[8-K] Accelerant Holdings Reports Material Event

Rhea-AI Filing Summary

Accelerant Holdings reported strong growth for Q4 and full-year 2025 while announcing a major capital return and finance leadership change. Exchange Written Premium reached $1.09 billion in Q4 2025, up 24% year over year, with total revenue of $248.4 million and Adjusted EBITDA of $70.5 million, a 28% margin. For 2025, Exchange Written Premium was $4.19 billion and revenue $912.9 million, while Adjusted EBITDA rose to $281.8 million and margin to 31%. GAAP results showed a $1,345.2 million net loss, driven largely by $1,379.7 million in non-recurring profits interest distribution expenses tied to the IPO. The Board authorized a share repurchase program for up to $200 million of Class A shares through December 31, 2028. The company is shifting toward a more capital-light model, with third-party direct written premium at 40% of Q4 Exchange Written Premium. Accelerant also announced that longtime industry executive Linda S. Huber will become Chief Financial Officer, principal financial officer, and principal accounting officer on March 31, 2026, succeeding Jay Green, who is departing under a separation agreement. Management guided to continued growth in 2026, including Exchange Written Premium of approximately $5.1 billion and fee-based Adjusted EBITDA expansion.

Insights

Equity & insurance sector analyst

Strong operational growth and a sizable buyback are partly offset by a one-time GAAP loss.

Accelerant is showing rapid scale in its risk exchange model. 2025 Exchange Written Premium grew to $4.19B, with total revenues of $912.9M. Non-GAAP profitability improved sharply, as Adjusted EBITDA more than doubled to $281.8M and margin expanded to 31%.

The business mix is moving toward a capital-light profile. Third-party direct written premium rose to 40% of Q4 Exchange Written Premium, while the gross loss ratio of about 51% suggests disciplined underwriting for risk capital partners. Segment data show particularly high margins in Exchange Services, which benefits from fee-based income.

The $1.38B profits interest distribution tied to the IPO produced a GAAP net loss of $(1.35)B, but this is explicitly characterized as non-recurring. The new $200M share repurchase authorization through December 31, 2028 signals confidence in cash generation. Investors will look to upcoming quarters and the 2026 targets, including around $5.1B Exchange Written Premium and $275M Adjusted EBITDA, to confirm that high growth and margins are sustainable.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 13, 2026

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)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☒

Item 2.02. Results of Operations and Financial Condition

On March 18, 2026, Accelerant Holdings (the “Company,” “we,” or “our”) issued a press release relating to our earnings for the quarter and year ended December 31, 2025 (the “Earnings Release”). The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chief Financial Officer Transition

On March 18, 2026, Accelerant Holdings (the “Company”) appointed Linda S. Huber as Chief Financial Officer and designated her as the Company’s principal financial officer and principal accounting officer, effective, in each case, on March 31, 2026 (the “Effective Date”). Jay Green will no longer serve as the Company’s Chief Financial Officer, and principal financial officer and principal accounting officer, effective as of the Effective Date.

Prior to joining the Company, Ms. Huber, age 67, served as Chief Financial Officer of FactSet Research Systems Inc. (NYSE: FDS), MSCI Inc. (NYSE: MSCI), and Moody’s Corporation (NYSE: MCO). Ms. Huber also served on the Board of Directors of the Bank of Montreal (NYSE: BMO), where she was a member of the Audit and Conduct Review Committee and the Risk Review Committee. Most recently, she worked as a strategic advisor to a leading investment management firm identifying investment opportunities in the financial data and analytics industry.

In connection with Ms. Huber’s appointment, she entered into an employment agreement with the Company on March 18, 2026 (the “Employment Agreement”). Pursuant to the Employment Agreement, Ms. Huber will receive an annualized base salary of $650,000, subject to annual increases based upon review by our compensation committee of the Board of Directors of the Company (the “Compensation Committee”). In addition, pursuant to the Employment Agreement, Ms. Huber is entitled to participate in the Company’s discretionary annual bonus arrangements with a target annual bonus opportunity of $1,053,000, which amount is guaranteed and not subject to performance adjustments with respect to 2026, subject only to Ms. Huber’s continued service through the bonus payment date in 2027. Pursuant to the Employment Agreement, Ms. Huber is also entitled to participate in the equity incentive program maintained for senior executive officers of the Company and its subsidiaries and is to receive a restricted stock unit (“RSU”) award of $2,500,000 in March 2026, which will vest as to twenty-five percent (25%) of the RSUs on the one-year anniversary of the grant date and as to six and one-quarter percent (6-1/4%) of the RSUs on the first day of each of the twelve (12) calendar quarters beginning after such anniversary. The Employment Agreement also provides that Ms. Huber’s annual target equity opportunity shall be $2,000,000 in grant date value, with 50% of such target opportunity delivered in RSUs and 50% delivered in PSUs, subject to approval by the Compensation Committee and the terms of the applicable equity plan and award agreements. She is also entitled to reimbursement of attorneys’ fees arising out of the negotiation of the Employment Agreement up to a maximum of $50,000.

Under the terms of the Employment Agreement, in the event Ms. Huber is terminated by us without “cause” or she terminates her employment for “good reason,” Ms. Huber would become entitled to receive: (i) an aggregate amount equal to the sum of (A) two times Ms. Huber’s then-current base compensation plus (B) her target annual bonus for the year of termination paid over 12 months; (ii) up to 18 months of reimbursement for COBRA premiums; and (iii) Ms. Huber’s annual bonus for the year prior to the year of termination, if not yet paid (for the

2026 bonus, the amount of $1,053,000) at the time such bonuses are paid to executive officers of the Company. If Ms. Huber’s employment is terminated due to her death or disability, she would be entitled to her pro rata annual bonus for the year of such termination and her annual bonus for the year prior to the year of termination, if not yet paid (for the 2026 bonus, the amount of $1,053,000). In connection with Ms. Huber’s entry into the Employment Agreement, Ms. Huber also entered into a Restrictive Covenant Agreement (the “Restrictive Covenant Agreement”) which subjects Ms. Huber to certain non-competition, non-solicitation and confidentiality provisions.

The description of the Employment Agreement in this Item 5.02 is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference. The description of the Restrictive Covenant Agreement in this Item 5.02 is qualified in its entirety by reference to the full text of the Restrictive Covenant Agreement, a copy of which is attached hereto as Exhibit 10.2 and incorporated herein by reference.

There are no arrangements or understandings between Ms. Huber and any other person pursuant to which she was appointed as chief financial officer and designated as principal executive officer and principal accounting officer. Ms. Huber does not have any family relationship with any director or other executive officer of the Company, or any person nominated or chosen by the Company to become a director or executive officer, and there are no transactions in which Ms. Huber has an interest requiring disclosure under Item 404(a) of Regulation S-K currently contemplated or since the beginning of the last fiscal year.

Mr. Green’s separation from the Company is a termination without “cause” for purposes of Mr. Green’s Amended and Restated Employment Agreement dated November 5, 2025, including for purposes of determining all amounts payable to Mr. Green thereunder in connection with his separation. In connection with Mr. Green’s separation, he entered into a Separation Agreement with the Company dated March 18, 2026 which sets forth the terms of his separation and provides for payment of termination without “cause” benefits under his Amended and Restated Employment Agreement. The description of the Separation Agreement in this Item 5.02 is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.3 and incorporated herein by reference.

Board Member Resignation

On March 13, 2026, Michael Searles informed the Company of his resignation from the Company’s board of directors, effective immediately. Mr. Searles joined the board in June 2023, prior to the Company’s initial public offering, as an appointee of a Company investor. Mr. Searles served as a Class I director, with his term of office set to expire on May 12, 2026, the date of the Company’s Annual General Meeting of Shareholders (the “2026 Annual General Meeting”).

Item 7.01. Regulation FD Disclosure

On March 18, 2026, the Company posted a presentation to its website at https://investor.accelerant.ai/. A copy of the presentation is furnished as Exhibit 99.2 to this Report. The Company expects to use the presentation, in whole or in part, and possibly with modifications, in connection with the earnings call with investors, analysts and others.

The information contained in the presentation is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The presentation speaks only as of the date of this Report. The Company undertakes no duty or obligation to publicly update or revise the information contained in the presentation, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure. In addition, the exhibit furnished herewith contains statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in such exhibit. By furnishing the information contained in the presentation, the Company makes no admission as to the materiality of any information in the presentation that is required to be disclosed solely by reason of Regulation FD.

The information contained in this Items 2.02 and 7.01 of this Report (as well as in Exhibits 99.1 and 99.2 attached hereto) is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended or the Exchange Act.

Item 8.01. Other Events

Approval of Share Repurchase Plan

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.

Item 9.01. Financial Statements and Exhibits

Exhibit No.		Description
10.1		Employment Agreement dated March 18, 2026
10.2		Restrictive Covenant Agreement dated March 18, 2026
10.3		Separation Agreement dated March 18, 2026
99.1		Earnings release issued by the Company on March 18, 2026
99.2		Earnings presentation issued by the Company on March 18, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signature

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 18, 2026				ACCELERANT HOLDINGS
				By:		/s/ Nancy Hasley
						Nancy Hasley
						Group General Counsel

Exhibit 99.1

Accelerant Announces Fourth Quarter and Full Year 2025 Results

Fourth Quarter & Full Year 2025 Results

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

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

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

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

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

Share Repurchase Program

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

First Quarter & Full Year 2026 Outlook

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

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

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

Chief Financial Officer Transition effective March 31, 2026

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

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

ATLANTA (March 18, 2026) – Accelerant Holdings (NYSE: ARX), a data-driven company modernizing the specialty insurance marketplace through the Accelerant Risk Exchange, today announced financial results for the fourth quarter and full year ended December 31, 2025.

