Accelerant Holdings (ARX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.1B

Net income, last twelve months

-$1.3B

Earnings per share

-$6.65

Operating margin

-110.8%

Net margin

-113.1%

Return on equity

-180.6%

Market value

$3.3B

Cash

$1.6B

Debt

$120.1M

Debt to equity

0.17

Shares outstanding

166.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 13 August 2026.

• Exchange written premium grew 23%. Exchange written premium was $1,322.3 million against $1,072.3 million a year earlier. Six-month premium was $2,461.0 million, up 20%. Trailing twelve-month premium was $4.6 billion.
• Net income rose to $80.0 million. Pre-tax income was $87.4 million against $22.3 million a year earlier. Net income was $80.0 million against $13.1 million, and diluted EPS was $0.36 against $0.04.
• Adjusted EBITDA rose to $93.1 million. Adjusted EBITDA was $93.1 million, from $63.6 million a year earlier. Adjusted EBITDA margin was 30.6%, from 29.0%.
• Adjusted net income up 165%. Adjusted net income was $70.0 million against $26.4 million. Adjusted diluted EPS was $0.32 against $0.13.
• Fee-based revenue and EBITDA grew. The CFO said fee-based operating revenue and adjusted EBITDA, excluding the Underwriting segment, rose 56% and 91% against the second quarter of 2025.
• Segment adjusted EBITDA by business. Exchange Services $74.0 million (2025: $55.7 million); MGA Operations $30.3 million (2025: $24.7 million); Underwriting $1.9 million (2025: $15.9 million); corporate and other $(20.6) million.
• Net earned premiums rose to $129.1 million. Net earned premiums were $129.1 million against $70.6 million a year earlier. These premiums sit within the Underwriting segment.
• Operating revenues by segment. Operating revenues were Exchange Services $111.8 million, MGA Operations $70.1 million and Underwriting $133.9 million, against $85.7 million, $58.5 million and $109.9 million a year earlier.
• Members rose to 314. Members numbered 314, up from 248. Net revenue retention was 111%, down from 151% a year earlier.
• Third-party share rose to 47%. Third-party direct written premium was 47% of Exchange written premium, up from 27%. Accelerant direct written premium was 53%, down from 73%.
• Retained exchange premium rose to 13%. Accelerant-retained exchange premium was 13% of Exchange written premium, up from 6% in the prior year.
• New member services launched. New value-added services for Members include AI office hours and the Accelerant Talent Portal.
• Footprint in 22 countries. The Exchange operates across 22 countries and about 700 specialty insurance products.
• Gross loss ratio rose to 52.0%. Gross loss ratio was 52.0% against 50.5% a year earlier. The six-month ratio was 52.0%, against 51.8%.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 11 held.

Every filing

The newest filings with the SEC of 57 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

142 funds held it at 30 Jun 2026: 78 added and 27 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Marsh & McLennan Companies, Inc. (MRSH): revenue $28.5B, market value $91.4B
• Aon plc (AON): revenue $17.7B, market value $67.0B
• Arthur J. Gallagher & Co. (AJG): revenue $15.8B, market value $66.8B
• Willis Towers Watson plc (WTW): revenue $10.1B, market value $29.9B
• Brown & Brown, Inc. (BRO): revenue $6.9B, market value $21.5B
• Equitable Holdings, Inc. (EQH): revenue $10.6B, market value $14.9B
• Erie Indemnity Co. (ERIE): revenue $4.1B, market value $12.9B
• Enact Holdings, Inc. (ACT): revenue $1.3B, market value $6.6B
• Hagerty, Inc. (HGTY): revenue –, market value $5.4B
• Corvel Corp. (CRVL): revenue $983.7M, market value $4.1B

What the company does

Accelerant Holdings runs a data-driven risk exchange for specialty insurance. It connects selected specialty underwriters, which it calls Members and which are typically managing general agents (MGAs), with Risk Capital Partners, which include insurers, reinsurers and institutional investors. As of 31 December 2025 the platform had 280 Members and 95 Risk Capital Partners. Members write over 600 specialty insurance products across 22 countries. The company was founded in 2018 by three insurance industry veterans.

