Thoma Bravo has agreed to acquire Accelerant in an all-cash transaction with an enterprise value exceeding $4 billion, taking the data-driven specialty insurance platform private. Under the agreement, Accelerant Class A and Class B shareholders will receive $20.25 per share in cash, representing a 49% premium to the company’s closing share price on August 12, 2026.
Accelerant operates the Accelerant Risk Exchange, a data-driven platform that connects specialty insurance underwriters with providers of risk capital. The platform uses advanced analytics, real-time data, and underwriting insights to help participants evaluate risk, deploy capital, and support specialty insurance programs.
Founded in 2018, Accelerant has positioned its Risk Exchange as infrastructure connecting underwriting businesses with institutional risk capital. The company believes its model can improve the flow of information between the parties assuming insurance risk and those originating and underwriting specialty programs.
Thoma Bravo sees an opportunity to support further development of that platform with additional investment in technology, data, and capital capacity.
The private equity firm has substantial experience investing in software, insurance technology, and data businesses. Thoma Bravo manages more than $172 billion in assets and has acquired or invested in approximately 590 companies representing more than $320 billion of aggregate value over the past two decades.
Accelerant management believes returning to private ownership will provide greater flexibility to make longer-term investments in its technology and operating platform without the pressures associated with public-market reporting cycles.
The transaction was reviewed by a special committee composed entirely of independent and disinterested members of Accelerant’s board. The committee unanimously recommended the transaction, after which Accelerant’s full board unanimously approved the agreement.
Accelerant shareholders may also receive an additional ticking fee under certain circumstances if closing is delayed because of specified pending insurance regulatory approvals. The fee would accrue at an annual rate of 6% during the period established in the merger agreement.
Altamont Capital Partners, Accelerant’s largest investor, holds shares representing approximately 82% of the company’s outstanding voting rights and has agreed to vote in favor of the acquisition.
Altamont and Accelerant’s founders also intend to retain equity ownership alongside Thoma Bravo following completion of the transaction, with the precise terms expected to be finalized before closing.
Thoma Bravo has provided an equity commitment to fund the purchase, meaning the transaction is not subject to a financing condition.
The acquisition is currently expected to close during the first half of 2027, subject to Accelerant shareholder approval, required insurance and other regulatory approvals, and customary closing conditions.
Following completion, Accelerant will become a privately held company and its common shares will no longer trade on the New York Stock Exchange.
Morgan Stanley is serving as exclusive financial advisor to Accelerant’s board. Houlihan Lokey is advising the special committee. BMO Capital Markets and Wells Fargo are serving as financial advisors to Thoma Bravo.
Paul Hastings, Sidley Austin, and Maples Group are advising Accelerant, while Goodwin Procter, Skadden, and Walkers are advising Thoma Bravo. Ropes & Gray is serving as legal counsel to Altamont Capital Partners.
KEY QUOTES:
“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.”
Jeff Radke, Chairman and CEO of Accelerant
“We are pleased to have reached this agreement with Thoma Bravo. The Special Committee believes this transaction recognizes the valuable platform and ecosystem that the Accelerant team has built, and provides immediate value to shareholders at a substantial premium.”
Karen Meriwether, Chair of the Special Committee
“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.”
A.J. Rohde, Senior Partner at Thoma Bravo
“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.”
Matt LoSardo, Principal at Thoma Bravo
