Accelerant acquires Commonwealth Insurance Company of America

London-based Accelerant Holdings , an underwriter serving a network of Member MGAs in Europe and the UK, announced the acquisition of Commonwealth Insurance Company of America (“CICA”) from Brit Group, a subsidiary of Fairfax Financial Holdings .

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 US. Accelerant plans to rename CICA as Accelerant National Insurance Company (“ANIC”).

Accelerant also finalized the rollout of its proprietary underwriting and analysis platform, Accelerant InSightFull, into the US 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.

“Completing the acquisition of CICA is an important development for our Company. 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 US market.” – Jeff Radke, CEO of Accelerant.

“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 US Members drive success.” – Rich Koehler, Chief Business Officer of Accelerant US.

“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 US” – Joe Zuk, Operating Partner of Altamont Capital, Accelerant’s private equity sponsor and President of ASIC.