American insurtech Accelerant has acquired Agribusiness Risk Underwriters (ARU) for an undisclosed sum.
ARU focuses on poultry farm insurance product development, underwriting, and loss control.
Founded in 2016, ARU builds and distributes proprietary insurance products, invests in loss prevention engineering and research.
It supports a broad network of wholesale and retail brokers, providing insurance and loss control services to approximately 1,000 American farms and farm family policyholders.
Accelerant CEO Jeff Radke said: “Poultry farmers play a crucial role in the day-to-day lives of hundreds of millions of people across the globe, yet this vital industry has not received its fair share of insurance innovation.
“Since its founding, ARU has distinguished itself with best-in-class products, underwriting, loss control, and technology, which are emblematic of the excellence Accelerant seeks in underwriting partners.”
Agribusiness Risk Underwriters co-founder and CEO William Johnson said: “We are delighted to be a part of Accelerant, a progressive and solutions-oriented organization that shares our core values.
“Joining Accelerant positions ARU for an exciting new chapter, as we continue growing not just in the poultry confinement space but also as we expand into other farm/ag classes.”
Founded in 2018, Accelerant is backed by private equity firm Altamont Capital Partners.
In May this year Accelerant agreed to take over Kinnell and its six subsidiaries.
Prior to that, Accelerant acquired Commonwealth Insurance Company of America (CICA).