Accelerant Holdings (NYSE: ARX) posts Q1 2026 loss despite strong revenue and launches buybacks

Rhea-AI Filing Summary

Accelerant Holdings reports Q1 2026 results with total revenues of $273.3 million and a net loss attributable to common shareholders of $5.2 million, or $(0.02) per share, compared with net income of $6.5 million a year earlier.

Revenue rose strongly from $178.0 million, driven by higher ceding commission income, direct commission income, and net earned premiums, while losses and loss adjustment expenses also increased. General and administrative expenses jumped to $123.8 million, including $32.1 million of share-based compensation.

Cash used in operating activities was $21.4 million and cash, cash equivalents and restricted cash declined to $1,536.5 million. The company executed a loss portfolio transfer covering 2022–2023 business and began a share repurchase program, buying back 828,333 Class A shares for $10.9 million in the quarter, with additional repurchases after March 31, 2026. A subsequent partial sale of a TPA investment is expected to generate $51.6 million of cash and a $54.5 million gain in Q2 2026.

Insights

Insurance sector financial analyst

Strong top-line growth is offset by higher expenses, taxes, and cash outflows.

Accelerant increased Q1 2026 revenues to $273.3 million from $178.0 million, mainly through higher ceding and direct commission income plus net earned premiums. However, the net result flipped to a $5.2 million loss attributable to common shareholders.

Key pressure points were losses and loss adjustment expenses of $81.8 million, higher acquisition cost amortization, and general and administrative expenses of $123.8 million, including $32.1 million of share-based compensation. The effective tax rate of 305.0% magnified the bottom-line impact.

Operating cash flow moved to an outflow of $21.4 million, while cash and restricted cash fell to $1,536.5 million. The loss portfolio transfer with a limit of $151.4 million and non-cash set-up of $99.8 million in reinsurance recoverables versus funds held reshapes reserve risk. The share repurchase program, including $10.9 million in Q1 and $46.8 million after March 31, 2026, plus the post-quarter $54.5 million gain from a TPA investment, will influence capital deployment in subsequent periods.

Key Figures

Total revenues: $273.3 million Net (loss) income attributable to common shareholders: $(5.2) million Diluted EPS: $(0.02) per share +5 more

8 metrics

Total revenues $273.3 million Three months ended March 31, 2026

Net (loss) income attributable to common shareholders $(5.2) million Three months ended March 31, 2026

Diluted EPS $(0.02) per share Three months ended March 31, 2026

Net cash from operating activities $(21.4) million Three months ended March 31, 2026

Share-based compensation expenses $32.1 million Included in general and administrative expenses, Q1 2026

Exchange Written Premium $1,138.7 million Three months ended March 31, 2026

Loss portfolio transfer limit $151.4 million Coverage on policies written July 2022 to June 2024

Q1 2026 share repurchases $10.9 million 828,333 Class A shares repurchased under program

Key Terms

Accelerant Risk Exchange, Exchange Written Premium, Loss portfolio transfer, Sliding scale commissions, +2 more

6 terms

Accelerant Risk Exchange financial

"Our Accelerant Risk Exchange reduces information asymmetries and operational barriers..."

Exchange Written Premium financial

"We have grown Exchange Written Premium at a 178% compounded annual growth rate..."

Exchange written premium is the total amount of insurance premium an insurer records from policies sold through a public marketplace or exchange during a given period. Investors care because it shows how much revenue an insurer is gaining from that specific sales channel, reveals customer volume and pricing trends on the exchange, and helps assess growth, market share and the cost-effectiveness of acquiring customers—much like tracking sales made through a particular online store versus all sales overall.

Loss portfolio transfer financial

"we entered into a loss portfolio transfer reinsurance contract ("LPT")..."

A loss portfolio transfer is an insurance transaction where an insurer sells the legal responsibility and money set aside for past claims to a reinsurer, effectively handing off a “closed box” of known or estimated liabilities. For investors, it matters because it can tidy a company’s balance sheet, reduce future profit swings tied to old claims, and create immediate gains or costs that change reported capital and earnings.

Sliding scale commissions financial

"Certain of our reinsurance arrangements are subject to sliding scale adjustments..."

Flywheel Re financial

"Flywheel Re is an unconsolidated reinsurance sidecar that provides multi-year collateralized quota share capacity..."

Mission Underwriters financial

"Mission Underwriters provides specialty underwriters with the working capital, operational support..."

Earnings Snapshot

Total revenues: $273.3 million

Q1 2026

Total revenues $273.3 million

Net (loss) income attributable to common shareholders $(5.2) million

Diluted EPS $(0.02)

Net cash from operating activities $(21.4) million

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from________ to________

ACCELERANT HOLDINGS

(Exact Name of Registrant as Specified in Its Charter)

Cayman Islands			001-42765			98-1753044
(State or Other Jurisdiction of Incorporation or Organization)			(Commission File Number)			(I.R.S. Employer  Identification Number)

Accelerant Holdings

c/o Accelerant Re (Cayman) Ltd.

Unit 106, Windward 3, Regatta Office Park,

West Bay Road, Grand Cayman, KY1-1108

1 (345) 743-4611

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Class A common shares, $0.0000011951862 par value per share

ARX

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

As of May 8, 2026, there were 218,201,340 of the registrant’s common shares outstanding, composed of 112,799,194 Class A common shares, $0.0000011951862 par value per share and 105,402,146 Class B common shares, $0.0000011951862 par value per share.

Table of Contents

Accelerant Holdings
Quarterly Report on Form 10-Q
For the Period Ended March 31, 2026
Index
						Page
Part I - Financial Information
Item 1.			Financial Statements			6
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			33
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			64
Item 4.			Controls and Procedures			66
Part II - Other Information
Item 1.			Legal Proceedings			67
Item 1A.			Risk Factors			67
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			67
Item 3.			Defaults Upon Senior Securities			67
Item 4.			Mine Safety Disclosures			67
Item 5.			Other Information			68
Item 6.			Exhibits			69
			Signatures			70

1

Table of Contents

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements. You can generally identify forward-looking statements by our 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 Quarterly Report on Form 10-Q under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” 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 this Quarterly Report on Form 10-Q under the headings "Risk Factors, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and "Quantitative and Qualitative Disclosure About Market Risk" 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.

Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•our Accelerant Risk Exchange’s prospects, its potential for expansion to new Members, Risk Capital Partners (including third-party insurers and reinsurers) and offerings beyond the specialty insurance market, as well as the future prospects of our overall business;

•our ability to grow our business profitably;

•our financial strength;

•the number of Members and Risk Capital Partners that we expect to retain and our membership growth prospects;

•our ability to continue enhancing our technology-based solutions and gain internal efficiencies and effective controls that promote the utility of the analytics we provide to Members and Risk Capital Partners;

•our ability to leverage our information systems to enhance the benefits available to our Members through our Accelerant Risk Exchange;

•our ability to continue to attract Risk Capital Partners;

•the performance of our Members and Risk Capital Partners;

•our ability to accurately assess and manage the underwriting risk we retain and the impacts of sliding scale commissions on the underwriting risk we do not retain;

•the competitive environment in the specialty insurance industry;

•changes in government laws and regulations, including insurance regulatory laws, and how the enforcement thereof may affect our business;

•our expectations regarding our projected growth;

•the increased expenses associated with being a public company;

•whether we will be considered a passive foreign investment company for US tax purposes;

•the additional regulatory, legal and operational risks that may arise in connection with our expansion into new geographies and how such risks might materially affect our business, results of operations, financial condition, and prospects; and

•other factors detailed in Item 1A. "Risk Factors" in our 2025 Annual Report on Form 10-K.

Given the risks and uncertainties set forth in this Quarterly Report on Form 10-Q, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q are not guarantees of future performance and our actual results of operations, financial condition, and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. In addition, even if our results of operations, financial condition and liquidity, and events in the industry in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report on Form 10-Q, they may not be predictive of results or developments in future periods.

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Any forward-looking statement that we make in this Quarterly Report on Form 10-Q speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q.

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Glossary

As used in this Quarterly Report on Form 10-Q, unless the context indicates or otherwise requires, the following terms have the following meanings:

•Accelerant Direct Written Premium: Expressed as a percentage of Exchange Written Premium, the GWP written directly by Accelerant Underwriting companies, the majority of which we cede to Risk Capital Partners through our reinsurance arrangements.

•Accelerant GWP: The total GWP written by Accelerant Underwriting companies (both written by our insurance company and assumed as a reinsurer), the majority of which we cede to Risk Capital Partners through our reinsurance arrangements.

•Accelerant Re: Accelerant Re (Cayman) Ltd and Accelerant Re I.I.

•Accelerant-Retained Exchange Premium: Expressed as a percentage, as Accelerant GWP net of ceded written premium for the trailing twelve-month period, divided by total Exchange Written Premium for the trailing twelve-month period.

•Accelerant Risk Exchange: The Accelerant technology, data ingestion, and agency operations that serve the needs of our Members and Risk Capital Partners.

•Accelerant Risk Exchange Insurer: Third-party Primary Insurance Company deploying underwriting capacity directly through the Accelerant Risk Exchange.

•Accelerant Underwriting: Accelerant’s owned insurance companies and reinsurance companies, and all revenue and expenses associated with them.

•DAC: Deferred acquisition costs.

•Exchange Written Premium: The total gross written premium written through the Accelerant Risk Exchange, including both gross written premiums of Accelerant Underwriting companies and the Accelerant Risk Exchange Insurers.

•Exchange Written Premium Growth Rate: The percentage increase in Exchange Written Premium in the current period compared to Exchange Written Premium from the comparable period in the prior year period.

•Flywheel Re: Collectively, Flywheel Re Ltd. SPC and Flywheel Holdings Ltd. SPC, a Cayman Islands holding company that indirectly owns Flywheel Re Ltd. SPC (unconsolidated reinsurance sidecar entities), sponsored by Accelerant and through which institutional investors are offered specialty insurance risk and returns that are relatively uncorrelated with broader financial markets.

•GAAP: Accounting Principles Generally Accepted in the US.

•Gross Loss Ratio: Gross incurred losses and loss adjustment expense divided by gross earned premium (expressed as a percentage). Gross loss ratio excludes the impact of premium and loss and loss adjustment expense ceded to reinsurers. Gross loss ratio represents the percentage of gross premium earned during the period that will be required to pay current and future claims, based on management’s best estimates.

•GWP: Gross written premium, representing the total amount of premium contracted for all policies issued in a given period.

•Independent Members: Members in which Accelerant does not own an interest.

•Independent Premium: The gross premium written by Independent Members and placed through the Accelerant Risk Exchange.

•LAE: Loss adjustment expense.

•Members: Specialized underwriters, including MGAs, MGUs, and program managers (terms we use interchangeably) that underwrite insurance premiums on behalf of Risk Capital Partners through the Accelerant Risk Exchange.

•MGA: Managing general agent; a third-party agent that receives delegated underwriting authority from a Primary Insurance Company to write insurance risk on its behalf. The term “MGA” refers generically to agents receiving this delegation of underwriting authority, including MGUs, MGAs, and/or program managers and any Member or other entity in relation to which the term “MGA” is used and may not fall within the regulatory definition of a “managing general agent” in the jurisdictions in which it operates.

•MGU: Managing general underwriter; a third-party agent that receives delegated underwriting authority from a Primary Insurance Company to write insurance risk on its behalf.

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•Mission Europe: Mission Holdings Europe Ltd., one of our subsidiaries.

•Mission Members: Specialty underwriters that operate and develop through Mission Underwriters and in which we have an equity ownership interest.

•Mission Underwriters: Mission Underwriters provides specialty underwriters with the working capital, operational support, and balance sheet capacity necessary to operate their own MGAs, in which the specialty underwriters have a majority ownership interest. These MGAs are Members of the Accelerant Risk Exchange. Mission Underwriters operates in the US, UK and EU through Mission US and Mission Europe.

•Mission US: Mission Underwriting Holdings, LLC.

•Net Revenue Retention: Expressed as a percentage, the current period’s Exchange Written Premium of Members that were actively writing Exchange Written Premium in the prior period divided by these same Members’ prior-period Exchange Written Premium. This measure demonstrates an aggregate measure of the net growth of Exchange Written Premium from Members.

•Owned Members: Members in which Accelerant either has a minority equity ownership interest or controlling equity interest.

•Owned Premium: The premium produced by Mission Members and Owned Members, who receive commissions for sourcing and underwriting business.

•Primary Insurance Company: Licensed carriers who write business and thus are responsible for insurance policy forms, rate filings, etc. Primary Insurance Companies may reinsure a portion of the risk they have written to third-party reinsurers.

•Reinsurer: An insurance company that insures risk written by another insurance company. Reinsurers generally are not required to be licensed directly in a given jurisdiction to provide such reinsurance coverage; however, absent any such license, reinsurers are limited only to writing such risk in a secondary reinsurance capacity and not in a primary direct capacity.

•Risk Capital Partners: Third-party insurance companies, reinsurers or institutional investors that provide capacity through the Accelerant Risk Exchange, directly or indirectly.

•Third-Party Direct Written Premium: GWP written directly with the Accelerant Risk Exchange Insurers.

•TPA: Third-party administrator, providing claims handling and other operational functions related to administration of insurance policies.

•US-UK Tax Treaty: The Convention between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital Gains, signed July 24, 2001.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

						Page
Condensed Consolidated Financial Statements (unaudited)						7
Notes to Condensed Consolidated Financial Statements (unaudited)						13
			Note 1. Nature of business and basis of presentation			13
			Note 2. Summary of significant accounting policies			13
			Note 3. Segment information			14
			Note 4. Investments			18
			Note 5. Fair value measurements			22
			Note 6. Unpaid losses and loss adjustment expenses			24
			Note 7. Reinsurance			24
			Note 8. Deferred acquisition costs and deferred ceding commissions			26
			Note 9. Debt			27
			Note 10. Equity			27
			Note 11. Share-based compensation			28
			Note 12. Earnings per share			30
			Note 13. Income taxes			30
			Note 14. Other assets			31
			Note 15. Accounts payable and other liabilities			31
			Note 16. Related party transactions			31
			Note 17. Commitments and contingencies			32
			Note 18. Subsequent events			32

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Accelerant Holdings
Condensed Consolidated Balance Sheets (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 (Note 17)
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

See accompanying notes to the unaudited condensed consolidated financial statements.

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Accelerant Holdings
Condensed Consolidated Statements of Operations (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 (1)															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

(1) General and administrative expenses include share-based compensation expenses of $32.1 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively.

See accompanying notes to the unaudited condensed consolidated financial statements.

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Accelerant Holdings
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
									Three Months Ended March 31,
(expressed in millions of US dollars)															2026						2025
Net (loss) income															$	(4.1)					$	7.8
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments															(2.8)						2.5
Unrealized (losses) gains on fixed maturity securities															(8.0)						4.8
Reclassification adjustments for (gains) losses recognized in net income															(0.3)						1.2
Other comprehensive (loss) income, net of tax															(11.1)						8.5
Total comprehensive (loss) income															(15.2)						16.3
Adjustment for comprehensive income attributable to non-controlling interests															(1.0)						(1.5)
Comprehensive (loss) income attributable to Accelerant															$	(16.2)					$	14.8

See accompanying notes to the unaudited condensed consolidated financial statements.

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Accelerant Holdings
Condensed Consolidated Statements of Equity (unaudited)
(expressed in millions of US dollars)																								Additional paid-in capital						Accumulated other comprehensive (loss) income						Accumulated deficit						Total Accelerant shareholders' equity						Non-controlling interests						Total equity
Three Months Ended March 31, 2026
Balance, January 1, 2026																								$	2,232.4					$	2.2					$	(1,536.9)					$	697.7					$	28.7					$	726.4
Net income																								—						—						(5.2)						(5.2)						1.1						(4.1)
Other comprehensive loss																								—						(11.0)						—						(11.0)						(0.1)						(11.1)
Share-based compensation (1)																								28.8						—						—						28.8						—						28.8
Common share retirements (2)																								(13.8)						—						—						(13.8)						—						(13.8)
Dividends paid to and other transactions with non-controlling interests																								(3.9)						—						—						(3.9)						(2.4)						(6.3)
Balance, March 31, 2026																								$	2,243.5					$	(8.8)					$	(1,542.1)					$	692.6					$	27.3					$	719.9

(1) Amount represents the subset of share-based compensation associated with our common shares, representing a portion of the total $32.1 million of share-based compensation recorded through our statement of operations in the period (which includes additional expenses related to subsidiary and MGA share-based incentive plans). Refer to Note 11 for additional information.

(2) Amount represents the acquisition cost of all common shares acquired and subsequently retired during the three months ended March 31, 2026. Specifically, the Company (1) repurchased 828,333 of its Class A common shares at an average price of $13.11 per share, for $10.9 million and (2) acquired common shares related to employee tax withholding obligations associated with employee incentive plans for $2.9 million, all of which were retired in the same period. As the par value of such shares were negligible and there was an accumulated deficit, the entire acquisition cost was deducted from additional paid in capital.

(expressed in millions of US dollars)			Class C convertible preference shares									Class A convertible preference shares						Class B convertible preference shares						Additional paid-in capital						Accumulated other comprehensive (loss) income						Accumulated deficit						Total Accelerant shareholders' equity						Non-controlling interests						Total equity
Three Months Ended March 31, 2025
Balance, January 1, 2025			$	104.4								$	236.7					$	145.1					$	124.8					$	(19.5)					$	(182.8)					$	304.3					$	18.3					$	427.0
Net income			—									—						—						—						—						6.5						6.5						1.3						7.8
Other comprehensive income			—									—						—						—						8.3						—						8.3						0.2						8.5
Share-based compensation			—									—						—						2.4						—						—						2.4						—						2.4
Issuance of interests and other transactions with non-controlling interests			—									—						—						—						—						—						—						8.7						8.7
Balance, March 31, 2025			$	104.4								$	236.7					$	145.1					$	127.2					$	(11.2)					$	(176.3)					$	321.5					$	28.5					$	454.4

See accompanying notes to the unaudited condensed consolidated financial statements.

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Accelerant Holdings
Condensed Consolidated Statements of Cash Flows (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 (1)			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 (2)			(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

(1) Refer to Note 11 for additional information on share-based compensation expenses related to our Class A common shares.

(2) Amount represents the cash settlement portion of total acquired shares of $13.8 million for the three months ended March 31, 2026, with the remaining $1.6 million settled in April 2026.

    See accompanying notes to the unaudited condensed consolidated financial statements.

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Accelerant Holdings
Condensed Consolidated Statements of Cash Flows (unaudited ) (continued)
			Three Months Ended March 31,
(expressed in millions of US dollars)			2026						2025
Supplemental cash flows information
Interest on debt paid			$	2.2					$	2.6
Income taxes paid			5.1						3.3
Reconciliation to Consolidated Balance Sheets:
Cash and cash equivalents			1,452.1						1,238.0
Restricted cash and cash equivalents			84.4						52.7
Total cash, cash equivalents and restricted cash			$	1,536.5					$	1,290.7

See accompanying notes to the unaudited condensed consolidated financial statements.

Supplemental non-cash activity information:

For the three months ended March 31, 2026, we had non-cash operating activities related to a loss portfolio transfer transaction ("LPT") covering business from the 2022 and 2023 underwriting years resulting in net non-cash activity of $99.8 million resulting in an increase in our "Reinsurance recoverables on unpaid losses and LAE" with a corresponding increase in our "Funds held under reinsurance" liability in our condensed consolidated balance sheets. Refer to Note 6 for additional information.

For the three months ended March 31, 2025, we had no significant non-cash activity.

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Accelerant Holdings

Notes to Condensed Consolidated Financial Statements

1. Nature of business and basis of presentation

Accelerant Holdings, together with its subsidiary companies ("Accelerant", "we", "us", "our" or the "Company"), connects selected specialty insurance underwriters ("Members") with Risk Capital Partners through its data-driven risk exchange (the “Accelerant Risk Exchange”). We, together with our Risk Capital Partners, provide property and casualty insurance to policyholders via its network of Members, which are typically MGAs. We focus on small-to-medium sized commercial clients primarily in the United States ("US"), Europe ("EU"), Canada and the United Kingdom ("UK").

