Insurtech Accelerant has announced its expansion into the Canadian market through the acquisition of Omega Insurance Holdings, Inc. from Till Capital Ltd.
Omega, based in Toronto, offers property and casualty insurance coverage. It also offers short-tail property insurance and reinsurance, caters to small-sized to medium-sized insureds, and reinsures smaller insurance companies.
In 2017, Till announced it was looking for buyers for its Canadian subsidiary. With this sale, the company looked to offload its primary primary unit to “focus on increasing shareholder value and its original business strategy.”
“Accelerant’s entry into Canada is an exciting culmination of years of work to understand and meet the unique needs of Canadian managing general agents and program administrators,” Jeff Radke, CEO and co-founder of Accelerant, commented.
Founded in 2018, Accelerant is a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers.
It currently supports the needs of managing general agents (MGA) and program administrators across the US, the UK, and Europe.
According to the announcement, the company’s entry into Canada “reflects Accelerant’s ambition to remove barriers on a global basis to reduce the friction underwriters face daily.”
With MGAs being one of the fastest-growing segments of the Canadian insurance market, Accelerant now has regulatory approval to welcome Canadian MGAs as Members.
The company aims to provide them with all the services they require to succeed, including distribution management and operational, actuarial, regulatory, and capital support.
