- Agribusiness Risk Underwriters
Eldridge CEO Todd Boehly Bets on Accelerant, ARU's Parent Company, at $2.2 Billion Valuation
Accelerant has been on an upward trajectory since its founding in 2018. Last year they purchased Agribusiness Risk as well as Kinnell Holdings Ltd and its subsidiaries and roughly doubled their gross written premium to over $500 million.
According to Jeff Radke, Accelerant’s Chief Executive Officer, Accelerant provides insurance to over 300,000 businesses and has no plans on slowing down in 2022. In fact, Eldridge CEO Todd Boehly is now backing Accelerant in a transaction that values the insurance-technology startup at $2.2 billion.
According to Gillian Tan, a journalist at Bloomberg,“Accelerant raised about $193 million in equity funding from the group, which also includes Deer Park, Marshall Wace, MS&AD Ventures and existing investor Altamont Capital Partners…
The Atlanta-based company will use proceeds to fund required regulatory capital and fuel continued growth of the business. Accelerant’s team understands the challenges that managing general underwriters and program administrators have had with conventional carriers, and they’ve built an offering to suit those niche needs,” Boehly, who is chairman and CEO of Greenwich, Connecticut-based Eldridge, and is joining Accelerant’s board, said in an emailed statement. “With cutting-edge data and analytic capabilities, Accelerant strips away the bureaucracy that’s endemic in the industry to offer a product that prioritizes velocity and drives deep collaboration.””
Source: Gillian Tan at Bloomberg