition of Commonwealth Insurance Company of America (CICA) from speciality insurer and reinsurer Brit, as well as plans to rename the business as Accelerant National Insurance Company (ANIC).
The Accelerant companies form an underwriting group specialising in serving a carefully selected and managed network of members in Europe and the U.S.
CICA is Brit’s Delaware-based admitted insurer with licenses in 48 states and the District of Columbia. The transaction sees CICA become Accelerant’s second owned statutory entity in the U.S., after the previously announced formation of Accelerant Specialty Insurance Company in Arkansas.
The takeover of CICA is expected to enable Accelerant to serve its best-in-class members across both non-admitted and admitted market segments.
Concurrent with finalising the CICA deal, Accelerant also completed the rollout of Accelerant InSightFull, which is the firm’s proprietary underwriting and analysis platform, into the U.S. market. This platform was initially created as part of the firm’s European and UK operations and has previously been implemented across Accelerant’s underwriting activities in more than 13 countries.
According to Accelerant, the platform facilitates secure and unabridged data flow from the retail broker to reinsurance companies and other risk bearing capital. It delivers critical information to members with both clarity and speed, and also provides significant data regarding claims experience, loss information, premium flow and more, benefiting all the participants in the value chain.
Jeff Radke, Chief Executive Officer (CEO) of Accelerant, commented: “Completing the acquisition of CICA is an important development for our Company. 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., said: “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.”
While Joe Zuk, Operating Partner of Altamont Capital, Accelerant’s private equity sponsor and President of ASIC, added: “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.”
