Fundamentals snapshot
ARX · NYQ · Financial Services · Insurance Brokers
Current price
$19.77
52-week range
$9.18 - $19.90
Market cap
$4.29B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net cash $1.54B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Accelerant Holdings acts as a middleman for specialized insurance, connecting insurance writers with investors who provide the money to cover potential claims. The company makes its money primarily from fees charged to these investors for bringing them business and managing it on its technology platform. This matters because it shows how Accelerant facilitates insurance coverage for businesses by efficiently linking those who want to insure with those who fund it, all through a digital exchange.
Accelerant Holdings was founded in 2018 with a mission to modernize the specialty insurance market. It operates as a data-driven risk exchange, acting as a bridge between insurance underwriters and those who provide the capital to back the insurance policies. The company's focus on technology and data aims to make the process of insuring niche or complex risks more efficient and predictable. This approach has allowed Accelerant to grow rapidly by attracting both specialized insurance talent and financial partners seeking returns.
Accelerant Holdings doesn't sell insurance policies directly to the public like a traditional insurance company. Instead, it provides a platform and services that enable specialized insurance underwriters to operate more effectively. Think of it like a sophisticated marketplace for insurance risks. Accelerant uses data and technology to connect underwriters who want to insure specific types of businesses or properties with investors (risk capital partners) who are willing to fund those insurance policies in exchange for a share of the profits. They also offer services to manage and monitor these insurance policies once they are issued.
This segment is the core of Accelerant's business, acting as the central hub or 'risk exchange.' It's where the technology, data analysis, and operational support come together. Accelerant earns fees from its members (the specialty underwriters) and risk capital partners for facilitating the connection and managing the flow of business. Essentially, Accelerant gets paid a percentage of the insurance premiums handled through its platform for sourcing, managing, and overseeing the risks that the capital partners agree to underwrite.
MGA stands for Managing General Agent, which is a type of insurance intermediary. In this segment, Accelerant earns fees primarily for originating and underwriting insurance policies on behalf of its partners. This involves the day-to-day work of assessing risks and deciding whether to issue a policy. The fees earned are reduced by the costs associated with providing these underwriting and management services. This part of the business focuses on the direct handling and creation of the insurance portfolios.
This segment involves the actual underwriting of insurance policies and the assumption of reinsurance. Reinsurance is essentially insurance for insurance companies, where one insurer transfers risk to another. Accelerant's own insurance and reinsurance companies within this segment take on the financial responsibility for certain property and casualty insurance policies. This means they are directly involved in issuing policies and managing the potential claims that arise from them, as well as engaging in reinsurance arrangements.
Accelerant's management is focused on leveraging its data-driven approach to expand its reach in specialty insurance markets. They are investing in technology and analytics to better identify, underwrite, and manage complex risks. The strategy involves attracting more specialty underwriters and risk capital partners to their exchange, thereby increasing the volume of business processed. By continuously refining their data capabilities, they aim to improve underwriting accuracy and profitability, making their platform more attractive to all participants in the insurance ecosystem.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net cash $1.5B - more cash than debt. Interest coverage -18.2x.
Accelerant Holdings's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here.
Total debt $120.10M Interest coverage -18.16x This is the baseline the peer rows are being compared against.
Total debt $3.81B Interest coverage 2.32x This peer still has a real interest-payment cushion, while ARX does not.
Total debt $224.54M Interest coverage 60.58x This peer still has a real interest-payment cushion, while ARX does not.
Total debt $8.07B Interest coverage 4.91x This peer still has a real interest-payment cushion, while ARX does not.
Total debt $372.84M Interest coverage 3.14x This peer still has a real interest-payment cushion, while ARX does not.
What you should know
The numbers
Tap any ? icon to learn what it means.
Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know