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

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

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

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

Fourth Quarter and Full Year 2025 Key Results

		Three Months Ended December 31,								Years Ended December 31,
(in millions, unless indicated)		2025				2024				2025				2024
Number of members			280				217				280				217
Net revenue retention			126	%			153	%			126	%			153	%
Exchange written premium		$	1,090.4			$	879.4			$	4,190.8			$	3,108.4
Accelerant direct written premium			60	%			79	%			70	%			84	%
Third-party direct written premium			40	%			21	%			30	%			16	%
Accelerant-retained exchange premium			9	%			8	%			9	%			8	%
Exchange written premium growth rate			24	%			52	%			35	%			74	%
Total revenues		$	248.4			$	190.7			$	912.9			$	602.6
Gross loss ratio			51.4	%			57.8	%			51.3	%			54.3	%
(Loss) income before income taxes		$	(2.2	)		$	23.0			$	(1,321.9	)		$	32.0
Net income (loss)		$	0.9			$	20.6			$	(1,345.2	)		$	22.9
Non-GAAP financial measures (1)
Adjusted net income (1)		$	51.2			$	39.4			$	178.7			$	66.7
Adjusted EBITDA (1)		$	70.5			$	46.4			$	281.8			$	113.0
Adjusted EBITDA margin (1)			28	%			24	%			31	%			19	%

⁽¹⁾  Information regarding the non-GAAP financial measures included in this press release, including definitions of these measures, reconciliations to the most comparable GAAP measures and limitations related thereto, is described below under “Use of Non-GAAP Financial Measures” and in the tables attached to this press release.

Conference Call Information

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

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

Share Repurchase Program

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

Chief Financial Officer Transition effective March 31, 2026

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

About Accelerant

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

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

Contacts:

Investor Relations		Media Relations
Ray Iardella		Chelsea Allison
ray.iardella@accelins.com		chelsea@heycommand.com

Forward-Looking Statements

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

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

Use of Non-GAAP Financial Measures

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

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

Adjusted EBITDA and Adjusted Net Income (Loss)

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

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

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

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

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

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

Adjusted EBITDA Margin

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

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

Accelerant Holdings

Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

		Three Months Ended December 31,								Years Ended December 31,
(expressed in millions of US dollars, except share data)		2025				2024				2025				2024
Revenues
Ceding commission income		$	92.2			$	63.3			$	356.8			$	249.5
Direct commission income			56.3				27.8				162.0				66.7
Net earned premiums			82.4				71.1				298.1				226.6
Net investment income			13.6				11.3				48.7				38.9
Net realized gains on investments			1.7				1.4				7.9				1.9
Net unrealized gains on investments			2.2				15.8				39.4				19.0
Total revenues			248.4				190.7				912.9				602.6
Expenses
Losses and loss adjustment expenses			56.7				55.7				204.0				167.3
Amortization of deferred acquisition costs			22.2				19.4				80.3				81.4
General and administrative expenses			120.2				71.3				400.4				249.3
Interest expenses			3.2				3.0				10.9				12.1
Depreciation and amortization			9.5				10.4				35.2				26.6
Profit interest distribution expenses			—				—				1,379.7				—
Net foreign exchange losses (gains)			5.3				(8.7	)			20.2				(5.1	)
Other expenses			33.5				16.6				104.1				39.0
Total expenses			250.6				167.7				2,234.8				570.6
(Loss) income before income taxes			(2.2	)			23.0				(1,321.9	)			32.0
Income tax benefit (expense)			3.1				(2.4	)			(23.3	)			(9.1	)
Net income (loss)			0.9				20.6				(1,345.2	)			22.9
Adjustment for net (income) loss attributable to non-controlling interests			(1.5	)			0.4				(8.9	)			4.3
Deemed dividend upon redemption of Class C preference shares			—				—				(70.9	)			—
Net (loss) income attributable to Accelerant common shareholders		$	(0.6	)		$	21.0			$	(1,425.0	)		$	27.2
Net income (loss) attributable to Accelerant per common share:
Basic		$	—			$	0.13			$	(7.49	)		$	0.16
Diluted		$	—			$	0.10			$	(7.49	)		$	0.14
Weighted-average common shares outstanding:
Basic			221,821,270				166,185,094				190,260,158				165,982,094
Diluted			221,821,270				200,495,447				190,260,158				199,663,694

Accelerant Holdings

Consolidated Balance Sheets

(in millions, except par value)

(unaudited)

		December 31, 2025				December 31, 2024
(expressed in millions of US dollars, except share data)
Assets
Investments
Short-term investments available for sale, at fair value (amortized cost 2025: $41.5 and 2024: $65.0)		$	41.6			$	64.8
Fixed maturity securities available for sale, at fair value (amortized cost 2025: $665.6 and 2024: $485.6)			670.4				479.5
Equity method investments			10.4				18.2
Other investments			84.0				45.3
Total investments			806.4				607.8
Cash, cash equivalents and restricted cash			1,799.3				1,273.0
Premiums receivable (net of allowance 2025: $4.6 and 2024: $2.4)			1,077.9				791.9
Ceded unearned premiums			1,812.4				1,558.4
Reinsurance recoverables on unpaid losses and LAE			1,682.3				1,069.5
Other reinsurance recoverables			594.2				364.3
Deferred acquisition costs			76.9				60.7
Goodwill and other intangible assets, net			115.1				64.0
Capitalized technology development costs, net			100.5				83.6
Other assets			198.1				221.7
Total assets		$	8,263.1			$	6,094.9
Liabilities and shareholders’ equity
Unpaid losses and loss adjustment expenses		$	2,005.4			$	1,294.4
Unearned premiums			2,163.0				1,803.2
Payables to reinsurers			1,220.6				1,109.0
Deferred ceding commissions			232.5				193.0
Funds held under reinsurance			1,200.3				746.9
Debt			121.3				121.4
Accounts payable and other liabilities			593.6				400.0
Total liabilities			7,536.7				5,667.9
Commitments and contingencies (Note 19)
Equity
Redeemable preference shares
Class C convertible preference shares (issued and outstanding 2024: 5,556,546)			—				104.4
Shareholders’ equity
Convertible preference shares:
Class A (issued and outstanding 2024: 20,955,497)			—				236.7
Class B (issued and outstanding 2024: 12,569,691)			—				145.1
Common shares (par value $0.000001 per share, issued and outstanding 2025: Class A - 114,580,918; Class B - 107,241,428 and 2024: 166,185,094)			—				—
Additional paid-in capital			2,232.4				124.8
Accumulated other comprehensive income (loss)			2.2				(19.5	)
Accumulated deficit			(1,536.9	)			(182.8	)
Total Accelerant shareholders’ equity			697.7				304.3
Non-controlling interests			28.7				18.3
Total equity			726.4				427.0
Total liabilities and equity		$	8,263.1			$	6,094.9

Accelerant Holdings

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

		Years Ended December 31,
(expressed in millions of US dollars)		2025				2024
Cash flows from operating activities
Net (loss) income		$	(1,345.2	)		$	22.9
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Non-cash revenues, expenses, gains and losses included in net (loss) income:
Profits interest distribution expenses			1,379.7				—
Net realized gains on investments			(7.9	)			(1.9	)
Net unrealized gains on investments			(39.4	)			(19.0	)
Earnings from equity method investments			(1.8	)			(2.3	)
Share-based compensation expenses			43.1				8.4
Depreciation and amortization			35.2				26.6
Deferred income tax expense			(32.0	)			(40.9	)
Net foreign exchange losses (gains)			20.2				(5.1	)
Net accretion of discount on fixed maturity securities and short-term investments			(7.6	)			(5.7	)
Other, net			3.0				1.6
Changes in operating assets and liabilities:
Premiums receivable			(258.6	)			(319.0	)
Ceded unearned premiums			(225.9	)			(648.3	)
Reinsurance recoverables on unpaid losses and LAE			(589.3	)			(471.0	)
Other reinsurance recoverables			(219.3	)			7.5
Deferred acquisition costs			(15.7	)			(8.2	)
Unpaid losses and loss adjustment expenses			645.3				540.3
Unearned premiums			287.3				674.8
Payables to reinsurers			87.1				636.4
Deferred ceding commissions			55.5				68.4
Funds held under reinsurance			451.0				203.0
Other assets, accounts payable and other liabilities			180.4				117.2
Net cash provided by operating activities			445.1				785.7
Cash flows from investing activities
Proceeds from sales of:
Equity securities			—				114.8
Fixed maturity securities			306.1				84.3
Equity method investments			1.1				—
Other investments			3.6				0.3
Maturities of fixed maturity securities			49.8				18.6
Payments for purchases of:
Fixed maturity securities			(509.3	)			(500.7	)
Equity method investments			(1.6	)			(4.3	)
Net change in short-term investments			28.5				(56.5	)
Purchases of subsidiaries, net of cash acquired			(9.9	)			(0.5	)
Capitalized technology development expenditures			(41.4	)			(34.4	)
Other, net			(0.5	)			(1.7	)
Net cash used in investing activities			(173.6	)			(380.1	)
Cash flows from financing activities
Issuance of common shares, net of issuance costs			392.0				—
Redemption of Class C convertible preference shares			(175.3	)			—
Issuance of convertible preference shares, net of issuance costs			—				114.5
Credit facility borrowings			5.0				—
Credit facility repayment			(5.0	)			—
Issuance of debt, net of issuance costs			—				49.7
Payment of debt			(0.8	)			(50.4	)
Acquisition of non-controlling interests in subsidiaries			(2.1	)			—
Dividends paid to non-controlling interests			(8.0	)			(3.5	)
Net cash provided by financing activities			205.8				110.3
Net increase in cash, cash equivalents and restricted cash			477.3				515.9
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash			49.0				(18.3	)
Cash, cash equivalents and restricted cash at beginning of year			1,273.0				775.4
Cash, cash equivalents and restricted cash at end of year		$	1,799.3			$	1,273.0

