Accelerant Holdings

What they do

Accelerant operates the Accelerant Risk Exchange, a technology platform that connects specialty insurance underwriters (MGAs, called 'Members') with Risk Capital Partners (insurers, reinsurers, and institutional investors). The company provides analytics, distribution management, and operational resources to Members, and charges Risk Capital Partners recurring fees to source, manage, and monitor risks. It targets small-to-medium sized commercial risks primarily in the US, EU, Canada, and the UK.

Revenue drivers

• Exchange Written Premium — The volume of premiums written through the Risk Exchange; Q2 2026 was $1.32 billion, up 23% year-over-year.
• Third-Party Direct Written Premium — Premium written by third-party insurers on the platform; represented 47% of Q2 2026 Exchange Written Premium volume, up from 27% in the prior year.
• Accelerant Direct Written Premium — Premium written by Accelerant's own underwriting entities; represented 53% of Q2 2026 Exchange Written Premium volume, down from 73% a year earlier.
• Risk Capital Partner Fees — Recurring fees from Risk Capital Partners for sourcing, managing, and monitoring risks; a key driver of operating revenues, which were $303.9 million in Q2 2026.

Recent performance

Q2 2026 total revenues were $356.9 million, up from $219.1 million in the prior year, with net income of $80.0 million and diluted EPS of $0.36. Adjusted EBITDA was $93.1 million, with a margin of 30.6%, up from 29.0% a year ago. Exchange Written Premium grew 23% year-over-year to $1.32 billion, and trailing twelve-month premiums were $4.6 billion. As of June 30, 2026, the company had 314 Members and 97 Risk Capital Partners, and the risk exchange had generated a 171% compounded annual growth rate in Exchange Written Premium since inception. For fiscal 2025, revenue was $912.9 million with a net loss of $1.35 billion, reflecting a large non-cash charge.

Strategy

Accelerant aims to be the preeminent specialty insurance marketplace, using proprietary technology to reduce information asymmetry and operational barriers. It is increasingly shifting towards third-party insurers as a growth model, with third-party direct written premium growing from 27% to 47% of Exchange Written Premium in Q2 2026. The company has launched a data AI agent called ARC to structure incoming data, and introduced value-added services for Members including AI office hours and the Accelerant Talent Portal. It has also facilitated the formation of a new third-party insurance company and enhanced partnerships with three existing Risk Exchange insurers. The pending merger with Thoma Bravo is intended to provide financial and strategic resources to further scale the platform.

Risks

• Merger closing risk — The Thoma Bravo acquisition is subject to regulatory approvals and other conditions; a ticking fee may apply if approvals are delayed.
• Concentration in retained underwriting — Accelerant retains a portion of exchange premium (13% in Q2 2026), exposing it to underwriting losses; the gross loss ratio was 52.0% in Q2 2026.
• Growth moderation — Exchange Written Premium growth slowed from 42% year-over-year in Q2 2025 to 23% in Q2 2026, and the company anticipates further moderation as it scales.
• Dependence on Members and Risk Capital Partners — If the company fails to retain or attract Members or Risk Capital Partners, its fee-based revenue and growth could be adversely affected.

Outlook

Management expects growth to continue but at a moderating rate as the business scales. The company is focusing on expanding third-party premium, which reduces the capital intensity of its own underwriting. The pending merger with Thoma Bravo is expected to close subject to regulatory approvals, and will take the company private at $20.25 per share plus a potential ticking fee.