Accelerant Holdings
ARX on NYSE. Accelerant Holdings runs a risk exchange connecting specialty insurance underwriters with risk capital partners. Market value $4.3bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
We don't have this figure for this company.
What you pay for each dollar of net assets: $5.23.
Profit per $100 you pay: $-36.41.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$19.73 a share, 115% above its 1-year low
Over the past year the price has ranged from $9.18 to $19.90.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |
| Revenue | $913m |
| Operating margin | |
| Operating margin | n/a |
| Debt to equity | |
| Debt to equity | n/a |
| Shares outstanding | |
| Shares outstanding | 0.19bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $357 million last quarter, up 63% on a year ago.
- Profit: $79 million, up 794% on a year ago.
- 7% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| June 2025 | $219m |
| September 2025 | $267m |
| December 2025 | $248m |
| March 2026 | $273m |
| June 2026 | $357m |
| Quarter to | Amount |
|---|---|
| June 2025 | $9m |
| September 2025 | -$1.4bn |
| December 2025 | -$600,000 |
| March 2026 | -$5m |
| June 2026 | $79m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 116 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Cannell CapitalJ. Carlo Cannell | $2m | 1.4% | Added |
Largest holders overall
- Security Benefit Life Insurance$69m
- FMR$66mAdded
- Capital World Investors$54mCut
- Keenan Capital$47m
- American Century Companies$45mAdded
- Gilder Gagnon Howe$44m
- BlackRock$41mAdded
- Barings$38m
- Azora Capital LP$36mAdded
- Vanguard Portfolio Management$28mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- ACP Insurance Management, LLCPassive investorat least 44.2%(filed with 2 related holders)Since 30 September 2025
- RADKE JEFFREY LPassive investor29.9%Since 30 September 2025
- Lee-Smith ChristopherPassive investor17.4%Since 30 September 2025
- ONeill Francis JamesPassive investor7.0%Since 30 September 2025
- Glazer Capital, LLCPassive investorat least 5.0%(filed with 1 related holder)Since 23 September 2026
- Capital World InvestorsPassive investorSold down below 5%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
ACP Insurance Management, LLC Passive investor | at least 44.2% (filed with 2 related holders) | 30 September 2025 | |
RADKE JEFFREY L Passive investor | 29.9% | 30 September 2025 | |
Lee-Smith Christopher Passive investor | 17.4% | 30 September 2025 | |
ONeill Francis James Passive investor | 7.0% | 30 September 2025 | |
Glazer Capital, LLC Passive investor | at least 5.0% (filed with 1 related holder) | 23 September 2026 | |
Capital World Investors Passive investor | Sold down below 5% | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 6 insiders bought $2m of shares on the open market. 6 sold $22m, $22m of it under preset trading plans.
- Meriwether Karen SueDirectorSold
- Date
- 21 August 2026
- Shares
- 542
- Price
- $19.62
- Value
- $10,631
- Hasley NancyDirectorSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 20,489
- Price
- $19.56
- Value
- $400,839
- ONeill Francis JamesCo-Founder, Chief U/W OfficerSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 89,219
- Price
- $12.41
- Value
- $1m
- ONeill Francis JamesCo-Founder, Chief U/W OfficerSoldunder a preset trading plan
- Date
- 10 August 2026
- Shares
- 63,616
- Price
- $12.07
- Value
- $767,667
- RADKE JEFFREY LCo-Founder, CEO, DirectorSoldunder a preset trading plan
- Date
- 10 August 2026
- Shares
- 80,000
- Price
- $12.09
- Value
- $967,096
- RADKE JEFFREY LCo-Founder, CEO, DirectorSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 80,000
- Price
- $12.06
- Value
- $964,528
- ONeill Francis JamesCo-Founder, Chief U/W OfficerSoldunder a preset trading plan
- Date
- 28 July 2026
- Shares
- 104,647
- Price
- $14.56
- Value
- $2m
- ONeill Francis JamesCo-Founder, Chief U/W OfficerSoldunder a preset trading plan
- Date
- 27 July 2026
- Shares
- 110,467
- Price
- $14.63
- Value
- $2m
- RADKE JEFFREY LCo-Founder, CEO, DirectorSoldunder a preset trading plan
- Date
- 27 July 2026
- Shares
- 95,223
- Price
- $14.60
- Value
- $1m
- Sternberg Matthew DavidCOO, Risk ExchangeSoldunder a preset trading plan
- Date
- 27 July 2026
- Shares
- 17,568
- Price
- $14.64
- Value
- $257,206
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 August 2026 | Meriwether Karen Sue Director | Sold | 542 | $19.62 | $10,631 |
| 13 August 2026 | Hasley Nancy Director | Sold under a preset trading plan | 20,489 | $19.56 | $400,839 |
| 11 August 2026 | ONeill Francis James Co-Founder, Chief U/W Officer | Sold under a preset trading plan | 89,219 | $12.41 | $1m |
| 10 August 2026 | ONeill Francis James Co-Founder, Chief U/W Officer | Sold under a preset trading plan | 63,616 | $12.07 | $767,667 |
| 10 August 2026 | RADKE JEFFREY L Co-Founder, CEO, Director | Sold under a preset trading plan | 80,000 | $12.09 | $967,096 |
| 3 August 2026 | RADKE JEFFREY L Co-Founder, CEO, Director | Sold under a preset trading plan | 80,000 | $12.06 | $964,528 |
| 28 July 2026 | ONeill Francis James Co-Founder, Chief U/W Officer | Sold under a preset trading plan | 104,647 | $14.56 | $2m |
| 27 July 2026 | ONeill Francis James Co-Founder, Chief U/W Officer | Sold under a preset trading plan | 110,467 | $14.63 | $2m |
| 27 July 2026 | RADKE JEFFREY L Co-Founder, CEO, Director | Sold under a preset trading plan | 95,223 | $14.60 | $1m |
| 27 July 2026 | Sternberg Matthew David COO, Risk Exchange | Sold under a preset trading plan | 17,568 | $14.64 | $257,206 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.