Accelerant Holdings (ARX)

Accelerant Announces First Quarter 2026 ResultsMay 13, 2026 4:15 PM
Business Wire First Quarter 2026 Results Exchange Written Premium of $1.14 billion grew 16% year-over-year Third-Party Direct Written Premium accounted for 41% of Exchange Written Premium volume Pre-tax income of $2 million, net loss of $4 million, net loss per diluted share of $0.02 Adjusted net income of $38 million increased 118% over the prior year, and adjusted net income per diluted share was up 113% to $0.17 Adjusted EBITDA of $66 million Repurchased 828,333 Class A common shares for $11 million Second Quarter and Full Year 2026 Outlook Exchange Written Premium expected to be $1.27 billion to $1.32 billion in the second quarter of 2026 and at least $5.2 billion for the full year 2026 Third-Party Direct Written Premium expected to be $580 million to $620 million in the second quarter of 2026 and at least $2.3 billion for the full year 2026 Adjusted EBITDA expected to be $60 million to $66 million in the second quarter of 2026 and at least $285 million for the full year 2026, including $276 million of fee-based (non-Underwriting Segment) Adjusted EBITDA Accelerant Holdings (NYSE: ARX), a data-driven company modernizing the specialty insurance marketplace through the Accelerant Risk Exchange, today announced financial results for the first quarter ended March 31, 2026. “We had an excellent first quarter. We delivered strong performance against all six of our KPIs, reflecting the ongoing momentum across our business,” said Jeff Radke, Chairman and CEO. “We are attracting and growing with the best MGAs, making them even better with our data, analytics and increasingly autonomous underwriting tools. And we are connecting them to diversified, committed and high-quality risk capital partners that are looking to generate attractive, predictable returns. We are well on our way to making Accelerant the rails on which specialty insurance runs.” “Our first quarter financial results are further proof in the underlying growth embedded in our business model,” said Linda S. Huber, Accelerant’s Chief Financial Officer. “Exchange Written Premium eclipsed $1 billion for the fourth quarter in a row, growing 16% year-over-year. Importantly, our fee-based operating revenue and adjusted EBITDA increased 52% and 112%, respectively, as we focus on growing our capital-light businesses. Looking ahead, we continue to expect a very strong 2026 driven by the high-quality and recurring fee generation of the Accelerant Risk Exchange.” Jeff Radke continued, “I’d like to welcome our two new independent Board members, David Talach and Simon Wainwright, who were elected at our annual general meeting of shareholders earlier this week. Both are highly skilled and talented executives and bring diverse perspectives that will be valuable to the Board and the management team. Accelerant will greatly benefit from their experience, expertise and counsel.”   First Quarter 2026 Key Results     Three Months Ended March 31, (in millions, unless indicated)   2026       2025   Number of members   296       232   Net revenue retention   116 %     157 % Exchange written premium $ 1,138.7     $ 985.2   Accelerant direct written premium   59 %     81 % Third-party direct written premium   41 %     19 % Accelerant-retained exchange premium   10 %     8 % Exchange written premium growth rate   16 %     69 % Total revenues $ 273.3     $ 178.0   Gross loss ratio   52.1 %     53.3 % Income before income taxes $ 2.0     $ 15.5   Net (loss) income $ (4.1 )   $ 7.8   Non-GAAP financial measures (1)       Operating revenues (1) $ 273.2     $ 174.0   Adjusted EBITDA (1) $ 66.1     $ 38.8   Adjusted EBITDA margin (1)   24 %     22 % Adjusted net income (1) $ 37.7     $ 17.3   Adjusted earnings per diluted share (1) $ 0.17     $ 0.08   (1) Information regarding the non-GAAP financial measures included in this press release, including definitions of these measures, reconciliations to the most comparable GAAP measures and limitations related thereto, is described below under “Use of Non-GAAP Financial Measures” and in the tables attached to this press release. Beginning with first quarter of 2026, Accelerant updated definitions for these non-GAAP financial measures to exclude the impact of net realized and unrealized investment gains or losses. Net realized and unrealized investment gains were $0.1 million and $4.0 million in the first quarter of 2026 and 2025, respectively. Figures for the first quarter of 2025 in the table above were recast to reflect the new presentation. Conference Call Information Accelerant will host a webcast and conference call to discuss the first quarter financial results on May 14, 2026, at 8:00 a.m. ET. A live webcast of the call can be accessed on Accelerant’s Investor Relations website at https://investor.accelerant.ai. To access the call via telephone in North America, please dial 800-715-9871. For callers outside the United States, please dial +1 646-307-1963. Participants should reference the conference call ID code 6232893 after dialing in. A webcast replay of the call will be available on Accelerant's website at accelerant.ai in its Investors section for a year following the call. About Accelerant Accelerant is a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers. Accelerant was founded in 2018 by a group of longtime insurance industry executives and technology experts who shared a vision of rebuilding the way risk is exchanged – so that it works better, for everyone. The Accelerant Risk Exchange does business across 22 different countries and approximately 700 specialty insurance products. Accelerant generates revenue by charging fees on the Exchange Written Premium shared with Risk Capital Partners that rely on Accelerant to source, manage, and monitor portfolios of specialty risk. There was $4.34 billion in Exchange Written Premium during the trailing twelve months ended March 31, 2026. Accelerant harnesses advanced data analytics and AI to optimize risk management, align incentives across the insurance value chain, and provide transparent and efficient solutions for MGAs and Risk Capital partners globally. Forward-Looking Statements All statements in this release and in the corresponding earnings call that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. Accelerant Holdings (“we” or “our”) generally identifies forward-looking statements by use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “will” or “would,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this release and in the corresponding earnings call are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in Accelerant’s Annual Report on Form 10-K for the year ended December 31, 2025 under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as may be supplemented in Accelerant’s subsequent Quarterly Reports on Form 10-Q and in other periodic and current reports filed by Accelerant with the SEC, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Use of Non-GAAP Financial Measures In assessing the performance of our business, non-GAAP financial measures are used that are derived from our consolidated financial information but are not presented in our consolidated financial statements prepared in accordance with U.S. GAAP. We consider these non-GAAP financial measures to be useful metrics for management and investors to evaluate our financial performance by excluding certain items that are related to our non-core business operations and therefore are not considered to be directly attributable to our underlying operating performance. These non-GAAP financial measures, as described below, should not be considered substitutes for the reported results prepared in accordance with U.S. GAAP and should not be considered in isolation or as alternatives to U.S. GAAP net income or net (loss) as indicators of our financial performance. Although we use these non-GAAP financial measures to assess the performance of our business, such use is limited because it does not include certain material costs necessary to operate our business. Our presentation of these non-GAAP financial measures should not be construed as indications that our future results will be unaffected by unusual or non-recurring items. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures reported by other companies. The following non-GAAP financial measures are used in this document or in other disclosures we make from time to time: Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Earnings per Diluted Share We define "Adjusted EBITDA" as U.S. GAAP net income (loss) less the impact of depreciation and amortization, interest expenses, income tax expenses and the following items: Net realized and unrealized gains (losses) on investments: Primarily represents changes in fair value of investment funds, realized gains and losses on dispositions of investments, and changes in fair value of certain other equity security investments accounted for under the measurement alternative where we adjust fair value based on observable price movements in such, or similar, investments. Other expenses: Represents costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, and legal and advisory costs in connection with corporate development activities including mergers and acquisitions, capital raising activities and entity formations that support our growing business, and Mission profit sharing expenses. Non-recurring profits interest distribution expenses resulting from the IPO: Represents non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of our 65,270,453 Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested upon the IPO. These expenses were entirely offset by a corresponding capital contribution for that distribution of shares. These expenses only occurred at one point in time (July 2025) and will not recur. Share-based compensation expenses included within general and administrative expenses: Represents non-cash expense related to the fair value of share-based equity awards granted to employees and directors, including restricted stock units and stock options and other awards that can settle in cash, recognized over the requisite service period for the awards. Net foreign currency exchange gains (losses): Represents non-cash foreign currency gains or losses related to transactions in currencies other than an operation’s functional currency and are excluded both on the basis of volatility and that such amounts are largely offset by corresponding changes in other comprehensive income primarily based on our intercompany reinsurance. We define "Adjusted Net Income (Loss)" as U.S. GAAP net income (loss) excluding the impact of the following items: net realized and unrealized gains (losses) on investments; other expenses; non-recurring profits interest distribution expenses resulting from the IPO; share-based compensation expenses included within general and administrative expenses; the tax effect of the above adjustments. We define “Adjusted Earnings per Diluted Share” as adjusted net income for a period divided by the corresponding weighted average diluted shares on a U.S. GAAP basis. (GAAP diluted shares are used for simplicity and that any difference from recalculating such diluted shares using adjusted income is expected to be immaterial.) Operating Revenues We define “Operating Revenues” as U.S. GAAP revenues less the impact of net realized and unrealized gains (losses) on investments. Adjusted EBITDA Margin We define “Adjusted EBITDA Margin” as Adjusted EBITDA divided by Operating Revenues. Adjusted EBITDA Margin is an internal performance measure used in the management of our operations. The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measures is set forth in the reconciliation table accompanying this document.   