Thoma Bravo to take Accelerant private in $4 billion deal

Thoma Bravo agreed to take Accelerant private for $20.25 a share, a 49 percent premium that values the specialty insurance marketplace at more than $4 billion and gives its largest backer a path to exit.

"Accelerant has been building the preeminent specialty insurance marketplace since our founding in 2018," Jeff Radke, chairman and chief executive officer of Accelerant, said. "Returning to private ownership with Thoma Bravo's technology and software expertise will enable us to make investments that further position our data-fueled platform to be the rails on which specialty insurance runs."

Under the terms, Class A and Class B stockholders receive $20.25 per share in cash, a 49 percent premium to the Aug. 12 closing price of $12.52. Shares jumped more than 45 percent in pre-market trading Thursday. The transaction, expected to close in the first half of 2027, is subject to shareholder approval and insurance regulatory clearances. Entities affiliated with Altamont Capital Partners, holding about 82 percent of outstanding voting rights, have agreed to vote in favor. The deal carries no financing condition, with Thoma Bravo providing an equity commitment.

The buyout extends private equity's push into insurance technology as the managing general agent market grows. Thoma Bravo, the world's largest software-focused investment firm with $172 billion in assets under management, has acquired or invested in roughly 590 companies representing more than $320 billion of aggregate value over two decades. Altamont and Accelerant's founders intend to retain equity alongside Thoma Bravo, with terms finalized before closing.

A data-driven exchange at the center of the deal

Accelerant operates the Accelerant Risk Exchange, a platform that connects specialty insurance underwriters with risk capital providers through advanced analytics and real-time data. Founded in 2018, the company supports diversified, low-volatility premium performance across underwriting cycles. Its second-quarter 2026 results were issued Thursday, with the company canceling its scheduled earnings call in light of the announcement.

The deal lands as investors reassess insurance distribution and technology names, a group that includes Goosehead Insurance, The Baldwin Insurance Group and Hagerty. Accelerant's model differs from those brokers by operating as an exchange that matches underwriters with risk capital, a structure Thoma Bravo's Matt LoSardo, a principal, said gives both sides the data to price risk better than either could alone.

Advisors and next steps

Morgan Stanley is serving as exclusive financial advisor to Accelerant's board, with Paul Hastings as U.S. legal counsel, Sidley Austin as special insurance counsel and Maples Group as Cayman Islands legal counsel. Houlihan Lokey advised the special committee, which unanimously recommended the transaction. Goodwin Procter is legal counsel to Thoma Bravo, with BMO Capital Markets and Wells Fargo as financial advisors. Ropes & Gray advised Altamont.

If closing is delayed by pending insurance regulatory approvals, shareholders receive a ticking fee accruing at 6 percent per annum for a specified period. The deal is not subject to a financing condition, and Accelerant's common shares will be delisted from the New York Stock Exchange upon completion.

The all-cash offer removes execution risk for Accelerant shareholders, who would otherwise face the swings of a thinly traded public listing, while Altamont and the founders keeping equity ties them to Thoma Bravo's longer-term build-out of the risk exchange. For Thoma Bravo, the purchase adds a data-heavy platform to a portfolio spanning insurance technology and software, giving it a foothold in a segment where underwriters are seeking technology-forward partners to accelerate program growth.

This article is for informational purposes only and does not constitute investment advice.