Shopify for specialty insurance MGAs.

Stripe for insurance risk transactions.

Accelerant (ARX) provides the following major services:

• Specialty Insurance Risk Exchange Platform: A data-driven technology platform that connects specialty insurance underwriters (MGAs) with diverse risk capital partners to streamline the insurance value chain.
• MGA Partnership and Support: Comprehensive services for specialty underwriters, including analytics, operational resources, distribution management, stable underwriting capacity, an MGA incubator, and strategic equity investments.
• Risk Capital Facilitation: Offers risk capital partners access to carefully curated, diversified portfolios of specialty insurance premium, along with risk sourcing, management, and monitoring services.
• Balance Sheet Underwriting: Accelerant Underwriting retains a strategic portion of the risk written through the Exchange, aligning incentives and providing operational flexibility for the platform.

Jeff Radke, Co-Founder and Chief Executive Officer

Jeff Radke has nearly 30 years of experience in the insurance industry, beginning his career as an intern at Guy Carpenter. Prior to co-founding Accelerant in December 2018, he spent a decade at Argo Group, where he drove strategic initiatives, and previously served as CEO of the PXRE Group. His extensive background in the insurance industry inspired him to address critical pain points in the underwriting sector by creating Accelerant's data-driven approach. Under his leadership, Accelerant achieved unicorn status within four years of its founding, and the company completed its Initial Public Offering (IPO) in July 2025.

Linda Huber, Chief Financial Officer

Linda Huber was appointed Chief Financial Officer of Accelerant, effective March 31, 2026. She oversees the company's global finance organization and brings over 20 years of experience as a finance and operations executive. Ms. Huber previously served as global CFO at three large-cap information services companies. Her past roles include Executive Vice President and CFO of FactSet from 2021 to 2024, CFO and Treasurer of MSCI, and Executive Vice President and CFO of Moody's Corporation. She also served as a Board Director of Bank of Montreal.

Chris Lee-Smith, Co-Founder and Head of Distribution

Chris Lee-Smith is a Co-Founder and the Head of Distribution for Accelerant. Before Accelerant, he was the Global Head of Alternative Distribution for Argo Group, where he managed Mergers and Acquisitions, digital distribution channels, and affinity and broker schemes. His previous experience also includes serving as Head of Growth Strategies for AON, and before that, as COO of Willis and Head of Change Management for Guy Carpenter. He co-founded Accelerant with a passion for improving the insurance industry.

Frank O'Neill, Co-Founder and Chief Underwriting Officer

Frank O'Neill is a Co-Founder and the Chief Underwriting Officer at Accelerant, bringing a long history of leading reinsurance relationships globally. Prior to joining Accelerant, he spent over two decades at Swiss Re, where he held significant leadership positions, including CEO of the UK and Ireland market, and for Africa and the Middle East. Earlier in his career at Swiss Re, he led the Life and Health sectors for the U.S. market for five years and Southeast Asia for two years.

Matt Sternberg, Chief Operating Officer, Risk Exchange

Matt Sternberg serves as the Chief Operating Officer of the Risk Exchange at Accelerant. Before joining Accelerant, he worked at Boston Consulting Group for over a decade, where he was a Managing Director and Partner and co-led the firm's North American insurance practice. His earlier career experience includes working in Goldman Sachs' Investment Banking Division.

Key Business Risks for Accelerant (ARX)