Accelerant Holdings

Financial Information by Segment

(in millions)

(unaudited)

		Three Months Ended December 31, 2025
(in millions)		Exchange Services				MGA Operations				Underwriting				Total Segments				Corporate and Other				Consolidation and elimination adjustments				Total
Revenues
Ceding commission income		$	—			$	—			$	17.1			$	17.1			$	—			$	75.1			$	92.2
Direct commission income
Affiliated entities			62.4				29.0				—				91.4				—				(91.4	)			—
Unaffiliated entities			29.4				26.9				—				56.3				—				—				56.3
Net earned premiums			—				—				82.4				82.4				—				—				82.4
Net investment income			1.6				0.8				9.4				11.8				1.8				—				13.6
Net realized (losses) gains on investments			—				(0.1	)			1.7				1.6				0.1				—				1.7
Net unrealized (losses) gains on investments			—				2.3				—				2.3				(0.1	)			—				2.2
Segment revenues			93.4				58.9				110.6				262.9				1.8				(16.3	)			248.4
Losses and loss adjustment expenses			—				—				56.7				56.7				—				—				56.7
Amortization of deferred acquisition costs			—				—				26.3				26.3				—				(4.1	)			22.2
General and administrative expenses			30.8				36.1				15.0				81.9				26.3				(9.2	)			99.0
Adjusted EBITDA		$	62.6			$	22.8			$	12.6			$	98.0			$	(24.5	)		$	(3.0	)			70.5
Interest expenses																											(3.2	)
Depreciation and amortization																											(9.5	)
Share-based compensation expenses																											(21.2	)
Net foreign exchange losses																											(5.3	)
Other expenses																											(33.5	)
Loss before income taxes																										$	(2.2	)

Accelerant Holdings

Financial Information by Segment (continued)

(in millions)

(unaudited)

		Three Months Ended December 31, 2024
(in millions)		Exchange Services				MGA Operations				Underwriting				Total Segments				Corporate and Other				Consolidation and elimination adjustments				Total
Revenues
Ceding commission income		$	—			$	—			$	17.0			$	17.0			$	—			$	46.3			$	63.3
Direct commission income
Affiliated entities			56.3				22.8				—				79.1				—				(79.1	)			—
Unaffiliated entities			7.1				20.7				—				27.8				—				—				27.8
Net earned premiums			—				—				71.1				71.1				—				—				71.1
Net investment income			0.4				1.3				9.3				11.0				0.3				—				11.3
Net realized gains on investments			—				1.3				0.1				1.4				—				—				1.4
Net unrealized gains on investments			—				—				0.1				0.1				15.7				—				15.8
Segment revenues			63.8				46.1				97.6				207.5				16.0				(32.8	)			190.7
Losses and loss adjustment expenses			—				—				55.7				55.7				—				—				55.7
Amortization of deferred acquisition costs			—				—				26.8				26.8				—				(7.4	)			19.4
General and administrative expenses			19.3				29.0				20.3				68.6				15.9				(15.3	)			69.2
Adjusted EBITDA		$	44.5			$	17.1			$	(5.2	)		$	56.4			$	0.1			$	(10.1	)		$	46.4
Interest expenses																											(3.0	)
Depreciation and amortization																											(10.4	)
Share-based compensation expenses																											(2.1	)
Net foreign exchange gains																											8.7
Other expenses																											(16.6	)
Income before income taxes																										$	23.0

Accelerant Holdings

Financial Information by Segment (continued)

(in millions)

(unaudited)

		Year Ended December 31, 2025
(in millions)		Exchange Services				MGA Operations				Underwriting				Total Segments				Corporate and Other				Consolidation and elimination adjustments				Total
Revenues
Ceding commission income		$	—			$	—			$	94.9			$	94.9			$	—			$	261.9			$	356.8
Direct commission income
Affiliated entities			251.5				128.0				—				379.5				—				(379.5	)			—
Unaffiliated entities			79.0				83.0				—				162.0				—				—				162.0
Net earned premiums			—				—				298.1				298.1				—				—				298.1
Net investment income			4.4				3.6				35.2				43.2				5.5				—				48.7
Net realized gains on investments			—				5.1				2.7				7.8				0.1				—				7.9
Net unrealized gains on investments			—				29.4				—				29.4				10.0				—				39.4
Segment revenues			334.9				249.1				430.9				1,014.9				15.6				(117.6	)			912.9
Losses and loss adjustment expenses			—				—				204.0				204.0				—				—				204.0
Amortization of deferred acquisition costs			—				—				113.9				113.9				—				(33.6	)			80.3
General and administrative expenses			110.4				136.5				55.6				302.5				80.8				(36.5	)			346.8
Adjusted EBITDA		$	224.5			$	112.6			$	57.4			$	394.5			$	(65.2	)		$	(47.5	)		$	281.8
Interest expenses																											(10.9	)
Depreciation and amortization																											(35.2	)
Profits interest distribution expenses																											(1,379.7	)
Share-based compensation expenses																											(53.6	)
Net foreign exchange losses																											(20.2	)
Other expenses																											(104.1	)
Loss before income taxes																										$	(1,321.9	)

Accelerant Holdings

Financial Information by Segment (continued)

(in millions)

(unaudited)

		Year Ended December 31, 2024
(in millions)		Exchange Services				MGA Operations				Underwriting				Total Segments				Corporate and Other				Consolidation and elimination adjustments				Total
Revenues
Ceding commission income		$	—			$	—			$	82.0			$	82.0			$	—			$	167.5			$	249.5
Direct commission income
Affiliated entities			199.7				99.4				—				299.1				—				(299.1	)			—
Unaffiliated entities			21.9				44.8				—				66.7				—				—				66.7
Net earned premiums			—				—				226.6				226.6				—				—				226.6
Net investment income			1.1				4.2				32.6				37.9				1.0				—				38.9
Net realized gains on investments			—				1.3				0.6				1.9				—				—				1.9
Net unrealized (losses) gains on investments			—				—				(0.7	)			(0.7	)			19.7				—				19.0
Segment revenues			222.7				149.7				341.1				713.5				20.7				(131.6	)			602.6
Losses and loss adjustment expenses			—				—				167.3				167.3				—				—				167.3
Amortization of deferred acquisition costs			—				—				104.2				104.2				—				(22.8	)			81.4
General and administrative expenses			65.0				105.6				90.5				261.1				36.5				(56.7	)			240.9
Adjusted EBITDA		$	157.7			$	44.1			$	(20.9	)		$	180.9			$	(15.8	)		$	(52.1	)		$	113.0
Interest expenses																											(12.1	)
Depreciation and amortization																											(26.6	)
Share-based compensation expenses																											(8.4	)
Net foreign exchange gains																											5.1
Other expenses																											(39.0	)
Income before income taxes																										$	32.0

Accelerant Holdings

Reconciliation of GAAP to Non-GAAP Financial Results

(in millions)

(unaudited)

		Three Months Ended December 31,								Years Ended December 31,
(in millions)		2025				2024				2025				2024
Net income (loss)		$	0.9			$	20.6			$	(1,345.2	)		$	22.9
Adjustments:
Profits interest distribution expenses			—				—				1,379.7				—
Share-based compensation expenses			21.2				2.1				53.6				8.4
Other expenses			33.5				16.6				104.1				39.0
Tax effect of adjustments to net income (loss) (1)			(4.4	)			0.1				(13.5	)			(3.6	)
Adjusted net income		$	51.2			$	39.4			$	178.7			$	66.7
Adjustments:
Add back tax effect of adjustments to net income (loss)			4.4				(0.1	)			13.5				3.6
Income tax (benefit) expense			(3.1	)			2.4				23.3				9.1
Interest expenses			3.2				3.0				10.9				12.1
Depreciation and amortization			9.5				10.4				35.2				26.6
Net foreign exchange losses (gains)			5.3				(8.7	)			20.2				(5.1	)
Adjusted EBITDA		$	70.5			$	46.4			$	281.8			$	113.0
Total revenues			248.4				190.7				912.9				602.6
Adjusted EBITDA margin			28	%			24	%			31	%			19	%

⁽¹⁾  The tax effect of other expenses adjustments to net income (loss) for each period presented were calculated using the statutory tax rates for each of our legal entities where the expenses were incurred, including certain non-taxing jurisdictions. The statutory tax rates used in the calculations were adjusted in instances where our legal entities have applied full valuation allowances to their respective deferred tax assets of unutilized NOLs. As such, the tax effect for the respective years varies based on the jurisdictional mix of where the expenses were incurred in each year.

