Unicorn Leaders – Jeff Radke, CEO & Co-Founder, Accelerant

Jeff Radke, the CEO and co-founder of Accelerant, began by acknowledging the milestone of being the 40th interviewee in the Unicorn Leader series, expressing his honour at participating. He shared his extensive background in insurance and reinsurance, spanning 37 years, and highlighted how this experience shaped his journey with Accelerant. Founded in 2018, Accelerant grew rapidly, reaching unicorn status in 2022 with a valuation of $2.1 billion.

Jeff explained that Accelerant was created with two key observations in mind. Firstly, over the past few decades, the reinsurance industry has increasingly been pushed towards high-volatility, high-risk business due to larger insurance companies retaining more low-risk business. This shift has made the reinsurance sector less attractive overall. Secondly, since around 2002, some of the best underwriters have moved into the MGA (Managing General Agent) and MGU (Managing General Underwriter) spaces, particularly in specialty insurance. Accelerant’s goal is to serve these MGA and MGU entities by providing a platform that supports their growth, with a business model focused on fairness and efficiency, rather than predatory reinsurance practices.

Jeff also discussed Accelerant’s choice of Puerto Rico for its operations, citing favourable US regulatory treatment, an improving infrastructure, and a welcoming business environment as key factors. Accelerant’s market, which spans 22 countries, is vast, with the specialty insurance sector estimated to be worth between $252 billion and $1.4 trillion.

Looking to the future, Jeff highlighted Accelerant’s vision of pushing the boundaries of its ecosystem to better serve its MGA and MGU members. He emphasised the company’s focus on helping these members succeed, believing that if they do well, Accelerant will thrive too.

Regarding the company’s growth, Jeff noted that their 350-strong team is crucial to their success, and they are always on the lookout for talented individuals. He also discussed how their company culture, established from the outset through a set of core values, has been instrumental in guiding their operations and maintaining a strong, unified team as they continue to expand.

Jeff describes the communication and engagement strategy at Accelerant as a fundamental aspect of their organisational culture, emphasising that it’s a shared responsibility across the entire team, not just his alone. He highlights that the focus on keeping employees connected and engaged is evident in the regular activities they undertake. For instance, his colleague Chris Lee Smith, who oversees distribution, leads an all-hands call every Thursday.

This meeting involves the entire team and covers a comprehensive list of organisational priorities for the upcoming week. The transparency and inclusiveness of these meetings are critical, as they share the entire playbook with employees, even though it’s all considered confidential.

In addition to the weekly calls, Accelerant conducts quarterly “owner calls,” where every employee is treated as an owner. These meetings, Jeff notes, are somewhat akin to board meetings, where there is a detailed reporting back process. Alongside these structured meetings, there are numerous ad hoc communications to ensure everyone remains aligned and engaged.

Jeff acknowledges that their meeting-heavy culture can be challenging, particularly for newer employees who may find it overwhelming. He reflects on the balance between communicating, decision-making, and working, likening it to a balloon that expands as communication increases, potentially encroaching on time for other tasks. He recognises the feedback from new team members, agreeing that the company needs to be cautious about the sustainability of the demands placed on employees.

Jeff spends a significant portion of his time checking in with employees personally, often through informal Teams calls, to ensure they’re coping well. He shares examples of these conversations, where he might notice someone not looking well or reacting unusually, prompting him to offer support and remind them to balance work with personal life. He stresses the importance of “maximum sustainable effort every day,” a core value at Accelerant, which encourages employees to determine what is sustainable for them based on their unique circumstances.

Jeff also draws attention to the broader impact of communication, noting that while work demands attention, personal life, especially family, should not be neglected. He uses the analogy that if children had the ability to send Teams messages like work does, they would likely receive much more attention, urging employees to prioritise their families over work demands when necessary.

In summary, Jeff highlights that the culture at Accelerant is deeply rooted in continuous communication and employee engagement, which requires constant effort and careful management to ensure it remains effective and sustainable for all employees.