(Bloomberg) --Barings LLC is leading a $150 million investment in
The business was previously valued at $2.2 billion following an investment last year led by Todd Boehly's Eldridge, with participation from MS&AD Ventures, Altamont Capital Partners and Deer Park.
Accelerant was started in 2018 as a business serving specialty insurance underwriters. It's launching its Risk Exchange platform as a marketplace to connect underwriters with risk capital, including from institutional investors and insurance companies. Its platform also helps with analytics and portfolio management.
Accelerant's gross written premiums roughly doubled to more than $500 million in 2021, Bloomberg previously reported. In an interview, Chief Executive Officer Jeff Radke expects that to quadruple to $2 billion this year. The startup provides insurance to more than 1 million small and midsize businesses, a spokesperson for the company confirmed.
The business, officially based in Atlanta, has operated with a fully remote workforce right from its start. Radke said that it was because all of his early hires lived in different locations.
"There was no city to pick where everyone worked," he said.
