Accelerant Holdings
NYSE:ARX
Accelerant Holdings
Accelerant Holdings operates as an investment holding firm. The company operates a data-driven risk exchange that connects selected specialty insurance underwriters (the Sellers on its platform) with risk capital partners (the Buyers on its platform). Its Risk Exchange reduces information asymmetries and operational barriers present in the traditional insurance value chain by leveraging proprietary technology to share actionable high-fidelity data and insights with platform participants. Its segments include Exchange Services, MGA Operations, and Underwriting. The Exchange Services segment is its core business, its Risk Exchange- the Accelerant technology, data ingestion, and agency operations that serve the needs of its members and risk capital partners. Its technology-powered platform addresses these issues by connecting specialty underwriters, typically managing general agents (MGAs), and risk capital partners.
Accelerant Holdings operates as an investment holding firm. The company operates a data-driven risk exchange that connects selected specialty insurance underwriters (the Sellers on its platform) with risk capital partners (the Buyers on its platform). Its Risk Exchange reduces information asymmetries and operational barriers present in the traditional insurance value chain by leveraging proprietary technology to share actionable high-fidelity data and insights with platform participants. Its segments include Exchange Services, MGA Operations, and Underwriting. The Exchange Services segment is its core business, its Risk Exchange- the Accelerant technology, data ingestion, and agency operations that serve the needs of its members and risk capital partners. Its technology-powered platform addresses these issues by connecting specialty underwriters, typically managing general agents (MGAs), and risk capital partners.
Strong Quarter: Accelerant delivered a strong Q3, beating expectations on both exchange written premium and adjusted EBITDA.
Premium Growth: Exchange written premium was $1.04 billion, up 17% year-over-year, or 29% after adjusting for two atypical member impacts.
Profitability: Adjusted EBITDA reached $105 million, up over 300% year-over-year, with a margin of 39%. Excluding $39 million in investment gains, underlying EBITDA was $66 million, up 153% from last year.
Stable Loss Ratios: Gross loss ratio for the quarter was 50%, continuing a trend of low and stable loss ratios driven by small policy sizes and strong data analytics.
Platform Expansion: Accelerant added four new risk exchange insurers in Q3 (including Lloyd’s), bringing the total to 17, and continues to diversify away from Hadron as a key partner.
Guidance Unchanged: Management reaffirmed guidance for at least $5 billion of exchange written premium, $2.1 billion in third-party direct written premium, and $269 million of adjusted EBITDA in 2026.
Member Growth: Member count grew to 265, with a record pipeline of more than $3 billion in annualized premium, supporting future growth.