These unaudited condensed consolidated interim financial statements and related notes have been prepared in accordance with US GAAP for interim financial information. Accordingly, they do not include all of the financial information and note disclosures required by US GAAP for complete consolidated financial statements. The condensed consolidated interim financial statements are presented in US Dollars and all amounts are in millions, except for the number of shares, per share amounts and the number of securities. Certain prior year comparative information has been reclassified to conform to the current presentation.

In our opinion, these unaudited condensed consolidated financial statements reflect all adjustments that are normal and recurring in nature necessary to fairly state our financial position as of March 31, 2026, as well as our results of operations and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for any interim period are not necessarily indicative of results for the full year.

These unaudited condensed consolidated financial statements and related notes should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report"). The condensed consolidated financial information as of December 31, 2025 was derived from the audited consolidated financial statements in our 2025 Annual Report, but does not include all disclosures required by US GAAP.

2. Summary of significant accounting policies

There were no material changes to our significant accounting policies from those that were disclosed in our audited consolidated financial statements included in the 2025 Annual Report.

Future application of accounting standards

Internal-Use Software

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) — Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The standard amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for all entities for annual periods beginning after December 15, 2027. The standard can be applied on a prospective basis, a retrospective basis or a modified basis for in-process projects. We are assessing the impact of this standard.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses, requiring new interim and annual disclosures that provide transparency about the components of expenses included in the income statement and enhance an investor’s ability to forecast future performance. The standard requires disclosure of:

•The amounts of employee compensation, depreciation, intangible asset amortization, and certain other costs included in each relevant expense caption as well as the inclusion of certain amounts already required to be disclosed under existing US GAAP in the same disclosure;

•A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and

•The total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

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The standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. This standard will not have any impact to the amounts recorded within our consolidated financial statements, but will result in expanded disclosures. We are assessing the impact of this standard.

3. Segment information

We have three reportable segments (Exchange Services, MGA Operations, and Underwriting). Each of our reportable segments serves the specific needs of our customers based on the products and services provided and reflects the way our Chief Operating Decision Maker ("CODM") assesses performance of the business and makes decisions on the allocation of resources. Our CODM is our Chief Executive Officer.

During the first quarter of 2026, we modified our definition for Adjusted EBITDA to exclude the impact of realized and unrealized investment gains or losses. Prior period segment information has been conformed to the current period presentation.

Exchange Services

Exchange Services, which is the core of Accelerant, captures the revenue and expenses associated with the Accelerant Risk Exchange. The Accelerant Risk Exchange is the platform that houses Accelerant technology, data ingestion, and operations that serve the needs of Members and Risk Capital Partners. Insurance companies that join the Accelerant Risk Exchange pay Accelerant a fixed-percentage volume-based fee for sourcing, managing, and monitoring the business they write. The Accelerant Risk Exchange pays fees to Members for the distribution services provided to both consolidated affiliates and third parties. We eliminate net fees and other income earned by the Exchange Services segment in consolidation to the extent such income is received from consolidated insurance companies within the Underwriting segment. Only income earned from third-party companies is not eliminated in consolidation.

MGA Operations

MGA Operations consists of our Mission Underwriters ("Mission") and Owned Members reporting units. Mission is a licensed insurance agency that functions as an MGA incubator in the US, UK and EU and represents the largest component of the segment. The Owned Members reporting unit comprises MGAs in which we have made non-controlling or controlling equity investments. Our investments in existing Members typically take the form of an initial minority stake and contractual call option for a majority stake over time. We eliminate commission income earned by MGA Operations in consolidation to the extent it is received from consolidated insurance companies within the Underwriting segment. Only commission income earned from third-party companies is not eliminated in consolidation.

Underwriting

Underwriting contains all revenue and expenses associated with the underwriting of insurance policies and assumption of reinsurance policies issued or accepted by Accelerant’s consolidated insurance and reinsurance companies. Our Underwriting segment is a strategic asset that enables access to Accelerant’s portfolio for current and prospective Risk Capital Partners. The activities of these (re)insurance companies include property and casualty insurance, policy issuance, reinsurance arrangements and the payment of commission and other acquisition costs to the Exchange Services segment.

Premium revenue is earned in exchange for the property and casualty insurance policies issued and reinsurance coverage provided. For segment presentation purposes, the commission expense paid to the wholly-owned agencies is subject to deferral as DAC for the portion of insurance policies not subject to reinsurance. DAC associated with business ceded is offset by ceding commissions received from reinsurers, which is typically more than the DAC. The DAC associated with business retained, as well as the excess ceding commissions from reinsurers, are both amortized over the related policy term. Accelerant Re also cedes premium and losses to, and receives ceding commissions from, several third-party reinsurers, including Flywheel Re. Similar to the Exchange Services and MGA Operations segments, transaction activity with our consolidated affiliates is subject to elimination (and therefore the amount of DAC, deferred ceding commissions, DAC amortization and amortization of ceding commission income in consolidation will differ from that presented within the segment results). Specifically, only commission payments and other acquisition expenses paid to third-parties are subject to deferral and amortization in consolidation.

We consider the segment presentations of Exchange Services, MGA Operations and Underwriting segments prior to elimination to be the best way to evaluate Accelerant's business and how these business components would be presented if they were stand-alone operations. As we continue to generate increasing third-party insurance premiums through the Accelerant Risk Exchange, the standalone segment results will more closely align with the consolidated results (as such third party transactions are not be subject to elimination).

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The following includes the financial results of our three reportable segments for the three months ended March 31, 2026 and 2025. Corporate functions and certain other businesses and operations are included in Corporate and Other.

			Three Months Ended March 31, 2026
(in millions)			Exchange Services						MGA Operations						Underwriting						Total Segments						Corporate and Other (1)						Consolidation and elimination adjustments						Total
Revenues
Ceding commission income (2)			$	—					$	—					$	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 (3) (4) (5)			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 (5)																																							(32.1)
Interest expenses																																							(2.5)
Depreciation and amortization																																							(10.0)
Net foreign exchange losses																																							(1.9)
Other expenses (6)																																							(17.7)
Income before income taxes																																							$	2.0

(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.

(2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8.

(3) General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:

(in millions)			Exchange Services						MGA Operations						Underwriting						Total
Employee compensation and benefits			$	24.2					$	26.1					$	5.1					$	55.4
Consulting and professional fees			4.9						3.5						4.3						12.7
Other administrative expenses			3.6						7.7						2.3						13.6
Total general and administrative expenses			$	32.7					$	37.3					$	11.7					$	81.7

(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments.

(5) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and are excluded from the segment presentation above).

(6) Other expenses for the three months ended March 31, 2026 consist of $7.3 million of system development non-operating expenses, $4.0 million of professional costs related to corporate development, $3.7 million of Mission profits sharing expense and $2.7 million of individually insignificant costs.

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			Three Months Ended March 31, 2025
(in millions)			Exchange Services						MGA Operations						Underwriting						Total Segments						Corporate and Other (1)						Consolidation and elimination adjustments						Total
Revenues
Ceding commission income (2)			$	—					$	—					$	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 (3) (4) (5)			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 (5)																																							(2.4)
Interest expenses																																							(2.6)
Depreciation and amortization																																							(7.4)
Net foreign exchange losses																																							(3.1)
Other expenses (6)																																							(11.8)
Income before income taxes																																							$	15.5

(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.

(2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8.

(3) General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:

(in millions)			Exchange Services						MGA Operations						Underwriting						Total
Employee compensation and benefits			$	15.9					$	21.3					$	6.2					$	43.4
Consulting and professional fees			3.6						3.3						2.6						9.5
Other administrative expenses			4.3						6.6						2.7						13.6
Total general and administrative expenses			$	23.8					$	31.2					$	11.5					$	66.5

(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments.

(5) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and are excluded from the segment presentation above).

(6) Other expenses for the three months ended March 31, 2025 consists of $4.6 million of system development non-operating costs, $3.6 million of professional costs related to corporate development, $1.6 million of Mission profits sharing expense, and $2.0 million of individually insignificant costs.

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The following table presents our total assets by reportable segments:

(in millions)			March 31, 2026						December 31, 2025
Exchange Services			$	991.2					$	903.9
MGA Operations			474.8						479.2
Underwriting			7,662.5						7,307.2
Corporate and eliminations			(524.4)						(427.2)
Total			$	8,604.1					$	8,263.1

As of March 31, 2026, our equity method investments (as further detailed in Note 4) consisted of $6.1 million held by the MGA Operations segment and $5.7 million within Corporate and Other. As of December 31, 2025, our equity method investments consisted of $5.4 million held by the MGA Operations segment and $5.0 million within Corporate and Other. In addition, expenditures for additions to long-lived assets are not material and are not reported to our CODM.

All our revenues from external customers were attributable to various geographic locations outside of the Cayman Islands, based on where the insurance policies or services were sold. There were no reportable major customers that accounted for 10% or more of our consolidated revenue for the three months ended March 31, 2026 and 2025.

The following table presents our revenues by geography:

			Three Months Ended March 31, 2026
(in millions)			North America						UK and EU						Total
Ceding commission income			$	61.4					$	19.1					$	80.5
Direct commission income			33.9						16.9						50.8
Net earned premiums			68.6						61.2						129.8
Net investment income			6.7						5.4						12.1
Net realized gains on investments			0.1						—						0.1
Total revenues			$	170.7					$	102.6					$	273.3

			Three Months Ended March 31, 2025
(in millions)			North America						UK and EU						Total
Ceding commission income			$	49.0					$	21.7					$	70.7
Direct commission income			14.0						14.1						28.1
Net earned premiums			15.1						47.9						63.0
Net investment income			7.4						4.8						12.2
Net realized gains on investments			0.2						2.1						2.3
Net unrealized gains on investments			1.7						—						1.7
Total revenues			$	87.4					$	90.6					$	178.0

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4. Investments

Unrealized gains and losses on available for sale fixed maturity and short-term investments, at fair value

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of fixed maturity and short-term investments, were as follows:

			March 31, 2026
(in millions)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
Corporate			$	264.8					$	0.6					$	(2.8)					$	262.6
US government and agency			282.5						0.4						(0.3)						282.6
Non-US government and agency			260.0						0.3						(3.3)						257.0
Residential mortgage-backed			52.7						0.3						(0.4)						52.6
Commercial mortgage-backed			14.7						0.2						—						14.9
Other asset-backed securities			20.4						0.1						—						20.5
Total fixed maturity and short-term investments			$	895.1					$	1.9					$	(6.8)					$	890.2

			December 31, 2025
(in millions)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
Corporate			$	244.4					$	2.6					$	(0.1)					$	246.9
US government and agency			123.6						1.0						(0.1)						124.5
Non-US government and agency			247.0						1.5						(0.4)						248.1
Residential mortgage-backed			55.5						0.6						(0.5)						55.6
Commercial mortgage-backed			14.8						0.2						—						15.0
Other asset-backed securities			21.8						0.1						—						21.9
Total fixed maturity and short-term investments			$	707.1					$	6.0					$	(1.1)					$	712.0

The following table summarizes, for all our available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:

			March 31, 2026
			Less than 12 months												12 Months or more												Total
(in millions)			Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses
Corporate			$	190.8					$	(2.8)					$	—					$	—					$	190.8					$	(2.8)
US government and agency			217.4						(0.3)						—						—						217.4						(0.3)
Non-US government and agency			215.9						(3.0)						6.1						(0.3)						222.0						(3.3)
Residential mortgage-backed			22.9						(0.1)						1.6						(0.3)						24.5						(0.4)
Total fixed maturity and short-term investments			$	647.0					$	(6.2)					$	7.7					$	(0.6)					$	654.7					$	(6.8)

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			December 31, 2025
			Less than 12 months												12 Months or more												Total
(in millions)			Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses
Corporate			$	25.6					$	(0.1)					$	—					$	—					$	25.6					$	(0.1)
US government and agency			—						—						4.8						(0.1)						4.8						(0.1)
Non-US government and agency			63.0						(0.3)						8.1						(0.1)						71.1						(0.4)
Residential mortgage-backed			—						—						3.4						(0.5)						3.4						(0.5)
Total fixed maturity and short-term investments			$	88.6					$	(0.4)					$	16.3					$	(0.7)					$	104.9					$	(1.1)

We did not recognize the unrealized losses in earnings on these fixed maturity and short-term investments as of March 31, 2026 and December 31, 2025 because we determined that such losses were due to non-credit factors that are temporary in nature. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis.

Contractual maturity

The amortized cost and fair values of our fixed maturity and short-term investments by contractual maturity were as follows:

			March 31, 2026
(in millions)			Amortized cost						Fair value
Due in one year or less			$	250.5					$	250.4
Due after one year through five years			493.1						489.3
Due after five years through ten years			62.9						61.7
Due after ten years			0.8						0.8
Residential mortgage-backed			52.7						52.6
Commercial mortgage-backed			14.7						14.9
Other asset-backed securities			20.4						20.5
Total fixed maturity and short-term investments			$	895.1					$	890.2

The expected maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations with or without call or prepayment penalties.

Equity method and other investments

We have made investments in private equity funds focused on insurance technology ventures, certain MGAs that form part of our distribution network and a technology-focused TPA that provides services to certain of our Members. Such strategic investments are generally accounted for using the equity method of accounting and are included as equity method investments in the financial statements or, in cases where we have elected the measurement alternative, accounted for at fair value based on observable price changes or impairment within Other investments.

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Details regarding our equity method investments were as follows:

			March 31, 2026												December 31, 2025
(in millions)			Ownership %						Carrying value						Ownership %						Carrying value
MGAs			19.0% - 25.2%						$	3.0					19.0% - 20.0%						$	2.0
Other			8.2% - 15.0%						8.8						8.1% - 15.0%						8.4
Equity method investments									$	11.8											$	10.4

In applying the equity method of accounting, we record investments initially at cost and subsequently adjust their carrying value based on our proportionate share of the net income or loss of the investment. We generally record such investments on a one-to-three-month lag. Our maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in our consolidated balance sheet and any unfunded commitments. As of March 31, 2026, we had unfunded commitments of $5.2 million to our equity method investees.

We did not received dividends from equity method investees for the three months ended March 31, 2026. For the three months ended March 31, 2025, we received dividends from equity method investees of $0.9 million.

Details regarding the carrying value of our other investments portfolio were as follows:

(in millions)			March 31, 2026						December 31, 2025
Investment type:
MGAs and TPAs			$	59.9					$	59.9
Venture funds			24.3						24.1
Other investments			$	84.2					$	84.0

We elected the measurement alternative to carry private equity investments in venture funds, ordinary stocks, warrants and stock options of MGAs and TPAs that qualify for the equity method basis of accounting and that do not have a readily determinable fair value, at cost, less any impairment. If observable prices in identical or similar investments from the same issuer are observed, we measure the equity investment at fair value as of the date that such observable transaction occurs.

For the three months ended March 31, 2026, there were no impairment and no observable prices related to our other investments. For the three months ended March 31, 2025, we recognized $1.7 million as a component of unrealized gains following observable prices related to these investments.

We have recognized cumulative income as a component of unrealized gains of $74.8 million, net of cumulative impairment charges of $0.7 million associated with investments accounted for under the measurement alternative from inception of the related investments.

As of March 31, 2026, we had unfunded commitments of $1.8 million to venture funds.

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Net investment income

Investment income and expenses were as follows:

									Three Months Ended March 31,
(in millions)															2026						2025
Interest on cash and cash equivalents															$	13.3					$	11.7
Interest on fixed maturity investments															7.1						5.3
Income from equity method investments															0.2						0.5
Gross investment income															20.6						17.5
Interest expense on funds held under reinsurance															(7.9)						(5.1)
Investment expenses															(0.6)						(0.2)
Net investment income															$	12.1					$	12.2

Net realized and unrealized gains on investments

The following table presents net realized and unrealized gains (losses) on our investments:

									Three Months Ended March 31,
(in millions)															2026						2025
Net realized gains on investments:
Net realized gains on fixed maturity and short-term investments															$	0.1					$	0.3
Net realized gains on equity method investments															—						2.0
Net realized gains on investments															0.1						2.3
Net unrealized gains on investments:
Other investments (1):
MGAs and TPAs															—						1.7
Net unrealized gains on other investments															—						1.7
Net unrealized gains on investments															—						1.7
Net realized and unrealized gains on investments															$	0.1					$	4.0

(1) Amounts correspond to income arising from our equity investments accounted for under the measurement alternative (as described above).

Regulated deposits and restricted assets

Certain of our subsidiaries are required to maintain assets on deposit with various regulatory authorities to support our insurance and reinsurance operations. The following table represents the deposits for regulatory and other purposes:

(in millions)						March 31, 2026						December 31, 2025
Fixed maturity securities						$	5.7					$	5.2
Cash and cash equivalents						0.6						—
Total						$	6.3					$	5.2

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The following table represents the restricted assets we have pledged in favor of certain ceding companies to collateralized obligations:

(in millions)						March 31, 2026						December 31, 2025
Short-term investments						$	1.0					$	0.9
Fixed maturity securities						25.6						25.8
Cash and cash equivalents						82.3						83.1
Total						$	108.9					$	109.8

5. Fair value measurements

Fair value measurements on a recurring basis

Our financial assets and liabilities measured at fair value on a recurring basis by level were as follows:

			March 31, 2026
(in millions)			Quoted prices in active markets for identical assets Level 1						Significant other observable Level 2						Significant unobservable inputs Level 3						Estimated fair value
Fixed maturity and short-term investments measured at fair value:
Corporate			$	—					$	262.6					$	—					$	262.6
US government and agency			—						282.6						—						282.6
Non-US government and agency			—						257.0						—						257.0
Residential mortgage-backed			—						52.6						—						52.6
Commercial mortgage-backed			—						14.9						—						14.9
Other asset-backed securities			—						20.5						—						20.5
Total fixed maturity and short-term investments			$	—					$	890.2					$	—					$	890.2

    

			December 31, 2025
(in millions)			Quoted prices in active markets for identical assets Level 1						Significant other observable Level 2						Significant unobservable inputs Level 3						Estimated fair value
Fixed maturity and short-term investments measured at fair value:
Corporate			$	—					$	246.9					$	—					$	246.9
US government and agency			—						124.5						—						124.5
Non-US government and agency			—						248.1						—						248.1
Residential mortgage-backed			—						55.6						—						55.6
Commercial mortgage-backed			—						15.0						—						15.0
Other asset-backed securities			—						21.9						—						21.9
Total fixed maturity and short-term investments			$	—					$	712.0					$	—					$	712.0

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There were no transfers between Level 1, Level 2, or Level 3 for the three months ended March 31, 2026 and 2025.

Fair value measurements on a non-recurring basis

We measure the fair value of certain assets on a non-recurring basis, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include our investments in limited partnerships reported in "Other investments" in our condensed consolidated balance sheets.

The following table presents assets measured at fair value on a non-recurring basis:

			March 31, 2026
(in millions)			Quoted prices in active markets for identical assets Level 1						Significant other observable Level 2						Significant unobservable inputs Level 3						Estimated fair value
Assets measured at fair value:
Other investments:
MGAs and TPAs			$	—					$	—					$	59.9					$	59.9
Venture funds			—						—						24.3						24.3
Total			$	—					$	—					$	84.2					$	84.2

			December 31, 2025
(in millions)			Quoted prices in active markets for identical assets Level 1						Significant other observable Level 2						Significant unobservable inputs Level 3						Estimated fair value
Assets measured at fair value:
Other investments:
MGAs			$	—					$	—					$	59.9					$	59.9
Venture funds			—						—						24.1						24.1
Total			$	—					$	—					$	84.0					$	84.0

Fair value information about financial instruments not measured at fair value

Our estimation of fair value for financial instruments not carried at fair value (excluding insurance contracts) is discussed below:

Debt: As further described in Note 9, given the frequency with which the variable interest rates on our senior unsecured debt reset, the carrying value of our debt measured at amortized cost approximates its fair value as of March 31, 2026 and December 31, 2025. The debt is classified as Level 2.

Remaining financial assets and liabilities: Our remaining financial assets and liabilities were generally carried at cost or amortized cost, which due to their short-term nature, approximates their fair value as of March 31, 2026 and December 31, 2025.

