Accelerant, which is backed by Altamont Capital, has acquired Commonwealth Insurance Company of America from Brit Group, a subsidiary of Fairfax Financial.
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LONDON and ATLANTA, March 8, 2021 /PRNewswire/ Accelerant Holdings ( Accelerant or the Company ), the parent company of an underwriting group that specializes in serving a carefully selected and managed network of member managing general agencies and program administrators ( Members ), today announced the acquisition of Commonwealth Insurance Company of America ( CICA ) from Brit Group, a subsidiary of Fairfax Financial (TSX: FFH). CICA is a Delaware domiciled admitted insurance carrier with licenses in 48 states and the District of Columbia. Along with the previously announced formation of Accelerant Specialty Insurance Company ( ASIC ), a surplus lines carrier domiciled in Arkansas, CICA is Accelerant s second owned statutory entity in the U.S. This acquisition enables the Company to serve its best-in-class Members across both non-admitted and admitted market segments. Accelerant remains rated A- (Excellent) by AM Best within its Financi