CPE News (10.16.2023) – Accelerant has completed previously announced acquisition of Omega Insurance Holdings, Inc. from Till Capital Corporation (TSX-V: TIL).
Till Capital sold to Accelerant Holdings UK Ltd., Omega Insurance Holdings, Inc. and its two wholly-owned subsidiaries: Omega General Insurance Company, a licensed insurance company based in Toronto, Ontario, and Focus Group Inc., a consulting and project management business, for CDN $13,000,000 in exchange for all of the issued and outstanding shares of Omega.
Hayden, Idaho based Till Capital, through its wholly owned U.S. subsidiaries, owns the Springer Tungsten Mine & Mill near Winnemucca, Nevada and 755,913 common shares of Osisko Development Corp. (TSX-V: ODV). Till is a partial owner of IG Tintic LLC, a private company which owns a 1% net smelter return royalty on the East Tintic Mining District near Eureka, Utah, and of IG Far East LLC, a private company with the controlling interest in a joint venture that owns the Durmin gold property in the Russian Far East. Till Capital Corporation is also the majority shareholder of Silver Predator Corp. (TSXV: SPD) and owns various mineral royalties.
On May 15, 2015, Till Capital acquired all of the issued and outstanding shares of Omega and its subsidiaries for US $14 million.
Accelerant is a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers.
In January 2023, Accelerant raised in excess of US $190 million at a US $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others. Existing majority investor Altamont Capital Partners also participated in the round.
photo credit: Accelerant
News Release
Accelerant Expands International Presence to Canada
October 16, 2023 09:00 AM Eastern Daylight Time
ATLANTA–(BUSINESS WIRE)–Accelerant, a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers, today announced its expansion into the Canadian market through the acquisition of Omega Insurance Holdings, Inc. from Till Capital Ltd.
“Accelerant’s entry into Canada is an exciting culmination of years of work to understand and meet the unique needs of Canadian managing general agents and program administrators,” said Jeff Radke, CEO and co-founder of Accelerant.
Accelerant was founded in 2018 by a group of longtime insurance industry executives and technology experts who shared a vision of rebuilding the way risk is exchanged — so that it works better, for everyone. Today Accelerant supports the needs of managing general agents and program administrators across the US, the UK, and Europe. The entry into Canada reflects Accelerant’s ambition to remove barriers on a global basis to reduce the friction underwriters face daily.
As of 2022, Canada has over 80 MGAs, according to Insurance Business Magazine, which calls MGAs one of the fastest-growing segments of the Canadian insurance market. Accelerant now has regulatory approval to welcome Canadian MGAs as Members, to whom the company provides all the services they require to succeed, including distribution management and operational, actuarial, regulatory, and capital support.
ABOUT ACCELERANT
Accelerant is a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers. Accelerant was founded in 2018 by a group of longtime insurance industry executives and technology experts who shared a vision of rebuilding the way risk is exchanged – so that it works better, for everyone. The Accelerant Group was awarded an “A-“ financial strength rating by A.M. Best which recently affirmed the Group’s stable outlook.
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