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6. Unpaid losses and loss adjustment expenses

Activity in unpaid losses and LAE reserve is summarized as follows:

			Three Months Ended March 31,
(in millions)			2026						2025
Gross reserve for unpaid losses and LAE, beginning of year			$	2,005.4					$	1,294.4
Less: Reinsurance recoverables, beginning of year			1,682.3						1,069.5
Net reserve for unpaid losses and LAE, beginning of year			323.1						224.9
Incurred losses and LAE related to:
Current accident year			81.8						45.2
Prior accident years			—						—
Total incurred losses and LAE			81.8						45.2
Paid losses and LAE:
Current accident year			(0.9)						(1.9)
Prior accident years			(27.8)						(26.7)
Total paid losses and LAE			(28.7)						(28.6)
Foreign exchange adjustments			(5.7)						5.1
Retroactive reinsurance(1)			(99.8)						—
Net reserve for unpaid losses and LAE, end of period			270.7						246.6
Reinsurance recoverables on unpaid losses and LAE, end of period			1,858.5						1,266.5
Gross reserve for unpaid losses and LAE, end of period			$	2,129.2					$	1,513.1

(1) Effective January 2026, we entered into a loss portfolio transfer reinsurance contract ("LPT"). The reinsurance counterparty reinsures all of our retained loss reserves (subject to certain minor exclusions) on policies written from July 2022 to June 2024, subject to a limit of $151.4 million. The terms of the LPT provide coverage on net loss reserves of $109.7 million as of the reference date in consideration for a premium of the same amount. As of March 31, 2026, the reinsurance recoverable and a corresponding funds held under reinsurance balance were $99.8 million, reflecting paid losses and settlement activity during the three months ended March 31, 2026.

Reserves for losses and LAE represent our estimated indemnity cost and related adjustment expenses necessary to administer and settle claims. Our estimates are based upon individual case estimates for reported claims set by our claims specialists, adjusted with actuarial estimates for any further expected development on reported claims and for losses that have been incurred, but not yet reported.

7. Reinsurance

We enter into reinsurance agreements to limit our exposure to large losses and to enable us to underwrite policies with sufficient limits to meet policyholder needs. In a reinsurance transaction, an insurance company transfers, or cedes, part or all of its exposure to the reinsurer in exchange for all or a portion of the premiums.

We use extensive reinsurance arrangements, including quota share and excess of loss contracts, to manage our exposure under issued insurance contracts. Such reinsurance provides loss coverage subject to certain limits and may include sliding scale ceding commissions, premium caps, loss ratio limits and other features, which align our interests with those of our reinsurers. We consider these features when evaluating risk transfer and whether such contracts qualify as reinsurance or must be treated as deposits.

Flywheel Re is an unconsolidated reinsurance sidecar that provides multi-year collateralized quota share capacity backed by institutional investors. Flywheel Re was formed to facilitate the participation of institutional investors in the Accelerant Risk Exchange portfolio. The Flywheel Re reinsurance treaty was extended and upsized during the first quarter of 2026 through additional capital from new and existing institutional investors to support business assumed by Flywheel Re over a multi-year risk period scheduled to end in 2028.

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The impacts of reinsurance on written and earned premiums and loss and loss adjustment expenses were as follows:

									Three Months Ended March 31,
(in millions)															2026						2025
Written premiums:
Direct															$	676.5					$	800.8
Assumed															167.4						73.2
Gross															843.9						874.0
Ceded															(693.2)						(801.6)
Net written premiums															$	150.7					$	72.4
Earned premiums:
Direct															$	659.7					$	642.1
Assumed															122.4						76.7
Gross															782.1						718.8
Ceded															(652.3)						(655.8)
Net earned premiums															$	129.8					$	63.0
Loss and LAE:
Direct															$	343.2					$	365.5
Assumed															64.1						17.3
Gross															407.3						382.8
Ceded															(325.5)						(337.6)
Net loss and LAE															$	81.8					$	45.2

Reinsurance recoverables

Amounts recoverable from reinsurers on paid and unpaid losses and LAE are recognized in a manner consistent with the unpaid losses and LAE associated with the reinsurance and presented as reinsurance recoverables. The balances were as follows:

(in millions)			March 31, 2026						December 31, 2025
Reinsurance recoverables on unpaid losses and LAE			$	1,858.5					$	1,682.3
Other reinsurance recoverables:
Reinsurance recoverables on paid losses and LAE			611.1						524.7
Deposit assets (1)			65.7						69.5
Total other reinsurance recoverables			676.8						594.2
Reinsurance recoverables			$	2,535.3					$	2,276.5

(1) Reduction of $3.8 million from December 31, 2025 to March 31, 2026 corresponds to the $4.0 million reduction in deposit asset attributed to recoveries, partially offset by $0.2 million of income amortization for the three months ended March 31, 2026.

Credit risk exists with reinsurance ceded to the extent that any reinsurer is unable to meet the obligation assumed under the reinsurance agreements. An allowance is established for amounts deemed uncollectible. We evaluate the financial condition of our reinsurers and monitor concentration of credit risk arising from our exposure to individual reinsurers. To further reduce credit exposure to reinsurance recoverables balances, we have received letters of credit from certain reinsurers that are not authorized as reinsurers under US state insurance regulations.

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Of the total reinsurance recoverables on paid and unpaid losses and LAE outstanding as of March 31, 2026, 54% were with reinsurers having an A.M. Best rating of "A-" (excellent) or better, and we require reinsurance recoverables with reinsurers that have an A.M. Best rating below "A-" or are not rated by A.M. Best to be subject to collateral arrangements through a combination of letters of credit, funds withheld arrangements or trust agreements. We consider such collateral arrangements, credit ratings assigned to reinsurers by A.M. Best and other historical default rate information in estimating the credit valuation allowance for reinsurance recoverables. The credit valuation allowance was $0.6 million as of March 31, 2026 and December 31, 2025.

8. Deferred acquisition costs and deferred ceding commissions

The following table presents the amounts of policy acquisition costs deferred and amortized for insurance business retained by Accelerant:

			Three Months Ended March 31,
(in millions)			2026						2025
Balance as of January 1,			$	76.9					$	60.7
Direct commissions and other acquisition costs on retained business			42.1						12.7
Amortization of deferred acquisition costs			(33.6)						(17.1)
Foreign currency translation			(0.4)						—
Balance as of March 31,			$	85.0					$	56.3

The following table presents the amounts of ceding commissions deferred and amortized:

			Three Months Ended March 31,
(in millions)			2026						2025
Balance as of January 1,			$	232.5					$	193.0
Deferral of excess ceding commission income over deferred acquisition costs			93.2						73.2
Amortization of deferred excess ceding commission to income			(80.5)						(70.7)
Foreign currency translation			2.6						(0.9)
Balance as of March 31,			$	247.8					$	194.6

We cede a significant portion of our premiums written to reinsurance companies. The ceding commissions are offset against DAC related to the insurance contracts that are subject to such reinsurance. Any excess ceding commissions over the related DAC are subject to deferral over the insurance premiums earning period.

Our contractual acquisition costs are expressed as a percentage of the underlying premiums by type of insurance policy. Certain agreements with our Members include sliding scale adjustments to acquisition cost based on the actual loss experience of the insurance contracts they write, such that our ultimate acquisition cost inversely changes relative to the loss ratio (i.e., adverse experience in the loss ratio will result in a reduction in the related acquisition cost and, conversely, any favorable experience in the loss ratio will result in an increase in the acquisition cost).

Certain of our reinsurance arrangements are subject to sliding scale adjustments based on the actual loss experience of covered insurance contracts. The contractual ceding commission amounts are expressed as a percentage of the underlying premiums by type of insurance policy. Further, the amount of ceding commissions will vary based on the volume of ceded premium and may be adjusted for changes in the loss ratio. As that loss ratio changes from the original expected contractual amount, the amount of ceding commission inversely changes (such that adverse experience in the subject loss ratio will result in a reduction in ceding commissions and, conversely, any favorable experience in the subject loss ratio will result in an increase in ceding commissions). Such changes in ceding commission will result in a change to the deferred ceding commissions liability to the extent that the underlying premiums are unearned and, conversely, will result in a direct change to income to the extent that the underlying premium has been earned. As such, the sliding scale commissions act as our substantive participation in the underlying loss experience of the underlying insurance contracts.

There were no net sliding scale commission adjustments during the three months ended March 31, 2026 and 2025.

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9. Debt

We had the following debt outstanding as of March 31, 2026 and 2025:

(in millions)			March 31, 2026						December 31, 2025
Senior unsecured debt due 2029			$	123.4					$	124.2
Less: unamortized debt issuance costs			(2.7)						(2.9)
Senior unsecured debt			$	120.7					$	121.3

We have a credit agreement that consists of senior unsecured syndicated US dollar denominated loan facility with a September 2029 maturity date, as well as a $50 million revolving credit facility (all of which was unutilized and available as of March 31, 2026). Each borrowing under the revolving credit facility may have a maturity of one, three or six months, at our election, but may not extend beyond the credit agreement’s maturity date. Such borrowings may be repaid early.

The senior unsecured debt represents an unsecured obligation and includes a delayed draw term loan ("DDTL") feature that allows us to withdraw predefined amounts. We may withdraw up to an additional $75 million upon request, subject to the agreement of the lenders.

Partial quarterly repayments of the aggregate principal amount are required until the maturity date as reflected in the table above. Interest payments on the senior notes are due at the end of each period, being a certain month or quarter during which the applicable interest rate has been reset. The interest rate is subject to a sliding scale based on our consolidated senior debt to capitalization ratio and varies between a 3.4% and 4.0% spread in addition to the Secured Overnight Financing Rate ("SOFR"). Interest is calculated based on a 360-day year of twelve 30-day months. Interest expense for the three months ended March 31, 2026 and 2025 was $2.5 million and $2.6 million, respectively.

Subject to conditions of optional prepayment, we may voluntarily prepay the senior unsecured debt at any time and from time to time, prior to the maturity date without penalty. Any prepayment, in whole or in part, shall include any accrued and unpaid interest thereon to, but excluding, the prepayment date. Any amounts we prepay may not be reborrowed.

The senior notes contain certain restrictive and maintenance covenants customary for facilities of this type, including restrictions on minimum consolidated net worth, maximum leverage levels and a minimum interest coverage ratio. As of March 31, 2026, we were in compliance with all such covenants.

10. Equity

Common shares:

We have two classes of authorized common shares with a par value of $0.0000011951862 per share.

As of both March 31, 2026 and December 31, 2025, there were 500,000,000 Class A and 140,000,000 Class B shares authorized.

The following table shows a roll forward of our common shares issued and outstanding for the three months ended March 31, 2026:

			Class A						Class B						Total
Common shares as of January 1, 2026			114,580,918						107,241,428						221,822,346
Shares converted from Class B to Class A			1,839,282						(1,839,282)						—
Shares repurchased and retired			(828,333)						—						(828,333)
Net shares issued for vested restricted stock units			381,776						—						381,776
Common shares as of March 31, 2026			115,973,643						105,402,146						221,375,789

Preference shares:

As of March 31, 2026 and December 31, 2025, there were 100,000,000 preference shares authorized and no preference shares issued and outstanding. The Board of Directors is authorized, without any action by our shareholders, to designate and issue preference shares in one or more classes and to designate the powers, preferences and rights of each class, which may be greater than the rights of our common shares.

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Share repurchase and retirement:

On March 18, 2026, the Board of Directors approved a share repurchase program with respect to our Class A common shares in an amount not to exceed $200 million in the aggregate (excluding any fees, commission, taxes or other expenses associated with such repurchases), with such purchases to be completed on or before December 31, 2028, unless earlier modified, suspended, or terminated by the Board (the “Repurchase Program”). Under the Repurchase Program, shares may be purchased from time to time, at the Company’s discretion and subject to the market conditions, share price, alternative uses for capital, our financial performance and other potential factors. These purchases may be carried out through open market purchases, accelerated share repurchase plans, negotiated private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. Shares repurchased under these programs are retired and cancelled upon repurchase. During the three months ended March 31, 2026, we repurchased and retired 828,333 common shares for $10.9 million under the "Repurchase Program", reflected as a reduction to additional paid-in-capital. In addition, we acquired 229,262 common shares related to employee tax withholding obligations associated with employee incentive plans for $2.9 million which were retired in the same period.

As of March 31, 2026, we had outstanding approval to purchase up to $189.1 million, in the aggregate, of our outstanding common share under the "Repurchase Program".

The excess of the repurchase price over the par value of the common shares was required to be reflected as a reduction to additional paid-in capital presented within our condensed consolidated statement of shareholders’ equity as we have an accumulated deficit.

11. Share-based compensation

The following table summarizes the share-based compensation and liability classified awards expense we recognized by award type for the three months ended March 31, 2026 and 2025:

									Three Months Ended March 31, 2026
(in millions)															2026						2025
Share options															$	18.0					$	2.4
Restricted stock units (1)															10.6						—
Employee share purchase plan															0.2						—
Liability-classified awards															3.3						—
Total share-based compensation expenses															$	32.1					$	2.4

(1) Amount includes $8.4 million of expense related to the acceleration of restricted stock units related to a separation agreement with a former executive. Under the terms of such separation agreement, the vesting of 442,250 previously unvested RSUs was accelerated as of the separation date, resulting in this incremental share-based compensation expense.

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Share options granted to employees

The following table summarizes the activity related to share option awards for the three months ended March 31, 2026:

			Number of Options						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value						Weighted- Average Fair Value
Outstanding as of January 1, 2026			41,778,521						$	21.43					9.1						$	—					$	7.12
Granted			—												—						—						—
Exercised			—												—						—						—
Canceled			(663,332)						19.31						—						—						—
Forfeited			(522,386)						22.09						—						—						—
Outstanding as of March 31, 2026			40,592,803												8.8						$	—					$	7.16
Options exercisable as of March 31, 2026			8,687,844												7.8						$	—					$	2.74
Options unvested as of March 31, 2026			31,904,959												9.1						$	—					$	8.37

For the three months ended March 31, 2026 and 2025, share-based compensation expense from share option awards granted was $18.0 million and $2.4 million, respectively, which is included in "General and administrative expenses" in our condensed consolidated statements of operations.

The unrecognized compensation cost related to unvested share option awards as of March 31, 2026 and December 31, 2025 was $225.5 million and $247.7 million, respectively. The weighted average remaining requisite service period as of March 31, 2026 is 1.6 years, over which period the total cost will be amortized as compensation expense within the financial statements.

Restricted stock units ("RSUs")

The following table summarizes the activity related to RSUs for the three months ended March 31, 2026:

			Number of Restricted Stock Units						Weighted-Average Grant-Date Fair Value
Unvested as of January 1, 2026			1,926,188						$	20.19
Granted			4,880,251						11.66
Vested			(514,993)						21.00
Forfeited			(402,157)						21.01
Unvested as of March 31, 2026			5,889,289						$	12.99

For the three months ended March 31, 2026, share-based compensation expense from RSUs granted was $10.6 million, which is included in "General and administrative expenses" in our condensed consolidated statements of operations.

As of March 31, 2026 and December 31, 2025, the unrecognized compensation cost related to unvested RSUs was $72.8 million and $34.9 million, respectively. The weighted average remaining requisite service period is 2.1 years, over which period the total cost will be amortized as shared-based compensation expense within the financial statements.

2025 Employee Stock Purchase Plan ("ESPP")

For the three months ended March 31, 2026, share-based compensation expense from ESPP was $0.2 million, which is included in "General and administrative expenses" in our condensed consolidated statements of operations.

Liability Classified Awards

For the three months ended March 31, 2026, the share-based compensation expense from the liability classified awards was $3.3 million, which is included in "General and administrative expenses" in our consolidated statements of operations. As of March 31, 2026, the liability balance from the liability classified awards was $12.3 million, which is included in "Accounts payable and other liabilities" within our condensed consolidated balance sheets.

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12. Earnings per share

The following table sets forth the computation of basic and diluted net earnings per common share:

									Three Months Ended March 31,
(in millions, except share and per share data)															2026						2025
Numerator:
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
Denominator:
Weighted-average common shares outstanding - basic															221,984,101						166,185,094
Effect of dilutive securities:
Dilutive common shares (1)															—						39,088,053
Weighted-average common shares outstanding - diluted															221,984,101						205,273,147
Net (loss) income attributable to Accelerant per common share:
Basic															$	(0.02)					$	0.04
Diluted															$	(0.02)					$	0.03

(1) Potential dilutive common shares consist of all of our convertible preference shares in the 2025 period and certain of our share-based compensation awards as described in Note 11. During a period of loss, the basic weighted average ordinary shares outstanding is used in the denominator of the diluted loss per ordinary share computation as the effect of including potentially dilutive securities would be anti-dilutive. The potential common shares excluded from the calculation of potential diluted shares outstanding were 46,924,377 shares and 14,744,899 shares for the three months ended March 31, 2026 and 2025, respectively.

13. Income taxes

For the three months ended March 31, 2026 and 2025, our effective tax rates were 305.0% and 49.7%, respectively. We use the estimated annual effective tax rate method for calculating our tax provision in interim periods, which reflects our best estimate of the effective tax rate expected for the full year. The effective tax rates in both periods were impacted by taxable income subject to tax in certain jurisdictions, losses incurred in zero tax rate jurisdictions and valuation allowances offsetting available carry-forward losses in certain jurisdictions.

The relationship of our income tax expense to pre-tax income (loss) is atypical because our taxable income has predominately been generated in the US, UK, Ireland, and Puerto Rico resulting in income tax expense in those jurisdictions (entities in such jurisdictions are referred to as “tax-paying entities”).

Meanwhile, we have incurred operating losses in certain zero tax rate jurisdictions (such as in our reinsurance entity in the Cayman Islands) resulting in no income tax benefit. We have also incurred pre-tax operating losses in Belgium and other jurisdictions where we have generated cumulative operating losses; however, in each of those cases, a valuation allowance has been recorded against the corresponding deferred tax assets (entities in these two types of jurisdictions are referred to as “non-tax paying entities”).

Taxable losses in one jurisdiction generally cannot be applied to offset earnings in another. In certain other jurisdictions, losses in one entity may not be used to offset taxable income generated by another entity in that same jurisdiction.

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The composition of our effective tax rates among our tax-paying and non-tax paying entities, which demonstrates the non-tax paying entities' effect on the total effective tax rate, were as follows:

						Three Months Ended March 31, 2026																		Three Months Ended March 31, 2025
(in millions)						Tax-paying entities												Non-tax paying entities						Total						Tax-paying entities						Non-tax paying entities						Total
Income (loss) before income taxes						$	19.2											$	(17.2)					$	2.0					$	49.5					$	(34.0)					$	15.5
Income tax expense						6.1												—						6.1						7.7						—						7.7
Effective tax rate						31.8		%										—						305.0		%				15.6		%				—						49.7		%

14. Other assets

Other assets consisted of the following:

(in millions)			March 31, 2026						December 31, 2025
Net deferred tax assets			$	78.3					$	77.8
Commission income receivable			47.5						45.1
Funds withheld by reinsurers			18.7						19.3
Prepaid expenses			19.4						16.4
Prepaid retrocession premium			4.2						4.4
Other			47.4						35.1
Total			$	215.5					$	198.1

15. Accounts payable and other liabilities

Accounts payable and other liabilities consisted of the following:

(in millions)			March 31, 2026						December 31, 2025
Insurance balances payable			$	400.3					$	296.5
Premium tax payables			39.8						50.9
Commission refund liabilities			44.4						45.2
Deposit liabilities			14.5						23.6
Corporation tax payable			16.4						8.7
Accrued expenses and other			144.6						168.7
Total			$	660.0					$	593.6

16. Related party transactions

For the three months ended March 31, 2025, we incurred $2.1 million of advisory fees and expenses with Altamont Capital Management LLC, an affiliate. In July 2025, we agreed to terminate the existing management services agreement with Altamont Capital Management, LL, which previously set out terms on which, among other things, we had compensated Altamont Capital Management, LLC for its services.

For the three months ended March 31, 2026 and 2025, Hadron, an Accelerant Risk Exchange Insurer majority owned by Altamont Capital Partners, an affiliate, accounted for $122.9 million and $187.7 million of Exchange Written Premium, respectively.

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17. Commitments and contingencies

Litigation

We are occasionally a party to routine contractual disputes impacting receivables, claims (re)insurance contracts or litigation incidental to our business. We do not believe that we are a party to any pending legal proceeding that is likely to have a material adverse effect on our business, financial condition, or results of operations.    