Accelerant Holdings Condensed Consolidated Statements of Operations (in millions, except per share amounts) (unaudited)     Three Months Ended March 31, (expressed in millions of US dollars, except per share data)   2026       2025   Revenues       Ceding commission income $ 80.5     $ 70.7   Direct commission income   50.8       28.1   Net earned premiums   129.8       63.0   Net investment income   12.1       12.2   Net realized gains on investments   0.1       2.3   Net unrealized gains on investments   —       1.7   Total revenues   273.3       178.0   Expenses       Losses and loss adjustment expenses   81.8       45.2   Amortization of deferred acquisition costs   33.6       17.1   General and administrative expenses   123.8       75.3   Interest expenses   2.5       2.6   Depreciation and amortization   10.0       7.4   Net foreign exchange losses   1.9       3.1   Other expenses   17.7       11.8   Total expenses   271.3       162.5   Income before income taxes   2.0       15.5   Income tax expense   (6.1 )     (7.7 ) Net (loss) income   (4.1 )     7.8   Adjustment for net income attributable to non-controlling interests   (1.1 )     (1.3 ) Net (loss) income attributable to Accelerant common shareholders $ (5.2 )   $ 6.5           Net (loss) income attributable to Accelerant per common share:       Basic $ (0.02 )   $ 0.04   Diluted $ (0.02 )   $ 0.03           Weighted-average common shares outstanding:       Basic   221,984,101       166,185,094   Diluted   221,984,101       205,273,147     Accelerant Holdings Condensed Consolidated Balance Sheets (in millions, except par value) (unaudited)     March 31, 2026   December 31, 2025 (expressed in millions of US dollars, except share data)       Assets       Investments       Short-term investments available for sale, at fair value (amortized cost 2026: $202.8 and 2025: $41.5) $ 202.8     $ 41.6   Fixed maturity securities available for sale, at fair value (amortized cost 2026: $692.3 and 2025: $665.6)   687.4       670.4   Equity method investments   11.8       10.4   Other investments   84.2       84.0   Total investments   986.2       806.4   Cash, cash equivalents and restricted cash   1,536.5       1,799.3   Premiums receivable (net of allowance 2026: $4.8 and 2025: $4.6)   1,182.7       1,077.9   Ceded unearned premiums   1,848.5       1,812.4   Reinsurance recoverables on unpaid losses and LAE   1,858.5       1,682.3   Other reinsurance recoverables   676.8       594.2   Deferred acquisition costs   85.0       76.9   Goodwill and other intangible assets, net   111.9       115.1   Capitalized technology development costs, net   102.5       100.5   Other assets   215.5       198.1   Total assets $ 8,604.1     $ 8,263.1   Liabilities and shareholders' equity       Unpaid losses and loss adjustment expenses $ 2,129.2     $ 2,005.4   Unearned premiums   2,207.5       2,163.0   Payables to reinsurers   1,243.4       1,220.6   Deferred ceding commissions   247.8       232.5   Funds held under reinsurance   1,275.6       1,200.3   Debt   120.7       121.3   Accounts payable and other liabilities   660.0       593.6   Total liabilities   7,884.2       7,536.7   Commitments and contingencies       Equity       Shareholders' equity       Common shares (par value $0.000001 per share, issued and outstanding 2026: Class A - 115,973,643; Class B - 105,402,146 and 2025: Class A - 114,580,918; Class B - 107,241,428)   —       —   Additional paid-in capital   2,243.5       2,232.4   Accumulated other comprehensive (loss) income   (8.8 )     2.2   Accumulated deficit   (1,542.1 )     (1,536.9 ) Total Accelerant shareholders' equity   692.6       697.7   Non-controlling interests   27.3       28.7   Total equity   719.9       726.4   Total liabilities and equity $ 8,604.1     $ 8,263.1     Accelerant Holdings Condensed Consolidated Statements of Cash Flows (in millions) (unaudited)     Three Months Ended March 31, (expressed in millions of US dollars)   2026       2025   Cash flows from operating activities       Net (loss) income $ (4.1 )   $ 7.8   Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:       Non-cash revenues, expenses, gains and losses included in net (loss) income:       Net realized gains on investments   (0.1 )     (2.3 ) Net unrealized gains on investments   —       (1.7 ) Earnings from equity method investments   (0.2 )     (0.5 ) Share-based compensation expenses   28.8       2.4   Depreciation and amortization   10.0       7.4   Deferred income tax (benefit) expense   (0.4 )     0.3   Net foreign exchange losses   1.9       3.1   Net accretion of discount on fixed maturity securities and short-term investments   (1.5 )     (1.8 ) Other, net   0.2       0.2   Changes in operating assets and liabilities:       Premiums receivable   (110.0 )     (55.7 ) Ceded unearned premiums   (40.9 )     (138.0 ) Reinsurance recoverables on unpaid losses and loss adjustment expenses   (82.7 )     (188.7 ) Other reinsurance recoverables   (86.6 )     (2.0 ) Deferred acquisition costs   (7.8 )     4.3   Unpaid losses and loss adjustment expenses   142.2       194.2   Unearned premiums   61.8       155.0   Payables to reinsurers   27.2       66.6   Deferred ceding commissions   10.0       7.5   Funds held under reinsurance   (22.7 )     108.0   Other assets, accounts payable and other liabilities   53.5       (74.3 ) Net cash (used in) provided by operating activities   (21.4 )     91.8   Cash flows from investing activities       Proceeds from sales of:       Fixed maturity securities   44.3       26.4   Maturities of fixed maturity securities   14.1       15.8   Payments for purchases of:       Fixed maturity securities   (91.0 )     (126.9 ) Equity method investments   (1.3 )     —   Net change in short-term investments   (161.2 )     2.5   Purchases of subsidiaries, net of cash acquired   (9.4 )     —   Capitalized technology development expenditures   (6.7 )     (6.6 ) Other, net   (0.4 )     (0.9 ) Net cash used in investing activities   (211.6 )     (89.7 ) Cash flows from financing activities       Acquisition of common shares   (12.2 )     —   Payment of debt   (0.8 )     —   Acquisition of non-controlling interests in subsidiaries   (4.9 )     —   Dividends paid to non-controlling interests   (1.3 )     (2.3 ) Net cash used in financing activities   (19.2 )     (2.3 ) Net decrease in cash, cash equivalents and restricted cash   (252.2 )     (0.2 ) Effect of foreign currency rate changes on cash, cash equivalents and restricted cash   (10.6 )     17.9   Cash, cash equivalents and restricted cash at beginning of period   1,799.3       1,273.0   Cash, cash equivalents and restricted cash at end of period $ 1,536.5     $ 1,290.7     Accelerant Holdings Financial Information by Segment (in millions) (unaudited)     Three Months Ended March 31, 2026 (in millions) Exchange Services   MGA Operations   Underwriting   Total Segments   Corporate and Other   Consolidation and elimination adjustments   Total Revenues                           Ceding commission income $ —   $ —   $ 10.0   $ 10.0   $ —     $ 70.5     $ 80.5   Direct commission income                           Affiliated entities   72.7     28.8     —     101.5     —       (101.5 )     —   Unaffiliated entities   26.4     24.4     —     50.8     —       —       50.8   Net earned premiums   —     —     129.8     129.8     —       —       129.8   Net investment income   0.9     0.9     9.2     11.0     1.1       —       12.1   Operating revenues   100.0     54.1     149.0     303.1     1.1       (31.0 )     273.2   Losses and loss adjustment expenses   —     —     81.8     81.8     —       —       81.8   Amortization of deferred acquisition costs   —     —     49.0     49.0     —       (15.4 )     33.6   General and administrative expenses   32.7     37.3     11.7     81.7     19.3       (9.3 )     91.7   Adjusted EBITDA $ 67.3   $ 16.8   $ 6.5   $ 90.6   $ (18.2 )   $ (6.3 )   $ 66.1   Net realized gains on investments                         0.1   Share-based compensation expenses                         (32.1 ) Interest expenses                         (2.5 ) Depreciation and amortization                         (10.0 ) Net foreign exchange losses                         (1.9 ) Other expenses                         (17.7 ) Income before income taxes                       $ 2.0     Accelerant Holdings Financial Information by Segment (continued) (in millions) (unaudited)     Three Months Ended March 31, 2025 (in millions) Exchange Services   MGA Operations   Underwriting   Total Segments   Corporate and Other   Consolidation and elimination adjustments   Total Revenues                           Ceding commission income $ —   $ —   $ 19.2   $ 19.2   $ —     $ 51.5     $ 70.7   Direct commission income                           Affiliated entities   59.0     31.5     —     90.5     —       (90.5 )     —   Unaffiliated entities   11.2     16.9     —     28.1     —       —       28.1   Net earned premiums   —     —     63.0     63.0     —       —       63.0   Net investment income   0.6     0.9     10.0     11.5     0.7       —       12.2   Operating revenues   70.8     49.3     92.2     212.3     0.7       (39.0 )     174.0   Losses and loss adjustment expenses   —     —     45.2     45.2     —       —       45.2   Amortization of deferred acquisition costs   —     —     24.8     24.8     —       (7.7 )     17.1   General and administrative expenses   23.8     31.2     11.5     66.5     14.5       (8.1 )     72.9   Adjusted EBITDA $ 47.0   $ 18.1   $ 10.7   $ 75.8   $ (13.8 )   $ (23.2 )   $ 38.8   Net realized gains on investments                         2.3   Net unrealized gains on investments                         1.7   Share-based compensation expenses                         (2.4 ) Interest expenses                         (2.6 ) Depreciation and amortization                         (7.4 ) Net foreign exchange losses                         (3.1 ) Other expenses                         (11.8 ) Income before income taxes                       $ 15.5     Accelerant Holdings Reconciliation of GAAP to Non-GAAP Financial Results (in millions) (unaudited)     Three Months Ended March 31, (in millions)   2026       2025   Net (loss) income $ (4.1 )   $ 7.8   Adjustments:       Net realized gains on investments   (0.1 )     (2.3 ) Net unrealized gains on investments   —       (1.7 ) Share-based compensation expenses   32.1       2.4   Other expenses   17.7       11.8   Tax effect of adjustments to net (loss) income (1)   (7.9 )     (0.7 ) Adjusted net income (2) $ 37.7     $ 17.3   Adjustments:       Add back tax effect of adjustments to net (loss) income   7.9       0.7   Income tax expense   6.1       7.7   Interest expenses   2.5       2.6   Depreciation and amortization   10.0       7.4   Net foreign exchange losses   1.9       3.1   Adjusted EBITDA (2) $ 66.1     $ 38.8           Total revenues   273.3       178.0   Less: net realized and unrealized gains on investments   (0.1 )     (4.0 ) Operating revenues (2) $ 273.2     $ 174.0   Adjusted EBITDA margin (2)   24 %     22 %         Adjusted net income (2) $ 37.7     $ 17.3   Weighted average shares outstanding - diluted   221,984,101       205,273,147   Adjusted earnings per diluted share (2) $ 0.17     $ 0.08   (1) The tax effect of the adjustments to net (loss) income for each period presented were calculated using the statutory tax rates for each of our legal entities where such revenue and expense adjustments were incurred, including certain non-taxing jurisdictions. The statutory tax rates used in the calculations were adjusted in instances where our legal entities have applied full valuation allowances to their respective deferred tax assets of unutilized net operating losses. As such, the tax effect for the respective years varies based on the jurisdictional mix of where the revenue and expense adjustment were incurred in each year. (2) Beginning with first quarter of 2026, Accelerant updated the definitions for these non-GAAP financial measures to exclude the impact of net realized and unrealized investment gains or losses. Net realized and unrealized investment gains were $0.1 million and $4.0 million in the first quarter of 2026 and 2025, respectively. Figures for the first quarter of 2025 in the table above were recast to reflect the new presentation.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260513826317/en/ Investor Relations
Ray Iardella
ray.iardella@accelins.com Media Relations
Chelsea Allison
chelsea@heycommand.com Original: Accelerant Announces First Quarter 2026 Results

