Thoma Bravo agrees $4bn-plus take-private of insurance marketplace Accelerant

Thoma Bravo has reached an agreement to acquire insurance marketplace Accelerant in a deal valued at over $4 billion, taking the company private just over a year after it went public on the New York Stock Exchange, according to Reuters. Accelerant shareholders will receive $20.25 per share, representing a 49% premium over the company's previous closing price.

Accelerant's shares soared nearly 44% in early trading following the announcement. The transaction is set to close in the first half of 2027, contingent on regulatory approvals, effectively putting an end to Accelerant's short-lived public existence. Accelerant's shares had been trading below their $21 IPO price for most of the past year, despite the business continuing to grow.

RBC analyst Rowland Mayor deemed the deal favorable, considering the volatility in financial markets and the gap that had developed between Accelerant's underlying business performance and its stock valuation. Founded in 2018, Accelerant operates a technology-driven marketplace that connects specialist insurance underwriters with institutional capital providers.

Leveraging data and analytics, its platform streamlines the placement and management of specialty insurance risks. The acquisition will bolster Thoma Bravo's presence in insurance technology and data sectors. With over $172 billion in assets as of March end, Thoma Bravo, a software-focused private equity firm, has previously invested in the sector through portfolio companies such as Nearmap, which completed its acquisition of insurance technology provider itel for more than $1.3 billion last year.

Accelerant's largest investor, Altamont Capital Partners, along with the company's founders, are expected to retain their stakes in the business alongside Thoma Bravo upon the deal's completion. Shareholders will also be eligible for a 6% annual tickover fee if the transaction is delayed due to unresolved insurance regulatory approvals.

Morgan Stanley advised Accelerant's board, while Houlihan Lokey advised the special committee established to evaluate the transaction. BMO Capital Markets and Wells Fargo advised Thoma Bravo.