The construction industry is a vital part of the American economy, with annual spending reaching $1.7 trillion. Contract surety bonds protect about a quarter of all U.S. construction spending — but actually obtaining a contract surety bond can be complicated and time-consuming, involving numerous applications, documentation requirements, and follow-up questions.
Jack Genet, CEO of inRev, had spent the better part a decade on the front lines of this manual process — but he knew there had to be a better way. So in March 2021, he quit his job to pursue an entrepreneurial path to establish inRev. inRev is an automated underwriter of surety bonds building tomorrow’s construction insurance ecosystem.
Starting a new MGA from scratch isn’t for the faint of heart — but it’s something Accelerant has supported from the beginning, seeking to support visionary underwriters with support and capital commitments that enable them to innovate across the value chain. InRev started by broking business the old-fashioned way, with people emailing submissions in and inRev manually keying data into excel models before executing PDF documents. .
In the summer of 2021, inRev started talking to the team at Accelerant, who helped inRev piece together underwriting expertise, tech, data, and capacity. With Accelerant’s support, inRev built a proprietary, API-first underwriting and distribution platform that makes surety submission, underwriting, and issuance radically simple, fast, and informed.
Using advanced process automation, a proprietary underwriting mesh, 3rd party and proprietary data, inRev’s platform underwrites contract surety bonds up to $2.5 million single bond / $5 million aggregate account limits. Larger or unconventional submissions are referred to an inRev underwriter for manual review.
Since becoming an Accelerant Member, inRev’s Member director has provided access to expertise, tools, data, and support, while advocating for inRev inside the organization. The partnership has enabled InRev to expand their distribution channels and supported the growing platform’s marketing efforts.
Now, inRev is on track to exceed premium production targets for 2023 and expanding distribution — demonstrating that building a successful MGA is a lot like construction: It takes a solid foundation, a clear vision, collaboration, and a lot of hard work.