Accelerant Completes CFO TransitionMarch 31, 2026 4:05 PM
Business Wire
Linda S. Huber Appointed Chief Financial Officer


Accelerant (NYSE: ARX), the data-driven risk exchange platform transforming the specialty insurance marketplace through the Accelerant Risk Exchange, today appointed Linda S. Huber as Chief Financial Officer following the previously announced CFO transition.


Huber brings significant financial services industry experience to the role, including nearly two decades as a public company CFO. Huber will lead Accelerant’s global finance organization, including accounting, financial planning and analysis, treasury, and tax, and report to Jeff Radke, Accelerant’s Chief Executive Officer.


“We’re excited to welcome Linda to the team,” said Radke. “Linda brings deep experience as a public company CFO across leading data and information services businesses, a strong track record of financial discipline and execution, and is a valuable addition to our already strong finance team.”


“I am delighted to be part of Accelerant,” said Huber. “The company’s unique platform, underpinned by proprietary data and technology, is transforming how specialty insurance is delivered to the market. I look forward to helping Accelerant achieve its goal of becoming the preeminent specialty insurance marketplace.”


Huber previously served as Executive Vice President and CFO of FactSet (NYSE: FDS) from 2021 to 2024, where she was responsible for the company’s global finance organization, overseeing all financial functions, including accounting, corporate development, financial planning and analysis, treasury, tax and investor relations. Prior to joining FactSet, she served as CFO and Treasurer of MSCI (NYSE: MSCI) as well as executive Vice President and CFO of Moody’s Corporation (NYSE: MCO).


Earlier in her career, she served in several increasingly senior roles in financial services, including Executive Vice President and Chief Financial Officer at U.S. Trust Company, a subsidiary of Charles Schwab & Company, Inc.; Managing Director at Freeman & Co.; Vice President of Corporate Strategy and Development and Vice President and Assistant Treasurer at PepsiCo.; Vice President of Energy Investment Banking Group at Bankers Trust Co.; and Associate in the Natural Resources Group at The First Boston Corp. Ms. Huber served on the Board of Directors of the Bank of Montreal from April 2017 to August 2024 where she served on the Audit and Conduct Review Committee and the Risk Review Committee.


