UK insurtech company Accelerant secures €166M funding to help underwriters serve commercial enterprises efficiently

Accelerant, an insurance technology company, announced that it has raised over $190M (approx €166M) funding led by Eldridge at a $2B (approx €1.7B) pre-money valuation. Other investors, including Deer Park, Marshall Wace, MS&AD Ventures, and Altamont Capital Partner, participated. 

The UK insurtech company will deploy the funds to accelerate its product development and scale its operation. 

“Aspects of the insurance industry have been broken for a long time,” said Jeff Radke, CEO and co-founder of Accelerant. 

“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 resonating and successfully aligning incentives. 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,” he adds.

Accelerant: What you need to know

Based out of Colchester, Essex, Accelerant is an insurance platform that empowers underwriters to more effectively serve their insureds. 

For the unknown, underwriting is one of the crucial processes in the financial world where an institution or individual takes the risk associated with a venture, an investment, or a loan for a premium fee. 

The company’s InSightFull data platform helps members better understand risk, benefit from insights, and handle operational and regulatory complexity. 

“We leverage granular information on each policy to deliver unprecedented insight into insurance pools, and our specialty portfolio is fully diversified with very low catastrophe, aggregation, or systemic risk,” Accelerant mentions in a press release. 

Investors

Headquartered in Greenwich, Connecticut, Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. 

“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 prioritises velocity and collaboration,” says Todd Boehly, co-founder and CEO of Eldridge. 

“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,” he adds.

Based out of the San Francisco Bay Area, Altamont Capital Partners is a private investment firm with more than $3.5B AUM. The company is focused on investing in middle market businesses where it can partner with management teams to help its portfolio companies reach their full potential. 

“Accelerant’s unique focus on data-driven collaboration has proven to be a winning strategy for its Member MGUs. This success is thanks in part to the depth and breadth of the team’s expertise, combining career knowledge of the entire insurance value chain with invaluable data science experience,” says Sam Gaynor, Managing Director at Altamont.