Accelerant Holdings (ARX) – the profitable parent of a specialty P&C insurance company – priced its upsized IPO at $21.00 – $1.00 above the top of its range – after increasing the deal’s size to 34.46 million shares – to raise $723.68 million on Wednesday night, July 23, 2025. The deal’s terms consisted of a price range of $18.00 to $20.00 on 28.95 million shares, according to the prospectus. At pricing, Accelerant Holdings had a market cap of $4.74 billion. Accelerant Holdings’ stock (ARX) is expected to start trading tomorrow – Thursday, July 24, 2025 – on the New York Stock Exchange.
Morgan Stanley and Goldman Sachs acted as the lead joint book-runners. BMO Capital Markets and RBC Capital Markets served as active joint book-runners. Wells Fargo Securities, Piper Sandler, William Blair, Raymond James and TD Securities (USA) also were on the book-running team.
Accelerant Holdings (ARX), based on Grand Cayman, described its business in the prospectus: “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).
“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.
“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 percent compounded annual growth rate since inception. As we mature and continue to scale our business, we expect our annual growth rate to moderate.”
Accelerant Holdings (ARX) is profitable: Net income of $26.6 million on revenue of $652.5 million for the 12 months that ended on March 31, 2025, according to financial statements in the prospectus.
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