1. Reliance on Risk Capital Partners: Accelerant's business model, particularly its "capital light model," is heavily dependent on its ability to attract and retain a diverse pool of risk capital partners, including insurers, reinsurers, and institutional investors. A reduction in the availability of capital from these partners, or their decision to withdraw from the platform, would severely limit Accelerant's capacity to provide stable underwriting support to its Members, thereby undermining its core value proposition and operational flexibility.
2. Dependence on Member Performance and Retention: The success of Accelerant's Risk Exchange is intrinsically linked to the profitable underwriting performance and retention of its specialty MGA Members. A decline in the underwriting quality of its Members or an increase in Member churn could diminish the attractiveness of the risk portfolio to capital partners, potentially leading to less favorable pricing or reduced capacity, and negatively impacting Accelerant's reputation and financial results.
3. Technology and Data Infrastructure Risk: Accelerant's operations are underpinned by its proprietary, data-driven risk exchange technology, which ingests and analyzes extensive policy and third-party data. Any significant disruptions, failures, or security breaches within this technology infrastructure, or an inability to continuously innovate and scale the platform, could impair its ability to provide actionable insights, compromise data integrity, and diminish its value proposition to both Members and risk capital partners.

Accelerant (ARX) operates within the global specialty insurance and Managing General Agent (MGA) markets, connecting specialty underwriters with risk capital partners through its Risk Exchange. The addressable markets for Accelerant's core services are substantial and are projected for continued growth.

Global Managing General Agent (MGA) Market

The global Managing General Agent (MGA) market reached approximately $160 billion in gross written premium in 2025. Another estimate places the MGA segment at around $150 billion in gross written premium. Looking ahead, the global MGA market, which was valued at $63.4 billion in 2025, is projected to grow to $128.7 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 8.2%.

Global Specialty Insurance Market

The global specialty insurance market was valued at approximately $139.74 billion in 2025. This market is predicted to expand significantly, reaching an estimated $362.14 billion by 2035, growing at a CAGR of 9.99% from 2026. Other projections indicate the market will grow from approximately $142 billion in 2024 to nearly $279 billion by 2031. Historically, the global specialty insurance market was valued at $104.7 billion in 2021 and is projected to reach $279 billion by 2031, with a CAGR of 10.6% over that decade.

Accelerant (ARX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Expansion of Risk Exchange Members and Capital Partners: Accelerant anticipates continued growth in the number of specialty insurance underwriters (Members) and risk capital partners (insurers, reinsurers, and institutional investors) leveraging its platform. The company's strong independent third-party Net Promoter Score of 89 from Members and a churn rate of less than 1% since inception suggest a robust pipeline and high retention of participants, leading to a larger base for premium generation and associated fees.

2. Increased Engagement and Organic Growth from Existing Members: Existing Members significantly contribute to revenue growth through organic expansion. On average, 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. This sustained expansion by existing underwriters on the platform directly translates into higher transaction volumes and fee income for Accelerant.

3. Expansion of Third-Party Insurance Company Partners Directly Accessing the Risk Exchange: A key driver will be the increasing number of third-party insurance companies joining the platform and directly accessing the Risk Exchange. Accelerant began with five such partners in 2023, added eight more in 2024, and expects that the majority of its Risk Exchange premium will eventually be written by new and existing third-party insurance company partners. These partnerships generate recurring fees for Accelerant by sourcing, managing, and monitoring risks.

4. Growth through the MGA Operations Segment: The MGA Operations segment, which includes Mission Underwriters (an incubator supporting the formation of new MGAs) and equity ownership in other Members, is designed to expand Accelerant's addressable market. This segment actively cultivates new MGAs and deepens alignment with existing ones, thereby contributing to the overall Exchange Written Premium growth.

5. Continued Geographic and Product Diversification: Accelerant has a history of expanding its reach, growing from 7 countries and 60 products in 2019 to 22 countries and over 500 specialty insurance products by March 31, 2025. The company explicitly states its use of the Underwriting segment to "broaden the risk capital pool... and expedite the onboarding of new Members and the launch of new products", indicating an ongoing strategy to enter new regions and offer a broader range of specialty insurance products, which will fuel further revenue growth.

Outbound Investments

• Accelerant's MGA Operations segment includes Mission Underwriters, an MGA incubator that has supported the formation of 31 MGAs (Mission Members).
• Accelerant owns an equity ownership interest in 16 additional Members, referred to as "Owned Members."
• In total, Accelerant owns an equity ownership interest, either directly or through Mission Underwriters, in 47 of its 232 Members.