Blue Owl Capital and KKR-backed Kilter Finance have launched WoodStar Reciprocal Exchange with $220 million in capital.
The new insurer earned an 'A-' financial strength rating from AM Best.
WoodStar will operate on the Accelerant Risk Exchange to provide underwriting capacity for small and medium-sized businesses in the United States.
The entity expects to begin writing business in 2027.
This launch supports Accelerant’s strategy to develop structures for institutional investors to partner with its specialty insurance risk exchange.