Accelerant Holdings Stock Down 48% From IPO Price, but One Fund Just Built a $51 Million Stake

Keenan Capital disclosed a new stake in Accelerant Holdings (NYSE:ARX) in a February 13, 2026, SEC filing, acquiring 3,139,980 shares in a trade estimated at $51.34 million based on quarterly average pricing.

What happened

According to a SEC filing published February 13, 2026, Keenan Capital initiated a new position in Accelerant Holdings by acquiring 3,139,980 shares. As a result, the firm reported a quarter-end stake valued at $51.34 million, reflecting both share purchase activity and stock price movement.

What else to know

• Keenan Capital established Accelerant Holdings as a new position, representing 9.35% of reportable 13F assets under management as of December 31, 2025.
• Top holdings after the filing:
  • NASDAQ: APP: $119.08 million (21.7% of AUM)
  • NYSE: CWAN: $88.30 million (16.1% of AUM)
  • NASDAQ: GLBE: $73.32 million (13.4% of AUM)
  • NASDAQ: WDAY: $68.57 million (12.5% of AUM)
  • NYSE: GDDY: $67.63 million (12.3% of AUM)
• As of February 12, 2026, shares of Accelerant Holdings were priced at $10.95, down about 48% from their July IPO price of $21.

Company overview

Company snapshot

• Accelerant Holdings offers a data-driven risk exchange platform, underwriting services, and MGA operations, generating revenue primarily through volume-based fees and insurance underwriting.
• The company operates a multi-segment model: risk exchange earns fees from risk capital partners, MGA operations generate origination and underwriting fees, and the underwriting segment manages direct insurance and reinsurance portfolios.
• It targets small-to-medium-sized commercial clients across the United States, Europe, Canada, and the United Kingdom.

Accelerant Holdings is a specialty insurance platform leveraging technology and data analytics to connect underwriters with risk capital partners. Its integrated business model spans risk exchange services, MGA operations, and direct underwriting, enabling diversified and recurring fee income streams. The company’s strategic focus on small and medium-sized commercial clients across multiple geographies provides scale and access to a broad portfolio of insurance risks.

What this transaction means for investors

Accelerant’s third quarter might help explain the stock’s appeal when prices aren’t doing so hot. Exchange written premium climbed 17% year over year to $1.043 billion, and total revenue rose 74% to $267.4 million. Meanwhile, adjusted net income reached $79.8 million, up 320% year over year.

The headline GAAP loss of $1.367 billion looks alarming at first glance, but it was driven largely by a one-time, non-cash profit interest distribution tied to its IPO. Underneath that noise, operating momentum appears intact. Net revenue retention stood at 135%, and membership on the platform expanded to 265.

For a fund already concentrated in software and tech-enabled businesses like APP, GLBE, and WDAY, this fits the pattern. Accelerant operates a fee-driven, data-powered exchange model with recurring characteristics, even if insurance cycles add volatility.

Long-term investors should focus on premium growth durability, retention trends, and margin expansion rather than headline losses. If the platform continues compounding exchange premium and sustaining high retention, the valuation reset since the IPO could look more like an opportunity than a warning.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Global-E Online and Workday. The Motley Fool recommends GoDaddy. The Motley Fool has a disclosure policy.