Exhibit 99.2 Accelerant: The Global Specialty Insurance Risk Exchange March 2026

Legal Disclaimer Forward-Looking Statements All statements in this presentation that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. Accelerant Holdings (“we” or “our”) generally identifies forward- looking statements by use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “w ill” or “would,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this release and in the corresponding earnings call are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in Accelerant’s Annual Report on Form 10-K for the year ended December 31, 2025 under the headings “R isk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as may be supplemented in Accelerant’s subsequent Quarterly Reports on Form 10-Q and in other periodic and current reports filed by Accelerant with the SEC , may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Market data and industry information used throughout this presentation are based on management’s knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management’s review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable as of their respective dates, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. Non-GAAP Financial Measures In assessing the performance of our business, non-GAAP financial measures are used that are derived from our consolidated financial information but are not presented in our consolidated financial statements prepared in accordance with GAAP. We consider these non-GAAP financial measures to be useful metrics for management and investors to evaluate our financial performance by excluding certain items that are related to our non-core business operations and therefore are not considered to be directly attributable to our underlying operating performance. Adjusted EBITD A, Adjusted EBITD A margin and Adjusted Net Income (Loss) should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to GAAP net income or net (loss) as indicators of our financial performance. Although we use Adjusted EBITD A, Adjusted EBITD A margin and Adjusted Net Income (Loss) as financial measures to assess the performance of our business, such use is limited because it does not include certain material costs necessary to operate our business. Our presentation of Adjusted EBITD A, Adjusted EBITD A margin, Adjusted Net Income (Loss), and Adjusted earnings per diluted share should not be construed as indications that our future results will be unaffected by unusual or non-recurring items. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures reported by other companies. Adjusted EBITD A and Adjusted Net Income (Loss) We define Adjusted EBITD A as GAAP net income (loss) less the impact of depreciation and amortization, interest expenses, income tax expenses and the following items: • Other expenses: Represents costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, and legal and advisory costs in connection with corporate development activities including mergers and acquisitions, capital raising activities and entity formations that support our growing business, and Mission profit sharing expenses. • Non-recurring profits interest distribution expenses resulting from the IPO: Represents non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of our 65,270,453 Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested upon the IPO. These expenses were entirely offset by a corresponding capital contribution for that distribution of shares. These expenses only occurred at one point in time and will not recur. • Share-based compensation expenses included within general and administrative expenses: Represents non-cash expense related to the fair value of share-based equity awards granted to employees and directors, including restricted stock units and stock options and other awards that can settle in cash, recognized over the requisite service period for the awards. • Net foreign currency exchange gains (losses): The functional currency for each of our operating subsidiaries is generally the currency of the local operating environment. Transactions in currencies other than the local operation’s functional currency are remeasured into the functional currency, and the resulting foreign exchange gains or losses are reflected in net foreign currency exchange gains (losses). Such gains and losses are generally offset by the translation of our subsidiaries who have the corresponding reinsurance-related balances within their own functional currencies, whereby such effects are translated to other comprehensive income, yielding a much lower net impact on total comprehensive income and equity (such measure differs from Adjusted EBITD A as it includes the effect of interest, taxes, depreciation and amortization, as well as foreign currency exchange gains (losses)). We define Adjusted Net Income (Loss) as GAAP net income (loss) less the impact of other expenses, non-recurring profits interest distribution expenses, share-based compensation expenses, and the tax effect of the adjustments for other expenses (such measure differs from Adjusted EBITD A as it includes the effect of interest, taxes, depreciation and amortization, as well as foreign currency exchange gains (losses)). Adjusted net income per diluted share is calculated as adjusted net income for the respective periods divided by the sum of US GAAP basis diluted shares presented herein and certain dilutive restricted stock units. None of the share options were included, as the average share price over the period was below that of the exercise prices and the effect of their inclusion would be anti-dilutive. Adjusted EBITD A Margin We define Adjusted EBITD A margin, a non-GAAP financial measure, as Adjusted EBITD A divided by total revenue. Adjusted EBITD A margin is an internal performance measure used in the management of our operations. The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measures is set forth in the reconciliation table accompanying this release. 2

Our Vision To become the preeminent specialty insurance marketplace 3

th 4 Quarter Update

Fourth Quarter Highlights Accelerating operating performance leading to attractive financial outcomes (1) (2) • $1,090M Exchange Written Premium (+24% y/y ) and $248M of revenue (+30% y/y ) (3) • $71M Adj. EBITDA (+52% y/y ), 28% margin Financial • 51% gross loss ratio • +3 new risk exchange insurers in the quarter (+1 since those announced on the last earnings call) bringing total to 18 • +15 new Members in the quarter bringing total to 280 Members (29% y/y growth) – most new Members in any year ever Operational • $4B+ annualized premium in pipeline – our largest pipeline ever • Training our models on 134 million rows of proprietary data spanning 58 thousand unique attributes – our data and models improve loss ratios + growth and should compound in value over time • $434M third-party written premium (40% of EWP vs. 21% in 4Q’24 or 32% in 3Q’25), and Hadron continued to mix down from 54% to 47% Other (2) Notes: Please see the Appendix for reconciliations of non-GAAP items Revenue +42% y/y growth excluding non-recurring investment gains of $2M and $17M for 4Q ‘25 and 4Q (1) Exchange Written Premium +32% y/y growth excluding terminated Canadian Member with subpar unit ‘24, respectively 5 (3) economics Adjusted EBITDA +132% y/y growth excluding non-recurring investment gains of $2M and $17M for 4Q ‘25 and 4Q ‘24, respectively

Full Year Highlights Last Year Today (FY 2024) (FY 2025) $3.1B $4.2B (1) Grew volume on our exchange 35% year-over-year (all organic) Exchange Written Premium Exchange Written Premium 217 280 Increased number of Members by +63 year-over-year Members Members 54% 51% Maintained healthy profitability for our risk capital partners Gross Loss Ratio Gross Loss Ratio $113M $282M (2) Accelerated our EBITDA profitability 149% year-over-year Adj. EBITDA Adj. EBITDA 19% 31% Improved margins from growth and emerging operating leverage Adj. EBITDA Margin Adj. EBITDA Margin 6 16% 30% Wrote more premium with third party insurers Third-Party Written Third-Party Written 8% 9% And retained a small amount of premium % of Exchange Written Premium % of Exchange Written Premium Notes: Please see the Appendix for reconciliations of non-GAAP items. (1) ( 2) Exchange Written Premium +41% y/y growth excluding run-off of Member with subpar unit Adjusted EBITDA +162% y/y growth excluding non-recurring investment gains of $41M and 6 economics $21M for full year 2025 and 2024, respectively

How We Performed in Q4 Strong execution across all of our KPIs 4Q ‘24 3Q ‘25 4Q ‘25 Commentary Exchange +24% y/y growth $879 $1,043 $1,090 +32% y/y growth excluding terminated Canadian Member Premium ($M) Net Revenue 131% net revenue retention excluding terminated Canadian Member Supply Side 153% 135% 126% Retention Member +15 in the quarter driven by new independent Members – Member count grew 217 265 280 29% y/y Count Gross Loss Strong gross loss ratio performance as portfolio continues to perform as 58% 50% 51% expected Ratio Continued ramping of onboarded third-party risk exchange insurers. $229M was rd 3 Party % Demand Side 21% 32% 40% written with non-Hadron insurers ARX Net Retention in line with expectations 8% 7% 9% Retained %1 +30% y/y growth driven by organic growth and premium earning through; (1) Revenue $191 $267 $248 (2) +42% y/y excluding non-recurring investment gains in 4Q’25 and 4Q’24 Adjusted Financials 28% adjusted EBITDA margin driven by topline growth and emerging operating $46 $105 $71 (1) leverage (vs. 24% prior year) ($M) EBITDA Adj. Net $0.23 adjusted net income per share (diluted) $39 $80 $51 (1) Income Notes: Please see the Appendix for reconciliations of non-GAAP items. (1) (2) Includes non-recurring investment gains of $17M, $39M and $2M in 4Q ’24, 3Q ’25 and 4Q ’25, Revenue +42% y/y growth excluding non-recurring investment gains of $2M and $17M for 4Q ‘25 7 respectively. Accounting for these, y/y Adj. EBITDA growth was 132% in 4Q ‘25 and 4Q ‘24, respectively

Supply Side: Existing Members Drive Embedded Growth (1) Grew Risk Exchange volume 35% year-over-year (all organic) Organic volume is the key driver of our growth, not rate Exchange Written Premium ($M) by Member Cohort 4,191 + New Member Additions (+15 in 4Q’25): +63 new Members in 2025 is 274 the most ever! 702 (1) 3,108 + Net Revenue Retention (same-set Members y/y growth +126% ): 375 817 + Member Growth – Existing Product: Members grow their existing products with our ML risk scoring models hyper segmenting their 666 books and identifying pockets for growth enabling faster 627 1,787 572 submission-to-quote turnarounds to insureds 193 1,201 407 + Member Growth – New Product: In the last 12 months, existing 1,205 235 983 Members have launched or moved 114 new products to the Risk 695 557 440 Exchange 130 264 567 526 492 511 427 + Pricing: Rate was up globally +3% in 2025 2020 2021 2022 2023 2024 2025 Only 3%-points of 2025’s 35% growth came from rate, volume 32% (2) 2020 & Prior 2021 2022 2023 2024 2025 Notes: (1) Exchange Written Premium +41% y/y growth and +131% Net Revenue Retention excluding terminated Canadian Member 8 (2) 2023 cohort includes Canadian Member terminated starting in 3Q’25

