Accelerant, a data-driven risk exchange platform for the specialty insurance market, has partnered with newly launched WoodStar Reciprocal Exchange, a reciprocal insurer funded with over $220 million of surplus notes and capital from unrelated third parties including Kilter Finance, a KKR-backed specialty finance company, and funds managed by Blue Owl Capital, an alternative asset manager.
WoodStar will provide dedicated underwriting capacity exclusively for the Accelerant Risk Exchange, and is expected to begin writing “meaningful direct business” during 2027.
The partnership aligns with Accelerant’s long-term strategy to bring low-volatility, specialty commercial insurance risk closer to high-quality institutional capital. It also aims to grow Accelerant Risk Exchange’s diverse set of insurers.
Credit ratings agency AM Best has already assigned a financial strength rating of “A -” (Excellent) to WoodStar.
An attorney-in-fact, majority-owned by Accelerant, will manage the reciprocal insurance company, in addition to unrelated minority investors.
Accelerant does not have any ownership interest in WoodStar, but will provide underwriting, distribution, claims and other services pursuant to contractual arrangements.
Jeff Radke, Chief Executive Officer, Accelerant, commented, “WoodStar is another step forward for our platform. We continue to develop attractive structures for institutional investors and other risk capital providers to partner with the Accelerant Risk Exchange and support our growing Member base.”
Dan Knipe, Chief Information Officer, Kilter Finance, said, “We have been impressed by Accelerant’s underwriting capabilities, deep MGA network, and differentiated approach to aligning risk and capital. We are excited to be partnering with the Accelerant Risk Exchange through WoodStar.
Charles Lens, Managing Director of Kilter Finance, added, “This innovative solution is another demonstration of Kilter’s insurance sector expertise.”
Bharath Subramanian, Managing Director, Blue Owl Capital, said, “We are excited to support WoodStar, a structure designed for long-term, capital-efficient growth. We look forward to providing capital to meet the risk management needs of a diversified group of small and medium-sized US businesses together with the Accelerant Risk Exchange.”
