Accelerant Acquires Kinnell Holdings Insurance Group
7 months ago
Accelerant Holdings, the parent company of a technology and data-driven insurance risk exchange, today announced the acquisition of Kinnell Holdings, Ltd. (“Kinnell”) and its six subsidiaries to better meet the needs of niche small and mid-sized enterprises (SME) insureds in the United Kingdom.
Kinnell is a vertically integrated insurance group that primarily serves the building and remedial treatment industries, focused on the provision of home improvement consumer protection, including both deposit and post-completion warranty protection. Through the acquisition, Accelerant will acquire Kinnell’s subsidiary Guarantee Protection Insurance Limited (GPI). Accelerant will also broaden its portfolio with the addition of Kinnell’s other subsidiary companies, including two insurance intermediaries, a trade association, a repair company. Kinnell Holdings and its subsidiaries will form parts of the insurance distribution and underwriting sub-groups within Accelerant.
Kinnell Holdings will also adopt Accelerant InSightFull™ technology, Accelerant’s proprietary underwriting and analysis platform, which is being rolled out across the Company’s US, UK and European operations. Accelerant InSightFull facilitates secure and unabridged data flow from the retail broker to reinsurers and other risk bearing capital, allowing unique data transparency that is novel to the P&C insurance industry, while also delivering critical real-time information to managing general agency (MGA) Members with clarity and speed. Accelerant InSightFull also provides significant data regarding claims experience, loss information, premium flow and more, benefiting all the participants in the value chain that Accelerant is disrupting. The addition of Kinnell’s offerings and capabilities will allow Accelerant to further sharpen its artificial intelligence and machine learning capabilities within a new line of business.
“We are pleased to have completed the acquisition of Kinnell Holdings, which marks an important step forward in our efforts to enhance our network and offerings,” said Jeff Radke, CEO of Accelerant. “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. We look forward to working closely with Andy and the rest of the Kinnell team as we continue to grow our offerings and coverage in the UK.”
“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,” said Andy Page, CEO of Kinnell Holdings. “We are pleased to have found a partner that shares our commitment to providing the highest possible quality service, and we look forward to the ample growth opportunities ahead for our company as part of the Accelerant portfolio.”
“We are making significant progress toward building the premier, vertically-integrated platform, and with this transaction, Accelerant is even better positioned to continue its growth globally,” added Sam Gaynor, Managing Director of Altamont Capital Partners, Accelerant’s primary capital sponsor. “The acquisition of Kinnell, and more specifically GPI, will be integral to Accelerant’s continued efforts to expand its offerings and build a global network of insurance companies that are leveraging technology and data analytics in a way that is not currently done in the industry.”
About Accelerant Holdings
Accelerant Holdings is a technology-enabled and data-driven insurance platform that acts as a full-service risk exchange between its MGU Members and reinsurance partners. Accelerant supports a network of carefully selected, best-in-class underwriting teams across the US, UK, and Europe, with a current focus on coverages for small and medium-sized enterprises. Accelerant Insurance has been awarded an AM Best A- (Excellent) rating, giving Members and their customers confidence that they will have support when they need it most.
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $2.75 billion of assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including financial services, healthcare, consumer/retail, industrials, and business services. Within the insurance industry, Altamont is either a current or past investor in McLarens Global Claims Services, Celestite Holdings, Embark General, Kuvare Holdings, and Accelerant Holdings.
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