Demand Side: Risk Capital Partners Executing on our plan to increase third-party premiums Three Types of Risk Capital Partners… …With an Increasing Share Written via Third-Party… …and More Shared with Risk Capital Partners Exchange Premium Shared With Third-Party Direct Written Premium • AM Best-rated reinsurers standing Risk Capital Partners ($M) rd behind Accelerant and 3 party insurers in exchange for a fee Traditional (ceding commission) Reinsurers 30% 3,832 • Yield-oriented investors 2,854 contributing capital to the rd Flywheel vehicles and other, 3 Institutional party collateralized reinsurers Investors 16% Ex: Flywheel I/II 1,596 rd 10% • AM Best-rated 3 party insurance 1,015 companies focused on writing Risk primary policies and may maintain Exchange a majority of the risk Insurers 0% FY2022 FY2023 FY2024 FY2025 FY2022 FY2023 FY2024 FY2025 9

Demand Side: How We Work with Risk Exchange Insurers Onboarding third-party insurers takes time, but ramps quickly once complete Risk Exchange Insurer Lifecycle (18 signed up through 4Q’25) Third Party Risk Exchange Insurers Insurance Portfolio Construction Reinsurance • Other non-Hadron third party insurers premiums written are 3.75x since 1Q’25 and are expected to continue growing rapidly Intro, Diligence & Contracting Onboarding Readiness • Get to know ARX & the value of our • Runs alongside onboarding to • Hadron’s mix of third-party premium declined this quarter and is expected to Months offering to their enterprise ensure operational readiness continue trending down. Hadron’s fronting fee (excl. premium taxes) was 5.5% 0-9 • Negotiate and sign ARX contracts in 2025 • In 2026, we expect Hadron to account for 35%-40% of third-party premium in Portfolio Curation & Licensing Capital Efficiency 2026 and below one-third in 4Q’26 • Agree on sub-portfolio and sign • Early in the lifecycle, some fronting individual program agreements carriers may cede to Accelerant Re Months % of Third-Party Direct Third-Party Direct Written • Acquire regulator approvals for operational simplicity 10-18 Written Premium Premium ($M) 434 Implementation & Growth Direct Cession Transition 33% 336 42% 46% 291 53% • Operationalize ARX Member & ARX • Over time, most ARX insurers who 229 Insurer systems to connect flows begin the relationship ceding to Months 156 184 121 Accelerant Re transition to ceding • Over time, add products to further 19+ 67% directly to risk capital partners 61 diversify sub-portfolio 58% 54% 47% 205 180 170 123 1Q'25 2Q'25 3Q'25 4Q'25 1Q'25 2Q'25 3Q'25 4Q'25 Visibility of timeline gives us confidence in future ramping Hadron Other Third Party Hadron Other Third Party of existing and new risk exchange insurers 10

Fourth Quarter & Full Year Financial Highlights 4Q ‘24 3Q ‘25 4Q ‘25 Commentary Exchange +24% y/y growth; $1,043 $879 $1,090 (3) Premium +32% y/y growth excluding run-off of terminated Member +30% y/y growth driven by organic growth and premium earning through; (1) Revenue $191 $267 $248 (4) +42% y/y excluding non-recurring investment gains Quarterly ($M) Adjusted 28% adjusted EBITDA margin driven by topline growth and emerging operating $46 $105 $71 (1) leverage (vs. 24% prior year) EBITDA Adj. Net $80 $0.23 adjusted net income per share (diluted) $39 $51 (1) Income (5) (3) +41% y/y driven by all organic growth including +131% net revenue retention Exchange $3,108 $3,980 $4,191 and ramping of 63 Members added since last year Premium (6) +50% y/y without non-recurring investment gains driven by organic growth and (2) Revenue $855 $603 $913 premium earning through. +51% including non-recurring gains Last Twelve Months 31% adjusted EBITDA margin vs. 19% in prior year. 28% adjusted EBITDA margin ($M) Adjusted (7) (7) without non-recurring investment gains vs. 16% in the prior year driven by $258 $113 $282 (2) EBITDA operating leverage and growth in third-party Adj. Net $0.93 adjusted net income per share (diluted) $67 $169 $179 (2) Income (5) Notes: Please see the Appendix for re concilia tions of non-GAAP items. Exchange Written Premium +41% y/y growth and +131% Net Re ve nue Retention excludes terminated Ca na dian Member (1) (6) Includes non-recurring inve stment gains of $17M, $39M and $2M in 4Q ’24, 3Q ’25 and 4Q ’25, re spec tively Revenue +50% y/y growth excluding non-recurring inve stment gains of $41M and $21M for the last twelve months at 4Q ’25 and 4Q ’24, (2) 11 Includes non-recurring inve stment ga ins of $21M, $56M and $41M for the la st twelve months at 4Q ’24, 3Q ’25 and 4Q ’25, respect ively respe ctive ly (3) (7) Exchange Written Premium +32% y/y growth exc ludes te rminated Canadian Membe r Adj. EBITDA margin of 28% and 16% for the la st twe lve months a t 4Q ’ 25 a nd 4Q ’24, re spe ctivel y, exclude s non -recurring inve stment gains of (4) Revenue +42% y/y growth excluding non-recurring inve stment ga ins of $2M and $17M in 4Q ’25 and 4Q ’24, respectively $41M and $21M for the last twe lve months a t 4Q ’25 and 4Q ’ 24, respec tively

Fourth Quarter Financial Highlights 4Q ‘24 3Q ‘25 4Q ‘25 Commentary Revenue +46% y/y – driven by growth in Exchange Written Premium and take rate $64 $85 $93 Exchange increasing from 7.2% to 8.4% y/y Services Adjusted ($M) 67% adjusted EBITDA margin – near 100% gross margin with scale, offset by $59 $45 $63 increased investments in our technology platform EBITDA +28% y/y growth driven by premium growth; (1) Revenue $46 $81 $59 (3) +26% y/y growth excluding non-recurring investment gains MGA Operations 39% adjusted EBITDA margin as Mission platform continues to mature; Adjusted ($M) (4) 36% adjusted EBITDA margin excluding non-recurring investment gains vs. $45 $17 $23 (1) EBITDA (4) 35% in prior year +13% y/y – driven by net written premium growth and earning through written Revenue $118 $98 $111 premium Underwriting ($M) Adjusted 11% adjusted EBITDA margin – driven by healthy 51.4% gross loss ratio and $(5) $18 $13 movement of G&A into corporate as we write more third-party business EBITDA Adjusted Corporate 4Q‘24 and 3Q’25 include $16M and $9M non-recurring investment gains, $(13) $0 $(25) (2) respectively (none in 4Q’25) ($M) EBITDA (4) Notes: Please see the Appendix for reconciliations of non-GAAP items. Adj. EBITDA margin of 36% and 35% in 4Q ’25 and 4Q ’24, respectively, excludes non-recurring investment gains of $2M and $1M (1) MGA Operations includes non-recurring investment gains of $1M, $30M and $2M in 4Q ’24, 3Q ’25 and 4Q ’25, respectively in 4Q ’25 and 4Q ’24, respectively 12 (2) Corporate includes non-recurring investment gains of $16M and $9M in 4Q ’24 and 3Q ’25, respectively (3) Revenue +26% y/y growth excluding non-recurring investment gains of $2M and $1M in 4Q ’25 and 4Q ’24, respectively

Guidance Expected to be at least Q1’26 FY2026 Adjusted EBITDA Key Driver Bridge (2025-2026E) Adjusted EBITDA Bridge Exchange (1) 282 $1.07-1.13B $5.1B 275 Premium 9 241 (41) Business expected to continuing Underwriting mixing towards third-party 57 insurance companies, expect loss ratio performance in line with Fee-Based previous expectations Third Party $450-470M $2.2B Segments 266 Fee-Based Segments 184 +45% y/y growth of fee-based segments as exchange written premiums grow 22% Adj. EBITDA $64-66M $275M 2025 Non-recurring 2025 2026E (2) Adj. EBITDA Investment Adj. EBITDA Adj. EBITDA Gains (NRIG) (excl. NRIG) Notes: (1) Midpoint represents 18% y/y growth when excluding terminated Canadian Member 13 (2) 2026 Adjusted EBITDA does not assume any non-recurring investments gains

Accelerant Overview

Our Founding Theses Two-sided platform connecting specialty underwriters with long-term risk capital Disaggregated specialist underwriters (MGAs, MGUs, etc.) will 1 outcompete monolithic insurance companies Modern technology will power superior control and influence of 2 underwriting and unlock accelerating economies of scale Large swaths of risk capital want access to a diversified portfolio of 3 low-limit, low-volatility specialty risk, but can’t do it themselves 15

Our Risk Exchange What We Do S u p p l y D e m a n d o f R i s k f o r R i s k Risk Exchange Risk Capital Exchange Services Partners Capacity Capital fixed fee % of premium Members (Insurers, (Typically Reinsurers, MGAs) Institutional Risk Risk Data, Analytics, & AI Investors) Digital Platform Expert Service Model • Accelerant identifies and onboards • Premium written on or through a Members, who feed the Exchange primary insurance company Accelerant paid by risk rd by underwriting premium (Accelerant-owned or 3 party) capital for sourcing, managing, and • Accelerant’s technological • After application of reinsurance, monitoring the capabilities and approach enable risk is ultimately retained by a mix portfolio rd ongoing monitoring of Members of 3 party Risk Capital Partners, rd and additional growth (distribution, 3 Party Risk Exchange Insurers, pricing, new products, etc.) and Accelerant-owned entities 16

