Underwriting group Accelerant Holdings has expanded into the US market, with AM Best re-affirming the groups A- (Excellent) rating.
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 US.
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 technology-enabled capacity solution to MGAs in the UK and European markets.
In February 2019, private equity firm Altamont Capital Partners made an initial investment in Accelerant. Since then, Altamont has provided additional equity to Accelerant to fund the capitalisation of its carriers in Europe and the U.S.
Jeff Radke, CEO of Accelerant commented: “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.
“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, said: “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.”
Sam Gaynor, Managing Director of Altamont added: “We have long been active investors in the U.S. MGA market.
“Our team has a keen understanding of the need for Accelerant’s approach of bringing differentiated technology, a seasoned, forward-thinking team, and well-capitalised, A- rated paper to best of breed MGAs.
“With our long-term investment horizon, we look forward to continuing to support Accelerant’s growth across the U.S., U.K. and Europe.”