Huber also held the rank of Captain in the U.S. Army, where she served from 1980 to 1984. She earned an MBA from the Stanford Graduate School of Business and a B.S. degree in business and economics from Lehigh University.


Huber succeeds Jay Green, who, as previously announced, has resigned to pursue personal interests.


About Accelerant


Accelerant’s mission is to modernize the specialty insurance marketplace. The company operates the Accelerant Risk Exchange, a data-driven platform that connects specialty insurance underwriters with risk capital providers through advanced analytics, real-time data, and transparent underwriting insights. The platform supports diversified, low-volatility premium performance and scalable capital deployment across cycles. For more information, visit investor.accelerant.ai or inquire via email at investors@accelerant.ai.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260331145879/en/
Investor Relations

Ray Iardella

ray.iardella@accelins.com


Media Relations

Chelsea Allison

chelsea@heycommand.com


Original: Accelerant Completes CFO Transition

Accelerant Announces Fourth Quarter and Full Year 2025 ResultsMarch 18, 2026 4:15 PM
Business Wire
Fourth Quarter & Full Year 2025 Results



Exchange Written Premium of $1.09 billion grew 24% year-over-year during the fourth quarter and 35% for the full year 2025



Third-Party Direct Written Premium accounted for 40% of Exchange Written Premium volume, up from 21% in the prior year quarter



Net income of $1 million, net income per diluted share of $0.00 for the fourth quarter



Adjusted net income of $51 million (up 30% over the prior year), adjusted net income per diluted share of $0.23 for the fourth quarter



Adjusted EBITDA of $71 million for the fourth quarter (up 52% over the prior year) and $68 million when excluding in-period investment gains (up 132% over the prior year). Adjusted EBITDA of $282 million for the full year 2025 (up 149% over the prior year) and $241 million when excluding in-period investment gains (up 162% over the prior year).



Share Repurchase Program



Accelerant's Board of Directors authorized a share repurchase program of up to $200 million of Class A common shares



First Quarter & Full Year 2026 Outlook



Exchange Written Premium expected to be $1.07 billion to $1.13 billion in the first quarter of 2026 and at least $5.1 billion for the full year 2026



Third-Party Direct Written Premium expected to be $450 million to $470 million in the first quarter of 2026 and at least $2.2 billion for the full year 2026



Adjusted EBITDA expected to be $64 million to $66 million in the first quarter of 2026 and at least $275 million for the full year 2026



Chief Financial Officer Transition effective March 31, 2026



Jay Green notified the Accelerant Board of Directors of his plan to resign as Chief Financial Officer to pursue personal interests



Linda Huber, an experienced and seasoned public company finance executive, has joined Accelerant and will be named Chief Financial Officer



Accelerant Holdings (NYSE: ARX), a data-driven company modernizing the specialty insurance marketplace through the Accelerant Risk Exchange, today announced financial results for the fourth quarter and full year ended December 31, 2025.


“We closed out 2025 with a fantastic quarter, meeting or exceeding our expectations across our key operating metrics and continuing to expand the reach of the Accelerant Risk Exchange,” said Jeff Radke, Co-Founder and CEO. “The value of our technology and AI-driven platform is resonating within the specialty market, as reflected in the increasing share of business placed with third-party insurers. As we deepen our data advantage and strengthen alignment between Members and risk capital, we believe our momentum will continue into 2026 and beyond.”


“Our fourth quarter results reflect continued strong Exchange Written Premium growth, underpinned by growth in Third-Party Direct Written Premium and operating leverage,” said Jay Green, Accelerant’s Chief Financial Officer. “Exchange Written Premium grew 24% year-over-year at expanding margins, driving a 52% increase in Adjusted EBITDA to $71 million. Third-party insurers accounted for 40% of that Accelerant Risk Exchange premium in the quarter, underscoring the continued shift toward a more capital-efficient model.


“Our 2026 outlook reflects continued momentum across the Accelerant Risk Exchange, with Exchange Written Premium expected to grow more than 20% year-over-year as third-party capital participation continues to expand,” said Green. “We expect that premium growth to drive attractive fee-based segment Adjusted EBITDA growth in 2026, as we continue to prioritize scaling the capital-light areas of our business.”


Commenting on the CFO Transition, Jeff Radke said, “We respect Jay’s decision to step away from the business and pursue personal priorities. On behalf of the Board and the entire team, I want to thank Jay for his leadership and dedication. We wish him all the best in the future.” Radke continued, “We are excited to welcome Linda Huber to the Accelerant team. Linda is a very accomplished public company finance executive, having previously held CFO positions at numerous financial information and analytics firms. She will play a key role in our subsequent chapters of growth as a publicly-traded company.”


Fourth Quarter and Full Year 2025 Key Results




 






Three Months Ended December 31,






 






Years Ended December 31,








(in millions, unless indicated)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Number of members






 






280






 






 






 






217






 






 






 






280






 






 






 






217






 








Net revenue retention






 






126






%






 






 






153






%






 






 






126






%






 






 






153






%








Exchange written premium






$






1,090.4






 






 






$






879.4






 






 






$






4,190.8






 






 






$






3,108.4






 








Accelerant direct written premium






 






60






%






 






 






79






%






 






 






70






%






 






 






84






%








Third-party direct written premium






 






40






%






 






 






21






%






 






 






30






%






 






 






16






%








Accelerant-retained exchange premium






 






9






%






 






 






8






%






 






 






9






%






 






 






8






%








Exchange written premium growth rate






 






24






%






 






 






52






%






 






 






35






%






 






 






74






%








Total revenues






$






248.4






 






 






$






190.7






 






 






$






912.9






 






 






$






602.6






 








Gross loss ratio






 






51.4






%






 






 






57.8






%






 






 






51.3






%






 






 






54.3






%








(Loss) income before income taxes






$






(2.2






)






 






$






23.0






 






 






$






(1,321.9






)






 






$






32.0






 








Net income (loss)






$






0.9






 






 






$






20.6






 






 






$






(1,345.2






)






 






$






22.9






 








Non-GAAP financial measures (1)






 






 






 






 






 






 






 








Adjusted net income (1)






$






51.2






 






 






$






39.4






 






 






$






178.7






 






 






$






66.7






 








Adjusted EBITDA (1)






$






70.5






 






 






$






46.4






 






 






$






281.8






 






 






$






113.0






 








Adjusted EBITDA margin (1)






 






28






%






 






 






24






%






 






 






31






%






 






 






19






%








(1)

Information regarding the non-GAAP financial measures included in this press release, including definitions of these measures, reconciliations to the most comparable GAAP measures and limitations related thereto, is described below under “Use of Non-GAAP Financial Measures” and in the tables attached to this press release.







Conference Call Information


Accelerant will host a webcast and conference call to discuss the fourth quarter financial results on March 19, 2026, at 8:00 a.m. ET. A live webcast of the call can be accessed on Accelerant’s Investor Relations website at https://investor.accelerant.ai. To access the call via telephone in North America, please dial 800-715-9871. For callers outside the United States, please dial +1 646-307-1963. Participants should reference the conference call ID code 6232893 after dialing in.


A webcast replay of the call will be available on Accelerant's website at accelerant.ai in its Investors section for a year following the call.


Share Repurchase Program


On March 18, 2026, Accelerant's Board of Directors authorized a share repurchase program to purchase up to $200 million of the Company’s Class A common shares, effective through December 31, 2028 (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be made in the open market, in privately negotiated transactions, or otherwise, with the amount and timing of repurchases to be determined at Accelerant’s discretion, depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Accelerant may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under such authorization. The Share Repurchase Program does not obligate Accelerant to acquire any particular number of Class A common shares, and the Share Repurchase Program may be modified, suspended, or terminated at any time at the discretion of the Accelerant Board of Directors.


