Greenlight Capital Re, a Cayman Islands-based reinsurance company, has invested in Illinois-based managing general underwriter (MGU) AccuRisk Solutions.
Greenlight Re initially invested in AccuRisk in 2017, and with the latest investment becomes the largest shareholder.
The investment will enable AccuRisk to expand quickly through a series of strategic acquisitions in North America.
Additionally, Greenlight Re uses its subsidiaries to reinsure business produced by AccuRisk.
AccuRisk, which was founded in February 2017, is a provider of healthcare and employee benefits to a range of insurance partners, with $70 million in annual premium.
Simon Burton, Greenlight Re CEO, said: “We are delighted to partner with a technology-driven and fast-growing MGU which is focused in a market where we see real growth opportunities.”
“AccuRisk has a strong pipeline of acquisition targets, and we look forward to supporting them in their strategic growth plans.”
AccuRisk president and CEO Daniel Boisvert commented: “Greenlight Re has been a valued strategic and reinsurance partner since our inception and we are pleased to have them increase their equity position in the company and provide our next tranche of growth capital.”
“There are numerous opportunities in the healthcare space for acquisitions and to implement innovative technologies and this capital infusion will allow us to execute with respect to both.”