Right. So, Accelerant Holdings. It’s been… a journey. A bit like trying to follow a sensible diet whilst simultaneously being presented with an endless supply of chocolate biscuits. The stock is down 48% from its IPO price. Forty-eight percent. It feels…significant. Like a very expensive lesson in market timing. Still, Keenan Capital just dropped $51 million on 3,139,980 shares. Which is…odd. Unless they know something I don’t. And frankly, they probably do.
Diary Entry: February 13, 2026
Keenan Capital, it seems, is feeling optimistic. They’ve taken a 9.35% stake, which, let’s be honest, is a rather large gesture. It’s like saying, “Yes, the chocolate biscuits are tempting, but we believe in long-term health.” Their existing portfolio is…interesting. Lots of software and tech – APP, GLBE, WDAY. Very sensible. Very…grown-up. I’m mostly invested in wishful thinking and a slightly alarming collection of scented candles.
- Current Holdings (Keenan Capital): APP ($119.08M), CWAN ($88.30M), GLBE ($73.32M), WDAY ($68.57M), GDDY ($67.63M).
- Accelerant Holdings share price: $10.95 (as of yesterday, which feels like a lifetime ago in market terms).
The thing is, Accelerant isn’t terrible. It’s a specialty insurance platform. Lots of data, lots of tech, lots of talk about “risk exchange.” Sounds…complicated. It connects underwriters with risk capital. Which, I assume, is a good thing. They operate in the US, Europe, Canada, and the UK. A truly global operation. Though I suspect my own risk assessment skills peak at deciding whether to brave the supermarket queue.
The Numbers (Because We Have to)
| Metric | Value |
|---|---|
| Price (Feb 13, 2026) | $10.95 |
| Market Capitalization | $2.38 billion |
| Revenue (TTM) | $839.6 million |
| Net Income (TTM) | ($1.3 billion) |
Okay, the net income is…concerning. But apparently, a large chunk of that is down to a one-time thing related to the IPO. A “non-cash profit interest distribution.” Sounds like accountant-speak for “we gave some money away.” Still, revenue is up 74%. Which is…positive. And net revenue retention is at 135%. Which, according to my increasingly frazzled brain, means people are sticking around. And membership on the platform is expanding. Good. More people equals more…something. Probably more complexity.
Units of Cryptocurrency Lost: 0 (I learned my lesson). Hours Spent Watching Charts: 7 (And questioning all my life choices). Number of Panicked Texts to Friends: 12 (Mostly about the scented candles).
The thing about Accelerant is it’s fee-driven and data-powered. Recurring characteristics, they say. Even if insurance cycles add volatility. Which is a polite way of saying “it could go down again.” But Keenan Capital seems to think the valuation reset since the IPO is an opportunity. Which is…bold. I’m mostly looking for an opportunity to have a long nap.
Long-term investors, they say, should focus on premium growth, retention trends, and margin expansion. Which sounds…sensible. But also exhausting. If the platform keeps growing and sustaining high retention, maybe the stock will bounce back. Or maybe I’ll just buy more scented candles. It’s a strategy, right?
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2026-02-17 00:34