Accelerant Holdings backs rent guarantee insurance provider Leap
NJ-based Leap announced a strategic investment by Accelerant Holdings . In addition to a direct equity investment, Accelerant will provide liquidity financing and insurance capacity for all of Leap’s product offerings.
The company, which distributes its Leap Guaranty that fills in for a guarantor or parent cosigner (not for a deposit, though), is now planning to expand its product offering “to address 100% of the resident population by lowering move-in costs, providing credit enhancement to tenants with blemished credit, and removing the friction from the legacy leasing process.”
Accelerant Holdings and its subsidiaries, which include the technology-driven insurance exchange Accelerant Insurance, specialize in serving a carefully selected and managed network of Member managing general underwriters and program administrators across both non-admitted and admitted market segments.
“Leap is so excited to be working with the team at Accelerant. Everything they do is in support of Leap’s expansion of products and markets, and their commitment to our growth is felt every day. In our first month working with Accelerant, we were able to triple sales — demonstrating just how apt the Accelerant name and approach is. In building a new insurance market, innovative product development and speed to market are critical factors for success. Accelerant is built to support its member agencies and has thrown the full weight of the organization behind achieving Leap’s expansion goals.” – Rory O’Connell, Founder and CEO of Leap.
“Leap is exactly the type of Member that Accelerant was created to serve. Like Accelerant, they are delivering value to their customers by combining a great team with great technology. We are delighted to offer long-term, stable capacity to Leap to meet their customers’ needs for years to come.” – Jeff Radke, CEO of Accelerant.
Bottom Line: Over the past 12 months, Leap has grown its client base from 100,000 homes to more than 750,000 homes.