Accelerant establishes $175 million sidecar reinsurer
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Accelerant Ltd., a Bermuda-based insurer that operates through partnerships with managing general agents, on Wednesday launched a $175 million sidecar vehicle to add capital market capacity.
Flywheel Re will provide multi-year capacity to the insurer and the MGAs it works with, an Accelerant statement said.
Accelerant, which was established in 2018 to offer coverage to small and medium-sized businesses, is expanding its focus and “diversifying sources of capital alongside the traditional reinsurance market,” said CEO Jeff Radke, in the statement.
Sidecars are investment vehicles set up alongside existing insurers and reinsurers that allow other investors to provide capacity through quota share agreements.
