Accelerant (ARX) Registration Filing summary

Company overview and business model

• Operates a data-driven risk exchange connecting specialty insurance underwriters (MGAs) with risk capital partners, leveraging proprietary technology and analytics to reduce inefficiencies in the insurance value chain.

• As of March 31, 2025, platform includes 232 Members and 96 risk capital partners, with operations in over 20 countries and $3.5B in Exchange Written Premium for the trailing twelve months.

• Revenue is generated through three segments: Exchange Services (fee-based), MGA Operations (commissions and equity income from owned/incubated MGAs), and Underwriting (retained risk and ceding commissions).

• Focuses on low-limit, low-hazard, specialty commercial risks, with a selective onboarding process for MGAs and a capital-light model.

Financial performance and metrics

• Exchange Written Premium grew 53% year-over-year to $2.05–$2.06B for the six months ended June 30, 2025; Adjusted EBITDA expected to be $100–$105M, up 153% from prior year period.

• For the year ended December 31, 2024: revenues $602.6M (+75% YoY), net income $22.9M (vs. net loss $64.1M in 2023), Adjusted EBITDA $113M (vs. $36.1M in 2023).

• Gross loss ratios: 53% (Q1 2025), 54% (2024), 51% (2023); Net revenue retention 157% (Q1 2025).

• As of March 31, 2025: total assets $6.7B, equity $454.4M, debt $121.5M, debt/capitalization ratio 21%.

Use of proceeds and capital allocation

• Net proceeds of $355.1M (at $19.00/share IPO price) to be used for redemption of $175.3M Class C convertible preference shares (if not converted), $25M one-time termination fee to Altamont Capital, and remainder for general corporate purposes and potential acquisitions.

• No proceeds from shares sold by selling shareholders; company may use funds for investments in MGAs, insurance intermediaries, technology, or service providers.