Accelerant Holdings (“Accelerant” or the “Company”), the parent company of an underwriting group that specializes in serving a carefully selected and managed network of member managing general agencies and program administrators (“Members”), today announced the acquisition of Commonwealth Insurance Company of America (“CICA”) from Brit Group, a subsidiary of Fairfax Financial (TSX: FFH).
CICA is a Delaware domiciled admitted insurance carrier with licenses in 48 states and the District of Columbia. Along with the previously announced formation of Accelerant Specialty Insurance Company (“ASIC”), a surplus lines carrier domiciled in Arkansas, CICA is Accelerant’s second owned statutory entity in the U.S. This acquisition enables the Company to serve its best-in-class Members across both non-admitted and admitted market segments. Accelerant remains rated A- (Excellent) by AM Best within its Financial Size Category. Accelerant plans to rename CICA as Accelerant National Insurance Company (“ANIC”).
In conjunction with closing the CICA transaction, Accelerant also finalized the rollout of its proprietary underwriting and analysis platform, Accelerant InSightFull, into the U.S. market. Accelerant InSightFull was initially launched as part of the Company’s European and UK operations and has previously been implemented across Accelerant’s underwriting activities in more than 13 countries. The platform facilitates secure and unabridged data flow from the retail broker to reinsurers and other risk bearing capital. The platform delivers critical information to Members with clarity and speed. Accelerant InSightFull also provides significant data regarding claims experience, loss information, premium flow and more, benefiting all the participants in the value chain that Accelerant is disrupting.
“Completing the acquisition of CICA is an important development for our Company,” said Jeff Radke, CEO of Accelerant. “We formed Accelerant with the goal of employing technology and a partnership-oriented approach to provide an enhanced user experience to our Members. Adding an admitted platform to our offerings will enable us to write a broader array of program business in the U.S. market.”
Rich Koehler, Chief Business Officer of Accelerant U.S., added, “Accelerant InsightFull technology is unique to the insurance market as it allows the Company to not only efficiently onboard new Members onto our platform, but to also provide them with data-driven insights enabling their business to achieve greater growth and generate superior underwriting results. Leveraging Accelerant InSightFull, we look forward to helping our U.S. Members drive success.”
Joe Zuk, Operating Partner of Altamont Capital, Accelerant’s private equity sponsor and President of ASIC, stated, “We are building the premier, vertically-integrated platform focused solely on the smaller commercial program administrator market. The technology, insights and support we provide are truly second to none, and we look forward to continuing to grow our property, liability and specialty business through supporting program administrators across the U.S.”
Source: PR Newswire
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