Accelerant Holdings, a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers, has reported total revenue of $278.6 million in the third quarter of 2026, up 4.2% from $267.4 million in the same period a year earlier.
During the quarter, operating revenue totalled $280.2 million, a 22.9% increase from $227.9 million.
Exchange written premium amounted to $1.3 billion, up 27.5% from $1.0 billion in Q3 2025.
Third-party direct written premium accounted for 49% of exchange written premium volume, compared with 32% in the prior-year period.
Adjusted EBITDA was $71.3 million, up from $65.5 million, while the adjusted EBITDA margin was 25.4%, down from 29%.
Accelerant posted a net loss of $9.2 million, compared with a net loss of $1.4 billion in the prior-year period, while adjusted net income declined to $38.2 million from $48.6 million.
In August 2026, Accelerant announced that it had entered into a definitive merger agreement with technology and software investment firm Thoma Bravo, with the deal expected to close in the first half of 2027.
Jeff Radke, Accelerant’s Chairman and Chief Executive Officer, said, “The third quarter continued to show the strength of the Accelerant Risk Exchange, with Exchange Written Premium growing 27% year-over-year to $1.33 billion.
“We added 26 MGAs during the quarter, maintaining the upward momentum of our high-quality, specialty underwriting talent. Our Members choose Accelerant because we give them a proven platform, long-term capacity, and insights that provide a path to confidently grow their businesses. We remain excited about our pending transaction with Thoma Bravo and continue to expect a first half 2027 close.”
Linda S. Huber, Accelerant’s Chief Financial Officer, added, “We delivered another quarter of disciplined growth, with operating revenue of $280.2 million and adjusted EBITDA of $71.3 million.
“Our fee-based businesses, which we define as consolidated results less the Underwriting segment, delivered $84.5 million of adjusted EBITDA, representing growth of 75% year over year. These capital-light businesses are key to value-creation, delivering recurring, fee-based revenue and EBITDA. We are executing against our strategic priorities, positioning the business for growth in 2027 and beyond.”
