Data-driven risk exchange platform Accelerant has entered into a definitive agreement with Thoma Bravo to become a privately held company in an all-cash transaction with an enterprise value of more than $4 billion.
In connection with the deal, Accelerant’s Board of Directors established a Special Committee composed solely of independent and disinterested directors to review and consider the transaction.
The Special Committee reportedly unanimously recommended approving the transaction, which was then unanimously approved by Accelerant’s Board of Directors.
Under the terms of the agreement, Accelerant Class A and Class B shareholders will receive $20.25 per share in cash.
According to Accelerant, this represents a 49% premium to Accelerant’s closing share price on August 12, 2026.
Accelerant explained that under certain circumstances, if the closing of the transaction is delayed by certain pending insurance regulatory approvals, shareholders will receive a ticking fee accruing at a rate of 6% per annum for a period specified in the agreement.
The transaction, which is currently expected to close in the first half of 2027, is subject to customary closing conditions, including approval by the shareholders of Accelerant, and satisfaction of required regulatory approvals.
It is worth noting that entities affiliated with Altamont Capital Partners holding shares representing approximately 82% of Accelerant’s outstanding voting rights have agreed to vote their shares in favour of the transaction.
Upon completion, Accelerant will become a private company, with its common shares delisted from the New York Stock Exchange, while Altamont Capital Partners, its largest investor, and the firm’s founders intend to retain equity alongside Thoma Bravo, with the terms to be finalised prior to closing.
The move marks a strategic return to the private market for Accelerant, highlighting how public markets have at times struggled to properly assess and value tech-enabled, specialty risk exchange platforms over short-term quarters.
Having originally gone public at $21 per share, implying a $4.7 billion valuation that spiked as high as $6.4 billion shortly after listing, Accelerant’s stock subsequently faced broader public market turbulence, dipping to a low of $9.36 in February before closing at $13.61 yesterday, with a valuation just under $3 billion.
While the $20.25 buyout price mentioned above sits slightly below the initial IPO benchmark for early public investors, Reinsurance News understands that it provides a substantial recovery and immediate premium over recent trading levels.
Importantly, Accelerant’s underlying operational trajectory looks to remain strong. Alongside the acquisition announcement, the firm has reported its H1 2026 financial results (which we’ll soon publish), showing continued expansion with Exchange Written Premium climbing 23% year-over-year to $1.32 billion.
This reinforces the view that a private environment alongside a technology-focused partner like Thoma Bravo offers a clearer runway to scale its core technology.
Echoing this sentiment, Jeff Radke, Chairman and CEO of Accelerant, commented, “Accelerant has been building the preeminent specialty insurance marketplace since our founding in 2018.
“Returning to private ownership with Thoma Bravo’s technology and software expertise, coupled with its vast financial and strategic resources, will enable us to make investments that further position our unique, data-fueled platform to be the rails on which specialty insurance runs.”
Karen Meriwether, Chair of the Special Committee, said, “We are pleased to have reached this agreement with Thoma Bravo. The Special Committee believes this transaction recognises the valuable platform and ecosystem that the Accelerant team has built, and provides immediate value to shareholders at a substantial premium.”
A.J. Rohde, Senior Partner at Thoma Bravo, noted, “We have immense admiration for Jeff, his team and the business they’ve built. As the MGA market continues to grow, underwriters are looking for a committed technology-forward partner who can unlock rapid program growth and underwriting innovation. We’ve invested in insurance technology and data businesses for years, and we’re excited to work alongside the entire Accelerant team.”
Matt LoSardo, a Principal at Thoma Bravo, added, “Accelerant has built something rare in specialty insurance. Its risk exchange connects underwriters with risk capital and gives both sides the data to price risk better than either could alone. We look forward to partnering with Jeff and the team to invest behind the technology, data and capital capacity to support Accelerant’s next phase of growth.”
