View this article online: https://www.insurancejournal.com/news/national/2022/01/28/651346.htm
InsurTech Accelerant raised more than $190 million at a $2 billion pre-money valuation in its latest funding round.
Atlanta-based Accelerant serves a network of managing general underwriters (MGU) and program administrators (PA) that it refers to as its members. The firm supplies underwriters with risk exchange and data analytics coupled with long-term capacity commitments. Its InSightFull data platform helps members handle operational and regulatory complexity. Its focus is on small and medium-sized businesses and their insurance needs.
“We believe that data informs our shared assessment of risk — and it’s why we share things such as neighborhood crime data, geo mapping of claims data and even the proximity of fire stations with our members,” the Accelerant spokesperson said. “This kind of granular data can help inform how or whether MGUs take advantage of an opportunity.”
The company said it will be expanding its geographical footprint and reinvesting in its InSightFull platform.
While Accelerant is targeting small business customers, in the future, the company said it wants to build upon its success in additional markets as well.
The round was led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures and others. Existing majority investor Altamont Capital Partners also participated.
Financial Technology Partners served as exclusive advisor to Accelerant and its board of directors, and Sidley Austin LLP acted as legal counsel for the latest funding round.