ARX

Company Overview — What Does Accelerant Holdings Do?

Our Vision To become the preeminent specialty insurance marketplace connecting underwriters and risk capital in a transparent and modern way. We operate a data-driven risk exchange that connects selected specialty insurance underwriters (the “Sellers” on our platform) with risk capital partners (the “Buyers” on our platform). Our Risk Exchange reduces information asymmetries and operational barriers present in the traditional insurance value chain by leveraging proprietary technology to share actionable high-fidelity data and insights with platform participants. The Accelerant Risk Exchange simplifies the traditional insurance value chain, which is fragmented, costly, and inflexible. Legacy technology, excessive intermediation, and misaligned incentives cause data leakage, high costs, and wasted resources for participants. Our technology powered platform addresses these issues by connecting specialty underwriters, typically MGAs (our “Members”), and risk capital partners, including insurers, reinsurers, and institutional investors (our “risk capital partners”). On the “supply side” of our Risk Exchange, we deliver a full service offering to our Members that includes insights and analytics, distribution management, operational resources, and the commitment of stable underwriting capacity. Our offerings free our Members to focus on growing their businesses through their core expertise of profitable underwriting. On the “demand side” of our Risk Exchange, we offer risk capital partners an attractive, validated, and diversified portfolio of specialty insurance premium that may otherwise be difficult to access elsewhere. Risk capital partners who provide capacity through our Risk Exchange pay us recurring fees to source, manage, and monitor risks on their behalf. The Risk Exchange portfolio’s strong returns to date promote confidence from these risk capital partners in the quality of the portfolio’s risk exposure, leading to better pricing and faster execution for our Members, which, in turn, empowers our Members to focus on profitable underwriting performance and growth. By harnessing our proprietary technology, access to data, and industry experience, we believe we have created the future marketplace of the specialty insurance industry. As of March 31, 2025, we had 232 Members and 96 risk capital partners on our platform and we have grown Exchange Written Premium at a 217% compounded annual growth rate since inception. As we mature and continue to scale our business, we expect our annual growth rate to moderate. Our Risk Exchange is designed to be simpler, easier, and faster than legacy models for transferring risk. Inaccurate and incomplete underlying policy data plagues the traditional insurance value chain and prevents underwriters from deriving meaningful and actionable information. Our purpose-built Risk Exchange is underpinned by proprietary technology that ingests Member policy data and third-party data from disparate and complex data environments and pools it into a single, digestible dataset with over 21 thousand unique attributes and over 79 million rows of data as of March 31, 2025. This information enables automated portfolio monitoring and delivers actionable insights to underwriters and capital providers across the Risk Exchange, helping us drive lower-than-average loss ratios compared to the broader industry, optimized pricing, and accelerated growth. --- We believe that our Members’ success makes us the destination of choice for the industry’s best specialty underwriters. We deliver distribution management and operational, actuarial, regulatory, and stable capital support to our Members, and our holistic offering promotes our Members’ growth and better underwriting performance. On average, our Members grow gross premiums written through the Risk Exchange by 52% in their first two years, or at an annual rate of 39% on a weighted-average basis at low-to-mid 50-percentage loss ratios, on average. For the three months ended March 31, 2025 and the years ended December 31, 2024 and 2023, our gross loss ratio was 53%, 54% and 51%, respectively. We received an independent third-party Net Promoter Score of 89 (out of 100) from our Members (based on a survey result), which we believe will attract a robust pipeline of potential future Members. We focus on MGAs with strong underwriting track records and specialty underwriting expertise who predominately underwrite low-limit, low-hazard, specialty commercial risks. We conduct a thorough diligence process when selecting new Members for our Risk Exchange. We carefully construct the Risk Exchange portfolio to maximize diversification and predictability. Our Members had a weighted-average gross written loss ratio of approximately 50% for business written through the Risk Exchange in underwriting year 2024, and the majority of Members’ weighted-average gross loss ratios for underwriting year 2024 are within eight points of the weighted average, creating a low-volatility portfolio. Since our inception, we have declined approximately 90% of prospective new Members (representing self-reported premiums of $18 billion in aggregate) that we believe did not fit within our model, reflecting our selective invitation of only the best MGAs