Insurtech Accelerant Launches $175M Sidecar Investment Vehicle Flywheel Re
Accelerant, an insurtech platform that aims to provide underwriters with risk exchange, data analytics and long-term capacity commitments, announced a new $175 million sidecar vehicle, Flywheel Re.
Flywheel will provide multi-year risk capital to Accelerant and its team of underwriting-led specialist members.
“Our sidecar is a natural extension of the work we’ve been doing to support specialist underwriters with additional capacity and while also expanding our focus and diversifying sources of capital to ultimately support our members’ growth,” said Accelerant Co-Founder and CEO Jeff Radke in an emailed statement.
Accelerant was founded in 2018 with the aim of rebuilding the way that underwriters share and exchange risk, according to a company press release. The company works with its underwriting-led members to drive growth in niche specialties, and the new capital will support the company’s underwriting capacity and performance, Radke said.
Goldman Sachs & Co. LLC served as exclusive placement agent to Accelerant, and Sidley Austin LLP acted as legal counsel. In the future, Radke said Flywheel Re will allow the company to continue to ensure aligned incentives when it comes to exchanging risk as Accelerant aims to continue growing its data and technology platform.
“We’re thrilled to put this additional capital to work on behalf of our members as they continue to grow their businesses,” Radke said. “Flywheel is ultimately a continuation of our overall strategy, and there will be many more innovations to come from Accelerant in the coming years.”
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