Accelerant (ARX) operates a high-margin specialty insurance marketplace connecting MGAs with insurance capital providers, with third-party insurer mix growing from 18% (2025) to 41% (Q1 2026), creating a capital-light fee-based model with 67% EBITDA margins. Stock declined from IPO peak due to concerns about Hadron, a controlling shareholder-backed insurer, raising questions about related-party conflicts and valuation fairness despite comparable peers trading at significant premiums.