Contingencies arise in the normal conduct of our operations and are not expected to have a material effect on our financial condition or results of operations. However, adverse outcomes are possible and could negatively affect our financial condition and results of operations.

Unfunded investment commitments

As of March 31, 2026, we had unfunded commitments of $7.0 million in respect of our limited partnership investments. Refer to Note 4 for additional information.

18. Subsequent Events

Gain on investment in a TPA:

In April 2026, there was a significant observable increase in the fair value of an investment we have in a third-party claims administration business following third-party capital transactions. We participated in the capital transactions, selling approximately half our ownership interest, which generated $51.6 million of cash proceeds, and an aggregate realized gain on the sale and an unrealized gain on the portion we continue to hold of $54.5 million during the second quarter 2026.

Share repurchases:

During the period from April 1, 2026 through May 8, 2026, we repurchased and retired 3,442,673 Class A common shares for $46.8 million at an average price of $13.60 under the "Repurchase Program".

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and our results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q. This management's discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and "Risk Factors" in our 2025 Annual Report. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future.

Overview

Accelerant Holdings, together with its subsidiary companies, connects Members with Risk Capital Partners through the Accelerant Risk Exchange. We, together with our Risk Capital Partners, provide property and casualty insurance to policyholders via our network of Members, which are typically MGAs. We focus on small-to-medium sized commercial clients primarily in the US, EU, Canada and the UK.

Overview of Accelerant

We operate a data-driven risk exchange that connects selected specialty insurance underwriters (the “supply side” of our platform) with Risk Capital Partners (the “demand side” on our platform). Our Accelerant Risk Exchange reduces information asymmetries and operational barriers present in the traditional insurance value chain by leveraging proprietary technology to share actionable high-fidelity data and insights with platform participants.

The Accelerant Risk Exchange simplifies the traditional insurance value chain which is fragmented, costly, and inflexible. Legacy technology, excessive intermediation, and misaligned incentives cause data leakage, high costs, and wasted resources for participants. Our technology-powered platform addresses these issues by connecting our Members, and Risk Capital Partners, including insurers, reinsurers, and institutional investors. On the supply side of our Accelerant Risk Exchange, we deliver a full service offering to our Members that includes insights and analytics, distribution management, operational resources, and the commitment of stable underwriting capacity. Our offerings free our Members to focus on growing their businesses through their core expertise of profitable underwriting. On the demand side of our Accelerant Risk Exchange, we offer Risk Capital Partners an attractive, validated, and diversified portfolio of specialty insurance premium that may otherwise be difficult to access elsewhere. Risk Capital Partners who provide capacity through our Accelerant Risk Exchange pay us fees to source, manage, and monitor risks on their behalf that recur when the underlying policies renew.

By harnessing our proprietary technology, access to data, and industry experience, we believe we have created the preeminent marketplace of the specialty insurance industry. As of March 31, 2026, we had 296 Members (an increase of 16 Members since December 31, 2025) and 96 Risk Capital Partners on our platform. We have grown Exchange Written Premium at a 178% compounded annual growth rate since our inception. As we have matured and continued to scale our business, our annual growth rate has moderated.

Our Members (“Supply Side” of the Accelerant Risk Exchange)

The vast majority of our Members are independent third parties in which Accelerant has no ownership stake. We refer to these Members as “Independent Members.” Each Independent Member enters into a long-term contract with Accelerant where it agrees to underwrite certain types of policies through the Accelerant Risk Exchange. Generally, these contracts are five years in duration and subject to annual renewal, with Accelerant retaining a right to terminate early for performance reasons. For a large majority of the gross written premium produced by Independent Members, Accelerant has an exclusive arrangement to write such policy types with the Independent Member. Additionally, Accelerant has the right of first refusal to offer on the Accelerant Risk Exchange any new products an Independent Member may launch.

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The remaining Members consist of “Mission Members” and “Owned Members.” Mission Members are Members started within Mission Underwriters, our MGA incubation platform. With Mission Underwriters, we support entrepreneurial specialty underwriters with start-up capital and operational tools and resources to form their own MGAs that are then jointly owned by Mission Underwriters and the specialty underwriters. Our primary means of identifying such underwriters is our reliance on the Accelerant management team’s knowledge of the specialty insurance markets, which includes reliance on certain historical metrics (such as loss ratios) from their underwriting track records at reputable incumbent institutions and, generally, prospective underwriters’ reputations among the industry, leveraging our experience and tenure in the space. Such knowledge includes an awareness of high-quality underwriters in these markets. Mission Underwriters attracts specialty underwriters with its independence, turnkey back office, and equity incentivization combined with the overall Accelerant value proposition. We supplement this market awareness with arrangements with a number of specialist recruiters that seek out underwriters that match our desired profile. While our ongoing recruitment efforts will continue to be important as we grow, we do not currently expect any associated recruitment costs to increase materially over time. Mission Underwriters owns the majority of the MGAs that it helped to create, with meaningful equity shared with management teams based on the performance of their MGA. Owned Members are Members in which we either have a minority ownership interest or controlling equity interest. Typically, our investments in Owned Members take the form of an initial minority ownership interest and a contractual call option for a controlling equity ownership interest over time.

The gross premium written by Independent Members and placed through the Accelerant Risk Exchange is referred to as “Independent Premium.” The gross premium written by Mission Members and Owned Members and placed through the Accelerant Risk Exchange is referred to as “Owned Premium.” Historically, Independent Premium has comprised the large majority of Exchange Written Premium and we expect this trend to continue over time.

Members and Exchange Written Premium Detail

			Three Months Ended March 31,
			2026												2025
($ in millions)			# of Members						Exchange Written Premium						# of Members						Exchange Written Premium
Independent Members			243						$	830.4					185						$	713.9
Mission Members			35						213.9						31						173.9
Owned Members			18						94.4						16						97.4
Total			296						$	1,138.7					232						$	985.2
Exchange Premium Growth Rate									16 % (1)												69		%

(1) The year-over-year growth rate of 16% for the three months ended March 31, 2026 was suppressed relative to prior periods as it reflects our placement of certain Members into runoff. Excluding that Member, Exchange Written Premium grew by $204.1 million (or 22%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Our Risk Capital Partners (“Demand Side” of the Risk Exchange)

Currently, our Risk Capital Partners include third-party insurance companies, reinsurance companies, and institutional investors. As of March 31, 2026, 18 Accelerant Risk Exchange Insurers (an increase of five Accelerant Risk Exchange Insurers since March 31, 2025) accessed gross premium written directly from the Accelerant Risk Exchange (on a primary insurance basis) rather than via reinsurance from Accelerant Underwriting, accounting for 41% of the premium written on the Accelerant Risk Exchange for the three months ended March 31, 2026, as compared to 19% for the three months ended March 31, 2025.

We refer to gross written premium written directly on behalf of the Accelerant Risk Exchange Insurers as “Third-Party Direct Written Premium.” All premiums written by Accelerant Underwriting, including that which is ultimately reinsured to institutional investors and third-party reinsurers, is referred to as “Accelerant GWP.” We expect the premium placed with the Accelerant Risk Exchange Insurers will increase in coming years, and as a result, the contribution from Third-Party Direct Written Premium will continue to increase. This is expected to lead to less overall revenue growth in our Underwriting segment, but more direct commission income within our Exchange Services segment.

For Accelerant Underwriting, we have historically targeted reinsuring approximately 90% of our gross premium written to institutional investors and third-party reinsurers, while retaining approximately 10% of these gross premiums written. For the trailing twelve months ended March 31, 2026, Accelerant-Retained Exchange Premium represented 10% of Exchange Written Premium.

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Our Business Model

We operate our business across three reportable segments – Exchange Services, which is the core of Accelerant, as well as MGA Operations and Underwriting. Exchange Services and MGA Operations are both fee-based businesses. Underwriting captures the net ceding commission income from reinsurers and Flywheel Re and net underwriting profit from retained business that we write or assume.

•Exchange Services: The Exchange Services segment includes the revenue and expenses associated with our Accelerant Risk Exchange. The Accelerant Risk Exchange is our operating platform that incorporates all of our technology, data ingestion, and agency operations that serve the needs of our Members and Risk Capital Partners. Risk Capital Partners writing premiums directly through the Accelerant Risk Exchange pay us a fixed-percentage, volume-based fee for sourcing, managing and monitoring the business they write, which is netted by the amount the Accelerant Risk Exchange pays in performance-based commissions to Members.

•MGA Operations: This segment reports all revenue and expenses from Mission Members and Owned Members in which we have majority ownership positions. Equity method accounting is used for Owned Members in which we have a non-controlling equity ownership interest. The largest component of the segment is our investment in the 35 Mission Members as of March 31, 2026. There are 18 Owned Members as of March 31, 2026, of which nine are majority-owned and controlled by us and therefore consolidated in our financial statements.

•Underwriting: Our Underwriting segment includes all revenue and expenses associated with our Accelerant Underwriting companies (each of which solely operates through the Accelerant Risk Exchange) and reinsurance companies. We view the Underwriting segment as a strategic capability and source of operational flexibility and alignment with current and prospective Risk Capital Partners. Accelerant Underwriting earns premiums and pays losses from business sourced and retained through the Accelerant Risk Exchange. Accelerant Underwriting pays commissions to the Accelerant Risk Exchange as consideration to access this business on market-consistent terms with the Accelerant Risk Exchange Insurers. This is offset by the ceding commission we receive from several third-party reinsurers including Flywheel Re, a reinsurance sidecar, for ceding premium and losses to them. The performance of our Underwriting segment will vary with the performance of the portfolio reinsured to Risk Capital Partners. We expect the portion of the Accelerant Risk Exchange premium underwritten by Accelerant Underwriting to decrease over time, relative to other segments, as the Accelerant Risk Exchange Insurers increase in number and grow their premium written through our Accelerant Risk Exchange.

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A high-level view of our business model is included below (based on activity for the trailing twelve months ended March 31, 2026):

Notes:

(all amounts exclude general and administrative expenses)

(1) Calculated as Exchange Services direct commission income divided by Exchange Written Premium (rounded from 8.3%).

(2) Calculated as MGA Operations direct commission income and net investment income, divided by Exchange Written Premium attributable to Mission Members and Owned Members (rounded from 17.5%).

(3) Calculated as net earned premium and ceding commission income, reduced by losses and loss adjustment expenses and the amortization of DAC, plus net investment income expressed as a percentage of total Underwriting gross earned premium (rounded from 3.4%).

Key Factors that Could Affect Our Performance

Ability to Maintain and Grow Our Member Base

We believe there is a significant opportunity to attract new Members to the Accelerant Risk Exchange and grow our existing Members. This is impacted by our ability to continue to deliver a holistic and compelling value proposition. We believe that existing and prospective Members will continue to be drawn to the Accelerant Risk Exchange, and the growth of Members facilitated by our strong Member-centric service model, high value-add data and analytics capabilities, and ability to provide stable multi-year capacity.

Access to Third-Party Capital Providers to Support Members

Our future revenue growth also depends, in part, on our ability to expand our relationships with new and existing third-party capital providers to meet the growth of gross premiums sourced by our Members. We believe that the low-hazard, low-limit specialty business that we source from our Members will continue to attract these Risk Capital Partners. Since 2019, we have grown our Risk Capital Partners from two to 96 as of March 31, 2026. As of March 31, 2026, we had 18 Accelerant Risk Exchange Insurers.

Sourcing a Portfolio with Sustainable Loss Ratios

Our ability to maintain the support of Risk Capital Partners depends, in part, on maintaining an attractive ratio of gross premiums to gross losses and gross commissions that Risk Capital Partners pay to the Accelerant Risk Exchange. We believe the historic quality of the portfolio written by our Members is reflected by the gross loss ratios of 52.1% and 53.3% for the three months ended March 31, 2026 and 2025, respectively. We intend to leverage our data and analytics capability and our team of expert underwriters to continue to produce a portfolio with increasing diversification and attractive risk/return characteristics for our Risk Capital Partners.

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Investing in Technology Platform Capabilities

We continue to invest in our Accelerant Risk Exchange to add capabilities and enhance the overall user experience of the Accelerant Risk Exchange participants and deepen our analytical and underwriting insights. Our ability to successfully attract high-quality specialty underwriters and risk capital depends on our ability to continue to develop value from our technology platform. We may choose to increase our level of investment in technology from past levels to enhance the platform capabilities and our competitive position. We believe that our ability to deliver platform capabilities that our Accelerant Risk Exchange participants perceive as unique will continue in the future.

Costs of Being a Public Company

As we continue to operate as a public company, we will be required to continue to implement changes in certain aspects of our business and develop, manage, and train employees to comply with ongoing public company requirements. We have and will also continue to incur new expenses, including public reporting obligations, proxy statements, shareholder meetings, stock exchange fees, transfer agent fees, SEC and Financial Industry Regulatory Authority ("FINRA") filing fees.

Key Components of Our Results of Operations

Revenue

Ceding commission income

We cede a significant portion of the premiums written on behalf of Accelerant Underwriting to third-party reinsurance companies or institutional investors through Flywheel Re. This generates positive ceding commissions which are recorded as a reimbursement for (and reduction of) the acquisition costs related to the reinsurance portion of the ceded insurance business. Ceding commissions that are in excess of the proportionate share of the DAC of the business ceded are deferred and amortized over the same period in which the related premium is earned. The amortization of this excess ceding commission income is recorded as “Ceding commission income” in the consolidated statements of operations within revenue. Certain ceding commissions are subject to sliding scale adjustments based on the actual loss experience of covered insurance contracts, which can result in the need for us to refund previous commissions received, resulting in a reduction of income in the determined period, or conversely, result in incremental commissions and related income. These adjustments often occur well after the ceding commissions are earned based on the development of insurance liabilities. In such instances, commission adjustments are not subject to deferral and are instead recorded directly as income or loss when determined. Accordingly, in all cases, we adjust ceding commissions as of the reporting date for our best estimate of loss experience for reinsured insurance policies.

Direct commission income

Accounting treatment of direct commissions received in the Exchange Services and the MGA Operations segments depends on whether the direct commission is being paid on an intercompany basis or by a third party.

Direct commissions paid by one Accelerant entity to another (referred to as “intercompany basis”) are required to be eliminated in consolidation pursuant to generally accepted accounting principles. These include fees paid by Accelerant Underwriting to the Accelerant Risk Exchange, commissions paid by the Accelerant Risk Exchange to Mission Members and/or to Owned Members, and fees paid by third party Accelerant Risk Exchange Insurers to the Accelerant Risk Exchange on premiums which are assumed by Accelerant Underwriting. These intercompany direct commissions are recognized under “Direct commission income” in our consolidated statements of operations under the segment to which they relate and are fully recognized by the segment when the services and related performance obligations are completed.

While these intercompany basis commissions are all eliminated on a consolidated basis, we nevertheless derive a significant economic benefit from these commissions. Unlike third parties, which bear the costs of the services performed by the Accelerant Risk Exchange in the form of cash payments, we do not bear the cost of such services once fully eliminated, resulting in less commission amortization expense over the insurance policy term. This has the practical effect of increasing consolidated earnings as the corresponding premiums are earned. Direct commission income paid by third parties in the Exchange Services or MGA Operations segments on premiums that are otherwise not assumed by Accelerant Underwriting are fully recognized in the current period under “Direct commission income” in the statement of operations, to the extent that the underlying services and performance obligations to which they relate have been performed. As more business is written by the Accelerant Risk Exchange Insurers, we expect a higher proportion of direct commission income to be recognized on a consolidated basis (instead of being subject to elimination on an intercompany business basis, as discussed above).

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Net earned premiums

Net earned premiums represent the earned portion of GWP placed with Accelerant Underwriting companies, less the portion of our GWP that is ceded to third-party reinsurers under our quota share and excess of loss reinsurance agreements. Premiums are earned in proportion to the amount of insurance protection provided over the term of the insurance contract. Unearned premiums represent the portion of premiums written applicable to the unexpired term of the related policy.

Net investment income

Net investment income represents interest earned from fixed maturity securities, short-term securities and other investments. Dividends from equity securities and other investments are also included in net investment income. Interest, dividend income and amortization of fixed maturity market premiums and discounts related to these securities are recorded in net investment income, net of investment management and custody fees. The principal factors that influence net investment income are the size of our investment portfolio and the yield on that portfolio.

We have certain unconsolidated investments within our MGA Operations segment and we account for these investments under the equity method, whereby we record our proportionate share of income or loss from such investments within net investment income (or the measurement alternative accounted for at fair value based on observable price changes or impairment whereby such amount is included in net unrealized gains or losses on investments). Any decline in value of equity method investments considered by management to be other than temporary is charged to income in the period in which it is determined.

Net realized and unrealized gains (losses) on investments

Our equity securities primarily consist of interests in investment funds that primarily invest in debt securities. The equity securities are measured at fair value with changes in fair value recognized in net realized and unrealized gains (losses) on investments. Realized gains and losses on disposition of investments are based on specific identification of investments sold.

We hold other investments such as limited partnership and private equity investments in operating entities whereby we elected the measurement alternative to carry such investments at cost, less any impairment and to mark to fair value when observable prices in identical or similar investments from the same issuer occur with changes in fair value recognized in net unrealized gains on investments.

Expenses

Losses and LAE

The reserves for losses and LAE include estimates for unpaid claims and claim expenses on reported losses as well as estimates of losses incurred but not reported (“IBNR”), net of reinsurance. These reserves represent our best estimates of the unpaid portion of ultimate costs of all reported and unreported losses incurred through the balance sheet date, and these estimates are based upon the assumption that past developments are an appropriate indicator of future events, among other factors. The reserves are based on individual claims, case reserves and other estimates reported, as well as actuarial estimates of ultimate losses.

Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Ultimate losses are estimates and may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly. As experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in our consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. The unpaid losses and LAE are presented on an undiscounted basis.

Amortization of deferred acquisition costs

Policy acquisition costs represent the costs directly related to the successful acquisition of new and renewal insurance contracts. The costs are deferred and amortized over the same period in which the related premiums are earned. These costs principally consist of commissions, fees, brokerage, premium tax expenses, and direct agency costs. The amounts presented within the consolidated balance sheets pertain to the DAC associated with the retained portion of insurance policies we issue, as the acquisition costs associated with the ceded portion of the insurance policies are offset by ceding commissions received from our reinsurance providers. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income, including investment income. Unrecoverable deferred policy acquisition costs, if any, are expensed in the period identified.

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General and administrative expenses

General and administrative expenses primarily consist of salaries, employee benefits and other general operating expenses that are expensed as incurred, and share-based compensation expenses. Generally, we expect our distribution, underwriting, and claims operating expenses to be most closely tied to growth of our membership and our Accelerant Risk Exchange premium volume. However, these and other functions within the Accelerant Risk Exchange (including costs of supporting the development of the Accelerant Risk Exchange), and our other segments have large, fixed-cost components that we believe will increase operating leverage as gross premiums continue to grow. Share-based compensation expenses represent amortization of the grant date fair value of equity awards granted to employees and directors, including restricted stock units, stock options, and other awards that can settle in cash or the common shares, over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. The portion of the awards that settle in our common shares are non-cash in nature. We expect share-based compensation expenses to fluctuate over time in connection with new equity grants, changes in our workforce, and the overall structure of our long-term incentive programs.

Interest expenses

Interest expenses primarily relate to amounts paid on our debt financing obligations, including amortized debt issuance costs.

Depreciation and amortization

Depreciation and amortization expenses primarily relate to amortization of capitalized technology development costs, as well as amortization of intangible assets associated with acquisitions of businesses (including our investments in Owned Members).

Profits interest distribution expenses

Profits interest distribution expenses consist of non-cash expenses related to the settlement of all outstanding profits interest awards through the distribution of 65,270,453 of our Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested upon the July 2025 IPO. The ultimate settlement of the profit interest awards was equity neutral as the contribution of the shares to officers and employees was reflected as a capital contribution to us by Accelerant Holdings LP in an equal and offsetting amount to the associated non-cash expense.

Other expenses

Other expenses represent 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, as well as Mission profit sharing expenses.

