Accelerant Holdings

Insurtech · Specialty Insurance · Fintech

Acquisition

Thoma Bravo to take Accelerant private in $4.4B insurance deal

The specialty insurance marketplace returns to private hands just a year after its IPO, undone by a stock that never matched its listing price.

• Accelerant Holdings agreed to be acquired by private equity firm Thoma Bravo in an all-cash deal with an enterprise value of more than $4 billion, with shareholders receiving $20.25 per share, a 49% premium to the prior close.
• Founded in 2018, Accelerant runs a data-driven risk exchange connecting niche underwriters (MGAs) with institutional capital to speed up and cut costs in the specialty insurance market.
• Altamont Capital Partners, Accelerant's largest investor holding about 82% of voting rights, has agreed to back the deal, and Altamont plus the company's founders plan to retain equity alongside Thoma Bravo.
• If the closing is delayed by pending insurance regulatory approvals, shareholders are entitled to a ticking fee accruing at 6% per annum, and the deal has no financing condition since Thoma Bravo committed the equity itself.
• Accelerant went public just over a year ago at $21 a share, implying a $4.7 billion valuation that briefly spiked to $6.4 billion, before the stock sank as low as $9.36 in February.
• Thoma Bravo, which manages over $172 billion in assets, has a history of insurtech bets, including its Nearmap unit's purchase of claims-tech firm itel for more than $1.3 billion last year.
• The take-private underscores how public markets have struggled to price tech-enabled specialty insurance platforms on a quarterly cycle, pushing recently listed fintechs back toward private ownership.