Leap, a Lease Insurance company, set to grow with an array of new products designed to improve the financial performance of landlords while lowering move-in costs for renters.
Leap Holdings, Inc., a Jersey City, NJ-based provider of innovative occupancy and risk management solutions for the multifamily and single-family rental markets, today announced a strategic investment by Accelerant Holdings. In addition to a direct equity investment, Accelerant will provide liquidity financing and insurance capacity for all of Leap’s product offerings.
Launched in 2018, Leap has grown significantly by helping residents qualify for the housing they want across the country. With this investment, Leap will expand its product offering to address 100% of the resident population by lowering move-in costs, providing credit enhancement to tenants with blemished credit, and removing the friction from the legacy leasing process.
Accelerant Holdings and its subsidiaries, which include the technology-driven insurance exchange Accelerant Insurance, specialize in serving a carefully selected and managed network of Member managing general underwriters and program administrators across both non-admitted and admitted market segments. Accelerant takes a partner-first approach supporting Members in using its data platform to better understand risk, benefit from insights, and handle operational and regulatory complexity.
This strategic partnership comes as Leap is expanding its product offering in order to help landlords who have suffered significant losses during the pandemic. Over the past 12 months, Leap has grown its client base from 100,000 homes to more than 750,000 homes, resulting in tens of millions of dollars of incremental revenue to landlords while providing access to renters with liquidity and credit limitations.
“Leap is so excited to be working with the team at Accelerant. Everything they do is in support of Leap’s expansion of products and markets, and their commitment to our growth is felt every day”, stated Rory O’Connell, Founder and CEO of Leap. “In our first month working with Accelerant, we were able to triple sales — demonstrating just how apt the Accelerant name and approach is.”
“Leap is exactly the type of Member that Accelerant was created to serve,” said Jeff Radke, CEO of Accelerant. “Like Accelerant, they are delivering value to their customers by combining a great team with great technology. We are delighted to offer long-term, stable capacity to Leap to meet their customers’ needs for years to come.”
“In building a new insurance market, innovative product development and speed to market are critical factors for success. Accelerant is built to support its member agencies and has thrown the full weight of the organization behind achieving Leap’s expansion goals,” added Rory O’Connell.
About Leap Holdings
Leap Holdings, Inc. is a provider of innovative occupancy and risk management solutions for the multifamily and single-family rental markets. It is Leap’s mission to improve the financial performance of landlords while making renting more accessible. Its products serve to make apartment and single-family leases more affordable, providing insurance alternatives to security deposits and guarantors. These unique products mitigate the need for landlords to take security deposits, thereby streamlining the leasing process, reducing move-in costs for renters, and driving occupancy rates higher. Leap currently serves clients who own and operate over 700,000 homes across 48 states. For more information, visit Leapeasy.com
About Accelerant Holdings
Accelerant Holdings and its subsidiaries specialize in serving a carefully selected and managed network of Member managing general underwriters and program administrators in the UK, Europe and United States. Accelerant is increasing value across the ecosystem by delivering technology-enabled and data-driven transparency and risk exchange. Led by a proven management team, Accelerant has built and controls an attractive insurance portfolio that today serves small and medium-sized enterprises. Accelerant Insurance has been awarded an AM Best A- (Excellent) rating, giving Members and their customers confidence that they will have support when they need it most. For more information, please visit accelins.com.