to join our Risk Exchange. Our commitment to selecting the best Members, optimizing Member performance and providing full data transparency has attracted a growing and diverse set of high-quality risk capital partners. We started with two risk capital partners in 2019, growing the number to 28 in 2020, 46 in 2021, 60 in 2022, 66 in 2023, and 96 in 2024. These risk capital partners include insurance and reinsurance companies, as well as institutional investors contributing capital to Flywheel Re, a reinsurance sidecar, who are attracted to the uncorrelated, attractive return profile of the risk that they can access through the Risk Exchange. Reinsurance companies and institutional investors in Flywheel Re access the Risk Exchange by reinsuring business from Accelerant Underwriting. Starting in 2023, five third-party insurance companies joined our platform and began accessing the Risk Exchange directly. In 2024, eight more third-party insurance companies joined, and over time we believe that the majority of our Risk Exchange premium will be written by new and existing third-party insurance company partners. The depth and breadth of risk capital partners supports our operational flexibility and our growing Member base. It also allows us to maintain a capital light model. The Risk Exchange is our fee-based core business. At opposite ends of the Risk Exchange, we operate our MGA Operations and Underwriting segments, further enhancing our value proposition. Our MGA Operations segment includes our MGA incubator, Mission Underwriters, which has supported the formation of 31 MGAs (our “Mission Members”). Mission Underwriters expands our addressable market to include underwriters presently employed by traditional insurance companies looking to form their own MGAs. In addition to Mission Members, the MGA Operations segment also captures the financial contributions of 16 Members in which we own an equity ownership interest (our “Owned Members”). Our selective equity participation allows us to make attractive investments in, and further align with, Members, enabling us to capture some of the value we help create. In nearly every instance (with only two exceptions), the MGAs in which we have invested were already Members at the time of our investment. On average, our investment in a Member has taken place nine months after the MGA became a Member. In total, we own an equity ownership interest, either directly or through Mission, in 47 of our 232 Members, and we expect our Owned Members and Mission Members in aggregate to remain a minority portion of our total Members. For the trailing twelve months ended March 31, 2025, these Members contributed $1.03 billion, in Exchange Written Premium, or 29% of our total Exchange Written Premium for that period. Our Underwriting segment captures the portion of the Risk Exchange portfolio written by Accelerant Underwriting and the corresponding underwriting profit realized on retained business. We have historically targeted to reinsure 90% of premiums written and reinsured by Accelerant Underwriting through the Risk Exchange to risk capital partners, with Accelerant retaining approximately 10%. We expect this retained portion of Risk Exchange premium in the aggregate to decrease over time. We view our Underwriting segment as a strategic asset and source of operational flexibility that we use to broaden the risk capital pool, align incentives with current and prospective risk capital partners and expedite the onboarding of new Members and the launch of new products. As of December 31, 2019, we had 12 Members, writing 60 products across seven countries, and two risk capital partners. As of March 31, 2025, we have grown our platform to 232 Members, writing over 500 specialty insurance products across 22 countries, on behalf of 96 risk capital partners. Since the launch of our platform, only one Member has elected to leave the Risk Exchange based on mutual agreement. In all, we have experienced less than a 1% churn rate in the period from inception of the Risk Exchange through March 31, 2025. We have grown total Exchange Written Premium to $3.5 billion for the trailing twelve months ended March 31, 2025, while achieving a gross loss ratio of 53% for the three months ended March 31, 2025, 54% for 2024 and 51% for 2023. We have grown our revenues by 57% from $219 million for the year ended December 31, 2022 to $344 million for the year ended December 31, 2023, by 75% from $344 million for the year ended December 31, 2023 to $603 million for the year ended December 31, 2024, and by 39% from $128 million for the three months ended March 31, 2024 to $178 million for the three months ended March 31, 2025. Our Organic Revenue Growth Rate over the same periods was 57%, 75%, and 38%, respectively. In 2022 and 2023, we incurred net losses of $96 million and $64 million, respectively, reflecting increased investment into our business. Accelerant Holdings is located in Grand Cayman. Accelerant Holdings (ARX) is classified as a mid-cap stock in the Financials sector, specifically within the Insurance industry. The company is led by CEO Jeff Radke and employs approximately 735 people, headquartered in GRAND CAYMAN, Delaware. With a market capitalization of $2.9B, ARX is one of the notable companies in the Financials sector.

