Accelerant Flips to a Loss as Underwriting Turns Negative

The Tip Desk · November 12, 2026 · 2 min read

Third-quarter operating revenues were $280.2 million; GAAP results reversed to a $9.2 million net loss and $0.06 a share after second-quarter profit, as underwriting adjusted EBITDA swung to a $13.2 million deficit.

Accelerant Holdings (ARX), the data-driven specialty-insurance risk exchange, reported operating revenues of $280.2 million, a pre-tax loss of $1.6 million and a net loss of $9.2 million, or $0.06 a share, for the three months ended September 30, 2026, reversing the second quarter’s $87 million pre-tax income and $80 million net income.

The Underwriting segment was the operating turn. Its adjusted EBITDA was a $13.2 million loss compared with $17.2 million of profit in the third quarter of 2025. Losses and loss adjustment expenses were $70.5 million, and the gross loss ratio was 56.8%.

Exchange Written Premium of $1.33 billion grew 27% year-over-year, faster than the 23% pace in the second quarter and 16% in the first. Third-party direct written premium accounted for 49% of that volume, up from 47% in the second quarter and 41% in the first. Accelerant direct written premium was 51% of the exchange. The company added 26 MGAs in the quarter and ended with 340 members. Net revenue retention was 116%. Trailing-twelve-months Exchange Written Premium was $4.88 billion as of September 30.

Operating revenues were $280.2 million. Adjusted EBITDA was $71.3 million, and the adjusted EBITDA margin was 25.4%. Adjusted net income was $38.2 million, or $0.18 a share.

Fee-based businesses, which the company defines as consolidated results less the Underwriting segment, delivered $84.5 million of adjusted EBITDA, up 75% year-over-year. Exchange Services adjusted EBITDA was $73.8 million. MGA Operations adjusted EBITDA was $41.0 million.

GAAP total revenues were $278.6 million. Ceding commission income was $70.2 million. Direct commission income was $90.9 million. Net earned premiums were $113.9 million. Net investment income was $5.2 million. Net realized losses on investments were $1.5 million and net unrealized losses were $0.1 million. General and administrative expenses were $139.5 million, including $32.3 million of share-based compensation. Other expenses were $21.7 million.

Cash, cash equivalents and restricted cash were $2.10 billion at September 30. Total assets were $9.46 billion. Shareholders’ equity attributable to Accelerant was $731.9 million.

As previously announced on August 13, 2026, Accelerant entered a definitive merger agreement with Thoma Bravo. The transaction is expected to close in the first half of 2027, subject to customary closing conditions. In light of the pending deal, the company said it will not host an earnings conference call for the third-quarter results and will not provide guidance for the fourth quarter of 2026 or the full year. Chairman and Chief Executive Officer Jeff Radke said the company continues to expect a first-half 2027 close.