Atlanta-based Accelerant, a company dedicated to empowering specialty underwriters in the insurance industry, has officially launched its Risk Exchange.
The InsurTech firm, known for its innovative, data-driven approach, is expanding its offerings with the Risk Exchange currently in beta and accessible to member specialty underwriters, insurers, and risk capital partners.
The introduction of the Risk Exchange is a response to Accelerant’s ongoing quest to boost the success of its members. By introducing additional capacity where every Accelerant Member retains the long-term capacity guarantee from an appropriate Accelerant-owned insurance company, the firm aims to revolutionise the industry’s traditional paradigm.
Founded in 2018, Accelerant’s mission has been to support specialty underwriters that form the backbone of our global economy. The company takes a transparent, data-driven approach to analytics, portfolio management, and long-term capacity provision. While these underwriters have often been subjected to the erratic relationships with incumbent players, Accelerant’s unique approach has enabled its members to grow their revenue at an annual rate of over 30%.
The Risk Exchange, an innovative platform by Accelerant, connects specialty underwriters with a curated group of capacity providers. It offers a multitude of features including a wide range of risk capital, data-driven underwriting, and portfolio management tools, ensuring underwriters find the capacity they need to manage their risks.
There is more to the Risk Exchange than meets the eye. Beyond providing access to various capacity providers, the platform ensures specialty underwriters never have to worry about capacity by coupling the Risk Exchange with the long-term capacity guarantee from Accelerant-owned insurance companies.
The Risk Exchange is the latest effort from Accelerant to continue supporting its members. Following their provision of long-term reinsurance support in 2020 and the creation of Flywheel Re in 2022 to access capital from institutional investors, the Risk Exchange marks a significant milestone.
Quotes from key figures add more context to this development. Accelerant CEO and co-founder Jeff Radke said, “At the end of the day, our Members succeed when they are able to pursue all of the opportunities available in their markets. That’s only possible when they have full data transparency, great analytics for underwriting — and long-term capacity. That’s why we’re proud to unveil the Risk Exchange, which represents an important part of delivering prearranged capacity solutions for all of their business – current and future.”
Matt Sternberg, Chief Operating Officer of Accelerant’s Risk Exchange, remarked, “The Risk Exchange gives us the ability to introduce additional capacity for our Members, where every single Accelerant Member still retains the long-term capacity guarantee from the appropriate Accelerant-owned insurance company. This is a remarkable paradigm shift for the industry.”
Lastly, Founder and Program Head of Kube Risk, Josh Koppel, stated, “Having the opportunity to both extend our long-term commitment as well as be provided with additional capacity will help us continue executing on the long-term vision we share for our business with consistent support from the same talented group of experts that have been instrumental in our success to date.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
