Core Insights - Keenan Capital has initiated a new position in Accelerant Holdings by acquiring 3,139,980 shares valued at approximately $51.34 million as of February 13, 2026 [2][8] - Accelerant Holdings operates a data-driven risk exchange and underwriting services platform, primarily targeting small and medium-sized commercial clients across various geographies [6][9] Company Overview - As of February 13, 2026, Accelerant Holdings' stock price was $10.95, with a market capitalization of $2.38 billion [4] - The company reported a total revenue of $839.6 million and a net income of -$1.3 billion for the trailing twelve months [4] Financial Performance - In the third quarter, Accelerant's exchange written premium increased by 17% year over year to $1.043 billion, while total revenue rose by 74% to $267.4 million [7] - Adjusted net income reached $79.8 million, reflecting a 320% year-over-year increase [7] Business Model - Accelerant Holdings employs a multi-segment model that includes risk exchange services, managing general agent (MGA) operations, and direct underwriting, generating revenue through volume-based fees and insurance underwriting [9] - The company has a strong focus on maintaining high net revenue retention, which stood at 135%, and has expanded its platform membership to 265 [10] Investment Implications - The significant GAAP loss of $1.367 billion is primarily attributed to a one-time, non-cash profit interest distribution related to its IPO, indicating that underlying operational momentum remains strong [10] - Long-term investors are encouraged to focus on premium growth durability, retention trends, and margin expansion rather than headline losses, as the valuation reset since the IPO may present an investment opportunity [12]