Accelerant, an Atlanta-based startup with a software platform designed to ease the work of insurance underwriters, has reportedly secured $150 million in fresh funding.

Bloomberg reported the raise on Thursday. It was led by Barings, a subsidiary of MassMutual Co. Accelerant is now reportedly valued at $2.4 billion, or $200 million more than after its previous funding round last year.

Atlanta-based Accelerant provides a software platform that helps insurance underwriters perform day-to-day business tasks more efficiently. An underwriter is a firm that helps insurers evaluate whether it’s financially feasible to cover an asset such as an industrial machine. Additionally, such firms determine the price of insurance policies.

Accelerant’s platform is geared toward a segment of the market known as the specialty insurance industry. Specialty underwriters create policies for companies seeking to insure high-priced and, in some cases high-risk, assets. A manufacturer, for example, might buy such a policy to cover its most expensive pieces of equipment.

When an underwriter creates a specialty insurance policy, it must find an insurer willing to take on the risk associated with that policy. The process of finding an insurer can often be complicated and time-consuming. According to Accelerant, its software platform eases the task.

The platform, which is called Risk Exchange and officially launched this week, provides underwriters with access to risk capital. That’s the capital used to back specialty insurance policies. The funds are provided by insurance companies and investment firms that have signed up for Risk Exchange.

“By enabling our members to access a number of different capacity providers along with Accelerant to best match the opportunity, our aim is that Accelerant members never have to worry about capacity again,” said co-founder and Chief Executive Officer Jeff Radke. 

The platform also promises to ease other aspects of underwriters’ work. When an underwriter evaluates whether it’s financially feasible to insure an asset, it must take numerous factors into account. Risk Exchange includes analytics features that, according to Accelerant, make it easier to map out and understand the factors influencing a deal. 

The platform also promises to help underwriters manage their existing portfolios of insurance plans. According to Accelerant, its algorithms detect new developments that may increase the amount of risk associated with a certain policy. The platform also helps underwriters track core business metrics such as client retention.

Risk Exchange is the latest in an series of offerings that Accelerant has introduced over the past three years. Previously, it debuted a service called Flywheel Re that helps underwriters access capital from institutional investors. Earlier, it introduced a reinsurance offering designed to help customers mitigate potential financial risks in their insurance portfolios. 

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