Chief Financial Officer Transition effective March 31, 2026


The Company announced that Jay Green has notified the Board of Directors that he will resign from his role of Chief Financial Officer to pursue personal interests, with effect from March 31, 2026. Jay Green joined the Company in 2022 and was instrumental in leading Accelerant Holdings through its Initial Public Offering in July 2025. His departure follows the filing of Accelerant’s inaugural Annual Report on Form 10-K. The Company further announced that Linda Huber has joined Accelerant and will be named CFO effective March 31st.


About Accelerant


Accelerant is a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers. Accelerant was founded in 2018 by a group of longtime insurance industry executives and technology experts who shared a vision of rebuilding the way risk is exchanged – so that it works better, for everyone. The Accelerant Risk Exchange does business across 22 different countries and more than 600 specialty insurance products.


Accelerant generates revenue by charging fees on the Exchange Written Premium shared with Risk Capital Partners that rely on Accelerant to source, manage, and monitor portfolios of specialty risk. There was $4.19 billion in Exchange Written Premium during the full year 2025. Accelerant harnesses advanced data analytics and AI to optimize risk management, align incentives across the insurance value chain, and provide transparent and efficient solutions for MGAs and Risk Capital partners globally.


Forward-Looking Statements


All statements in this release and in the corresponding earnings call that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. Accelerant Holdings (“we” or “our”) generally identifies forward-looking statements by use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “will” or “would,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this release and in the corresponding earnings call are forward-looking statements.


We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in Accelerant’s Annual Report on Form 10-K for the year ended December 31, 2025 under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as may be supplemented in Accelerant’s subsequent Quarterly Reports on Form 10-Q and in other periodic and current reports filed by Accelerant with the SEC, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price.


Use of Non-GAAP Financial Measures


In assessing the performance of our business, non-GAAP financial measures are used that are derived from our consolidated financial information but are not presented in our consolidated financial statements prepared in accordance with GAAP. We consider these non-GAAP financial measures to be useful metrics for management and investors to evaluate our financial performance by excluding certain items that are related to our non-core business operations and therefore are not considered to be directly attributable to our underlying operating performance.


Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Income (Loss) should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to GAAP net income or net (loss) as indicators of our financial performance. Although we use Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Income (Loss) as financial measures to assess the performance of our business, such use is limited because it does not include certain material costs necessary to operate our business. Our presentation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income (Loss), and Adjusted earnings per diluted share should not be construed as indications that our future results will be unaffected by unusual or non-recurring items. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures reported by other companies.


Adjusted EBITDA and Adjusted Net Income (Loss)


We define Adjusted EBITDA as GAAP net income (loss) less the impact of depreciation and amortization, interest expenses, income tax expenses and the following items:



Other expenses: Represents costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, and legal and advisory costs in connection with corporate development activities including mergers and acquisitions, capital raising activities and entity formations that support our growing business, and Mission profit sharing expenses.




Non-recurring profits interest distribution expenses resulting from the IPO: Represents non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of our 65,270,453 Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested upon the IPO. These expenses were entirely offset by a corresponding capital contribution for that distribution of shares. These expenses only occurred at one point in time and will not recur.




Share-based compensation expenses included within general and administrative expenses: Represents non-cash expense related to the fair value of share-based equity awards granted to employees and directors, including restricted stock units and stock options and other awards that can settle in cash, recognized over the requisite service period for the awards.




Net foreign currency exchange gains (losses): The functional currency for each of our operating subsidiaries is generally the currency of the local operating environment. Transactions in currencies other than the local operation’s functional currency are remeasured into the functional currency, and the resulting foreign exchange gains or losses are reflected in net foreign currency exchange gains (losses). Such gains and losses are generally offset by the translation of our subsidiaries who have the corresponding reinsurance-related balances within their own functional currencies, whereby such effects are translated to other comprehensive income, yielding a much lower net impact on total comprehensive income and equity (such measure differs from Adjusted EBITDA as it includes the effect of interest, taxes, depreciation and amortization, as well as foreign currency exchange gains (losses)).



We define Adjusted Net Income (Loss) as GAAP net income (loss) less the impact of other expenses, non-recurring profits interest distribution expenses, share-based compensation expenses, and the tax effect of the adjustments for other expenses (such measure differs from Adjusted EBITDA as it includes the effect of interest, taxes, depreciation and amortization, as well as foreign currency exchange gains (losses)). Adjusted net income per diluted share is calculated as adjusted net income for the respective periods divided by the sum of US GAAP basis diluted shares presented herein and certain dilutive restricted stock units. None of the share options were included, as the average share price over the period was below that of the exercise prices and the effect of their inclusion would be anti-dilutive.


Adjusted EBITDA Margin


We define Adjusted EBITDA margin, a non-GAAP financial measure, as Adjusted EBITDA divided by total revenue. Adjusted EBITDA margin is an internal performance measure used in the management of our operations.


The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measures is set forth in the reconciliation table accompanying this release.




Accelerant Holdings




Consolidated Statements of Operations




(in millions, except per share amounts)




(unaudited)










 



 






Three Months Ended December 31,






 






Years Ended December 31,








(expressed in millions of US dollars, except share data)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Revenues






 






 






 






 






 






 






 








Ceding commission income






$






92.2






 






 






$






63.3






 






 






$






356.8






 






 






$






249.5






 








Direct commission income






 






56.3






 






 






 






27.8






 






 






 






162.0






 






 






 






66.7






 








Net earned premiums






 






82.4






 






 






 






71.1






 






 






 






298.1






 






 






 






226.6






 








Net investment income






 






13.6






 






 






 






11.3






 






 






 






48.7






 






 






 






38.9






 








Net realized gains on investments






 






1.7






 






 






 






1.4






 






 






 






7.9






 






 






 






1.9






 








Net unrealized gains on investments






 






2.2






 






 






 






15.8






 






 






 






39.4






 






 






 






19.0






 








Total revenues






 






248.4






 






 






 






190.7






 






 






 






912.9






 






 






 






602.6






 








Expenses






 






 






 






 






 






 






 








Losses and loss adjustment expenses






 






56.7






 






 






 






55.7






 






 






 






204.0






 






 






 






167.3






 








Amortization of deferred acquisition costs






 






22.2






 






 






 






19.4






 






 






 






80.3






 






 






 






81.4






 








General and administrative expenses






 






120.2






 






 






 






71.3






 






 






 






400.4






 






 






 






249.3






 








Interest expenses






 






3.2






 






 






 






3.0






 






 






 






10.9






 






 






 






12.1






 








Depreciation and amortization






 






9.5






 






 






 






10.4






 






 






 






35.2






 






 






 






26.6






 








Profit interest distribution expenses






 






—






 






 






 






—






 






 






 






1,379.7






 






 






 






—






 








Net foreign exchange losses (gains)






 






5.3






 






 






 






(8.7






)






 






 






20.2






 






 






 






(5.1






)








Other expenses






 






33.5






 






 






 






16.6






 






 






 






104.1






 






 






 






39.0






 








Total expenses






 






250.6






 






 






 






167.7






 






 






 






2,234.8






 






 






 






570.6






 








(Loss) income before income taxes






 






(2.2






)






 






 






23.0






 






 






 






(1,321.9






)






 






 






32.0






 








Income tax benefit (expense)






 






3.1






 






 






 






(2.4






)






 






 






(23.3






)






 






 






(9.1






)








Net income (loss)






 






0.9






 






 






 






20.6






 






 






 






(1,345.2






)






 






 






22.9






 








Adjustment for net (income) loss attributable to non-controlling interests






 






(1.5






)






 






 






0.4






 






 






 






(8.9






)






 






 






4.3






 








