Accelerant operates a specialty insurance marketplace called the Risk Exchange, connecting specialty underwriters (called Members, primarily small MGAs) with insurers, reinsurers, and institutional investors (called Risk Capital Partners) seeking exposure to diversified specialty insurance portfolios. Members are typically small MGAs writing $10-$40M in annual premium across niche commercial SME lines. Accelerant vets Members rigorously, rejecting ~90% of applicants, and in exchange for exclusivity, provides Members with five-year capacity commitments, proprietary data and analytics, and operational support. Risk Capital Partners get access to a large, diversified, low-volatility specialty portfolio with transparent data on the underlying risk. Accelerant has grown from 12 Members and 2 Risk Capital Partners in 2019 to 280 Members and 95 Risk Capital Partners by end of 2025, placing $4.19B in Exchange Written Premium. Accelerant operates three segments: Exchange Services (its core, capital-light fee business earning ~8% of Exchange Written Premium from Risk Capital Partners, running at 70% adjusted EBITDA margins); MGA Operations (economics from MGAs Accelerant incubated or took equity stakes in); and Underwriting (Accelerant's own insurance carriers, which retain ~10% of Exchange Written Premium and reinsure the rest). Management's priority is growing Exchange Services and shrinking the capital-intensive Underwriting segment by shifting more premium to third-party insurers — a shift that converts retained underwriting risk into high-margin fee revenue.