Income tax expense and deferred tax assets and liabilities

The provision for income tax consists of current and deferred tax expense. The calculation of current and deferred tax expense is based on tax rates and tax laws which have been enacted in the reporting period. Deferred tax assets and liabilities, result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of assets and liabilities used in the various jurisdictional tax returns.

As of March 31, 2026, we had net deferred tax assets of $78.3 million and also apply valuation allowances to certain of our deferred tax assets of unutilized net operating losses (“NOLs”) and other basis differences in jurisdictions that have generated cumulative losses.

Key Operating and Financial Metrics

We regularly review key operating and financial metrics to evaluate our business, measure our performance, identify trends in our business, prepare financial projections and make strategic decisions. Our key operating and financial metrics include operational, GAAP and non-GAAP financial measures which are useful in evaluating our performance and our GAAP financial results discussed below.

As further discussed in “Segment Information — Consolidation and Elimination Adjustments” our consolidated results are subject to consolidation and elimination adjustments with respect to transactions among the businesses within our segments, notably between the Accelerant Risk Exchange and Accelerant-owned insurance companies. We view the Adjusted EBITDA generated by our segments as representative of the economics that each would generate if they were independent companies and if the intersegment transactions were with third parties.

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									Three Months Ended March 31,
(in millions, unless indicated)															2026						2025
Number of members															296						232
Net revenue retention															116		%				157		%
Exchange written premium(2)															$	1,138.7					$	985.2
Accelerant direct written premium(2)															59		%				81		%
Third-party direct written premium(2)															41		%				19		%
Accelerant-retained exchange premium(2)															10		%				8		%
Exchange written premium growth rate(2)															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

(1) Refer to “—Reconciliation of Non-GAAP financial measures” section for details on how non-GAAP measures are defined and reconciled to GAAP measures.

(2) See the definitions of Exchange Written Premium, Accelerant Direct Written Premium, Third-Party Direct Written Premium, Accelerant-Retained Exchange Premium, and Exchange Written Premium Growth Rate below for explanation of calculations and metrics.

Number of Members

We define the number of Members as those under contract with our Accelerant Risk Exchange as of the period end date. We view the number of Members as an important metric to assess our financial performance because Member growth drives our revenue from fees, commissions, and net retained premiums; expands brand awareness and our market penetration; and generates additional data to continue to attract more risk capital and accelerate the compounding momentum of our platform.

As of March 31, 2026, we had 296 Members. Our Members wrote $1.14 billion of Exchange Written Premium for the three months ended March 31, 2026. This compares to Exchange Written Premium of $985.2 million for the three months ended March 31, 2025, representing a 16% increase. Of our 296 Members, 35 are Mission Members, 18 are Owned Members, and 243 are Independent Members. Of the $1.14 billion in Exchange Written Premium for the three months ended March 31, 2026, 59% was written by Accelerant Underwriting as Accelerant Direct Written Premium and 41% was written by our 18 Risk Exchange Insurers as Third-Party Direct Written Premium.

Number of MGA Operations Members

We define the number of MGA Operations members as the number of Mission Members and Owned Members under contract with the Accelerant Risk Exchange as of the period end date.

Net Revenue Retention

We define Net Revenue Retention, expressed as a percentage, as the current period’s Exchange Written Premium for Members that were actively writing Exchange Written Premium in the comparable period divided by these same Members’ prior-period Exchange Written Premium. This measure demonstrates an aggregate measure of the net growth of Exchange Written Premium from previously onboarded Members.

Exchange Written Premium

We define Exchange Written Premium as the total GWP written through the Accelerant Risk Exchange, including both gross premiums written on behalf of Accelerant Underwriting and written directly on behalf of Accelerant Risk Exchange Insurers.

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Accelerant Direct Written Premium

We define Accelerant Direct Written Premium, expressed as a percentage of Exchange Written Premium, as the GWP written directly by Accelerant Underwriting, the majority of which we cede directly to Risk Capital Partners through our reinsurance arrangements.

Third-Party Direct Written Premium

We define Third-Party Direct Written Premium, expressed as a percentage of Exchange Written Premium, as the GWP written directly with our Accelerant Risk Exchange Insurers.

Accelerant-Retained Exchange Premium

We define Accelerant-Retained Exchange Premium, expressed as a percentage, as Accelerant GWP net of ceded written premium for the trailing twelve-month period, divided by total Exchange Written Premium for the trailing twelve-month period. This represents the percentage of total Exchange Written Premium that Accelerant-owned insurance companies retain relative to total written premiums. We expect this retained portion of Exchange Written Premium in the aggregate to decrease over time as Exchange Written Premium is increasingly written with existing and new Accelerant Risk Exchange Insurers.

Exchange Written Premium Growth Rate

We define Exchange Written Premium Growth Rate, expressed as a percentage, as the increase in Exchange Written Premium in the current period compared to Exchange Written Premium from the comparable period in the prior year period. It is calculated as the difference between the current period's Exchange Written Premium and the comparable prior period's Exchange Written Premium, divided by the Exchange Written Premium of the prior period. This metric provides insight into the growth trajectory of our premium volumes generated through our Accelerant Risk Exchange and serves as a key indicator of business expansion, Member acquisition, and existing Member growth.

Total Revenues

Total revenues consist of the following items: ceding commission income; direct commission income; net earned premiums; net investment income; net realized and unrealized gains (losses) on investments.

Gross Loss Ratio

Gross loss ratio is calculated as gross incurred losses and loss adjustment expense divided by gross earned premium, expressed as a percentage. Gross loss ratio excludes the impact of premium and loss and loss adjustment expense ceded to reinsurers. Gross loss ratio represents the percentage of gross premium earned during the period that will be required to pay current and future claims, based on management’s best estimates.

Reconciliation of Non-GAAP financial measures

In assessing the performance of our business, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are non-GAAP financial measures under SEC rules and regulations. U.S. GAAP is an acronym for generally accepted accounting principles in the United States. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.

We use the non-GAAP financial measures because we believe they enhance the understanding of the underlying profitability of operations and trends of our segments. We believe they also allow for more meaningful comparisons with our insurance competitors. Such measures exclude certain items that are related to our non-core business operations, unusual or nonrecurring items 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. 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:

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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 GAAP net income (loss) excluding the impact of the following items:

i.net realized and unrealized gains (losses) on investments;

ii.other expenses;

iii.non-recurring profits interest distribution expenses resulting from the IPO;

iv.share-based compensation expenses included within general and administrative expenses;

v.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 excluding 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.

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The following table provides a reconciliation of net (loss) income to Adjusted net income (loss), Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2026 and 2025:

									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 (1)															32.1						2.4
Other expenses (2)															17.7						11.8
Tax effect of adjustments to net (loss) income (3)															(7.9)						(0.7)
Adjusted net income (loss)															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															$	66.1					$	38.8
Total revenues															273.3						178.0
Less: net realized and unrealized gains on investments															(0.1)						(4.0)
Operating revenues															273.2						174.0
Adjusted EBITDA margin															24		%				22		%

(1) Share-based compensation expenses are included in "General and administrative" expenses in our condensed consolidated Statement of Operations.

(2) Other expenses for the three months ended March 31, 2026 and 2025 consisted of the following:

									Three Months Ended March 31,
(in millions)															2026						2025
System development non-operating costs															$	7.3					$	4.6
Professional costs related to corporate development and capital raise activities															4.0						3.6
Mission profit sharing expenses															3.7						1.6
Individually insignificant costs															2.7						2.0
Total other expenses															$	17.7					$	11.8

(3) The tax effect of other expenses adjustments to net income (loss) for each period presented were calculated using the applicable statutory tax rates for each of our legal entities where such revenues were earned and expenses 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 revenues were earned and expenses incurred in each year.

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Condensed Consolidated Results of Operations

The following tables reflect our consolidated results of operations for the three months ended March 31, 2026 and 2025 in the format that we use to analyze our financial performance. This information is derived from our interim condensed consolidated financial statements prepared in accordance with GAAP and included elsewhere in this Quarterly Report on Form 10-Q.

Comparison of the Three Months Ended March 31, 2026 and 2025

Accelerant Holdings
Consolidated Statements of Operations Summary
									Three Months Ended March 31,
(in millions)															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 (1)															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

(1) General and administrative expenses include share-based compensation expenses of $32.1 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively.

Comparison of the Three Months Ended March 31, 2026 and 2025

Ceding Commission Income

Ceding commission income of $80.5 million for the three months ended March 31, 2026 increased $9.8 million (or 13.9%) from the prior year comparable period of $70.7 million due to the continued growth in our gross earned premium base and the amount ceded to reinsurers. There were no net sliding scale commission adjustments during the three months ended March 31, 2026 and 2025.

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The following table presents the amounts of ceding commissions deferred and amortized for the three months ended March 31, 2026 and 2025:

			Three Months Ended March 31,
(in millions)			2026						2025
Balance as of January 1,			$	232.5					$	193.0
Deferral of excess ceding commission income over deferred acquisition costs			93.2						73.2
Amortization of deferred excess ceding commissions to income			(80.5)						(70.7)
Foreign currency translation			2.6						(0.9)
Balance as of March 31,			$	247.8					$	194.6

The amortization of the excess deferred ceding commissions is recorded as “Ceding commission income” in our consolidated statements of operations.

Direct Commission Income

Direct commission income of $50.8 million for the three months ended March 31, 2026 increased $22.7 million (or 80.8%) from the prior year comparable period of $28.1 million, primarily driven by commissions from third-party insurers and increased volume in our Exchange Services and MGA Operations segments on business written with unaffiliated entities.

Additionally, the amount of our business between Accelerant-affiliated entities (including from Underwriting to Exchange Services and Exchange Services to MGA Operations) increased year-over-year. However, all transactions between affiliated entities are fully eliminated in our consolidated results of operations. A discussion of the impact of consolidation and elimination adjustments is further discussed below under “— Segment Information — Consolidation and Elimination Adjustments.”

Net Earned Premium

Accelerant direct and assumed GWP of $843.9 million for the three months ended March 31, 2026 decreased $30.1 million (or 3.4%) from the prior year of $874.0 million. The decrease was driven by the increase in premiums written with third-party Accelerant Risk Exchange Insurers instead of by Accelerant Underwriting, partially offset by new and existing Member growth. Since March 31, 2025, we have added 64 new Members, bringing the total number of Members to 296 as of March 31, 2026. This Member growth was driven by our continued expansion across all of our markets.

Net written premium of $150.7 million for the three months ended March 31, 2026 increased $78.3 million (or 108.1%) from $72.4 million in the prior year comparable period. The increase, despite the aforementioned decrease in GWP, is related to our increased net retention (17.9% for the three months ended March 31, 2026 compared to 8.3% for the prior year comparable period). The increased retention compared to the prior year comparable period, as well as our targeted retention levels of 10%, was primarily due to the effect of a commutation entered into with one of our Risk Capital Partners, growth in our UK business which has higher retention rates due to regulatory requirements, and the impact of certain reinsurance reinstatement premiums (which reduce earned premiums) in the first quarter of 2025.

Net earned premiums of $129.8 million for the three months ended March 31, 2026 increased $66.8 million (or 106.0%) from $63.0 million in the prior year comparable period as a result of the earn-through of increased net written premium occurring over the last year consistent with that described for the most recent three-month period above.

The table below shows the amount of premiums written on a gross and net basis, as well as net earned premiums for the three months ended March 31, 2026 and 2025:

									Three Months Ended March 31,
(in millions)															2026						2025
Gross written premiums															$	843.9					$	874.0
Ceded written premiums															(693.2)						(801.6)
Net written premiums															$	150.7					$	72.4
Net earned premiums															$	129.8					$	63.0

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Net Investment Income

Net investment income of $12.1 million for the three months ended March 31, 2026 decreased $0.1 million (or 0.8%) from $12.2 million in the prior year comparable period. The relatively flat performance was driven by a lower rate of return from the mix of cash and investments as offset by the increase in total average cash and investments for the three months ended March 31, 2026 of $2.52 billion compared to $1.99 billion for the three months ended March 31, 2025.

Refer to Note 4 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

Net Realized Gains on Investments

Net realized gains on investments of $0.1 million for the three months ended March 31, 2026 compared to $2.3 million in the prior year comparable period. The 2025 net realized gains on investments included a $2.0 million revaluation gain on an equity method investee as part of a step acquisition.

Refer to Note 4 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

Net Unrealized Gains on Investments

There were no net unrealized gains on investments for the three months ended March 31, 2026 compared to net unrealized gains on investments of $1.7 million in the prior year comparable period related to a gain on a TPA investment.

Refer to Note 4 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

Loss and Loss Adjustment Expenses

Net losses and LAE of $81.8 million for the three months ended March 31, 2026 increased $36.6 million (or 81.0%) compared to $45.2 million in the prior year comparable period. This increase was driven primarily by growth in our net earned premium base.

Gross incurred losses and LAE of $407.3 million for the three months ended March 31, 2026 increased by $24.5 million (or 6.4%) compared to the prior year comparable period of $382.8 million, while ceded losses and LAE of $325.5 million for the three months ended March 31, 2026 decreased $12.1 million (or (3.6)%) compared to the prior year comparable period of $337.6 million under our external reinsurance program.

Our net loss ratios of 63.0% and 71.7% differ from the gross loss ratios of 52.1% and 53.3% for the three months ended March 31, 2026 and 2025, respectively, primarily due to decisions that we make regarding the amount of excess of loss reinsurance secured (since this will reduce the amount of retained premiums we have). The decision to engage such reinsurance, which, in most cases, inures to the benefit of our Risk Capital Partners, supports our management of downside risk to large losses within our financial statements.

See “Segment Information—Comparison of the three months ended March 31, 2026 and 2025—Underwriting” below for further information regarding our loss and loss adjustment expenses.

The table below reflects our net loss ratio for the three months ended March 31, 2026 and 2025:

									Three Months Ended March 31,
(in millions)															2026						2025
Gross incurred loss and LAE															$	407.3					$	382.8
Ceded incurred loss and LAE															(325.5)						(337.6)
Net incurred loss and LAE															$	81.8					$	45.2
Net loss ratio															63.0		%				71.7		%

Amortization of Deferred Acquisition Costs

Amortization of DAC of $33.6 million for the three months ended March 31, 2026 increased by $16.5 million (or 96.5%) compared to $17.1 million in the prior year comparable period due to growth in our business and increase in our retention rate of net earned premiums.

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The following table presents the amounts of acquisition costs deferred and amortized for insurance business retained by us for the three months ended March 31, 2026 and 2025:

			Three Months Ended March 31,
(in millions)			2026						2025
Balance as of January 1,			$	76.9					$	60.7
Direct commissions and other acquisition costs on retained business			42.1						12.7
Amortization of deferred acquisition costs			(33.6)						(17.1)
Foreign currency translation losses			(0.4)						—
Balance as of March 31,			$	85.0					$	56.3

General and Administrative Expenses

General and administrative expenses of $123.8 million for the three months ended March 31, 2026 increased $48.5 million (or 64.4%) compared to $75.3 million in the prior year comparable period, although as noted below, when excluding the share-based compensation expenses, the increase was 25.8% which was lower than the 53.5% increase in total revenues.

The increase in general and administrative expenses was primarily attributable to increases in employee compensation and benefits, driven by growth in headcount to support our growth across all markets, share-based compensation expenses, consisting of equity grants awarded prior to, in conjunction with, and subsequent to the IPO, and consulting and professional fees.

The following table presents the components of general and administrative expenses for the three months ended March 31, 2026 and 2025:

									Three Months Ended March 31,
(in millions)															2026						2025
Employee compensation and benefits															$	67.9					$	48.7
Consulting and professional fees															17.1						13.2
Share-based compensation expenses															32.1						2.4
Other administrative expenses, net															6.7						11.0
Total general and administrative expenses															$	123.8					$	75.3

Interest Expenses

Interest expenses of $2.5 million for the three months ended March 31, 2026 decreased $0.1 million (or 3.8%) compared to $2.6 million in the prior year comparable period. The decline was driven primarily by lower interest rates year-over-year.

Depreciation & Amortization

Depreciation and amortization expenses of $10.0 million for the three months ended March 31, 2026 increased $2.6 million (or 35.1%) compared to $7.4 million in the prior year comparable period driven primarily by increased amortization of a larger balance of capitalized information technology development costs.

Net Foreign Exchange (Gains) Losses

For the three months ended March 31, 2026 and 2025, we recognized net foreign exchange losses of $1.9 million and $3.1 million, respectively. Transactions in currencies other than the functional currency of our various international-based subsidiary companies are remeasured into their 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 subsidiary companies 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.

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For the three months ended March 31, 2026 and 2025, foreign exchange losses of $2.8 million and gains of $2.5 million were recognized in other comprehensive income related to foreign currency translation adjustments, respectively. Also included were $1.1 million of losses and $2.5 million of gains for the three months ended March 31, 2026 and 2025, respectively, related to foreign exchange impacts related to unrealized gains (losses) on fixed maturity securities.

See "Foreign Exchange Currency Risk" below for further information regarding how we mitigate risks resulting from foreign exchange currency fluctuations.

Other Expenses

Other expenses of $17.7 million for the three months ended March 31, 2026 increased $5.9 million (or 50.0%) compared to $11.8 million in the prior year comparable period. The increase was driven primarily by a $2.7 million increase in system development non-operating expenses driven by costs associated with supporting the development and implementation of our integrated reinsurance and accounting system and a $2.1 million increase in Mission profit sharing expenses. Mission's profit sharing and award programs are a central part of our strategy to create long-term alignment with both Member series heads and key members of Mission's management team through performance-based incentives. Mission's business continues to perform well beyond our expectations and we view the issuance of such awards to represent significant long-term value for Accelerant.

We also experienced increases in professional costs related to corporate development activities of $0.4 million and in other individually insignificant expenses of $0.7 million.

									Three Months Ended March 31,
(in millions)															2026						2025
System development non-operating costs															$	7.3					$	4.6
Professional costs related to corporate development and capital raise activities															4.0						3.6
Mission profit sharing expenses															3.7						1.6
Individually insignificant costs															2.7						2.0
Total other expenses															$	17.7					$	11.8

Income Tax Expense

Income tax expense was $6.1 million for the three months ended March 31, 2026 compared to $7.7 million in the prior year comparable period. Our consolidated effective tax rates (“ETRs”) were 305.0% and 49.7%, respectively for the three months ended March 31, 2026 and 2025.

The comparability of our income tax expense and corresponding ETR to prior years was significantly impacted by our March 2025 change in the Accelerant Holdings and certain intermediary holding companies (together, the "Holding Companies") tax residency from the Cayman Islands to the UK, following approval of our Board of Directors. Upon becoming UK tax residents, the Holding Companies benefitted from operational efficiencies including, but not limited to, lower withholding tax rates applicable to dividend distributions from certain US subsidiaries under the US-UK tax treaty. In addition, the aggregate income (loss) of the Holding Companies became subject to UK income tax effective as of the March 2025 date of change to UK tax residency. The Holding Companies income or losses generate UK tax expense or tax benefits (to the extent that there is current or projected taxable income available in our UK operations).

In addition, and notably in periods prior to March 2025, the comparability of our tax expense and ETRs was challenged due to the mix of taxable income subject to tax in certain jurisdictions, losses incurred in zero tax rate jurisdictions and valuation allowances offsetting available carry-forward losses in certain jurisdictions. The relationship of our income tax expense to pre-tax income (loss) is atypical because our taxable income has predominately been generated in the US, UK, Ireland, and Puerto Rico resulting in income tax expense in those jurisdictions (entities in such jurisdictions are referred to as “tax-paying entities”).

Meanwhile, we have incurred operating losses in zero tax rate jurisdictions (such as in our corporate and reinsurance entities in the Cayman Islands resulting in no income tax benefit. We have also incurred pre-tax operating losses in Belgium and other jurisdictions where we have generated cumulative operating losses; however, in each of those cases, a valuation allowance has been recorded against the corresponding deferred tax assets (entities in these two types of jurisdictions are referred to as “non-tax paying entities”).

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Taxable losses in one jurisdiction generally cannot be applied to offset earnings in another. In certain other jurisdictions, losses in one entity may not be used to offset taxable income generated by another entity in that same jurisdiction.