Accelerant Holdings (ARX) Stock Rating — Reduce (April 2026)

As of April 2026, Accelerant Holdings receives a Reduce rating with a composite score of 25.7/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.ARX ranks #3,258 out of 4,446 stocks in our coverage universe. Within the Financials sector, Accelerant Holdings ranks #756 of 891 stocks, placing it in the lower half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

ARX Stock Price and 52-Week Range

Accelerant Holdings (ARX) currently trades at $12.93. The stock lost $0.18 (1.4%) in the most recent trading session. The 52-week high for ARX is $31.18, which means the stock is currently trading -58.5% from its annual peak. The 52-week low is $9.18, putting the stock 40.8% above its annual trough. Recent trading volume was 202K shares, suggesting relatively thin trading activity.

Is ARX Overvalued or Undervalued? — Valuation Analysis

Accelerant Holdings (ARX) carries a value factor score of 14/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 4.02x, versus the sector average of 1.22x. The price-to-sales ratio is 0.80x, compared to 0.90x for the average Financials stock.

At current multiples, Accelerant Holdings trades at a premium to most Financials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Accelerant Holdings Profitability — ROE, Margins, and Quality Score

Accelerant Holdings (ARX) earns a quality factor score of 8/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -740.8%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -65.1% versus the sector average of 1.2%.

On a margin basis, Accelerant Holdings reports gross margins of -416.0%. The operating margin is -144.8% (sector: 21.8%). Net profit margin stands at -147.3%, versus 17.7% for the average Financials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

ARX Debt, Balance Sheet, and Financial Health

Accelerant Holdings has a debt-to-equity ratio of 17.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.10x, suggesting adequate working capital coverage. Total debt on the balance sheet is $121M.

ARX has a beta of 0.45, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Accelerant Holdings is 50/100, reflecting average volatility within the normal range for its sector.

Accelerant Holdings Revenue and Earnings History — Quarterly Trend

In TTM 2026, Accelerant Holdings reported revenue of $913M and earnings per share (EPS) of $-7.49. Net income for the quarter was $-1.35B. Gross margin was -416.0%. Operating income came in at $-1.32B.

In FY 2025, Accelerant Holdings reported revenue of $913M and earnings per share (EPS) of $-7.49. Net income for the quarter was $-1.35B. Operating income came in at $-1.32B.

In Q3 2025, Accelerant Holdings reported revenue of $267M and earnings per share (EPS) of $-6.99. Net income for the quarter was $-1.37B. Operating income came in at $-1.36B.

In Q2 2025, Accelerant Holdings reported revenue of $219M and earnings per share (EPS) of $0.05. Net income for the quarter was $13M. Gross margin was 100.0%. Operating income came in at $55M.

Over the past 4 quarters, Accelerant Holdings has demonstrated a growth trajectory, with revenue expanding from $219M to $913M. Investors analyzing ARX stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

ARX Dividend Yield and Income Analysis

Accelerant Holdings (ARX) does not currently pay a dividend. This is common among smaller companies in the Insurance industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.

ARX Momentum and Technical Analysis Profile

Accelerant Holdings (ARX) has a momentum factor score of 28/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 67/100 reflects moderate short selling activity.

ARX vs Competitors — Financials Sector Ranking and Peer Comparison

Within the Financials sector, Accelerant Holdings (ARX) ranks #756 out of 891 stocks based on the Blank Capital composite score. This places ARX in the lower half of all Financials stocks in our coverage universe. Key competitors and sector peers include WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) with a score of 62.9/100, OPPENHEIMER HOLDINGS INC (OPY) with a score of 62.6/100, Enact Holdings, Inc. (ACT) with a score of 61.6/100, International General Insurance Holdings Ltd. (IGIC) with a score of 61.3/100, and PARKE BANCORP, INC. (PKBK) with a score of 60.4/100.

Comparing ARX against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ARX vs S&P 500 (SPY) comparison to assess how Accelerant Holdings stacks up against the broader market across all factor dimensions.

ARX Next Earnings Date

No upcoming earnings date has been announced for Accelerant Holdings (ARX) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy ARX? — Investment Thesis Summary

The quantitative profile for Accelerant Holdings suggests caution. The quality score of 8/100 flags below-average profitability. The value score of 14/100 indicates premium valuation. Momentum is weak at 28/100, a headwind for near-term performance.

In summary, Accelerant Holdings (ARX) earns a Reduce rating with a composite score of 25.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on ARX stock.

Related Resources for ARX Investors

Explore more research and tools: ARX vs S&P 500 comparison, top Financials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare ARX head-to-head with peers: ARX vs WTM, ARX vs OPY, ARX vs ACT.