Deemed dividend upon redemption of Class C preference shares






 






—






 






 






 






—






 






 






 






(70.9






)






 






 






—






 








Net (loss) income attributable to Accelerant common shareholders






$






(0.6






)






 






$






21.0






 






 






$






(1,425.0






)






 






$






27.2






 








 






 






 






 






 






 






 






 








Net income (loss) attributable to Accelerant per common share:






 






 






 






 






 






 






 








Basic






$






—






 






 






$






0.13






 






 






$






(7.49






)






 






$






0.16






 








Diluted






$






—






 






 






$






0.10






 






 






$






(7.49






)






 






$






0.14






 








 






 






 






 






 






 






 






 








Weighted-average common shares outstanding:






 






 






 






 






 






 






 








Basic






 






221,821,270






 






 






 






166,185,094






 






 






 






190,260,158






 






 






 






165,982,094






 








Diluted






 






221,821,270






 






 






 






200,495,447






 






 






 






190,260,158






 






 






 






199,663,694






 









Accelerant Holdings




Consolidated Balance Sheets




(in millions, except par value)




(unaudited)










 



 






December 31, 2025






 






December 31, 2024








(expressed in millions of US dollars, except share data)






 






 






 








Assets






 






 






 








Investments






 






 






 








Short-term investments available for sale, at fair value




(amortized cost 2025: $41.5 and 2024: $65.0)






$






41.6






 






 






$






64.8






 








Fixed maturity securities available for sale, at fair value




(amortized cost 2025: $665.6 and 2024: $485.6)






 






670.4






 






 






 






479.5






 








Equity method investments






 






10.4






 






 






 






18.2






 








Other investments






 






84.0






 






 






 






45.3






 








Total investments






 






806.4






 






 






 






607.8






 








Cash, cash equivalents and restricted cash






 






1,799.3






 






 






 






1,273.0






 








Premiums receivable (net of allowance 2025: $4.6 and 2024: $2.4)






 






1,077.9






 






 






 






791.9






 








Ceded unearned premiums






 






1,812.4






 






 






 






1,558.4






 








Reinsurance recoverables on unpaid losses and LAE






 






1,682.3






 






 






 






1,069.5






 








Other reinsurance recoverables






 






594.2






 






 






 






364.3






 








Deferred acquisition costs






 






76.9






 






 






 






60.7






 








Goodwill and other intangible assets, net






 






115.1






 






 






 






64.0






 








Capitalized technology development costs, net






 






100.5






 






 






 






83.6






 








Other assets






 






198.1






 






 






 






221.7






 








Total assets






$






8,263.1






 






 






$






6,094.9






 








Liabilities and shareholders' equity






 






 






 








Unpaid losses and loss adjustment expenses






$






2,005.4






 






 






$






1,294.4






 








Unearned premiums






 






2,163.0






 






 






 






1,803.2






 








Payables to reinsurers






 






1,220.6






 






 






 






1,109.0






 








Deferred ceding commissions






 






232.5






 






 






 






193.0






 








Funds held under reinsurance






 






1,200.3






 






 






 






746.9






 








Debt






 






121.3






 






 






 






121.4






 








Accounts payable and other liabilities






 






593.6






 






 






 






400.0






 








Total liabilities






 






7,536.7






 






 






 






5,667.9






 








Commitments and contingencies (Note 19)






 






 






 








Equity






 






 






 








Redeemable preference shares






 






 






 








Class C convertible preference shares (issued and outstanding 2024: 5,556,546)






 






—






 






 






 






104.4






 








Shareholders' equity






 






 






 








Convertible preference shares:






 






 






 








Class A (issued and outstanding 2024: 20,955,497)






 






—






 






 






 






236.7






 








Class B (issued and outstanding 2024: 12,569,691)






 






—






 






 






 






145.1






 








Common shares (par value $0.000001 per share, issued and outstanding




2025: Class A - 114,580,918; Class B - 107,241,428 and




2024: 166,185,094)






 






—






 






 






 






—






 








Additional paid-in capital






 






2,232.4






 






 






 






124.8






 








Accumulated other comprehensive income (loss)






 






2.2






 






 






 






(19.5






)








Accumulated deficit






 






(1,536.9






)






 






 






(182.8






)








Total Accelerant shareholders' equity






 






697.7






 






 






 






304.3






 








Non-controlling interests






 






28.7






 






 






 






18.3






 








Total equity






 






726.4






 






 






 






427.0






 








Total liabilities and equity






$






8,263.1






 






 






$






6,094.9






 









Accelerant Holdings




Consolidated Statements of Cash Flows




(in millions)




(unaudited)








 



 






Years Ended December 31,








(expressed in millions of US dollars)






 






2025






 






 






 






2024






 








Cash flows from operating activities






 






 






 








Net (loss) income






$






(1,345.2






)






 






$






22.9






 








Adjustments to reconcile net (loss) income to net cash provided by operating activities:






 






 






 








Non-cash revenues, expenses, gains and losses included in net (loss) income:






 






 






 








Profits interest distribution expenses






 






1,379.7






 






 






 






—






 








Net realized gains on investments






 






(7.9






)






 






 






(1.9






)








Net unrealized gains on investments






 






(39.4






)






 






 






(19.0






)








Earnings from equity method investments






 






(1.8






)






 






 






(2.3






)








Share-based compensation expenses






 






43.1






 






 






 






8.4






 








Depreciation and amortization






 






35.2






 






 






 






26.6






 








Deferred income tax expense






 






(32.0






)






 






 






(40.9






)








Net foreign exchange losses (gains)






 






20.2






 






 






 






(5.1






)








Net accretion of discount on fixed maturity securities and short-term investments






 






(7.6






)






 






 






(5.7






)








Other, net






 






3.0






 






 






 






1.6






 








Changes in operating assets and liabilities:






 






 






 








Premiums receivable






 






(258.6






)






 






 






(319.0






)








Ceded unearned premiums






 






(225.9






)






 






 






(648.3






)








Reinsurance recoverables on unpaid losses and LAE






 






(589.3






)






 






 






(471.0






)








Other reinsurance recoverables






 






(219.3






)






 






 






7.5






 








Deferred acquisition costs






 






(15.7






)






 






 






(8.2






)








Unpaid losses and loss adjustment expenses






 






645.3






 






 






 






540.3






 








Unearned premiums






 






287.3






 






 






 






674.8






 








Payables to reinsurers






 






87.1






 






 






 






636.4






 








Deferred ceding commissions






 






55.5






 






 






 






68.4






 








Funds held under reinsurance






 






451.0






 






 






 






203.0






 








Other assets, accounts payable and other liabilities






 






180.4






 






 






 






117.2






 








Net cash provided by operating activities






 






445.1






 






 






 






785.7






 








Cash flows from investing activities






 






 






 








Proceeds from sales of:






 






 






 








Equity securities






 






—






 






 






 






114.8






 








Fixed maturity securities






 






306.1






 






 






 






84.3






 








Equity method investments






 






1.1






 






 






 






—






 








Other investments






 






3.6






 






 






 






0.3






 








Maturities of fixed maturity securities






 






49.8






 






 






 






18.6






 








Payments for purchases of:






 






 






 








Fixed maturity securities






 






(509.3






)






 






 






(500.7






)








Equity method investments






 






(1.6






)






 






 






(4.3






)








Net change in short-term investments






 






28.5






 






 






 






(56.5






)








Purchases of subsidiaries, net of cash acquired






 






(9.9






)






 






 






(0.5






)








Capitalized technology development expenditures






 






(41.4






)






 






 






(34.4






)








Other, net






 






(0.5






)






 






 






(1.7






)








Net cash used in investing activities






 






(173.6






)






 






 






(380.1






)








Cash flows from financing activities






 






 






 








Issuance of common shares, net of issuance costs






 






392.0






 