The composition of our ETRs among our tax-paying and non-tax paying entities, which demonstrates the non-tax paying entities' effect on the total ETR, for the three months ended March 31, 2026 and 2025 were as follows:

						Three Months Ended March 31, 2026																		Three Months Ended March 31, 2025
(in millions)						Tax-paying entities												Non-tax paying entities						Total						Tax-paying entities						Non-tax paying entities						Total
Income (loss) before income taxes						$	19.2											$	(17.2)					$	2.0					$	49.5					$	(34.0)					$	15.5
Income tax expense						6.1												—						6.1						7.7						—						7.7
Effective tax rate						31.8		%										—						305.0		%				15.6		%				—						49.7		%

The ETRs in tax-paying entities for the periods ended March 31, 2026 and 2025 were 31.8% and 15.6%, respectively. The increase reflects the inclusion of certain post-IPO executive compensation related non-deductible expenses for the three months ended March 31, 2026 along with certain discrete items triggered by the establishment of a new foreign subsidiary during the three months ended March 31, 2026.

Enactment of new US tax legislation

On July 4, 2025, the US enacted the budget reconciliation package H.R.1, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"), which includes a number of income tax provisions, among others. We are still analyzing any potential impact of the tax provisions in the OBBBA, but we do not expect these provisions to have a material impact on our results from operations.

Segment Information

We have three reportable segments, which align to the nature of the services we offer:

•Exchange Services – Our Exchange Services segment includes the fees paid by the Accelerant Risk Exchange Insurers and Accelerant Underwriting for sourcing, managing and monitoring the portfolio of business written by Members reduced by the expenses associated with providing these services.

•MGA Operations – Our MGA Operations segment includes the fees earned by Mission Members and Owned Members, predominantly for originating and underwriting a portfolio of insurance policies, reduced by the expenses associated with providing those services.

•Underwriting – Our Underwriting segment includes the revenue from net earned premium, investment income and the ceding commission paid to us by our third-party reinsurers and institutional investors, reduced by net incurred losses, the amortization of DAC and the general and administrative costs of operating our insurance and reinsurance companies.

Corporate functions, including holding company expenses, are included in Corporate and Other and our consolidation and eliminations adjustments for intersegment activity are shown separately from our reportable segments.

We consider the segment presentations of our Exchange Services, MGA Operations and Underwriting segments prior to elimination to be the best way to evaluate our business and how these business components would be presented if they were standalone operations. Such presentation is also representative of the results that would be generated from third parties as we build additional third-party insurance relationships through our Accelerant Risk Exchange.

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The following includes the financial results of our three reportable segments for the three months ended March 31, 2026 and 2025. Corporate functions and certain other businesses and operations are included in Corporate and Other.

			Three Months Ended March 31, 2026
(in millions)			Exchange Services						MGA Operations						Underwriting						Total Segments						Corporate and Other (1)						Consolidation and elimination adjustments						Total
Revenues
Ceding commission income (2)			$	—					$	—					$	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 (3) (4) (5)			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 (5)																																							(32.1)
Interest expenses																																							(2.5)
Depreciation and amortization																																							(10.0)
Net foreign exchange losses																																							(1.9)
Other expenses (6)																																							(17.7)
Income before income taxes																																							$	2.0

(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.

(2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

(3) General and administrative expenses is comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:

(in millions)			Exchange Services						MGA Operations						Underwriting						Total
Employee compensation and benefits			$	24.2					$	26.1					$	5.1					$	55.4
Consulting and professional fees			4.9						3.5						4.3						12.7
Other administrative expenses			3.6						7.7						2.3						13.6
Total general and administrative expenses			$	32.7					$	37.3					$	11.7					$	81.7

(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by adjustments as components of the other consolidation and elimination adjustments.

(5) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and excluded from the segment presentation above).

(6) Other expenses for the three months ended March 31, 2026 consist of $7.3 million of system development non-operating expenses, $4.0 million of professional costs related to corporate development, $3.7 million of Mission profits sharing expense and $2.7 million of individually insignificant costs.

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			Three Months Ended March 31, 2025
(in millions)			Exchange Services						MGA Operations						Underwriting						Total Segments						Corporate and Other (1)						Consolidation and elimination adjustments						Total
Revenues
Ceding commission income (2)			$	—					$	—					$	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 (3) (4) (5)			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 (5)																																							(2.4)
Interest expenses																																							(2.6)
Depreciation and amortization																																							(7.4)
Net foreign exchange losses																																							(3.1)
Other expenses (6)																																							(11.8)
Income before income taxes																																							$	15.5

(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.

(2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

(3) General and administrative expenses is comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:

(in millions)			Exchange Services						MGA Operations						Underwriting						Total
Employee compensation and benefits			$	15.9					$	21.3					$	6.2					$	43.4
Consulting and professional fees			3.6						3.3						2.6						9.5
Other administrative expenses			4.3						6.6						2.7						13.6
Total general and administrative expenses			$	23.8					$	31.2					$	11.5					$	66.5

(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by adjustments as components of the other consolidation and elimination adjustments.

(5) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and excluded from the segment presentation above).

(6) Other expenses for the three months ended March 31, 2025 consists of $4.6 million of system development non-operating costs, $3.6 million of professional costs related to corporate development, $1.6 million of Mission profits sharing expense, and $2.0 million of individually insignificant costs.

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Comparison of the Three Months Ended March 31, 2026 and 2025

Exchange Services

As noted above, our segment results are presented prior to elimination and, as such, a portion of Exchange Services direct commission income revenue was generated from transactions with Accelerant Underwriting, which is eliminated upon consolidation. Additionally, a portion of Exchange Services revenue is generated by activity with MGA Operations that is also eliminated upon consolidation, as further described below. The percentage of direct commission income from unaffiliated third parties continues to grow and was 27% of total direct commission income for the three months ended March 31, 2026, an increase from 16% for the three months ended March 31, 2025.

Exchange Services revenue grew by $29.2 million (or 41%) to $100.0 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. This growth is driven primarily by increases in direct commission income, supported by an increase in Members from 232 at March 31, 2025 to 296 at March 31, 2026 and Net Revenue Retention of 116% among continuing Members. As a result, Exchange Written Premium increased to $1.14 billion for the three months ended March 31, 2026 (from $985.2 million for the three months ended March 31, 2025).

Third-Party Direct Written Premium from our 18 Risk Exchange Insurers comprised 41% of total direct written premium for the three months ended March 31, 2026, an increase from 19% for the three months ended March 31, 2025. The year-over-year acceleration in Third-Party Direct Written Premium was driven primarily by the increased volume from the Accelerant Risk Exchange Insurers onboarded during 2025. Commission income is recognized in accordance with written premium when the performance obligations underlying the services have been satisfied. The increase in direct commission income from affiliated entities accounted for $13.7 million of the year-over-year growth in segment operating revenues for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Hadron, one of our Accelerant Risk Exchange Insurers which is primarily owned by Altamont Capital Partners, accounted for $122.9 million and $187.7 million of Exchange Written Premium during the three months ended March 31, 2026 and 2025, respectively. As other third-party insurers increase their participation on the Accelerant Risk Exchange, Hadron's share of Third-Party Direct Written Premium has declined throughout 2025 from 67% at March 31, 2025, to 58% at June 30, 2025, 54% at September 30, 2025, 47% at December 31, 2025, and 41% at March 31, 2026.

General and administrative expenses for the segment increased to $32.7 million for the three months ended March 31, 2026, over the prior year comparable period of $23.8 million, representing a 37% increase. These increases were largely driven by the expansion and scaling to support the growth of the Accelerant Risk Exchange, whereby revenues grew 41% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

We added to the talent and headcount of our data science, product and technology teams to expand our platform offering. We expect that these expenses will not vary directly with the size of the Exchange Written Premium once we have built the desired capabilities. We also added to our distribution, underwriting and claims teams, which are expected to grow more in line with the overall number of Members or size of the portfolio.

Adjusted EBITDA of $67.3 million for three months ended March 31, 2026 increased $20.3 million, or 43%, compared to the three months ended March 31, 2025. This growth was driven by increased Exchange Written Premium volumes which grew by $153.5 million, or 16%, for the three months ended March 31, 2026, driven by stable underlying margins and the aforementioned ramping of the Accelerant Risk Exchange Insurers onboarded during 2025, partially offset by higher year-over-year Member profit commission accruals, along with the increase in expenses noted above.

The year-over-year growth rate of 16% for the three months ended March 31, 2026 was suppressed relative to prior periods as it reflects our placement of certain Members into runoff. Specifically, at the end of the second quarter of 2025, we put a Member with below-average unit economics that had historically written $50 million to $55 million of premium per quarter on the Accelerant Risk Exchange into runoff. Excluding that Member, Exchange Written Premium grew by $204.1 million (or 22%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

The Adjusted EBITDA margin was 67% for the three months ended March 31, 2026, an increase from 66% in the prior period. This increase was driven primarily by increased direct commission income, partially offset by operating expenses.

MGA Operations

As noted above, our segment results are presented prior to elimination and, as such, a portion of MGA Operations direct commission income revenue was generated from transactions between Accelerant-affiliated entities, which are eliminated upon consolidation. MGA Operations direct commission income from third parties has been increasing and accounted for 46% of the segment's direct commission income for the three months ended March 31, 2026 compared to 35% for the three months ended March 31, 2025.

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MGA Operations revenue grew by $4.8 million to $54.1 million for the three months ended March 31, 2026, primarily by growth in direct commission income (an increase of $4.8 million from the three months ended March 31, 2025). As of March 31, 2026, we had 53 total Members in MGA Operations consisting of 18 Owned Members and 35 Mission Members. Direct commission income is recognized in accordance with written premium when the performance obligations underlying the services have been satisfied.

MGA Operations Adjusted EBITDA of $16.8 million for the three months ended March 31, 2026 decreased $1.3 million compared to the three months ended March 31, 2025, driven primarily by an increase of $6.1 million in general and administrative expense to support the growth of the segment, partially offset by the aforementioned increased in direct commission income of $4.8 million.

For the three months ended March 31, 2026, general and administrative expenses increased by $6.1 million to $37.3 million compared to the prior year, which was driven by the continued investment in Mission Underwriters. Specifically, Mission contributed $3.9 million of the year-over-year increase from the three months ended March 31, 2025, while Owned MGAs contributed $2.3 million of the increase, primarily due to investments in newly acquired owned MGAs.

Adjusted EBITDA margin for the segment decreased to 31% for the three months ended March 31, 2026, down from 37% for the three months ended March 31, 2025, driven by higher general and administrative expenses as the segment continues to scale its operations, partially offset by increased direct commission income.

Underwriting

The Underwriting segment generated revenues of $149.0 million for the three months ended March 31, 2026, representing growth of 62%, compared to revenues of $92.2 million for the three months ended March 31, 2025.

For the three months ended March 31, 2026, net earned premium increased by $66.8 million to $129.8 million due to our gross earned premium growth over the preceding year, partially offset by a decrease of $9.2 million in ceding commission income compared to the three months ended March 31, 2025.

The gross loss ratio on the gross premiums earned was 52.1% for the three months ended March 31, 2026 compared to 53.3% for the three months ended March 31, 2025. The corresponding net loss ratios (after impacts of our reinsurance programs) were 63.0% for the three months ended March 31, 2026, compared to 71.7% for the three months ended March 31, 2025. Our net loss ratio differs from the gross loss ratio due to decisions that we make regarding the amount of excess of loss reinsurance secured (since this will reduce the amount of retained premiums we have). The decision to engage such reinsurance, which, in most cases, inures to the benefit of our Risk Capital Partners, supports our management of downside risk to large losses within our financial statements. While the cost of the excess of loss reinsurance that we incur is reflected in our earned premiums, any reimbursements for such excess of loss reinsurance in the form of the ceding commissions we receive from Risk Capital Partners are not reflected in either our gross or net loss ratio.

The components of our Underwriting segment gross and net loss ratios are set forth in the tables below for the three months ended March 31, 2026 and 2025:

			Three Months Ended March 31, 2026
(in millions)			Gross						Ceded - Quota Share						Ceded - Excess of Loss & Other						Net
Earned premium			$	782.1					$	(623.0)					$	(29.3)					$	129.8
Losses and loss adjustment expenses			407.3						(327.7)						2.2						81.8
Loss ratio			52.1		%				52.6		%				(7.5)		%				63.0		%

			Three Months Ended March 31, 2025
(in millions)			Gross						Ceded - Quota Share						Ceded - Excess of Loss & Other						Net
Earned premium			$	718.8					$	(620.4)					$	(35.4)					$	63.0
Losses and loss adjustment expenses			382.8						(327.2)						(10.4)						45.2
Loss ratio			53.3		%				52.7		%				29.4		%				71.7		%

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Adjusted EBITDA for the Underwriting segment was $6.5 million for the three months ended March 31, 2026, representing a decrease of $4.2 million compared to Adjusted EBITDA of $10.7 million for the three months ended March 31, 2025. This decrease was driven by lower excess

ceding commission income associated with the increase in retention over the prior year comparable period.

Corporate and Other

Corporate and Other includes the general and administrative expenses and investment results of our holding companies.

Adjusted EBITDA loss from Corporate and Other was $18.2 million for the three months ended March 31, 2026, representing an increase of $4.4 million as compared to the three months ended March 31, 2025. This increase was driven primarily by increased costs to support the growth.

Consolidation and Elimination Adjustments

As noted above, our business includes transactions that occur among our various segments. Our Accelerant-owned insurance companies within our Underwriting segment accounted for the majority of our Exchange Written Premium during the three months ended March 31, 2026 and 2025 as we built out our business model and proved the value proposition for the connection of our Members and the Accelerant Risk Exchange. We expect the amount of premium written with the Accelerant Risk Exchange Insurers to grow significantly over time. Similarly, Mission Members and Owned Members transact with our Accelerant Risk Exchange in the sourcing of business. Our equity ownership interests in Mission Members and Owned Members allow us to participate in those commissions earned that otherwise would be paid to third parties or our Independent Members. The transactions among these entities must be eliminated in consolidation as they represent transactions among entities under common control. However, there are considerable benefits to these intercompany transactions, as we retain associated economics rather than incurring costs otherwise paid to third parties, thereby lowering our expense base.

The impacts to our financial statements can be observed in the consolidation and elimination adjustments column within our presentation of segments above. The following represents an explanation of the various components of activity for the three months ended March 31, 2026 and 2025.

Impacts to direct commission income for Exchange Services and MGA Operations

Revenue generated from transactions between Accelerant-affiliated entities (including from Underwriting to Exchange Services and Exchange Services to MGA Operations) was $101.5 million for the three months ended March 31, 2026, compared to $90.5 million for the three months ended March 31, 2025. These amounts were eliminated, reflected by a corresponding offsetting entry in the consolidation and elimination adjustments column above. We present the segment results on a standalone basis, as if they were transactions with third parties, to assess their individual performance as well as to derive insight on the results we expect in the future as more business is sourced from the Accelerant Risk Exchange Insurers.

Impacts to ceding commission income and amortization of deferred acquisition costs

The operating results of our Underwriting segment presented above include the full commissions paid to Exchange Services in the form of deferred acquisition costs. These costs are required to be capitalized and then amortized over the related policy term. Ceding commissions received from third-party reinsurers are first offset against the deferred acquisition costs for the business ceded, with any resulting excess ceding commissions amortized over the corresponding policy term as ceding commission income. These two factors result in the Underwriting segment incurring higher amortization of DAC expense and lower ceding commission income due to the presentation of the segment’s operating results on a standalone basis. Commissions paid to affiliates are eliminated, resulting in lower consolidated deferred acquisition costs. These eliminations increased the amount of ceding commission income (adjustments to increase ceding commission income by $70.5 million for the three months ended March 31, 2026, compared to $51.5 million for the three months ended March 31, 2025, while the amortization of deferred acquisition costs were decreased by $15.4 million for the three months ended March 31, 2026, compared to $7.7 million for the three months ended March 31, 2025.

Impacts to general and administrative expenses

There are costs eliminated in consolidation which consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by adjustments as components of the other consolidation and elimination adjustments. These eliminations were $9.3 million for the three months ended March 31, 2026, compared to $8.1 million for the three months ended March 31, 2025.

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Liquidity and Capital Resources

General

Liquidity is a measure of a company’s ability to generate cash flows sufficient to meet short-term and long-term cash requirements of its business operations. Accelerant Holdings’ insurance and reinsurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled and licensed to conduct business. Refer to the section titled “Regulation” in our 2025 Annual Report on Form 10-K for more information. Generally, regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and LAE, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations, and annual and other report filings. In general, such regulation is for the protection of policyholders rather than shareholders. Accelerant Holdings supports its liquidity needs with available liquid cash resources and short duration, high quality fixed income portfolios.

Sources and uses of funds

Accelerant Holdings is a holding company with no substantial operations of its own and its assets consist primarily of its investments in subsidiaries. Its cash needs primarily consist of the payment of corporate expenses, interest payments on senior notes and strategic investment opportunities (i.e., into MGA Operations). We may receive cash through (1) issuance of mezzanine equity, permanent equity or debt securities, (2) loans from banks, (3) corporate service fees from our Exchange Services, MGA Operations and Underwriting segments, (4) payments from subsidiaries pursuant to our consolidated tax allocation agreements, and (5) dividends from subsidiaries within the Exchange Services, MGA Operations and Underwriting segments. We may use the proceeds from these sources to support business growth, invest in Member MGAs and Mission Underwriters, pay taxes, and for other business purposes.

The Exchange Services and MGA Operations segments generate cash from net commission income from the services provided to both affiliates and third parties.

Cash generated by our insurance and reinsurance operating subsidiaries is used primarily to settle loss and LAE, reinsurance premiums, acquisition costs, interest expense, taxes, and general and administrative expenses. The underwriting segment generates liquidity, as premiums are received in advance of the time that losses are paid.

We file a consolidated federal income tax return for our US subsidiaries, and under our corporate tax allocation agreement, each participant is charged or refunded taxes according to the amount that the participant would have paid or received had it filed on a separate return basis with the Internal Revenue Service.

As of March 31, 2026, we had $2.52 billion in investments, cash, cash equivalents and restricted cash, compared to $2.61 billion as of December 31, 2025. As of March 31, 2026 we had $448.2 million within current accounts and money-market accounts of non-regulated entities, primarily our agencies servicing the Accelerant Risk Exchange and holding companies, included within the total cash and investments, compared to $523.8 million as of December 31, 2025.

Financial Condition

Equity

As of March 31, 2026 and December 31, 2025 total equity was $719.9 million and $726.4 million, respectively. The change as of March 31, 2026 compared to December 31, 2025 was due to total comprehensive loss of $15.2 million, repurchased and withheld shares of $13.8 million, dividends and other transactions with non-controlling interests of $6.3 million, partially offset by the increase to additional paid-in capital from non-cash share-based compensation of $28.8 million.

Cash, Cash Equivalents and Restricted Cash

As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents balances of $1.54 billion and $1.80 billion, respectively. We have historically held a significant portion of our invested assets in cash equivalents (money market funds) to maintain adequate liquidity to fund ongoing large reinsurance disbursements, as money market yields have approximated those available on fixed maturity investments.

As of March 31, 2026, we had restricted cash and cash equivalents balances of $84.4 million. Cash and cash equivalents are comprised of amounts in interest-bearing deposit accounts with financial institutions insured by the FDIC up to $250 thousand per account. Restricted cash and cash equivalents are comprised of cash and money market funds that have been contributed toward trusts. Generally, our cash and cash equivalents in interest-bearing deposit accounts may exceed FDIC insurance limits exposing us to credit risk in the event of default by the financial institutions. We believe the risk of loss from such an event of default is minimal, however, we periodically review the financial stability of these institutions.

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Investment Portfolio

Our invested assets consist of fixed maturity securities, short-term investments, equity method investments, equity securities, and other investments. As of March 31, 2026, our investments were comprised of $687.4 million of fixed maturity securities, $202.8 million of short-term investments, $84.2 million of other investments, and $11.8 million of equity method investments.

Our investment portfolio has consistently maintained high credit quality and short duration investments that are positioned for capital preservation. We primarily invest in liquid, short- and medium-term securities, and investment-grade fixed income, bond fund investment vehicles with low duration and volatility with the primary objectives of matching assets with liabilities and covering near-term obligations. We limit our exposure to alternative investments. As of March 31, 2026, our cash and fixed income and short-term investments portfolio represented 96% of our total portfolio. 91% of our fixed income and short-term investments carried an S&P fixed income rating of A or higher, the balance of which was rated BBB or higher, and maintained a duration of 2.3 years.

