Thoma Bravo has agreed to acquire Accelerant in an all-cash deal that values the specialty insurance platform at an enterprise value of more than $4bn.
Under the definitive agreement, holders of Accelerant Class A and Class B shares will receive $20.25 per share in cash.
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The company said this represents a 49% premium to its closing share price on 12 August 2026.
Accelerant chairman and CEO Jeff Radke said: “Returning to private ownership with Thoma Bravo’s technology and software expertise, coupled with its vast financial and strategic resources, will enable us to make investments that further position our unique, data fuelled platform to be the rails on which specialty insurance runs.”
If completion is delayed because of pending insurance regulatory approvals, shareholders will, in certain circumstances set out in the agreement, receive a ticking fee accruing at 6% per annum.
The transaction does not include a financing condition, and Thoma Bravo has provided an equity commitment to finance the acquisition.
The deal is expected to complete in the first half of 2027, subject to customary closing conditions, including shareholder and regulatory approvals.
Accelerant’s board formed a special committee made up only of independent and disinterested directors to assess the transaction.
The committee unanimously recommended the deal, and the full board then gave unanimous approval.
Altamont Capital Partners, identified as Accelerant’s largest investor, and the company’s founders plan to retain equity ownership alongside Thoma Bravo.
Entities affiliated with Altamont Capital Partners, which hold shares accounting for approximately 82% of Accelerant’s outstanding voting rights, have agreed to vote in favour of the transaction.
Terms are to be finalised before closing.
After the transaction is completed, Accelerant will become a privately held company and its common shares will be removed from the New York Stock Exchange.
Accelerant, established in 2018, operates the Accelerant Risk Exchange, which is described as a “data-driven” platform linking specialty insurance underwriters with risk capital providers through analytics, real-time data, and underwriting insights.
Thoma Bravo senior partner A J Rohde added: “As the MGA market continues to grow, underwriters are looking for a committed technology-forward partner who can unlock rapid program growth and underwriting innovation.”