How the Risk Exchange works

The Risk Exchange takes in policy data from Members and third-party data and pools it into a single dataset. As of 31 December 2025 that dataset held over 58 thousand unique attributes across more than 134 million rows, built from over 1,800 unique data mappings. Members and Risk Capital Partners both use the resulting analytics and portfolio monitoring. The platform runs on Amazon Web Services public cloud infrastructure.

Premium from Members is placed with Risk Capital Partners or with Accelerant Underwriting, the company's own insurers. Risk Capital Partners pay recurring fees for Accelerant to source, manage and monitor the risks on their behalf. The company says its Members and Risk Capital Partners benefit as more participants join.

How it makes money

Accelerant reports three operating segments.

- Exchange Services is the core business. It earns a fixed-percentage, volume-based fee paid by Risk Capital Partners. - MGA Operations includes Mission Underwriters, the company's MGA incubator, which has supported the formation of 31 Members. It also includes 15 Owned Members in which Accelerant holds an equity interest. In total Accelerant has an ownership interest in 46 of its 280 Members, and these 46 contributed 29% of Exchange Written Premium. The segment earns commission revenue from the Members it consolidates and equity income from those where it holds a non-controlling interest. - Underwriting holds the business written and retained by Accelerant Underwriting. Revenue comes from net earned premiums, ceding commission income and net investment income. Accelerant-Retained Exchange Premium was 9% of Exchange Written Premium. The company has historically targeted retaining about 10% and reinsuring the rest to Risk Capital Partners.

Who the Members are

Members are typically MGAs with 15 to 30 employees and an average tenure of 15 years. They mostly write low-limit, low-hazard commercial risks for small and medium-sized businesses. Each usually specialises in a niche, and the filing gives Pacific Northwestern bowling alleys and Norwegian cold storage facilities as examples. Screening looks for a three-to-five-year underwriting track record, a commercial low-limit focus and data capture that can be shared with the exchange. Since inception Accelerant has declined approximately 90% of prospective new Members.

Members receive a five-year capacity commitment that is renewed annually. In return the Risk Exchange becomes the exclusive capacity network for the product written through it, and Accelerant has a right of first refusal on new products. Onboarding typically takes 14 weeks and sometimes as little as two weeks. Accelerant is in weekly contact with Members and usually holds a formal review each month. As of 31 December 2025, 13 Members were engaged in captive business.

Who provides the capital

The 95 Risk Capital Partners are 18 Risk Exchange Insurers and 77 third-party reinsurers or institutional investors contributing capital to Flywheel Re. Flywheel Re is a reinsurance sidecar formed in 2022, and it participates in the portfolio on a multi-year basis. Risk Exchange Insurers are third-party insurance companies that access the exchange directly, and they contributed 30% of Exchange Written Premium. The company's largest reinsurance relationship represented 14% of Exchange Written Premium. One Risk Exchange Insurer, Hadron, is primarily owned by Accelerant's majority shareholder, Altamont Capital. Accelerant holds no ownership interest in any of its Risk Capital Partners.

Where it operates and its people

Of Members as of 31 December 2025, 52% were in the U.S., 39% in Europe including the UK, and 9% in Canada. Accelerant had 574 Exchange Services, Underwriting and Corporate employees and a further 288 Mission employees. More than 195 engineers, data scientists, product managers and designers made up 34% of the workforce. The company has 43 in-house claims professionals. Third-party administrators (TPAs) handle claims within authorised levels, and the in-house team oversees larger ones. The working environment is remote-first.

Competition and regulation

The company names the Lloyd's market, local insurers and fronting companies as incumbents serving specialty underwriters. It also names insurtech companies and brokers as other participants. It says each addresses only part of what the exchange offers.

In the United States the company is the parent of four insurance company subsidiaries, including Accelerant Specialty Insurance Company, a surplus lines carrier domiciled in Arkansas, and Accelerant National Insurance Company, an admitted carrier. In the UK, Accelerant Insurance UK Limited is regulated by the PRA and the FCA. In Europe, Accelerant Insurance Europe SA is a Belgian insurer authorised by the NBB, and Accelerant Agency Limited is registered with the Central Bank of Ireland.

*From Accelerant's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1997350/000199735026000003/arx-20251231.htm)*

From the company's 10-K.