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
ATLANTA--(BUSINESS WIRE)--March 18, 2026--
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
-------------------------------------------------------------------------------------------------
Consolidation and
Exchange Total Corporate and elimination
(in millions) Services MGA Operations Underwriting Segments Other 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
---------------------------------------------------------------------------------------------
Consolidation and
Exchange MGA Total Corporate elimination
(in millions) Services Operations Underwriting Segments and Other 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
-------------------------------------------------------------------------------------------------
Consolidation and
Exchange MGA Total Corporate and elimination
(in millions) Services Operations Underwriting Segments Other 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
-------------------------------------------------------------------------------------------------
Consolidation and
Exchange MGA Total Corporate and elimination
(in millions) Services Operations Underwriting Segments Other 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 Years Ended
December 31, 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/
CONTACT: Investor Relations
Ray Iardella
ray.iardella@accelins.com
Media Relations
Chelsea Allison
chelsea@heycommand.com
(END) Dow Jones Newswires
March 18, 2026 16:15 ET (20:15 GMT)