A data-driven marketplace that connects specialty insurance underwriters with the capital providers who back their policies, Accelerant's "Risk Exchange" platform helps smaller insurers write niche commercial coverage. Founded in 2018 by insurance veterans, the name comes from the word for a substance that speeds up a process—fitting for a platform built to accelerate how specialty risks get insured. Its founders were famously "pugnacious" about modernizing an industry stuck with outdated technology.
Revenue rose 63% to $356.9M and gross margin swung to 24.5% as the company agreed to be acquired by Thoma Bravo for $20.25 per share.
The company signed a definitive agreement to be taken private. rose 63% to $356.9 million and swung from negative 3.3% a year ago to 24.5%, driven by a 170% increase in as more business shifted to unaffiliated insurers. The acquisition by Thoma Bravo, expected to close in the first half of 2027, now defines the investment case.
Key takeaways
Accelerant entered a definitive merger agreement to be acquired by affiliates of Thoma Bravo for $20.25 per share in cash, with the transaction expected to close in the first half of 2027.
rose 63% to $356.9 million, driven by an 83% increase in net earned premiums to $129.1 million and a 170% increase in to $92.5 million.
benefited from contract modifications that shifted premium from Accelerant Underwriting to third-party insurers, adding $22.1 million, while fell 26% to $75.1 million due to a $19.6 million swing in sliding scale adjustments.
Section summaries
Management's Discussion and Analysis
Accelerant's Q2 2026 revenue surged 63% to $356.9M, driven by higher net earned premiums and direct commission income from new third-party insurer contracts.
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Total grew 63% to $356.9M, with net earned premiums up 83% to $129.1M due to higher net retention from transactions and lower reinsurance costs.
swung to 24.5% from negative 3.3% a year ago, and rose to $87.4 million from a $4.3 million loss, as growth outpaced a 64% increase in general and administrative expenses.
Exchange Written Premium grew 23% to $1.32 billion, with Third-Party Direct Written Premium from unaffiliated Risk Exchange Insurers reaching 47% of the total, up from 27% a year ago.
rose to $25.2 million from $3.0 million a year ago, driven by IPO-related equity grants, while rose 46% to $93.1 million.
What changed
The Q1 2026 watch item on Exchange Written Premium growth re-accelerating toward the 22% ex-runoff rate was met: growth reached 23% in Q2, up from 16% in Q1, with no mention of runoff suppression this quarter.
Third-Party Direct Written Premium share continued its rapid climb, reaching 47% from 41% in Q1 2026 and 27% a year ago, confirming the platform's shift toward a capital-light, fee-based model.
The was not disclosed this quarter, so the trajectory of underwriting discipline flagged in prior periods cannot be assessed from the figures provided.
remained negative at -$68.6 million, extending the decline flagged in Q1 2026, which management had attributed to the timing of reinsurance-related payments.
What to watch
Whether the Thoma Bravo acquisition receives regulatory and shareholder approvals on the expected timeline, with closing anticipated in the first half of 2027.
The pace at which Third-Party Direct Written Premium share continues to rise beyond 47%, indicating further progress toward the fee-based model before the acquisition closes.
Whether normalizes in the second half of 2026 after two consecutive quarters of negative cash flow from operations.
Direct commission income jumped 170% to $92.5M, primarily from contract modifications that shifted premium from Accelerant Underwriting to third-party insurers, adding $22.1M.
fell 26% to $75.1M, impacted by a $7.1M net reduction from sliding scale adjustments versus a $12.5M favorable adjustment in the prior year.
Exchange Written Premium grew 23% to $1.32B, with Third-Party Direct Written Premium share rising to 47% from 27% as 19 Accelerant Risk Exchange Insurers increased participation.
rose 46% to $93.1M, with margin expanding to 31% from 29%, while spiked to $25.2M from $3.0M.
The company entered a definitive merger agreement to be acquired by Thoma Bravo affiliates for $20.25 per share in cash, expected to close in the first half of 2027.
Quantitative and Qualitative Disclosures About Market Risk
The company faces interest rate, credit, equity, and foreign currency risks, managed through portfolio diversification, duration matching, and selective hedging.
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Interest rate risk is the primary market risk, with a 100 increase in rates estimated to decrease the fair value of the $575.8 million fixed-maturity portfolio by $17.1 million as of June 30, 2026.
The fixed-maturity portfolio's effective is 3.0 years, and the company manages interest rate risk by matching asset and liability durations.
Credit risk is managed through diversification, with 100% of the fixed-maturity portfolio classified as as of June 30, 2026.
Foreign currency risk arises from non-US dollar assets and liabilities, with a hypothetical 10% strengthening of the US dollar against the Euro estimated to decrease net assets by $15.5 million.
The company's foreign currency policy seeks to broadly match non-US dollar assets with non-US dollar liabilities, and it may use hedging strategies to further reduce exposure.
Other than in the ordinary course of our business operations, we are not currently party to any civil or government investigation. We do not expect that the ultimate outcome of any of the currently ongoing legal proceedings, individually or collectively, would have a material ad…
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Other than in the ordinary course of our business operations, we are not currently party to any civil or government investigation. We do not expect that the ultimate outcome of any of the currently ongoing legal proceedings, individually or collectively, would have a material adverse effect on our business, financial condition, results of operations, or prospects. However, the results of litigation and arbitration are inherently unpredictable, and the possibility exists that the ultimate resolution of matters to which we are or could become subject could result in a material adverse effect on our business, financial condition, results of operations or prospects.
There have been no material changes to our risk factors that we believe are material to our business, results of operations and financial condition, from the risk factors previously disclosed in the section entitled “Risk Factors” in our 2025 Annual Report.
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There have been no material changes to our risk factors that we believe are material to our business, results of operations and financial condition, from the risk factors previously disclosed in the section entitled “Risk Factors” in our 2025 Annual Report.