Accelerant Holdings has announced the acquisition of Commonwealth Insurance Company of America (CICA), a Delaware domiciled admitted insurance carrier with licences in 48 states and the District of Columbia.
The company acquired CICA from Brit Group, a subsidiary of Fairfax Financial.
Accelerant plans to rename CICA as Accelerant National Insurance Company (ANIC) as the acquisition will enable the company to serve best-in-class members across both non-admitted and admitted market segments.
Accelerant CEO Jeff Radke said: “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 programme business in the US market.”
Concurrently, Accelerant also rolled out its underwriting and analysis platform called Accelerant InSightFull into the US market.
The platform supports unabridged data flow from the retail broker to reinsurers and other risk bearing capital securely.
It also provides data regarding claims experience, loss information and premium flow among others.
Accelerant US chief business officer Rich Koehler said: “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.”