US Market News
2月前
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
US Market News
3月前
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
US Market News
4月前
Accelerant Announces Unaudited Preliminary Fourth Quarter and Full Year 2025 Financial ResultsFebruary 26, 2026 4:30 PM
Business Wire
Accelerant Holdings (NYSE: ARX), a data-driven company modernizing specialty insurance through the Accelerant Risk Exchange, today announced preliminary unaudited financial highlights for both the fourth quarter and year ended December 31, 2025.
These estimates are preliminary and unaudited, and are subject to revision as Accelerant completes its fourth quarter and full-year 2025 financial closing process. Actual results may vary materially from today’s announced results due to closing adjustments, subsequent events, or additional information identified prior to the issuance of Accelerant’s audited financial statements. Accelerant’s independent registered public accounting firm has not audited, reviewed, examined, compiled, nor applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, the independent registered public accounting firm does not express an opinion or any other form of assurance with respect thereto.
Fourth Quarter 2025 Preliminary Expected Results
Total fourth quarter Exchange Written Premium is expected to be $1.09 billion, an increase of 24% compared to the fourth quarter 2024
Total fourth quarter Third-Party Direct Written Premium is expected to be 40% of Exchange Written Premium, compared to 21% for the fourth quarter 2024
Total fourth quarter revenue is expected to be $248 million1, an increase of 30% compared to the fourth quarter 2024
Total fourth quarter Adjusted EBITDA* is expected to be $71 million1, an increase of 52% compared to the fourth quarter 2024
Full-Year 2025 Preliminary Expected Results
Total full-year 2025 Exchange Written Premium is expected to be $4.19 billion, an increase of 35% compared to full-year 2024
Total full-year 2025 Third-Party Direct Written Premium is expected to be 30% of Exchange Written Premium, compared to 16% for the full-year 2024
Total full-year 2025 revenue is expected to be $913 million1, an increase of 51% compared to full-year 2024
Total full-year 2025 Adjusted EBITDA* is expected to be $282 million1, an increase of 149% compared to full-year 2024
2026 Financial Guidance
The Company will update its guidance, inclusive of a first quarter 2026 outlook, on its upcoming earnings call scheduled for Thursday, March 19, but expects to announce figures that meet or exceed previously issued numbers.
1
Includes expected irregular investment gains in the fourth quarter and full year 2025 of $2 million and $41 million, respectively.
*
Adjusted EBITDA is a non-GAAP measure. The definition of Adjusted EBITDA can be found in the "Use of Non-GAAP Financial Measures" section of this release. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure can be found in the reconciliation table accompanying this release.
Conference Call and Full Earnings Release Date
Accelerant will release the final fourth quarter and full-year 2025 before the market opens on Thursday, March 19, 2026. Accelerant will host a webcast and conference call to discuss fourth quarter and full year financial results at 8:00 A.M. Eastern Time.
Details for the call can be found here, on the Investor Relation section of Accelerant’s website.
About Accelerant
Accelerant is modernizing specialty insurance through the Accelerant Risk Exchange, a data-driven platform that connects 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 500 specialty insurance products.
Use of Non-GAAP Financial Measures
In assessing the performance of Accelerant’s business, non-GAAP financial measures are used that are derived from the company’s consolidated financial information but are not presented in its consolidated financial statements prepared in accordance with GAAP. Accelerant considers these non-GAAP financial measures to be useful metrics for management and investors to evaluate its financial performance by excluding certain items that are related to its non-core business operations and therefore are not considered to be directly attributable to the company’s underlying operating performance.
Adjusted EBITDA 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 the company’s financial performance. Although Accelerant uses Adjusted EBITDA as financial measures to assess the performance of its business, such use is limited because it does not include certain material costs necessary to operate the business. Accelerant’s presentation of Adjusted EBITDA should not be construed as indications that its future results will be unaffected by unusual or non-recurring items. This non-GAAP financial measure, as determined and presented by Accelerant, may not be comparable to related or similarly titled measures reported by other companies.
Adjusted EBITDA
Accelerant defines 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 Accelerant’s non-core business operations, primarily related to its 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 the company’s growing business, and Mission profit sharing expenses.
Nonrecurring profit 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 65,270,453 of Class A common shares held by Accelerant Holdings LP to certain officers and employees that fully vested upon the IPO. These expenses were entirely offset by a corresponding capital contribution from Accelerant Holdings LP for that distribution of shares. These expenses could only occur at the date of the IPO 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 awards granted to employees and directors, including restricted stock units and stock options and other awards that can be settled in cash, recognized over the requisite service period for the awards.
Net foreign currency exchange gains (losses): The functional currency for each of Accelerant’s 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 Accelerant 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.
The following table provides a reconciliation of Accelerant’s preliminary estimates of net income (loss) to its preliminary estimates of Adjusted EBITDA for the three months and year ended December 31, 2025:
(in millions, unless indicated)
Three Months
Ended
December 31,
2025
Year Ended
December 31,
2025
Net (loss) income
$
1
$
(1,345
)
Adjustments:
Profits interest distribution expenses
—
1,380
Share-based compensation expenses
21
54
Other expenses
34
104
Tax effect of adjustments to net (loss) income
(5
)
(14
)
Adjusted net income
$
51
$
179
Adjustments:
Add back tax effect of adjustments to net (loss) income
5
14
Income tax (benefit) expense
(3
)
23
Interest expenses
3
11
Depreciation and amortization
10
35
Net foreign exchange losses
5
20
Adjusted EBITDA
$
71
$
282
Forward-Looking Statements
The preliminary estimated financial results for the quarter ended December 31, 2025 included in this press release are preliminary, unaudited and subject to completion, and may change as a result of management's continued review. Such preliminary results are subject to the finalization of quarter-end financial and accounting procedures. The preliminary financial results represent management estimates that constitute forward-looking statements subject to risks and uncertainties including those set out in the Company’s Form S-1 registration statement. As a result, the preliminary financial results may materially differ from the actual results when they are completed and publicly disclosed. 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. You can generally identify forward-looking statements by the 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 Accelerant operates, including growth of its various markets, and its 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.
Accelerant has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Accelerant believes 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 the company’s control. These and other important factors, including those discussed in Accelerant’s Quarterly Report on Form 10-Q under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” may cause its 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 the company’s share price.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260226496701/en/
Investor Relations
Accelerant
investors@accelerant.ai
The Blueshirt Group
Scott McCabe
scott@blueshirtgroup.com
Media Relations
Chelsea Allison
chelsea@heycommand.com
Original: Accelerant Announces Unaudited Preliminary Fourth Quarter and Full Year 2025 Financial Results
Penny Roger$
14年前
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* If a symbol changes or adds a D, etc. Message me for an updated version.
Twitter: @MACDgyver ---> ARX <---
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