The following table summarizes the components of our total investments and cash, cash equivalents and restricted cash as of March 31, 2026 and December 31, 2025:

			March 31, 2026												December 31, 2025
(in millions)			Fair value						% of total						Fair value						% of total
Fixed maturity securities			687.4						27		%				670.4						26		%
Short-term investments			202.8						8		%				41.6						2		%
Equity method investments			11.8						—		%				10.4						—		%
Other investments			84.2						3		%				84.0						3		%
Cash, cash equivalents and restricted cash			1,536.5						62		%				1,799.3						69		%
Total investments and cash, cash equivalents and restricted cash			$	2,522.7					100		%				$	2,605.7					100		%

Fixed maturity securities and Short-term investments

At March 31, 2026 and December 31, 2025, the fair values of fixed maturity and short-term investments were as follows:

			March 31, 2026												December 31, 2025
(in millions)			Fair value						% of total						Fair value						% of total
Corporate			$	262.6					29		%				$	246.9					35		%
US government and agency			282.6						32		%				124.5						17		%
Non-US government and agency			257.0						29		%				248.1						35		%
Residential mortgage-backed			52.6						6		%				55.6						8		%
Commercial mortgage-backed			14.9						2		%				15.0						2		%
Other asset-backed securities			20.5						2		%				21.9						3		%
Total fixed maturity and short-term investments			$	890.2					100		%				$	712.0					100		%

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The following table summarizes the credit quality of fixed maturity and short-term investments as of March 31, 2026 and December 31, 2025:

(in millions)			March 31, 2026												December 31, 2025
Rating			Fair value						% of total						Fair value						% of total
AAA			$	200.8					23		%				$	184.6					26		%
AA			320.8						36		%				313.9						44		%
A			285.9						32		%				134.1						19		%
BBB			82.7						9		%				79.4						11		%
Total fixed maturity and short-term investments			$	890.2					100		%				$	712.0					100		%

The amortized cost and fair values of fixed maturity and short-term investments by contractual maturity were as follows:

			March 31, 2026																		December 31, 2025
(in millions)			Amortized cost						Fair value						% of total						Amortized cost						Fair value						% of total
Due in one year or less			$	250.5					$	250.4					28		%				$	99.7					$	100.0					14		%
Due after one year through five years			493.1						489.3						55		%				452.3						456.2						64		%
Due after five years through ten years			62.9						61.7						7		%				62.5						62.8						9		%
Due after ten years			0.8						0.8						—		%				0.5						0.5						—		%
Residential mortgage-backed			52.7						52.6						6		%				55.5						55.6						8		%
Commercial mortgage-backed			14.7						14.9						2		%				14.8						15.0						2		%
Other asset-backed securities			20.4						20.5						2		%				21.8						21.9						3		%
Total			$	895.1					$	890.2					100		%				$	707.1					$	712.0					100		%

Cash Flows

Our most significant source of cash inflow is from premiums received from our insureds, which, for most policies, we receive at the beginning of the coverage period. Our most significant cash outflow is for claims that arise when a policyholder incurs an insured loss. Because the payment of claims occurs after the receipt of the premium, with the potential for a multi-year timeline, we invest the cash in various investment securities that earn interest and dividends. We also use cash to pay commissions to brokers, as well as to pay for ongoing operating expenses such as salaries, consulting services and taxes. As described under “Reinsurance” below, we use reinsurance to manage the risk that we take on our policies. We cede, or pay out, part of the premiums we receive to our reinsurers and collect cash back when losses subject to our reinsurance coverage are paid.

Our cash flows for the three months ended March 31, 2026 and 2025 were:

						Three Months Ended March 31,
(in millions)						2026						2025
Cash, cash equivalents and restricted cash provided by (used in):
Operating activities						$	(21.4)					$	91.8
Investing activities						(211.6)						(89.7)
Financing activities						(19.2)						(2.3)
Effect of foreign currency rate change on cash, cash equivalents and restricted cash						(10.6)						17.9
Net change in cash, cash equivalents, and restricted cash						$	(262.8)					$	17.7

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Operating Activities

We believe that claim payments will be sufficiently supported by annual positive cash flows from operating activities. However, should operating cash flows be insufficient to fund claim payment obligations, we would use alternative internal funding sources from cash and cash equivalent balances, liquidation of portfolio investments and potential external sources, such as credit facilities. Our fixed maturities portfolio is weighted towards conservative, high-quality securities. Management expects that, if necessary, the full value of cash, cash equivalents, short-term and fixed income investments could be available in two to three business days under normal market conditions.

Net cash used in operating activities for the three months ended March 31, 2026 was $21.4 million compared to net cash provided by operating activities of $91.8 million for the three months ended March 31, 2025. Our operating cashflows for the first quarter of 2026 were principally reduced by underwriting related cash flow timing with which we paid outstanding balances with our reinsurance and other counterparties that were recorded as liabilities as of December 31, 2025. The timing of such payments had been delayed in connection with certain reinsurance set-up activities as of December 31, 2025.

Investing Activities

Our portfolio is weighted towards conservative, high-quality securities as well as cash and cash equivalent investments, such as money market funds. We also hold investments in alternative securities that typically report on a consistent lag basis whereby their valuation may change in response to future financial performance of the investees.

For the three months ended March 31, 2026, net cash used in investing activities was $211.6 million, which is primarily related to net changes in our short-term investments and purchases of fixed maturity securities.

For the three months ended March 31, 2025, net cash used in investing activities was $89.7 million, which is primarily related to purchases of fixed maturity securities, partially offset by sales and maturities of fixed maturity investments.

Financing Activities

Net cash used in financing activities for the three months ended March 31, 2026 was $19.2 million and primarily related to the $12.2 million cash component of the acquisition of common shares, $4.9 million related to the acquisition of non-controlling interests in subsidiaries, $1.3 million related to dividends paid to non-controlling interests, and $0.8 million related to the repayment of debt obligations.

Net cash used in financing activities for the three months ended March 31, 2025 of $2.3 million was due to dividends paid to non-controlling interests.

Supplemental Non-Cash Activity Information

Refer to the notes to the cash flow statement presented in our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for information related to significant non-cash investing and financing activities for the three months ended March 31, 2026 and 2025.

Reinsurance

As part of our strategy to engage with Risk Capital Partners, we offer quota share reinsurance contracts to these partners. We also purchase excess of loss reinsurance contracts for the business that we retain to further limit our exposure to potential large losses. Our reinsurance is primarily contracted under quota-share reinsurance treaties and excess of loss treaties. In quota-share reinsurance, the reinsurer agrees to assume a specified percentage of the ceding company’s losses arising out of a defined class of business in exchange for a corresponding percentage of premiums, net of a ceding commission. In excess of loss reinsurance, the reinsurer agrees to assume all or a portion of the ceding company’s losses, in excess of a specified amount. In excess of loss reinsurance, the premium payable to the reinsurer is negotiated by the parties based on their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company’s losses.

We employ disciplined and principles-based reserving practices with effective controls and oversight. We actively manage risk through reinsurance, partnering primarily with reinsurers that maintain “A-” or better A.M. Best financial strength ratings, possess a history of strong credit quality or that fully collateralize their recoverables, all of which ensures high-quality recoverable assets and minimizes counterparty risk. We believe our high-quality balance sheet provides the foundation for consistently delivering financial performance and returns.

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Credit risk exists with reinsurance ceded to the extent that any reinsurer is unable to meet the obligation assumed under the reinsurance agreements. An allowance is established for amounts deemed uncollectible. We evaluate the financial condition of our reinsurers and monitor concentration of credit risk arising from our exposure to individual reinsurers. To further reduce credit exposure to reinsurance recoverables balances, we have received letters of credit from certain reinsurers that are not authorized as reinsurers under US state insurance regulations.

Of the total reinsurance recoverables on paid and unpaid losses and LAE outstanding as of March 31, 2026, 54% were with reinsurers having an A.M. Best rating of "A-" (excellent) or better, and we require reinsurance recoverables with reinsurers that have an A.M. Best rating below "A-" or are not rated by A.M. Best to be subject to collateral arrangements through a combination of letters of credit, funds withheld arrangements or trust agreements. We consider such collateral arrangements, credit ratings assigned to reinsurers by A.M. Best and other historical default rate information in estimating the credit valuation allowance for reinsurance recoverables. The credit valuation allowance was $0.6 million as of both March 31, 2026 and December 31, 2025.

We cede a significant portion of our insurance business to our unconsolidated collateralized reinsurance sidecar vehicle, Flywheel Re. Flywheel Re is a Cayman Islands special purpose reinsurance company that provides committed multi-year collateralized quota share capacity, capitalized by long-term institutional investors.

Contractual Obligations and Commitments

			As of March 31, 2026
Payment Due by Period ($ millions)			Total						Less than one year						1-3 years						3-5 years						After 5 years
Senior unsecured debt due 2029 (1)			151.2						$	12.4					$	27.7					$	111.1					$	—
Long-term unfunded investment commitments (2)			7.0						7.0						—						—						—
Estimated claims and claim-related commitments (3)			2,129.2						456.5						893.4						402.8						376.5
Total			$	2,287.4					$	475.9					$	921.1					$	513.9					$	376.5

(1) Amounts presented include estimated interest payments.

(2) We have invested in limited partnership agreements and can be called to fulfill the obligations at any time.

(3) Estimated timing of claim payments are based on historical payment patterns and exclude reinsurance recoveries. Claims payments do not have a contractual maturity and, as such, the amount and timing of associated cash flows may vary significantly from the amounts presented.

Regulated deposits and restricted assets

Certain companies in the Group are required to maintain assets on deposit with various regulatory authorities to support our insurance and reinsurance operations. Securities on deposit for regulatory and other purposes were $5.7 million and $5.2 million as of March 31, 2026 and December 31, 2025, respectively, which are included in "Fixed maturity securities available for sale, at fair value" in the condensed consolidated balance sheets.

In addition, we have pledged cash and cash equivalents of $82.3 million, short-term investments of $1.0 million and fixed maturity securities of $25.6 million as of March 31, 2026 in favor of certain ceding companies to collateralize obligations. As of December 31, 2025, we had pledged cash and cash equivalents of $83.1 million, short-term investments of $0.9 million and fixed maturity securities of $25.8 million in favor of certain ceding companies to collateralize obligations.

Reserves for losses and loss adjustment expenses

Reserves for losses and LAE represent our estimated indemnity cost and related adjustment expenses necessary to administer and settle claims. Our estimates are based upon individual case estimates for reported claims set by our claims specialists, adjusted with actuarial estimates for any further expected development on reported claims and for losses that have been incurred, but not yet reported. Actual losses and settlement expenses paid may deviate, perhaps substantially, from the reserve estimates reflected in our consolidated financial statements. Similarly, the timing for payment of our estimated losses is not fixed and is not determinable on an individual or aggregate basis due to the uncertainty inherent in the process of estimating such payments.

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Reinsurance recoverables

Reinsurance recoverables on reserves for losses and LAE are reported separately as assets, instead of being netted with the related liabilities, since reinsurance does not discharge us of our liability to policyholders. The method for determining reinsurance recoverables for unpaid losses and LAE involves reviewing actuarial estimates of gross unpaid losses and LAE to determine our ability to cede unpaid losses and loss adjustment expenses under our existing reinsurance contracts.

Debt

We have a credit agreement that consists of senior unsecured syndicated US dollar denominated loan facility with a September 2029 maturity date, as well as a $50 million revolving credit facility (all of which was unutilized and available as of March 31, 2026). Each borrowing under the revolving credit facility may have a maturity of one, three or six months, at our election, but may not extend beyond the credit agreement’s maturity date. Such borrowings may be repaid early.

The senior unsecured debt represents an unsecured obligation and includes a delayed draw term loan ("DDTL") feature that allows us to withdraw predefined amounts. We may withdraw up to an additional $75 million upon request, subject to the agreement of the lenders.

Partial quarterly repayments of the aggregate principal amount are required until the maturity date as reflected in the table above. Interest payments on the senior notes are due at the end of each period, being a certain month or quarter during which the applicable interest rate has been reset. The interest rate is subject to a sliding scale based on our consolidated senior debt to capitalization ratio and varies between a 3.4% and 4.0% spread in addition to the Secured Overnight Financing Rate ("SOFR"). Interest is calculated based on a 360-day year of twelve 30-day months. Interest expense for the three months ended March 31, 2026 and 2025 was $2.5 million and $2.6 million, respectively.

Subject to conditions of optional prepayment, we may voluntarily prepay the senior unsecured debt at any time and from time to time, prior to the maturity date without penalty. Any prepayment, in whole or in part, shall include any accrued and unpaid interest thereon to, but excluding, the prepayment date. Any amounts we prepay may not be reborrowed.

The senior notes contain certain restrictive and maintenance covenants customary for facilities of this type, including restrictions on minimum consolidated net worth, maximum leverage levels and a minimum interest coverage ratio. As of March 31, 2026, we were in compliance with all such covenants.

Capital maintenance agreements

We have capital maintenance agreements with our insurance subsidiaries that obligate us to make capital contributions to our rated insurance and reinsurance subsidiaries to maintain surplus above our minimum regulatory and rating agency capital targets. These requirements are set by our Board of Directors. During the three months ended March 31, 2026, we made capital contributions of $48.0 million to Accelerant Re. I.I. (Puerto Rico), and $10.7 million to Accelerant Insurance UK Limited.

Ratings

Ratings by independent agencies are an important factor in establishing the competitive position of insurance companies and reinsurance companies and are important to our ability attract Members and third-party capital providers. Rating organizations continually review the financial positions of insurers and reinsurers. These ratings reflect the rating agency’s views regarding balance sheet strength, operating performance, business profile and enterprise risk management. It is not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold our shares. Our insurance and reinsurance operating subsidiaries are assigned financial strength ratings by A.M. Best as follows:

			Rating						Outlook
Accelerant Insurance Europe SA			"A-" (Excellent)						Stable
Accelerant Specialty Insurance Company			"A-" (Excellent)						Stable
Accelerant National Insurance Company			"A-" (Excellent)						Stable
Accelerant Re (Cayman) Ltd.			"A-" (Excellent)						Stable
Accelerant Insurance UK Limited			"A-" (Excellent)						Stable
Accelerant Insurance Company of Canada			"A-" (Excellent)						Stable
Accelerant Re. I.I. (Puerto Rico)			"A-" (Excellent)						Stable

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These ratings reflect A.M. Best’s opinion of the ability of Accelerant Holdings and respective subsidiaries to pay claims and are not evaluations directed to security holders. A.M. Best maintains a letter-scale rating system ranging from “A++” (Superior) to “F” (in liquidation). “A–” is the fourth highest of 16 financial strength ratings assigned by A.M. Best, as last updated in June 2025. These ratings are subject to periodic review and may be revised downward or revoked at the sole discretion of A.M. Best.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements, as defined by applicable regulations of the SEC, which are reasonably likely to have a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in conformity with US GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on our historical experience and on various other assumptions that we believe are reasonable after weighing up all relevant information. Actual results may differ from those estimates.

The accounting policies listed below involve significant estimates, and therefore are critical in understanding our financial performance and operational results. For additional information, refer to Note 2 to our audited consolidated financial statements included in our 2025 Annual Report.

Unpaid Loss and Loss Adjustment Expenses

We record loss reserves for our unpaid loss and LAE, which involves significant judgment and complex estimation processes. It represents management’s best estimate of the unpaid portion of ultimate costs, of all reported and unreported loss incurred through the balance sheet date and is based upon the assumption that past developments are an appropriate indicator of future events among other factors. The reserves are based on individual claims, case reserves and other reserves estimates reported, as well as actuarial estimates of ultimate losses.

Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. The unpaid losses and LAE are presented on an undiscounted basis.

The process of establishing unpaid losses and LAE can be complex and is subject to considerable uncertainty, as it requires the use of informed estimates and judgments based on circumstances known at the date of accrual. These estimates and judgments are based on numerous factors and may be revised as additional experience and other data become available and are reviewed and as new or improved methodologies are developed. The adequacy of the reserves may be impacted by future trends in claims severity, frequency, payment patterns and other factors. These variables are affected by both external and internal events, including but not limited to, changes in the economic cycle, inflation, natural or human-made catastrophes and legislative changes.

The main risks and uncertainties are associated with limited historical data and new and evolving estimation processes. As such, we supplement our analysis using a combination of third-party data provided by Members and industry benchmark data as the basis for the selection of expected reporting patterns. We expect to continuously increase the use of our own data and experience as we accumulate such information over time. In addition, we incorporate our estimates of future trends in various factors such as loss frequency and severity in the evaluation process.

We review loss reserves in-depth every six months or more frequently depending on the facts and circumstances, with a high-level actual versus expected (“AvE”) analysis done in between the in-depth reviews. During in-depth reviews, all estimates are reviewed and adjusted as our own experience develops and market conditions change. During the high level AvE analysis we make changes for any material developments over the period (e.g., large losses, catastrophic events or significant market changes).

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Total IBNR reserves are determined by subtracting payments and case reserves implied from the ultimate loss and LAE estimates. Ultimate loss and LAE are estimated utilizing generally accepted actuarial loss reserving methods. Our reserving methods include the Chain Ladder, Bornheutter-Ferguson and Initial Expected Loss Ratio methods. Reportable catastrophe losses are analyzed and reserved separately using a frequency and severity approach. The underlying premise of the Chain Ladder method is that future claims are best estimated using past development pattern, whereas the Bornheutter-Ferguson method employs a combination of past claims development and prior estimates of ultimate losses based on expected loss ratio. The methods all involve aggregating paid and case-incurred loss data by underwriting year and development month, segmented into Members and products or lines of business as deemed appropriate and material. The ultimate loss selections for each year tend to be based upon the Chain Ladder results for the older years and the Bornheutter-Ferguson method for the most recent years.

Because we have limited data to assess our own claims experience given the recently formed nature of the business, we use industry and peer-group data, in addition to our own data, as a basis for selecting our expected paid and reporting patterns.

Inflation rates in all major economic regions and the imposition (or threatened imposition) of tariffs add to the uncertainty of the future claim cost. Actuarial models base future emergence on historic experience, with adjustments for current trends, and the appropriateness of these assumptions has therefore involved more uncertainty in recent periods. We expect there will be impacts to the timing of loss emergence and ultimate loss ratios for certain underwritten coverages. The industry is experiencing new issues, including a backlog of civil court cases in most states, the extension of certain statutes of limitations and the impact on insureds from a significant reduction in economic activity. Our recorded reserves include consideration of these factors, but legislative, regulatory, or judicial actions could result in loss reserve deficiencies and reduce earnings in future periods.

The two categories of our loss reserves include case reserves and IBNR reserves. Our gross reserves for losses and LAE at March 31, 2026 and December 31, 2025 were $2.13 billion and $2.01 billion, 63% and 62% of which relates to IBNR, respectively. Our reserves for losses and loss adjustment expenses, net of reinsurance, at March 31, 2026 and December 31, 2025 were $270.7 million and $323.1 million, 54% and 54% of which relates to IBNR, respectively.

The following table summarizes our reserves for unpaid losses and loss adjustment expenses, on a gross basis and net of reinsurance, as of March 31, 2026 and December 31, 2025:

			March 31, 2026																								December 31, 2025
(in millions)			Gross						% of Total						Net						% of Total						Gross						% of Total						Net						% of Total
Case reserves			$	797.5					37		%				$	123.8					46		%				$	760.8					38		%				$	149.9					46		%
IBNR			1,331.7						63		%				146.9						54		%				1,244.6						62		%				173.2						54		%
Total			$	2,129.2					100		%				$	270.7					100		%				$	2,005.4					100		%				$	323.1					100		%

Case reserves are established for the individual claims that have been reported to us. Based on the information available and the status of the claims, case reserves are established by TPAs, who have the authority of handling smaller claims (typically up to $250 thousand per claim) or our claims teams, for large losses, through standard claim handling practices and professional judgment. As mentioned above, the estimates may be refined, and the ultimate value of claims liability may be adjusted either upward or downward as more information becomes available.

