Thoma Bravo puts a price on insurer worries

Accelerant announced on August 13 that it had agreed to be acquired by private equity firm Thoma Bravo for $20.25 per share in cash, a 49% premium. Investor Altamont Capital Partners controls 82% of the vote at the specialty insurance marketplace, and has agreed to cast these votes in favor of the transaction.

Morgan Stanley served as financial advisor to Accelerant's board, while Houlihan Lokey advised a special committee of the board. BMO Capital Markets and Wells Fargo are serving as advisors to Thoma Bravo.

Thoma Bravo is increasingly in the fear trade. The tech-focused buyout shop is acquiring Accelerant, an insurance exchange and part of an industry menaced by the prospect of chatbots replacing software and services. Adding to the complex web is the often head-spinning relationship between private equity and underwriters. The $4 billion deal, announced on Thursday, gambles that these worries are peaking.