Accelerant Holdings has agreed to take over Kinnell Holdings and its six subsidiaries for an undisclosed sum.
The deal includes the purchase of Kinnell’s subsidiary Guarantee Protection Insurance (GPI) as well as its other subsidiary companies, including two insurance intermediaries, a trade association, a repair company.
The acquired entities will now be part of the insurance distribution and underwriting sub-groups within Accelerant.
The deal will offer Kinnell access to Accelerant’s proprietary underwriting and analysis platform dubbed Accelerant InSightFull technology.
The technology, available across its US, UK and European operations, enables secure and unabridged data flow from the retail broker to reinsurers and other risk bearing capital.
The technology offers data covering claims experience, loss information, premium flow, among others.
Kinnell CEO Andy Page said: “This transaction is a testament to the transformation our company has undergone in the last 22 years, as we have evolved from a small-scale administration company to a conglomerate of specialty businesses providing a full range of products and services to association and corporate clients.”
Kinnell mainly caters to the building and remedial treatment sectors.
The addition of Kinnell’s services is said to help Accelerant enhance its AI and machine learning capabilities. e needs of niche small and mid-sized enterprises (SME) insureds in the United Kingdom.
Accelerant CEO Jeff Radke said: “By expanding our portfolio with Kinnell’s capabilities, we will be better able to serve our Members and their customers through their full lifecycle.
“The acquisition of Kinnell enables Accelerant to have additional capacity to serve our Members platforming the UK.”
In March this year, Accelerant acquired Commonwealth Insurance Company of America (CICA), a Delaware domiciled admitted insurance carrier with licences in 48 states and the District of Columbia.