Our Risk Exchange How We Measure Success and Why Supply Side (Members) Demand Side (Risk Capital Partners) Key Performance Indicators: Key Performance Indicators: • Exchange Written Premium – All the premium • Gross Loss Ratio – Measures the profitability our written through the exchange. Our core topline portfolio correlates directly to the financial return figure precipitating our financial outcomes our risk capital partners receive rd • Net Revenue Retention – Same-set Member • 3 Party Written Mix – % of Exchange Written trailing twelve-month growth year-over-year. Premium written with insurance companies not Measures our core organic growth engine owned by ARX. Lowers ARX capital needs • Member Count (and growth) – Number of • Accelerant Net Retained – % of Exchange Written Members we support. Leading indicator of growth Premium retained by ARX. The lower our net as existing Members ramp and new ones join retention, the lower our capital needs 17

Who We Are Two-sided platform connecting specialty underwriters with long-term risk capital Our Founding Theses: Disaggregated specialist Large swaths of risk capital want Modern technology will power underwriters (MGAs, MGUs, etc.) access to a diversified portfolio of superior control and influence of will outcompete monolithic low-limit, low-volatility specialty underwriting and unlock 1 2 3 insurance companies risk, but can’t do it themselves accelerating economies of scale Financials ($M) S u p p l y D e m a n d Exchange Written Premium 4,191 o f R i s k f o r R i s k Revenue 3,108 Adj. EBITDA Risk Exchange 1,787 1,201 913 8% 603 Risk Capital 344 282 219 113 36 Exchange Services Partners (39) Capacity Capital Members fixed % fee of premium (1) (Insurers, 2022 2023 2024 2025 (Typically Reinsurers, MGAs) Data, Analytics, & AI Institutional Risk Risk Investors) Premium Growth 116% 49% 74% 35% Digital Platform Revenue Growth 118% 57% 75% 51% Expert Service Model Adj. EBITDA Margin -18% 10% 19% 31% Notes: Please see the Appendix for reconciliations of non-GAAP items. (1) 2025 Revenue and Adjusted EBITDA includes $41M non-recurring investment gains 18

Who We Are Two-sided platform connecting specialty underwriters with long-term risk capital • For our Members (typically MGAs, MGUs, or program administrators), we endeavor to be the best partner in the world. We provide (a) the long-term insurance capacity they need to issue policies, (b) a modern data & analytics platform to drive superior underwriting, and (c) discounts or optimizations on shared Member services • For our risk capital partners (insurers, reinsurers, and institutional investors), we deliver a diversified portfolio of low-limit, low- volatility specialty risk that they may struggle to access and/or appropriately manage on their own Founded in 2018, our two-sided platform continues to scale rapidly, organically… (1) 280 $4.2B +35% $252B 95 Risk Capital Members FY 2025 Exchange Written FY 2025 Exchange Written Serviceable Partners Premium Premium Growth Addressable Market (All Organic) Notes: (1) Exchange Written Premium +41% y/y growth excluding terminated Canadian Member 19

Accelerant’s Market Opportunity We support MGAs as they continue to take share in an attractive, growing market US Commercial P&C premiums continue to grow, led by strong …within this growth, US MGAs continue to take share, a trend expansion in E&S, our core market… Accelerant is built to support and capitalize on (1) (2) US Commercial P&C Direct Premiums ($B) US MGA Premiums as % of Commercial P&C 18.8% (1) P&C CAGR 17.0% 16.7% $489 8% $465 $436 14.3% 13.7% 13.6% $391 $345 $331 <$10k, 95% (1) E&S CAGR $130 $116 18% $98 $83 $66 $56 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 MGA DWP ($B) $45 $47 $56 $73 $79 $92 E&S Commercial P&C Notes: (1) 20 Source: U.S. Department of the Treasury, A.M. Best; CAGR shown for the period 2019 to 2024 (2) Source: Conning press releases

View on the Rate Cycle Less exposed to rate cycle than P&C generally because of focus on small niche policies. Rate made up only 3% of our 35% growth in 2025 Accelerant primarily writes very low premium policies… …which are typically more insulated from rate cycles Percentage of Total Policies by Policy Size US Cumulative Quarterly Rate Increases by Account Size 100% 150 “Small” accounts are defined here as broker commissions <$25k. 95% of 140 80% Accelerant policies have premium <$10k 130 120 60% <$10k, 95% 110 100 40% 90 80 20% Small Medium Large 0% Note: Rate change data from Council of Insurance Agents & Brokers 21 Normalized Cumulative Rate Change

Proprietary and Differentiated Technology, Data, and Analytics Data-driven decisions delivered faster with accelerating economies of scale k B D X F I L E S AI & Data Platform Digital Platform Risk Capital RD 3 P A R T Y D A T A Partners Data pipelines include validations and transformations Weather Data Crime Data Member Fire Data MGA’s Financial Data Socio-demographic Data AI & Data Pipelines Relationship Directors A P I I N T E G R A T I O N S 1.8k+ 134M Building proprietary models Unique mappings Rows of trained on our unique data to MGA Policy Admin Systems or integrations proprietary data Accelerant drive profitable underwriting TPA Claims Systems Employees 58k growth MGA Financial Systems Unique attributes 22

Technology that compounds our advantage Proprietary infrastructure that improves as we scale Deepening data moat Centralized decisioning at scale Compounding efficiency gains AI-powered ingestion that cleans, Proprietary underwriting engine As our data grows and decisioning standardizes, and enriches every combining data from Members and sharpens, the time cost reduces data point to widen our information third parties to drive improved loss across every function for our advantage with every submission ratios Members and us • 75% y/y data growth • Risk research delivered in • 25% improvement in Member seconds vs 30-45 minutes productivity where deployed • 24/7 data surveillance • Up to 20pp Member loss ratio • 70% fewer manual cash • 600+ specialty products improvement where deployed management touchpoints standardized into a single model • 80% reduction in time for exploratory actuarial analytics 23

C M a a r p k i e t t a s l y g S o a l o a n S h c & e T A D n a a t l Experienced Team Leading the Revolution From Within Diverse team marrying modern software with long-earned insurance expertise Steve Strauss Pete Horst Matt Chmiel US CUO CTO Head of Product Design Former: Qlik, IBM Former: SCOR, W.R. Berkley Former: Kina xis Chelsea Perkins Kathy Hickey Jeff Radke Frank O’Neill Stefan Walther Joe Bickley Chief Product Officer Co-Founder & CEO Co-Founder & Group CUO Global Head of Claims Chief Data Officer VP Product Mgmt. Former: Qlik, CA Te chnologies Former: i2x, Qlik Former: Ve eva, Qlik Former: Argo, PXRE, Guy Former: Swiss Re , Former: Brit Insurance, Carpe nte r Libe rty Group Libe rty Group Ray Iardella Head of Investor Relations Jay Green Cliff Jenks Matt Sternberg Chris Lee-Smith Hugh Burgess Rich Koehler Former: Ga llagher CFO General Counsel COO, Risk Exchange Co-Founder & Head of US Chief Business Chief Portfolio Officer Former: Goldma n Former: Re insurance Former: BCG, Goldman Sac hs Distribution Officer Sachs, Swiss Re Group of America Former: Argo, Aon, Willis Former: Aon, Guy Carpe nte r, Former: All ia nz, Vindati Hamilton Towe rs Wa tson Ryan Schiller Head of Strategy Former: Altamont Dave Gronski Jack Buckley Kenny Holms Chief Actuary Head of Analytics Chief Data Science & AI Former: Argo, Be ach & Officer Former: Argo, Munic h Re Assoc ia te s Former: Ac risure, Argo 24 y a t i c & e s & c e n c a n r a u r s u n s i n e I D R i M s t G r i b A u s t i & o n

How We Make Money Risk Capital Pays us to source, manage, and monitor specialty risk MGA Exchange Underwriting Operations Services Fees & Net 18% (1) 8% (2) 4% (3) Net Commission Take Rate Results Commissions 9% of total Net Retention $359M Independent Members Third-Party Risk Capital Accelerant Exchange Partners Underwriting Written Premium $2,977M $3,377M 37% Y/Y $4,191M $3,018M $431M 35% Y/Y Mission Third $774M Members Non-Accelerant Party 46% Y/Y Underwriting Owned $1,245M $440M $814M 150% Y/Y $814M Members 11% Y/Y Notes: Base d on 2025 fina nc ia ls 1. Calculated as MGA Ope rations direct commission income , net investment inc ome , net real ized gains on investments, and net unrea lize d 3. Calculated as ne t ea rned pre mium and ce ding c ommission income, reduce d by losse s a nd loss adjustment expe nses and the a mortiz ation 25 losses on inve stme nts exc luding non-recurring inve stment gain of $32M in 2025 divide d by Exchange Written Premium attributable to of DAC, plus ne t investment inc ome and net re alize d gains on inve stments e xpre ssed as a percentage of total Underwriting gros s earne d Mission Me mbe rs and Owne d Me mbe rs premium 2. Calculated as Exchange Servic es direc t commission income divided by Exc hange W ritte n Premium

