Accelerant, the data-driven risk exchange platform transforming the specialty insurance marketplace through the Accelerant Risk Exchange, announced a partnership with newly formed WoodStar Reciprocal Exchange (“WoodStar”). WoodStar is a reciprocal insurance company funded with more than $220 million of surplus notes and capital from unrelated third parties including Kilter Finance, a KKR-backed specialty finance company that provides capital solutions to small and mid-sized insurers, and funds managed by Blue Owl Capital (NYSE: OWL), a leading alternative asset manager. This partnership reinforces Accelerant’s long-term strategy to bring low volatility, specialty commercial insurance risk closer to high quality institutional capital and grow with a diverse set of insurance companies on the Accelerant Risk Exchange.

WoodStar received an AM Best financial strength rating of “A -” (Excellent) and will provide dedicated underwriting capacity exclusively for the Accelerant Risk Exchange. The reciprocal insurance company will be managed by an attorney-in-fact which is majority owned by Accelerant, in addition to unrelated minority investors. Accelerant does not have any ownership interest in WoodStar, but will provide underwriting, distribution, claims and other services pursuant to contractual arrangements.

“WoodStar is another step forward for our platform,” said Jeff Radke, CEO of Accelerant. “We continue to develop attractive structures for institutional investors and other risk capital providers to partner with the Accelerant Risk Exchange and support our growing Member base.”

“We have been impressed by Accelerant’s underwriting capabilities, deep MGA network, and differentiated approach to aligning risk and capital. We are excited to be partnering with the Accelerant Risk Exchange through WoodStar,” Dan Knipe, CIO of Kilter Finance said. “This innovative solution is another demonstration of Kilter’s insurance sector expertise,” continued Charles Lens, Managing Director of Kilter Finance.

“We are excited to support WoodStar, a structure designed for long-term, capital-efficient growth,” said Bharath Subramanian, Managing Director at Blue Owl Capital. “We look forward to providing capital to meet the risk management needs of a diversified group of small and medium sized US businesses together with the Accelerant Risk Exchange.”