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Accelerant Holdings
NYSE: ARX Financials Insurance 🔎 Screen
$3.7B
Market Cap
P/E
PEG
-34.0%
ROCE
N/M
ROE
0.17
D/E
-143.6%
OPM
-34.1%
% from 52W High
63
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for ARX including FX impact
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📈 Price History
Ratio Health
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By Category
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About

Accelerant Holdings, together with its subsidiaries, operates a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding ARX
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 276.6K $3.7M 0.01% Mar 2026
Steve Cohen Point72 Asset Management 166.7K $2.2M 0.00% Mar 2026
Tiger Global Management Tiger Global Management LLC 75.0K $1.0M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Accelerant Q1 2026: Exchange written premium $1.14B, 16% YoY growth
Revenue & Profitability
Total operating revenue $273M (up 57% YoY). GAAP net loss $4M, adjusted net income $38M. Adjusted EBITDA $66M (up from $39M YoY). Full year 2026 guidance: exchange written premium at least $5.2B, third-party direct written premium at least $2.3B, adjusted EBITDA at least $285M (fee-based at least $276M).
Outlook
Management noted low-to-mid single-digit growth in commercial P&C, with Accelerant growing well above that. Rate contributed only 1% to premium growth (stronger in US than UK/EU). They expect the MGA market to continue taking share. No explicit macro headwinds were highlighted beyond those mentioned in forward-looking statements.
Growth Drivers
Growth driven by existing members (90% of Q1 growth, with >100 new products added) and new member additions (16 in Q1, pipeline of $4B annualized premium). Geographic expansion across US, Canada, UK, EU. Third-party insurers now 41% of exchange written premium (up from 19% YoY), targeting two-thirds over medium term.
Balance Sheet & CapEx
Not discussed in this earnings call explicitly. However, management highlighted investments in AI to reduce reliance on third-party software, improve engineer productivity, and build AI-enabled claims monitoring and actuarial support. A strategic investment in a claims administration business generated $52M cash proceeds and an expected $55M gain in Q2.
Margins
Exchange services adjusted EBITDA margin 67% in Q1, expected ~70% for rest of 2026. MGA operations margin 31%. Underwriting segment mid single-digits. Fee-based adjusted EBITDA grew 112% YoY. Consolidated adjusted EBITDA margin guided to improve as eliminations decline with more third-party business.
Key Risks
Key risk flagged is concentration in Hadron (was 67% of third-party premium in Q1 2025, now 41%), but management is confident in diversification and expects it to mix down further. No explicit CAT exposure. Share-based compensation includes $8M CFO transition acceleration. Forward-looking statements caution about actual results varying materially.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (4)
Q1 2026 Q1 2026 2026-05-14
Q1 2026 saw robust growth in revenue, adjusted EBITDA, and exchange written premium, with strong MGA member additions and high net revenue retention. Guidance for 2026 was raised, reflecting confidence in continued growth and profitability.
Q4 2025 Q4 2025 2026-03-19
Q4 and full-year 2025 results exceeded expectations, with strong growth in premiums, revenue, and EBITDA. The business continues to shift toward fee-based segments, expand its member and partner base, and leverage AI-driven advantages. Guidance for 2026 projects further growth and profitability.
Q3 2025 Q3 2025 2025-11-13
Q3 2025 saw robust growth in exchange-rated premium, revenue, and adjusted EBITDA, with strong member additions and a strategic shift toward third-party insurers. Gross loss ratio improved to 50.1%, and guidance for 2026 remains at $5B premium and $269M adjusted EBITDA.
Q2 2025 Q2 2025 2025-08-28
Q2 2025 saw 42% organic premium growth and 68% revenue growth, with adjusted EBITDA up nearly fivefold year-over-year. Margins expanded, loss ratios improved, and new risk capital partners joined, while Q3 guidance anticipates continued strong growth and a one-time EBITDA boost from a minority stake sale.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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