How We Make Money FY 2025 Exchange Services MGA Operations Underwriting 8% 18% 4% (2) (3) (4) Take Rate Net Commission Fees & Net Underwriting Result $1.2B $4.2B $3.1B Exchange Written Premium from Total Exchange Written Premium Gross Earned Premium Mission & Owned Members $331M $113M $217M (2) (3) Direct Commission Income Revenue excl. certain investment gains Fees & Net Underwriting Result Notes : Based on 2025 financials (all amounts exclude gener al & administ rat ive expenses). 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 1. Calculated as Exchange Services direct commission income divided by Exchange Wr itten Premium (rounded from 7.9%) income and net r ealized gains on investments expressed as a percentage of total Underwr iting gr oss earned premium (rounded fr om 3.7%) 26 2. Calculated as MGA Operations direct commission income, net investment income, net realized gains on investment s, and net unrealized losses on investments excluding non-recurr ing investment gain of $32M divided by Exchange Written Premium attr ibutable to Mission Members and Owned Members (rounded from 17.8%)

Members: Future Growth Driven by New & Existing Members (1) Grew Risk Exchange volume 35% year-over-year (all organic) Why Members Choose Accelerant Exchange Written Premium ($M) by Member Cohort “The only success is shared success” 4,191 274 702 3,108 375 817 Modern technology Long-term capacity Discounts and preferred 666 making their portfolios unlocking their time vendors on Membership- more profitable and expertise wide shared services 627 1,787 572 193 Member 1, 7% FY 2025 As expected, 1,201 407 Member 2, 6% running off Exchange 1,205 Member 3, 3% 235 983 $117M LTM Written Member 4, 3% 695 premium 557 440 Premium by Member 5, 3% Member with 130 All Other 264 Member 567 526 subpar unit 492 511 Members, 427 Members 6-10, economics 54% 11% Member mix 2020 2021 2022 2023 2024 2025 increasingly (2) Members 11-20, 13% diversifying 2020 & Prior 2021 2022 2023 2024 2025 Notes: (1) Exchange Written Premium +35% y/y growth includes terminated Canadian Member. Grew +41% y/y excluding said Member 27 (2) 2023 cohort includes terminated Canadian Member put into run-off starting in 3Q’25

Risk Capital Partners: Growing With Us Executing on our plan to increase third-party premiums 95 Risk Capital Partners Supported on Platform Largest Ultimate Risk Takers % of FY 4Q’25 Exchange Premium Exchange Written Premium Shared With Risk Third-Party Reinsurers 72 Capital Partners ($M) Partner 1 (Flywheel A), Institutional Investors 5 14% Partner 2, 3,832 6% Risk Exchange Insurers 18 Partner 3, 6% Total risk capital partners grew to 95 in 4Q’25 Partner 4, 2,854 6% All Others, Partner 5, 64% 5% Benefitting from Differentiated Value Proposition Tenure A.M. 1,596 w/ ARX Best ✓ Reduced overhead expenses Partner 1 4 years n/a Top 15 largest asset manager 1,015 ✓ Carefully managed, globally diversified portfolio Partner 2 5+ years A+ Large European reinsurer ✓ Scalable, otherwise difficult-to-access portfolio Partner 3 1 year n/a Large asset manager ✓ Data transparency and real-time monitoring into risk Partner 4 3 years A Large Asia-Pacific reinsurer ✓ Reinsurance and alternative capital expertise Partner 5 5+ years A+ Large European reinsurer FY2022 FY2023 FY2024 FY2025 28

(1) Strong Embedded Organic Growth: +35% Year-Over-Year Governor on our growth has been how many high-quality Members we onboard # of Members Exchange Written Premium Revenue Adj. EBITDA $ in millions $ in millions $ in millions Non-recurring investment gains Non-recurring investment gains 280 4,191 913 282 41 41 217 3,108 603 21 155 113 1,787 21 344 101 1,201 36 219 62 557 101 (7) (39) 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 YoY YoY YoY 63% 53% 40% 29% 116% 49% 74% 35% 117% 57% 75% Margin % -18% 10% 19% 31% 51% Growth Growth Growth Notes: * Please see the Appendix for reconciliations of non-GAAP items 29 (1) Exchange Written Premium +35% y/y growth includes impact of terminated Canadian Member. Growth was +41% y/y excluding said Member

Key Financial Highlights (1) (1) (1) Exchange Services MGA Operations Underwriting Consolidated Non-recurring 19 70 99 132 118 32 investment gains 1 335 Revenue ($M) 431 9 217 913 341 223 149 603 201 103 123 102 344 123 60 49 219 26 45 101 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 YoY YoY YoY YoY 107% 21% 81% 50% 130% 87% 34% 66% 177% 63% 69% 26% Growth 118% 57% 75% 51% Growth Growth Growth 15 32 54 52 48 32 2025 2021 2022 2023 2024 57 225 (3) 1 80 (27) (21) 282 158 (2) Adj. EBITDA ($M) 9 87 43 76 (81) 23 113 37 2021 2022 7 4 36 2021 2022 2023 2024 2025 (7) 2021 2022 2023 2024 2025 (39) 2023 2024 2025 Adj. EBITDA Margin Adj. EBITDA Margin Gross Loss Ratio Adj. EBITDA Margin 76% 75% 71% 71% 67% 15% 11% 29% 29% 45% 56% 56% 51% 54% 51% 10% 19% 31% Consolidating Adjustments (Net of Corp. & Other) Notes: (1) Represents segmental financials, i.e., financials by segment as written, before exchange services / MGA operations adjusted o n earned basis similar to underwriting segment and before 30 impact of corporate, intercompany transactions and other consolidating adjustments (2) Adj. EBITDA and Adj. EBITDA margin are non-GAAP measures. Refer to the appendix for reconciliation to GAAP

Appendix

Reconciliation of Non-GAAP Financial Measures $ in millions, unless otherwise noted 2022 2023 2024 2025 Commentary Net income (loss) $ (95.6) $ (64.1) $ 22.9 $ (1,345.2) Adjustments: • Non-cash, equity neutral settlement of all outstanding profit interest awards in predecessor LP by distributing 65.3 million Class A shares to officers & Profits interest distribution expenses - - - 1,379.7 employees just before IPO Share-based compensation expenses - 4.8 8.4 53.6 • Primarily legal, advisory, and IPO-related costs in connection with corporate Other expenses: development activity, including M&A. $42.3M related to strategic transactions Professional costs - corp. development & capital raise 19.1 16.2 13.1 52.7 and $10.4M to Mission. System development non-operating costs 11.4 22.9 14.7 20.0 • Primarily global ERP system and integrated financial reporting systems Mission profit sharing expenses - - 7.0 27.6 • Deferred compensation related to profitable Mission series. Includes $15.6M related to permanent settlement of profit sharing arrangements for our three Miscellaneous other expenses 3.1 7.2 4.2 3.8 largest Mission Members. Total other expenses 33.6 46.3 39.0 104.1 • Includes severance costs and irrecoverable VAT expenses Tax effect of adjustments to net income (loss) (3.0) (5.1) (3.6) (13.5) Adjusted net income (loss) (65.0) (18.1) 66.7 178.7 Adjustments: Add back tax effect of adjustments to net income (loss) 3.0 5.1 3.6 13.5 Income tax expense 11.3 20.2 9.1 23.3 Interest expenses 4.2 10.9 12.1 10.9 Depreciation and amortization 5.8 14.5 26.6 35.2 Net foreign exchange losses (gains) 1.4 3.5 (5.1) 20.2 Adjusted EBITDA $ (39.3) $ 36.1 $ 113.0 $ 281.8 Total revenues 219.0 344.0 602.6 912.9 Adjusted EBITDA margin (18)% 10% 19% 31% Adjusted net income (loss) per common share – diluted $ (0.38) $ (0.11) $ 0.33 $ 0.93 (1) Weighted-average common shares outstanding – diluted 165,604,641 165,604,641 199,663,694 191,533,828 1. Adjusted earnings per diluted share is calculated as adjusted net income for the respective periods divided by the sum of US GAAP basis diluted shares presented herein and certain dilutive share awards which added 1,273,669 of certain dilutive share awards and restricted share units (RSUs) for the year ended December 31, 2025. Certain share options and RSUs were excluded as they would have had an anti-dilutive effect on our 32 adjusted earnings per diluted share calculation. For the years ended December 31, 2024, 2023, and 2022, there were no applica ble restrictive stock units factored into the calculation.