 






 






—






 








Redemption of Class C convertible preference shares






 






(175.3






)






 






 






—






 








Issuance of convertible preference shares, net of issuance costs






 






—






 






 






 






114.5






 








Credit facility borrowings






 






5.0






 






 






 






—






 








Credit facility repayment






 






(5.0






)






 






 






—






 








Issuance of debt, net of issuance costs






 






—






 






 






 






49.7






 








Payment of debt






 






(0.8






)






 






 






(50.4






)








Acquisition of non-controlling interests in subsidiaries






 






(2.1






)






 






 






—






 








Dividends paid to non-controlling interests






 






(8.0






)






 






 






(3.5






)








Net cash provided by financing activities






 






205.8






 






 






 






110.3






 








Net increase in cash, cash equivalents and restricted cash






 






477.3






 






 






 






515.9






 








Effect of foreign currency rate changes on cash, cash equivalents and restricted cash






 






49.0






 






 






 






(18.3






)








Cash, cash equivalents and restricted cash at beginning of year






 






1,273.0






 






 






 






775.4






 








Cash, cash equivalents and restricted cash at end of year






$






1,799.3






 






 






$






1,273.0






 









Accelerant Holdings




Financial Information by Segment




(in millions)




(unaudited)








 



 






Three Months Ended December 31, 2025








(in millions)






Exchange Services






 






MGA Operations






 






Underwriting






 






Total Segments






 






Corporate and Other






 






Consolidation and elimination adjustments






 






Total








Revenues






 






 






 






 






 






 






 






 






 






 






 






 






 








Ceding commission income






$






—






 






$






—






 






 






$






17.1






 






$






17.1






 






$






—






 






 






$






75.1






 






 






$






92.2






 








Direct commission income






 






 






 






 






 






 






 






 






 






 






 






 






 








Affiliated entities






 






62.4






 






 






29.0






 






 






 






—






 






 






91.4






 






 






—






 






 






 






(91.4






)






 






 






—






 








Unaffiliated entities






 






29.4






 






 






26.9






 






 






 






—






 






 






56.3






 






 






—






 






 






 






—






 






 






 






56.3






 








Net earned premiums






 






—






 






 






—






 






 






 






82.4






 






 






82.4






 






 






—






 






 






 






—






 






 






 






82.4






 








Net investment income






 






1.6






 






 






0.8






 






 






 






9.4






 






 






11.8






 






 






1.8






 






 






 






—






 






 






 






13.6






 








Net realized (losses) gains on investments






 






—






 






 






(0.1






)






 






 






1.7






 






 






1.6






 






 






0.1






 






 






 






—






 






 






 






1.7






 








Net unrealized (losses) gains on investments






 






—






 






 






2.3






 






 






 






—






 






 






2.3






 






 






(0.1






)






 






 






—






 






 






 






2.2






 








Segment revenues






 






93.4






 






 






58.9






 






 






 






110.6






 






 






262.9






 






 






1.8






 






 






 






(16.3






)






 






 






248.4






 








Losses and loss adjustment expenses






 






—






 






 






—






 






 






 






56.7






 






 






56.7






 






 






—






 






 






 






—






 






 






 






56.7






 








Amortization of deferred acquisition costs






 






—






 






 






—






 






 






 






26.3






 






 






26.3






 






 






—






 






 






 






(4.1






)






 






 






22.2






 








General and administrative expenses






 






30.8






 






 






36.1






 






 






 






15.0






 






 






81.9






 






 






26.3






 






 






 






(9.2






)






 






 






99.0






 








Adjusted EBITDA






$






62.6






 






$






22.8






 






 






$






12.6






 






$






98.0






 






$






(24.5






)






 






$






(3.0






)






 






 






70.5






 








Interest expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(3.2






)








Depreciation and amortization






 






 






 






 






 






 






 






 






 






 






 






 






 






(9.5






)








Share-based compensation expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(21.2






)








Net foreign exchange losses






 






 






 






 






 






 






 






 






 






 






 






 






 






(5.3






)








Other expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(33.5






)








Loss before income taxes






 






 






 






 






 






 






 






 






 






 






 






 






$






(2.2






)









Accelerant Holdings




Financial Information by Segment (continued)




(in millions)




(unaudited)








 



 






Three Months Ended December 31, 2024








(in millions)






Exchange Services






 






MGA Operations






 






Underwriting






 






Total Segments






 






Corporate and Other






 






Consolidation and elimination adjustments






 






Total








Revenues






 






 






 






 






 






 






 






 






 






 






 






 






 








Ceding commission income






$






—






 






$






—






 






$






17.0






 






 






$






17.0






 






$






—






 






$






46.3






 






 






$






63.3






 








Direct commission income






 






 






 






 






 






 






 






 






 






 






 






 






 








Affiliated entities






 






56.3






 






 






22.8






 






 






—






 






 






 






79.1






 






 






—






 






 






(79.1






)






 






 






—






 








Unaffiliated entities






 






7.1






 






 






20.7






 






 






—






 






 






 






27.8






 






 






—






 






 






—






 






 






 






27.8






 








Net earned premiums






 






—






 






 






—






 






 






71.1






 






 






 






71.1






 






 






—






 






 






—






 






 






 






71.1






 








Net investment income






 






0.4






 






 






1.3






 






 






9.3






 






 






 






11.0






 






 






0.3






 






 






—






 






 






 






11.3






 








Net realized gains on investments






 






—






 






 






1.3






 






 






0.1






 






 






 






1.4






 






 






—






 






 






—






 






 






 






1.4






 








Net unrealized gains on investments






 






—






 






 






—






 






 






0.1






 






 






 






0.1






 






 






15.7






 






 






—






 






 






 






15.8






 








Segment revenues






 






63.8






 






 






46.1






 






 






97.6






 






 






 






207.5






 






 






16.0






 






 






(32.8






)






 






 






190.7






 








Losses and loss adjustment expenses






 






—






 






 






—






 






 






55.7






 






 






 






55.7






 






 






—






 






 






—






 






 






 






55.7






 








Amortization of deferred acquisition costs






 






—






 






 






—






 






 






26.8






 






 






 






26.8






 






 






—






 






 






(7.4






)






 






 






19.4






 








General and administrative expenses






 






19.3






 






 






29.0






 






 






20.3






 






 






 






68.6






 






 






15.9






 






 






(15.3






)






 






 






69.2






 








Adjusted EBITDA






$






44.5






 






$






17.1






 






$






(5.2






)






 






$






56.4






 






$






0.1






 






$






(10.1






)






 






$






46.4






 








Interest expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(3.0






)








Depreciation and amortization






 






 






 






 






 






 






 






 






 






 






 






 






 






(10.4






)








Share-based compensation expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(2.1






)








Net foreign exchange gains






 






 






 






 






 






 






 






 






 






 






 






 






 






8.7






 








Other expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(16.6






)








Income before income taxes






 






 






 






 






 






 






 






 






 






 






 






 






$






23.0






 









Accelerant Holdings




Financial Information by Segment (continued)




(in millions)




(unaudited)








 



 






Year Ended December 31, 2025








(in millions)






Exchange Services






 






MGA Operations






 






Underwriting






 






Total Segments






 






Corporate and Other






 






Consolidation and elimination adjustments






 






Total








Revenues






 






 






 






 






 






 






 






 






 






 






 






 






 








Ceding commission income






$






—






 






$






—






 






$






94.9






 






$






94.9






 






$






—






 






 






$






261.9






 






 






$






356.8






 








Direct commission income






 






 






 






 






 






 






 






 






 






 






 






 






 








Affiliated entities






 






251.5






 






 






128.0






 






 






—






 






 






379.5






 






 






—






 






 






 






(379.5






)






 






 






—






 








Unaffiliated entities






 






79.0






 






