Accelerant Exchange premium grows 27%

Accelerant reported $1.33 billion in exchange written premium for the third quarter of 2026, up 27% year over year, as it added 26 MGAs to its specialty insurance platform.

The company ended the quarter with 340 members, compared with 265 a year earlier. Third-party insurers accounted for 49% of exchange written premium, up from 32%, reflecting a growing share of business placed with external carriers. Net revenue retention declined to 116% from 135%.

Total revenue increased 4% to $278.6 million. Operating revenue, which excludes realized and unrealized investment gains and losses, rose 23% to $280.2 million.

Adjusted EBITDA increased 9% to $71.3 million, while the adjusted EBITDA margin narrowed to 25.4% from approximately 29%. Adjusted net income fell to $38.2 million from $48.6 million.

Results varied across the business. Exchange Services generated $73.8 million in adjusted EBITDA, up from $59.2 million, while MGA Operations contributed $41 million, compared with $14.7 million. The Underwriting segment recorded an adjusted EBITDA loss of $13.2 million, versus a $17.2 million profit a year earlier. The group’s gross loss ratio increased to 56.8% from 50.1%.

Accelerant reported a net loss of $9.2 million, compared with a $1.37 billion loss in the prior-year quarter, when results included approximately $1.38 billion in nonrecurring profits interest distribution expenses related to its IPO.

For the first nine months, exchange written premium increased 22% to $3.79 billion, and net income totaled $66.7 million.

The company continues to expect its previously announced acquisition by Thoma Bravo to close in the first half of 2027. With the transaction pending, Accelerant will not hold a quarterly earnings call or provide fourth-quarter or full-year guidance.