In case of catastrophes or other large losses, the additional IBNR in relation to those claims is estimated by the joint work of the claims, portfolio management, and actuarial teams, and those estimates are used in the final estimates provided to the finance team for recognition within our financial statements. Our internal threshold for catastrophe losses is $10 million of gross losses. We have had ten such events since inception: European flooding (July 2021), Storm Arwen (2021), Storm Eunice (February 2022), Hurricane Ian (September 2022), US winter storms (January 2024), Hurricane Helene (September 2024), California wildfires (January 2025), Storm Éowyn (January 2025), Missouri Tornados (May 2025) and Winter Storm Fern (January 2026). In aggregate, these events led to approximately $17 million of net incurred losses. While we write insurance products in each of these potentially impacted areas, we also maintain significant reinsurance coverage such that our net exposure is limited. Overall, our gross claims are expected to be $187 million which leads to the net expected amount of $17 million. In addition to our quota share cover, for the 2025 and prior treaty years, our US property catastrophe excess of loss retention for a modelled gross occurrence is expected to significantly reduce our net exposure to insignificant levels as part of our business model to limit our exposure to insurance risk.

In addition to the assumptions used in our data and reserves methodology, we used the following estimates to determine our unpaid loss and LAE: development patterns where we use Members’ experience and/or applicable industry information; inflation assumptions for each class of business and territory; rate changes as provided by Members and underwriting changes as evidence leading to the rate changes; business mix changes for various Members; large loss load calculated from historic average performance or similar class of business; and selected loss ratio that is representative.

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The tables below represent the aggregated impact from potential deviations from our recorded net loss and LAE reserves as of March 31, 2026 and December 31, 2025:

Sensitivity factors are applied to our most recent underwriting year, and we believe these potential changes will not have a material impact on our liquidity. An increase in the gross loss of 3% in the most recent underwriting year would equate to an increase in the net loss and LAE reserve of $6.4 million.

			March 31, 2026
Sensitivity (in millions)			Sensitivity for Ultimate Loss and LAE Sensitivity Factor						Net Loss and LAE Reserve						Increase/(Decrease) in Net Loss and LAE Reserve
Increase			+3%						$	277.1					$	6.4
Increase			+2%						275.0						4.3
Increase			+1%						272.8						2.1
Actual (Base Case)			0%						270.7						—
Decrease			-1%						268.6						(2.1)
Decrease			-2%						266.4						(4.3)
Decrease			-3%						264.3						(6.4)

			December 31, 2025
Sensitivity (in millions)			Sensitivity for Ultimate Loss and LAE Sensitivity Factor						Net Loss and LAE Reserve						Increase/(Decrease) in Net Loss and LAE Reserve
Increase			+3%						$	330.7					$	7.6
Increase			+2%						328.2						5.1
Increase			+1%						325.6						2.5
Actual (Base Case)			0%						323.1						—
Decrease			-1%						320.6						(2.5)
Decrease			-2%						318.0						(5.1)
Decrease			-3%						315.5						(7.6)

Reinsurance Recoverable on Unpaid Losses

In our Underwriting segment, we cede a large proportion of our GWP under various reinsurance contracts. These reinsurance agreements transfer portions of the underlying risk of the business that we underwrite and a share of premium to reinsurers, but they do not release or diminish our obligation to pay claims covered by the insurance policies. We are still primarily liable to the insured whether or not the reinsurer is able to meet its contractual obligations.

The quantum of ceded loss recoveries from our reinsurers are subject to uncertainty as our calculation of such amounts rely on similar estimates and methodologies as are used in estimating our gross loss reserves.

Additionally, there is a risk that one or more of our reinsurers may be unwilling or unable to pay their share of reinsurance recoverables. This risk is mitigated by placing our reinsurance with a diverse panel of reinsurers that are all either rated “A-” or better by A.M. Best or provide collateral to us to maximize the probability that reinsurance recoverables will be realized. We regularly monitor the financial condition of our reinsurers and we generally have special termination rights in our reinsurance treaties in the event of deterioration in the reinsurers’ credit worthiness, generally if the A.M. Best rating falls below “A-” or there is a reduction in the capital and surplus of the reinsurer of more than 20% of their prior year end capital and surplus. Despite these arrangements, there is a risk that a reduction in one or more reinsurers’ ability or willingness to pay our reinsurance recoverables could have a materially negative impact on our liquidity.

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Impacts of Loss Ratio Estimates and Actual Loss Experience on Sliding Scale Commissions Impacting our Ceding Commission Income

We cede a significant portion of our premiums written to reinsurance companies. The ceding commissions are offset against DAC related to the insurance contracts subject to such reinsurance. Any excess ceding commissions over the related DAC are subject to deferral over the insurance premiums earning period. Certain of our reinsurance arrangements are subject to sliding scale commission amounts pursuant to the agreements with various reinsurers based on the actual loss experience of covered insurance contracts.

The contractual ceding commission amounts are expressed as a percentage of the underlying premiums by type of insurance policy. Further, the amount of ceding commissions may vary based on the volume of ceded premium and the loss ratio. As that loss ratio changes from the original expected contractual amount, the amount of ceding commission inversely changes (such that adverse experience in the subject loss ratio will result in a reduction in ceding commissions and conversely, any favorable experience in the subject loss ratio will result in an increase in ceding commissions).

The change in ceding commissions will result in a change to the deferred ceding commission liability to the extent that the underlying premiums are unearned and, conversely, will result in a direct change to income to the extent that the underlying premium has been earned. As such, the sliding scale commissions act as a substantive participation in the underlying loss experience of the underlying insurance contracts.

Our typical reinsurance treaties’ commissions vary based on the volume of ceded premium and the ratio of ceded loss to ceded premium. As that ratio decreases, the amount of commission increases. As of March 31, 2026, the average commission we receive is 50% of ceded premium at a 40% gross loss ratio and a minimum of 34% of ceded premium at gross loss ratios of 67% and above. The adjustment between the points is largely linear. We expect commissions of 43% of ceded premium at a gross loss ratio of 50%. There were no significant adverse adjustments to reinsurance commissions due to prior year claims experience during the three months ended March 31, 2026.

Our process for calculating changes in ceding commissions from our reinsurers is linked to the results of our actuarial reserving process for loss and loss adjustment expense reserves, which is updated each reporting period. On a quarterly basis, our actuaries produce an actuarial central estimate of the gross and net loss reserves for all contracts bound as of the evaluation date. The calculations also include estimates of loss-sensitive contingent terms such as sliding scale ceding commissions. Calculations are done on a contract-by-contract basis and reflect the most recent premium and loss information available at the evaluation date.

Valuation Allowance on Deferred Income Taxes

Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of assets and liabilities used in the various jurisdictional tax returns. We recognize deferred tax assets to the extent we believe it is probable that future profits will be available to utilize these tax benefits. As of March 31, 2026, we had net deferred tax assets of $78.3 million.

A valuation allowance is set up for the portion of the asset that is more likely than not unrealizable, which reduces the total deferred tax asset to only the amount that we expect to realize. This allowance is assessed at each balance sheet date and is based on all available information including significant judgments related to the likely timing and level of forecasted taxable profits based on assumptions about future macroeconomic and Company-specific conditions and the associated future tax planning strategies. We subject the forecasts to stresses of key assumptions and evaluate the effect on tax attribute utilization. In performing our assessment of recoverability, we consider tax laws governing the utilization of net operating losses, capital losses and tax credit carryforwards in each applicable jurisdiction. The tax laws are subject to change, resulting in incremental uncertainty in our assessment of recoverability, along with the future tax planning strategies. If the actual taxable income in future periods differ from our forecast, it could impact our financial position in either a materially positive or negative way. As of March 31, 2026, our valuation allowance was $47.2 million. We intend to evaluate the realizability of our deferred tax asset quarterly through the assessment of the need for such a valuation allowance.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in credit spreads, interest rates, equity markets prices, foreign currency exchange rates, and other relevant market rates and prices.

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Credit Risk

Credit risk is the potential loss resulting from adverse changes in an issuer’s ability to repay its debt obligations. We have exposure to credit risk as a holder of fixed-maturity securities. We manage this credit risk through diversification in terms of instruments by issuer, geographic region and related industry. At March 31, 2026, approximately 88% of our fixed maturity investment portfolio was rated “A” or better and approximately 100% was classified as investment-grade.

Interest Rate Risk

Interest rate risk is the risk that we will incur economic losses due to adverse changes in interest rates. The primary market risk to the investment portfolio is interest rate risk associated with investments in fixed-maturity securities. Changes in interest rates have a direct effect on the market valuation of these securities. When market interest rates rise, the fair value of our fixed-maturity securities decreases. Conversely, as interest rates fall, the fair value of our fixed-maturity securities increases. We manage this interest rate risk by investing in securities with varied maturity dates and by matching the duration of our investment portfolio to the duration of our loss and LAE reserves. Expressed in years, duration is the weighted average payment period of cash flows, where the weighting is based on the present value of the cash flows. We set duration targets for our fixed-maturity investment portfolios after consideration of the estimated duration of our liabilities and other factors. The effective weighted-average duration of the portfolio was 2.9 years as of March 31, 2026.

We had available for sale fixed maturity securities with a fair value of $687.4 million and $670.4 million at March 31, 2026 and December 31, 2025, respectively, that were subject to interest rate risk. The table below illustrates the sensitivity of the fair value of our fixed maturity securities to selected hypothetical changes in interest rates as of March 31, 2026 and December 31, 2025.

						March 31, 2026												December 31, 2025
(in millions)						Fair Value						Estimated Change in Fair Value						Fair Value						Estimated Change in Fair Value
200 basis point increase						$	647.9					$	(39.5)					$	631.4					$	(39.0)
100 basis point increase						667.7						(19.7)						650.9						(19.5)
No change						687.4						—						670.4						—
100 basis point decrease						707.1						19.7						689.9						19.5
200 basis point decrease						726.9						39.5						709.4						39.0

Changes in interest rates will have an immediate effect on comprehensive income and shareholders’ equity but will not ordinarily have an immediate effect on net income. Actual results may differ from the hypothetical change in market rates assumed in this disclosure. This sensitivity analysis does not reflect the results of any action that we may take to mitigate such hypothetical losses in fair value.

Equity Risk

Equity risk represents the potential economic losses due to adverse changes in equity security prices. Our equity securities consist of interests in highly rated, highly liquid, investment funds. We manage equity price risk of our equity portfolio primarily through asset allocation techniques, and fund selection within a given portfolio.

Foreign Currency Exchange Risk

Foreign currency exchange-rate risk is the risk that we will incur losses on a US dollar basis due to adverse changes in foreign currency exchange rates. In the ordinary course of business, we hold non-US dollar denominated assets and liabilities, which are valued using period-end exchange rates. Non-US dollar denominated foreign revenues and expenses are valued using average exchange rates over the period. We have the following exposures to foreign currency risk.

•Transaction Risk: The functional currency for most of our subsidiaries is the US dollar. Within these entities, any fluctuations in foreign currency exchange rates relative to the US dollar has a direct impact on the valuation of our assets and liabilities denominated in other currencies. All changes in foreign exchange rates, except for non-US dollar fixed maturities and available for sale securities, are recognized in our consolidated statements of operations. Changes in foreign exchange rates relating to non-US dollar fixed maturities and available for sale securities are recorded in accumulated other comprehensive income in shareholders’ equity. Our subsidiaries with non-US dollar functional currencies are also exposed to fluctuations in foreign currency exchange rates relative to their own functional currency.

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•Translation Risk: We have net investments in certain European, British, and Canadian subsidiaries whose functional currencies are the Euro, British Pound and Canadian dollar, respectively. The foreign exchange gain or loss resulting from the translation of their financial statements from their respective functional currency into US dollars is recorded in the cumulative translation adjustment account, which is a component of accumulated other comprehensive income in shareholders’ equity.

Our foreign currency policy is to broadly manage, where possible, our foreign currency risk by:

•Seeking to match our liabilities under (re)insurance policies that are payable in foreign currencies with assets that are denominated in such currencies, subject to regulatory constraints.

To the extent our foreign currency exposure is not matched, we may experience foreign exchange losses or gains, which would be reflected in our consolidated results of operations and financial condition. We continue to assess additional hedging strategies and instruments that could further reduce our exposure to foreign currency exchange-rate volatility.

The following table summarizes the estimated effects of a hypothetical 10% increase and decrease in the value of the US dollar against select foreign currencies would have had on the carrying value of our net assets as of March 31, 2026 and December 31, 2025:

			March 31, 2026												December 31, 2025
(in millions)			10% increase						10% decrease						10% increase						10% decrease
British Pound to US Dollar			$	9.1					$	(9.1)					$	1.5					$	(1.5)
Euro to US Dollar			(8.8)						8.8						(2.5)						2.5
Canadian Dollar to US Dollar			2.5						(2.5)						2.4						(2.4)

The overall impact for the three months ended March 31, 2026 is reduced due to offsetting impacts to the Consolidated Statement of Operations from the remeasurement of transactions in currencies other than the local operation’s functional currency and from foreign exchange gains recognized in other comprehensive income related to foreign currency translation adjustments.

Item 4. Controls and Procedures

Accelerant Holdings' management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Accelerant Holdings' disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15(d)-15(e) under the Securities Exchange Act of 1934, as amended, as of March 31, 2026. Based on this evaluation, Accelerant Holdings’ Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026.

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f)) that have occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Other than in the ordinary course of our business operations, we are not currently party to any civil or government investigation. We do not expect that the ultimate outcome of any of the currently ongoing legal proceedings, individually or collectively, would have a material adverse effect on our business, financial condition, results of operations, or prospects. However, the results of litigation and arbitration are inherently unpredictable, and the possibility exists that the ultimate resolution of matters to which we are or could become subject could result in a material adverse effect on our business, financial condition, results of operations or prospects.

Item 1A. Risk Factors

There have been no material changes to our risk factors that we believe are material to our business, results of operations and financial condition, from the risk factors previously disclosed in the section entitled “Risk Factors” in our 2025 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer or an Affiliated Purchaser

On March 18, 2026, the Company’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 the Company’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. The Company 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 the Company 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 Company’s Board of Directors.

The following table provides information about our repurchase of our Class A Common Shares during the three months ended March 31, 2026.

Period						Total number of shares purchased						Average price paid per share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan or Program (in millions) (1)
January 1 - January 31, 2026						—						—						—						—
February 1 - February 28, 2026						—						—						—						—
March 1 - March 31, 2026						828,333						$	13.11					828,333						189.1
Total						828,333						$	13.11					828,333						$	189.1

(1) Under the $200 million Share Repurchase Plan announced on March 18, 2026, which expires on December 31, 2028.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

Rule 10b5-1 Trading Arrangements

During the three months ended March 31, 2026, none of the Company’s directors or officers adopted, modified or terminated any “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, except as follows:

•On March 24, 2026, Jeff Radke, Chief Executive Officer, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on June 21, 2027, relating to the sale of the lesser of (1) 4,160,000 Class A common shares, or (2) a number of Class A common shares of the Company sufficient to generate $45.0 million in gross proceeds, exclusive of commissions. Assuming such shares are sold at an average price of $13.36 (the closing price on May 11, 2026), sales under the trading arrangement would represent approximately 11.8% of the shares beneficially owned by Mr. Radke as of the date of this Quarterly Report and the maximum number of shares that can be sold under the plan will not exceed 14.6% of such ownership.

•On February 18, 2026, Frank O'Neill, Chief Underwriting Officer, terminated a Rule 10b5-1 Trading Plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act that he had previously entered into on December 8, 2025. On March 23, 2026, Mr. O'Neill entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on September 24, 2026, relating to the sale of the lesser of (1) 1,600,730 Class A common shares, or (2) a number of Class A common shares of the Company sufficient to generate $12.33 million in gross proceeds, exclusive of commissions. Assuming such shares are sold at an average price of $13.36 (the closing price on May 11, 2026), sales under the trading arrangement would represent approximately 12.8% of the shares beneficially owned by Mr. O’Neill as of the date of this Quarterly Report and the maximum number of shares that can be sold under the plan will not exceed 22.1% of such ownership.

•On March 23, 2026, Christopher Lee-Smith, Head of Distribution, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on April 1, 2027, relating to the sale of up to 1,767,000 Class A common shares of the Company, which represents approximately 10% of the shares beneficially owned by Mr. Lee-Smith’s as of the date of this Quarterly Report.

The Company encourages the use of Rule 10b5‑1 plans to facilitate long‑term financial, tax and liquidity planning by executives.

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Item 6. Exhibits

Incorporated by Reference

Exhibit Number

Exhibit Description

Form

Date of Filing

Exhibit Number

Filed Herewith

10.1+

Employment Agreement, by and between Linda S. Huber and Accelerant Holdings, dated March 18, 2026 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on March 18, 2026).

8-K

3/18/2026

10.1

10.2+

Restrictive Covenant Agreement, by and between Linda S. Huber and Accelerant Holdings, dated March 18, 2026 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed on March 18, 2026).

8-K

3/18/2026

10.2

10.3+

Separation Agreement, by and between Jay Green and Accelerant Holdings, dated March 18, 2026 (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed on March 18, 2026).

8-K

3/18/2026

10.3

10.4+

Accelerant Holdings Restricted Share Unit Notice and Award Agreement (Time-Based, Effective March 18, 2026).

X

10.5+

Accelerant Holdings Performance Share Unit Notice and Award Agreement (Performance-Based, Effective March 18, 2026).

X

10.6+

Accelerant Holdings Restricted Share Unit Notice and Award Agreement (Time-Based, Non-Employee Director Form, Effective May 12, 2026).

X

19.1

Accelerant Holdings Insider Trading Policy.

X

31.1

Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

X

31.2

Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

X

32.1*

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

X

101.SCH

Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents.

X

104

Cover Page Interactive Data File (embedded within the Exhibit 101 Inline XBRL document).

*			Furnished herewith.
+			Denotes management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on May 13, 2026.

			Accelerant Holdings
			By:			/s/ Jeff Radke
			Name:			Jeff Radke
			Title:			Chief Executive Officer (Principal Executive Officer)
			By:			/s/ Linda S. Huber
			Name:			Linda S. Huber
			Title:			Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

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FAQ

How did Accelerant Holdings (ARX) perform financially in Q1 2026?

Accelerant Holdings reported Q1 2026 revenues of $273.3 million and a net loss attributable to common shareholders of $5.2 million. A year earlier it generated $178.0 million in revenues and net income of $6.5 million, reflecting higher expenses and taxes this quarter.

What drove revenue growth for Accelerant Holdings (ARX) in Q1 2026?

Revenue growth came mainly from higher ceding commission income of $80.5 million, direct commission income of $50.8 million, and net earned premiums of $129.8 million. These components collectively lifted total revenues to $273.3 million, compared with $178.0 million in Q1 2025.

Why did Accelerant Holdings (ARX) post a net loss in Q1 2026?

The net loss reflected higher losses and loss adjustment expenses of $81.8 million, greater amortization of deferred acquisition costs, and general and administrative expenses of $123.8 million, including $32.1 million of share-based compensation. An effective tax rate of 305.0% further reduced after-tax results.

What was Accelerant Holdings’ (ARX) cash flow from operations in Q1 2026?

Net cash used in operating activities was $21.4 million in Q1 2026, compared with net cash provided of $91.8 million in Q1 2025. Working capital movements in premiums, reinsurance balances, and funds held under reinsurance were key drivers of this change.

How many Members and Risk Capital Partners does Accelerant Holdings (ARX) have?

As of March 31, 2026, Accelerant had 296 Members and 96 Risk Capital Partners on its Accelerant Risk Exchange platform. Exchange Written Premium reached $1,138.7 million in Q1 2026, comprising Independent Members, Mission Members, and Owned Members.

What capital management actions did Accelerant Holdings (ARX) take in early 2026?

The board approved a share repurchase program of up to $200 million. In Q1 2026, Accelerant repurchased and retired 828,333 Class A shares for $10.9 million, then bought an additional 3,442,673 Class A shares for $46.8 million between April 1 and May 8, 2026.

What significant investment gain does Accelerant Holdings (ARX) expect after Q1 2026?

In April 2026, Accelerant partially sold its stake in a third-party claims administration business, receiving $51.6 million in cash. The transaction is expected to generate a combined realized and unrealized gain of $54.5 million in the second quarter of 2026.