Segmental Income Statement Consolidation and Exchange MGA Total Corporate Q4 2025 Underwriting elimination Total Services Operations Segments and Other $ in millions adjustments Ceding commission income $ - $ - $ 17.1 $ 17.1 $ - $ 75.1 $ 92.2 Direct commission income: Affiliated entities 62.4 29.0 - 91.4 - (91.4) - Unaffiliated entities 29.4 26.9 - 56.3 - - 56.3 Net earned premiums - - 82.4 82.4 - - 82.4 Net investment income 1.6 0.8 9.4 11.8 1.8 - 13.6 Net realized gains on investments - (0.1) 1.7 1.6 0.1 - 1.7 Net unrealized losses on investments - 2.3 - 2.3 (0.1) - 2.2 Segment revenues 93.4 58.9 110.6 262.9 1.8 (16.3) 248.4 Losses and loss adjustment expenses - - 56.7 56.7 - - 56.7 Amortization of deferred acquisition costs - - 26.3 26.3 - (4.1) 22.2 (1) General and administrative expenses 30.8 36.1 15.0 81.9 26.3 (9.2) 99 Adjusted EBITDA $ 62.6 $ 22.8 $ 12.6 $ 98.0 $ (24.5) $ (3.0) $ 70.5 Consolidation and Exchange MGA Total Corporate YTD Q4 2025 Underwriting elimination Total Services Operations Segments and Other $ in millions adjustments Ceding commission income $ - $ - $ 94.9 $ 94.9 $ - $ 261.9 $ 356.8 Direct commission income: Affiliated entities 251.5 128.0 - 379.5 - (379.5) - Unaffiliated entities 79.0 83.0 - 162.0 - - 162.0 Net earned premiums - - 298.1 298.1 - - 298.1 Net investment income 4.4 3.6 35.2 43.2 5.5 - 48.7 Net realized gains on investments - 5.1 2.7 7.8 0.1 - 7.9 Net unrealized losses on investments - 29.4 - 29.4 10.0 - 39.4 Segment revenues 334.9 249.1 430.9 1,014.9 15.6 (117.6) 912.9 Losses and loss adjustment expenses - - 204.0 204.0 - - 204.0 Amortization of deferred acquisition costs - - 113.9 113.9 - (33.6) 80.3 (1) General and administrative expenses 110.4 136.5 55.6 302.5 80.8 (36.5) 346.8 Adjusted EBITDA $ 224.5 $ 112.6 $ 57.4 $ 394.5 $ (65.2) $ (47.5) $ 281.8 1. Share-based compensation expenses are included in the General and administrative expenses within the condensed consolidated st atements of operations 33

Free Cash Flow (excluding Underwriting Segment) Strong FCF conversion driven by Exchange Services & MGA Ops segments Free Cashflow FY25 $ in millions Consolidated Adj. EBITDA $ 282 (-) Underwriting Segment Adj. EBITDA (57) Adj. EBITDA (excl. Underwriting Segment) $ 225 (-) Net Investment Gains (excl. Underwriting Segment) (45) Adj. EBITDA (excl. Underwriting Segment) $ 180 Net Cashflow from Operations 445 (-) Underwriting Segment (311) Net Cashflow from Operations (excl. Underwriting Segment) $ 134 (-) Capital Expenditures (41) (+) Interest Expense 11 Unlevered Free Cashflow (excl. Underwriting Segment) $ 104 % of Adj. EBITDA (excl. Underwriting Segment) 58% (+) Professional Costs Related to Corporate Development and Capital Raising Activities 28 (+) Managed Services Agreement Termination Fee 25 Unlevered Free Cashflow (excl. Underwriting Segment, excl. Certain Other Expenses) 157 % of Adj. EBITDA (excl. Underwriting Segment) 87% 34

Total Enterprise Value Accelerant Holdings $ in millions (except for Share Price) Shares Outstanding (Diluted) (M) 222 (1) (x) Share Price Assumption ($) 11.13 Market Capitalization ($M) $ 2,473 (-) Cash in Non-Underwriting Entities (12/31/25) (524) (+) Senior Debt (12/31/25) 121 (+) Non-Controlling Interests 29 Total Enterprise Value ($M) $ 2,099 1. Share price as of market close on March 16. 2026 35

Loss Ratio Gross loss ratio reflects underlying performance for our risk capital partners 4Q’25 Gross-to-Net Loss Ratio Reconciliation Ceded – Ceded – Net Loss $ in millions Gross Quota Share XOL & Other Ratio Earned Premium 805.0 (698.2) (24.4) 82.4 Losses and LAE 413.9 (353.8) (3.4) 56.7 Loss Ratio 51.4% 50.7% 13.9% 68.8% YTD 4Q’25 Gross-to-Net Loss Ratio Reconciliation Ceded – Ceded – Net Loss $ in millions Gross Quota Share XOL & Other Ratio Earned Premium 3,089.8 (2,679.1) (112.6) 298.1 Losses and LAE 1,584.3 (1,377.1) (3.2) 204.0 Loss Ratio 51.3% 51.4% 2.8% 68.4% 36 Notes: “XOL” represents excess of loss reinsurance, and differences in gross vs. net loss ratios are due to reinsurance decisions that we make as a company

Definitions • 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 third-party risk capital partners through our reinsurance arrangements. • 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 Underwriting: Accelerant’s owned insurance companies and reinsurance companies, and all revenue and expenses associated with them. • Ceding Commission Income: The company cedes a significant portion of the premiums written on behalf of Accelerant Underwriting companies 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. 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 r ecorded 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. • 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 investments in Owned Members). • Direct Commission Income: Accounting treatment of direct commissions received in the Exchange Services and the MGA Operations segments depend 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 companies to the Risk Exchange, as well as commissions paid by the Risk Exchange to Mission Members and/or to Owned Members. These intercompany direct commissions are recognized under “Direct commission income” in our consolidated statement 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, Accelerant nevertheless derives a significant economic benefit from these commissions. Unlike third partie s, which bear the costs of the services performed by the Risk Exchange in the form of cash payments, Accelerant Underwriting does 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 are fully recognized in the current period under “Direct commission income” in the stateme nt 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 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). • Exchange Services: Our Exchange Services segment includes the fees paid by 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. • Exchange Written Premium: The total gross written premium written through the Risk Exchange, including both gross written premiums written on behalf of Accelerant Underwriting companies and written on behalf of Risk Exchange Insurers. • Flywheel Re: Flywheel Re Ltd. is an unconsolidated reinsurance sidecar entity, sponsored by Accelerant and through which institutional investors are offered specialty insurance risk and returns that are uncorrelated with broader financial markets. • Gross Loss Ratio: Expressed as a percentage, gross incurred losses and loss adjustment expense divided by gross earned premium. 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 est imates. • Independent Members: Members in which Accelerant does not own an interest. • Independent Premium: The gross premium written by Independent Members and placed through our Risk Exchange. • MGA: Managing general agent; a third-party agent that receives delegated underwriting authority from a Primary Insurance Company to w rite insurance risk on its behalf. As used in this presentation, 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 in this presentation 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. • Mission Members: Specialty underwriters that we incubate through Mission Underwriters and in which we have an equity ownership interest. • Mission Underwriters: Mission Underwriting Holdings, LLC. Mission Underwriters is a subsidiary that was initially funded by equity capital from our controlling shareholder and operated by our management team, and whose equity interests were acquired by Accelerant Holdings on May 1, 2024. Prior to May 1, 2024, Mission Underwriters was a consolidated variable interest entity. Mission Underwriters provides specialty underwriters with the working capital, operational support, and balance sheet capacity necessary to operate independent businesses in which they own a majority ownership interest, which act as Members on our Risk Exchange. • 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 previously onboarded Members. • Organic Revenue Growth Rate: We define organic revenue growth rate, a non-GAAP financial measure, as the percentage change in revenue, as compared to the same period for the prior year, adjusted for revenue attributable to recent acquisitions of Owned Members that we now consolidate that occurred during the most recent period of comparison. We believe this measure is useful to management and investors in evaluating the internally generated growth of the business based on the Company’s ability to attract new Members and grow the business of existing Members. • Other Expenses: Other expenses are primarily related to information technology and development costs, including certain costs associated with the Risk Exchange and costs related to global enterprise projects that primarily relate to the implementation of our global enterprise resource planning system and integrated financial reporting systems. • Risk capital partners: Third-party insurance companies, reinsurers or institutional investors that provide capacity through the Risk Exchange, directly or indirectly. • Risk Exchange Insurer: Third-party Primary Insurance Company deploying underwriting capacity directly through our Risk Exchange. • Third-Party Direct Written Premium: GWP written directly with our Risk Exchange Insurers. 37

FAQ

How did Accelerant Holdings (ARX) perform financially in Q4 2025?

Accelerant generated strong Q4 2025 results, with total revenues of $248.4 million and Exchange Written Premium of $1,090.4 million, up 24% year over year. Adjusted EBITDA reached $70.5 million, a 28% margin, reflecting operating leverage in its risk exchange platform.

What were Accelerant Holdings’ full-year 2025 results?

For 2025, Accelerant reported total revenues of $912.9 million and Exchange Written Premium of $4,190.8 million. Adjusted EBITDA rose to $281.8 million with a 31% Adjusted EBITDA margin, while GAAP net loss was $(1,345.2) million, mainly from non-recurring profits interest distribution expenses.

What share repurchase program did Accelerant Holdings (ARX) authorize?

The Board authorized a share repurchase program for up to $200 million of Class A common shares, effective through December 31, 2028. Repurchases may occur in open market or privately negotiated transactions, and the program can be modified, suspended, or terminated at any time.

Who is the new Chief Financial Officer of Accelerant Holdings (ARX)?

Accelerant appointed Linda S. Huber as Chief Financial Officer, principal financial officer, and principal accounting officer effective March 31, 2026. She brings prior CFO experience at FactSet, MSCI, and Moody’s, and will receive a $650,000 base salary plus equity and bonus incentives.

Why did Accelerant Holdings report a large 2025 net loss despite higher EBITDA?

The 2025 GAAP net loss of $(1,345.2) million was driven primarily by $1,379.7 million of non-recurring profits interest distribution expenses related to settlement of profits interest awards at the IPO. Excluding this and other adjustments, Adjusted net income was $178.7 million.

How is Accelerant Holdings’ business mix changing toward third-party capital?

Accelerant is increasing use of third-party risk capital. In Q4 2025, third-party direct written premium represented 40% of Exchange Written Premium, compared with 21% in Q4 2024, supporting a more capital-light, fee-based earnings profile.

What guidance did Accelerant Holdings provide for 2026?

Management outlined expectations for 2026 including Exchange Written Premium of about $5.1 billion and Adjusted EBITDA of roughly $275 million, with fee-based segments projected to grow as third-party capital participation on the Accelerant Risk Exchange expands.

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