Accelerant Holdings: First Take 1Q26 Earnings: Steady Guide Heading into Rest of the Year

研报英文原文证据摘录

Accelerant Holdings: First Take 1Q26 Earnings: Steady Guide Heading into Rest of the Year

Update

May 13, 2026 08:51 PM GMT

Morgan Stanley & Co. LLCMAccelerant Holdings | North America Bob Jian Huang

Equity Analyst

First Take 1Q26 Earnings: Bob.Huang@morganstanley.comSiddhant Shah +1 212 761-6136

Research Associate

Sid.Shah@morganstanley.com +1 212 761-2603

Steady Guide Heading into Rest Jie Cheng

Jie.Cheng1@morganstanley.com +1 212 761-3878

of the Year

Accelerant Holdings (ARX.N, ARX US)

Insurance - Property & Casualty | United States of

Reaction to earnings America

Unchanged Modest upside Modest revision higher Stock Rating Equal-weight

Impact to our thesis Financial results versus consensus Direction of next 12-month Industry View Attractive

consensus EPS Price target $15.00

Shr price, close (May 12, 2026) $13.49

Source: Company data, Morgan Stanley Research Mkt cap, curr (mm) $2,584

52-Week Range $31.10-9.20

Solid growth and guidance: Growth momentum remains strong. Total members

reached 296 vs. 290 consensus. Exchange Services grew solidly, posting $100m

revenue vs. $93m consensus. Underwriting delivered strong net earned premium

growth at $130m vs. $94m consensus, driving beats on revenue and adj. EBITDA.

The company also raised its 2026 guidance ahead of consensus, suggesting the

growth path may see more upside. Maintaining growth and margin will be key. If the

company keeps current growth and margin rates, the stock is attractively valued, in

our view.

What We Liked

• Guidance: The company increased its 2026e guidance ( Exhibit 1 ), ahead of

consensus.

• Exchange Written Premiums: Total exchange written premiums (EWP) of

$1,140m beat $1,099m consensus.

• Exchange Services: Exchange Services beat on revenue ($100m vs. $93m

consensus), while adj.