Insurtech Accelerant has secured $190 million at a USD2 billion pre-money valuation in a funding round led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures.
Accelerant’s platform helps its members better understand risk, benefit from insights, and handle operational and regulatory complexity.
The insurtech works with its members to drive profitable growth, with a focus on the small and medium-sized businesses that power our global economy and their niche insurance needs.
Its other existing majority investor Altamont Capital Partners also participated in the round.
The company will use the capital to continue rebuilding the way that underwriters share and exchange risk to improve outcomes for program managers, primary issuing carriers, and ultimate risk-bearers.
Jeff Radke, CEO and co-founder of Accelerant said: “Aspects of the insurance industry have been broken for a long time. At Accelerant our approach is pretty simple — which is maybe what makes it a little radical: We’re bringing transparency, data, and shared incentives back into the equation, serving MGUs as important partners in the insurance ecosystem, and overall making it easier and more efficient to exchange risk.
“The approach is clearly resonating and successfully aligning incentives. I’m thrilled by this endorsement of our strategy and to have the opportunity to put this capital to work on behalf of our current and prospective Members in service of the industry at large.
“We look forward to working with new partners to apply our differentiated approach and technology to lines of insurance beyond SME within which we can have an equally significant impact.”
Todd Boehly, co-founder and CEO of Eldridge added: “The Accelerant team understands the challenges that MGUs and PAs face with conventional carriers, and they’ve built an offering to address those needs.
“With cutting-edge data and analytic capabilities, Accelerant’s platform eliminates bureaucracy to offer an experience that prioritizes velocity and collaboration.
“We’re excited to support Accelerant as they enter their next phase of growth and create value throughout the insurance ecosystem with their member-centric, collaborative approach.”