 






83.0






 






 






—






 






 






162.0






 






 






—






 






 






 






—






 






 






 






162.0






 








Net earned premiums






 






—






 






 






—






 






 






298.1






 






 






298.1






 






 






—






 






 






 






—






 






 






 






298.1






 








Net investment income






 






4.4






 






 






3.6






 






 






35.2






 






 






43.2






 






 






5.5






 






 






 






—






 






 






 






48.7






 








Net realized gains on investments






 






—






 






 






5.1






 






 






2.7






 






 






7.8






 






 






0.1






 






 






 






—






 






 






 






7.9






 








Net unrealized gains on investments






 






—






 






 






29.4






 






 






—






 






 






29.4






 






 






10.0






 






 






 






—






 






 






 






39.4






 








Segment revenues






 






334.9






 






 






249.1






 






 






430.9






 






 






1,014.9






 






 






15.6






 






 






 






(117.6






)






 






 






912.9






 








Losses and loss adjustment expenses






 






—






 






 






—






 






 






204.0






 






 






204.0






 






 






—






 






 






 






—






 






 






 






204.0






 








Amortization of deferred acquisition costs






 






—






 






 






—






 






 






113.9






 






 






113.9






 






 






—






 






 






 






(33.6






)






 






 






80.3






 








General and administrative expenses






 






110.4






 






 






136.5






 






 






55.6






 






 






302.5






 






 






80.8






 






 






 






(36.5






)






 






 






346.8






 








Adjusted EBITDA






$






224.5






 






$






112.6






 






$






57.4






 






$






394.5






 






$






(65.2






)






 






$






(47.5






)






 






$






281.8






 








Interest expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(10.9






)








Depreciation and amortization






 






 






 






 






 






 






 






 






 






 






 






 






 






(35.2






)








Profits interest distribution expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(1,379.7






)








Share-based compensation expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(53.6






)








Net foreign exchange losses






 






 






 






 






 






 






 






 






 






 






 






 






 






(20.2






)








Other expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(104.1






)








Loss before income taxes






 






 






 






 






 






 






 






 






 






 






 






 






$






(1,321.9






)









Accelerant Holdings




Financial Information by Segment (continued)




(in millions)




(unaudited)








 



 






Year Ended December 31, 2024








(in millions)






Exchange Services






 






MGA Operations






 






Underwriting






 






Total Segments






 






Corporate and Other






 






Consolidation and elimination adjustments






 






Total








Revenues






 






 






 






 






 






 






 






 






 






 






 






 






 








Ceding commission income






$






—






 






$






—






 






$






82.0






 






 






$






82.0






 






 






$






—






 






 






$






167.5






 






 






$






249.5






 








Direct commission income






 






 






 






 






 






 






 






 






 






 






 






 






 








Affiliated entities






 






199.7






 






 






99.4






 






 






—






 






 






 






299.1






 






 






 






—






 






 






 






(299.1






)






 






 






—






 








Unaffiliated entities






 






21.9






 






 






44.8






 






 






—






 






 






 






66.7






 






 






 






—






 






 






 






—






 






 






 






66.7






 








Net earned premiums






 






—






 






 






—






 






 






226.6






 






 






 






226.6






 






 






 






—






 






 






 






—






 






 






 






226.6






 








Net investment income






 






1.1






 






 






4.2






 






 






32.6






 






 






 






37.9






 






 






 






1.0






 






 






 






—






 






 






 






38.9






 








Net realized gains on investments






 






—






 






 






1.3






 






 






0.6






 






 






 






1.9






 






 






 






—






 






 






 






—






 






 






 






1.9






 








Net unrealized (losses) gains on investments






 






—






 






 






—






 






 






(0.7






)






 






 






(0.7






)






 






 






19.7






 






 






 






—






 






 






 






19.0






 








Segment revenues






 






222.7






 






 






149.7






 






 






341.1






 






 






 






713.5






 






 






 






20.7






 






 






 






(131.6






)






 






 






602.6






 








Losses and loss adjustment expenses






 






—






 






 






—






 






 






167.3






 






 






 






167.3






 






 






 






—






 






 






 






—






 






 






 






167.3






 








Amortization of deferred acquisition costs






 






—






 






 






—






 






 






104.2






 






 






 






104.2






 






 






 






—






 






 






 






(22.8






)






 






 






81.4






 








General and administrative expenses






 






65.0






 






 






105.6






 






 






90.5






 






 






 






261.1






 






 






 






36.5






 






 






 






(56.7






)






 






 






240.9






 








Adjusted EBITDA






$






157.7






 






$






44.1






 






$






(20.9






)






 






$






180.9






 






 






$






(15.8






)






 






$






(52.1






)






 






$






113.0






 








Interest expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(12.1






)








Depreciation and amortization






 






 






 






 






 






 






 






 






 






 






 






 






 






(26.6






)








Share-based compensation expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(8.4






)








Net foreign exchange gains






 






 






 






 






 






 






 






 






 






 






 






 






 






5.1






 








Other expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






(39.0






)








Income before income taxes






 






 






 






 






 






 






 






 






 






 






 






 






$






32.0






 









Accelerant Holdings




Reconciliation of GAAP to Non-GAAP Financial Results




(in millions)




(unaudited)










 



 






Three Months Ended

December 31,






 






Years Ended

December 31,








(in millions)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net income (loss)






$






0.9






 






 






$






20.6






 






 






$






(1,345.2






)






 






$






22.9






 








Adjustments:






 






 






 






 






 






 






 








Profits interest distribution expenses






 






—






 






 






 






—






 






 






 






1,379.7






 






 






 






—






 








Share-based compensation expenses






 






21.2






 






 






 






2.1






 






 






 






53.6






 






 






 






8.4






 








Other expenses






 






33.5






 






 






 






16.6






 






 






 






104.1






 






 






 






39.0






 








Tax effect of adjustments to net income (loss) (1)






 






(4.4






)






 






 






0.1






 






 






 






(13.5






)






 






 






(3.6






)








Adjusted net income






$






51.2






 






 






$






39.4






 






 






$






178.7






 






 






$






66.7






 








Adjustments:






 






 






 






 






 






 






 








Add back tax effect of adjustments to net income (loss)






 






4.4






 






 






 






(0.1






)






 






 






13.5






 






 






 






3.6






 








Income tax (benefit) expense






 






(3.1






)






 






 






2.4






 






 






 






23.3






 






 






 






9.1






 








Interest expenses






 






3.2






 






 






 






3.0






 






 






 






10.9






 






 






 






12.1






 








Depreciation and amortization






 






9.5






 






 






 






10.4






 






 






 






35.2






 






 






 






26.6






 








Net foreign exchange losses (gains)






 






5.3






 






 






 






(8.7






)






 






 






20.2






 






 






 






(5.1






)








Adjusted EBITDA






$






70.5






 






 






$






46.4






 






 






$






281.8






 






 






$






113.0






 








Total revenues






 






248.4






 






 






 






190.7






 






 






 






912.9






 






 






 






602.6






 








Adjusted EBITDA margin






 






28






%






 






 






24






%






 






 






31






%






 






 






19






%









(1)






The tax effect of other expenses adjustments to net income (loss) for each period presented were calculated using the statutory tax rates for each of our legal entities where the expenses were incurred, including certain non-taxing jurisdictions. The statutory tax rates used in the calculations were adjusted in instances where our legal entities have applied full valuation allowances to their respective deferred tax assets of unutilized NOLs. As such, the tax effect for the respective years varies based on the jurisdictional mix of where the expenses were incurred in each year.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260318193956/en/
Investor Relations

Ray Iardella

ray.iardella@accelins.com


Media Relations

Chelsea Allison

chelsea@heycommand.com


Original: Accelerant Announces Fourth Quarter and Full Year 2025 Results