Underwriting group Accelerant Holdings has announced its acquisition of insurance group Kinnell Holdings and its six subsidiaries.
Through the acquisition, Accelerant will acquire Kinnell’s subsidiary Guarantee Protection Insurance Limited (GPI).
The acquisition will broaden Accelerant’s portfolio with the addition of Kinnell’s other subsidiary companies, including two insurance intermediaries, a trade association, a repair company.
Kinnell primarily serves the building and remedial treatment industries, with a focus on the provision of home improvement consumer protection, including both deposit and post-completion warranty protection.
Kinnell Holdings and its subsidiaries will form parts of the insurance distribution and underwriting sub-groups within Accelerant.
The addition of Kinnell’s offerings and capabilities will allow Accelerant to expand its artificial intelligence and machine learning capabilities within a new line of business.
Jeff Radke, CEO of Accelerant commented: “We are pleased to have completed the acquisition of Kinnell Holdings, which marks an important step forward in our efforts to enhance our network and offerings.
“By expanding our portfolio with Kinnell’s capabilities, we will be better able to serve our Members and their customers through their full lifecycle.
“The acquisition of Kinnell enables Accelerant to have additional capacity to serve our Members platforming the UK. We look forward to working closely with Andy and the rest of the Kinnell team as we continue to grow our offerings and coverage in the UK.”
Andy Page, CEO of Kinnell Holding said: “This transaction is a testament to the transformation our company has undergone in the last 22 years, as we have evolved from a small-scale administration company to a conglomerate of specialty businesses providing a full range of products and services to association and corporate clients.
“We are pleased to have found a partner that shares our commitment to providing the highest possible quality service, and we look forward to the ample growth opportunities ahead for our company as part of the Accelerant portfolio.”
Sam Gaynor, Managing Director of Altamont Capital Partners, Accelerant’s primary capital sponsor added: “We are making significant progress toward building the premier, vertically-integrated platform, and with this transaction, Accelerant is even better positioned to continue its growth globally.
“The acquisition of Kinnell, and more specifically GPI, will be integral to Accelerant’s continued efforts to expand its offerings and build a global network of insurance companies that are leveraging technology and data analytics in a way that is not currently done in the industry.”
