Accelerant, a data-driven risk exchange platform for the specialty insurance market, has partnered with newly formed WoodStar Reciprocal Exchange, an insurer backed by more than $220m in surplus notes and capital from third-party investors.
WoodStar's capital comes from Kilter Finance, a KKR-backed specialty finance company that provides capital solutions to small and mid-sized insurers, alongside funds managed by Blue Owl Capital. The partnership is part of Accelerant's approach to connecting specialty insurance risk with institutional capital providers through the Accelerant Risk Exchange. WoodStar is expected to begin writing direct business on the exchange during 2027.
Accelerant operates the Accelerant Risk Exchange, a platform that connects specialty insurance underwriters with risk capital providers using analytics, real-time data and underwriting insights. WoodStar is a reciprocal insurance company focused on specialty commercial lines coverage for small and medium-sized businesses, with underwriting conducted exclusively through the Accelerant Risk Exchange.
Kilter Finance invests in insurance balance sheets and provides asset-origination, asset-underwriting, asset-servicing and asset-exit services to institutional investors. The firm has led around $1.8bn in capital commitments across three investment strategies. Blue Owl Capital manages $315bn in assets as of 31 March 2026 across its Credit, Real Assets and GP Strategic Capital platforms.
Accelerant CEO Jeff Radke said, 'WoodStar is another step forward for our platform. 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.'
Kilter Finance CIO Dan Knipe added, '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.'
Kilter Finance managing director Charles Lens also commented, 'This innovative solution is another demonstration of Kilter's insurance sector expertise.'
Blue Owl Capital managing director Bharath Subramanian said, 'We are excited to support WoodStar, a structure designed for long-term, capital-efficient growth. 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.'
WoodStar will be managed by an attorney-in-fact majority owned by Accelerant, alongside unrelated minority investors. Accelerant does not hold an ownership interest in WoodStar but will provide underwriting, distribution, claims and other services through contractual arrangements.