Accelerant Holdings’ major shareholder group has disclosed a large controlling stake in the company’s stock. As of September 30, 2025, ACP Accelerant Holdings, L.P. may be deemed to beneficially own 85,976,902 Class A common shares, representing about 42.9% of the Class A shares when including shares issuable upon conversion of Class B shares. ACP Insurance Management, LLC and its owner, Keoni Schwartz, may each be deemed to beneficially own 90,916,741 Class A common shares, or about 44.2% of the Class A shares on the same basis. The company has a dual‑class structure where each Class A share has one vote and each Class B share has ten votes. Based on this, ACP Accelerant Holdings, L.P. is associated with roughly 72.4% of total voting power, while ACP Insurance Management, LLC and Mr. Schwartz are associated with about 76.6% of total voting power, giving them effective control of shareholder voting.
Positive
None.
Negative
None.
Insights
Disclosure shows a concentrated economic stake and effective voting control at Accelerant.
The disclosure explains that ACP Accelerant Holdings, L.P., related entities, and Keoni Schwartz together hold a large economic and voting position in Accelerant Holdings. On a converted basis, ACP Accelerant Holdings, L.P. may be deemed to own 85,976,902 Class A shares, while ACP Insurance Management, LLC and Mr. Schwartz may each be deemed to own 90,916,741 Class A shares.
The company uses a dual-class structure where Class A shares carry one vote and Class B shares carry ten votes. Using outstanding counts as of September 30, 2025, ACP Accelerant Holdings, L.P. is associated with about 38.8% of combined Class A and B equity and roughly 72.4% of total voting power. ACP Insurance Management, LLC and Mr. Schwartz are associated with about 41.0% of combined equity and around 76.6% of voting power.
Class B shares are convertible into Class A on a 1‑for‑1 basis and all Class B shares automatically convert by July 25, 2028 or upon specified ownership changes. The actual governance impact depends on how long the dual‑class structure remains and whether any conversions or transfers of Class B shares occur before that date.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Accelerant Holdings
(Name of Issuer)
Class A common shares, $0.0000011951862 par value per share
(Title of Class of Securities)
G00894108
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
G00894108
1
Names of Reporting Persons
ACP Accelerant Holdings, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
85,976,902.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
85,976,902.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
85,976,902.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
42.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP No.
G00894108
1
Names of Reporting Persons
ACP Insurance Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
90,916,741.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
90,916,741.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
90,916,741.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
44.2 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP No.
G00894108
1
Names of Reporting Persons
Schwartz Keoni Andrew
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
90,916,741.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
90,916,741.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
90,916,741.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
44.2 %
12
Type of Reporting Person (See Instructions)
IN, HC
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Accelerant Holdings
(b)
Address of issuer's principal executive offices:
Unit 106, Windward 3, Regatta Office Park, West Bay Road, Grand Cayman, Cayman Islands, KY1-1108
Item 2.
(a)
Name of person filing:
This Statement is filed by Keoni Schwartz ("Mr. Schwartz"), ACP Accelerant Holdings, L.P., and ACP Insurance Management, LLC. (together, the "Reporting Persons"). The Class A common shares reported as beneficially owned by the Reporting Persons herein consist entirely of Class A common shares underlying Class B common shares that are held directly by ACP Accelerant Holdings, L.P., ACP Accelerant Co-Invest, LLC, and ACP Accelerant Investment Holding Company II, Ltd. Each holder of Class B common shares has the right to convert their Class B common shares into Class A common shares on a 1-for-1 basis at any time and at their option. Additionally, the Class B common shares will automatically convert into Class A common shares, on a 1-for-1 basis, immediately following a transfer to any non-permitted holder of Class B common shares, and all outstanding Class B common shares will automatically convert into Class A common shares, on a 1-for-1 basis, on the earlier of (i) if at any time following the consummation of the Issuer's initial public offering, the holders of the Class B common shares immediately prior to the consummation of the initial public offering hold less than 50% of the total Class B common shares then in issue, and (ii) July 25, 2028, which is the third anniversary of the date on which the Issuer consummated its initial public offering.
ACP Accelerant Holdings, L.P. is the sole owner of ACP Accelerant Investment Holding Company II, Ltd. As such, ACP Accelerant Holdings, L.P. may be deemed to beneficially own the Class A common shares underlying the Class B common shares held directly by ACP Accelerant Holdings, L.P. and ACP Accelerant Investment Holding Company II, Ltd.
ACP Insurance Management, LLC is the general partner of ACP Accelerant Holdings, L.P. and the managing member of ACP Accelerant Co-Invest, LLC. As such, ACP Insurance Management, LLC may be deemed to beneficially own the Class A common shares underlying the Class B common shares held directly by ACP Accelerant Holdings, L.P., ACP Accelerant Investment Holding Company II, Ltd., and ACP Accelerant Co-Invest, LLC.
Mr. Schwartz is the sole owner and managing member of ACP Insurance Management, LLC. As such, Mr. Schwartz may be deemed to beneficially own the Class A common shares underlying the Class B common shares held directly by ACP Accelerant Holdings, L.P., ACP Accelerant Investment Holding Company II, Ltd., and ACP Accelerant Co-Invest, LLC.
(b)
Address or principal business office or, if none, residence:
400 Hamilton Avenue, Suite 230, Palto Alto, CA 94301
(c)
Citizenship:
Mr. Schwartz is a citizen of the United States. ACP Accelerant Holdings, L.P. is a Cayman Islands limited partnership. ACP Insurance Management, LLC is a Cayman Islands limited liability company.
(d)
Title of class of securities:
Class A common shares, $0.0000011951862 par value per share
(e)
CUSIP No.:
G00894108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of September 30, 2025, ACP Accelerant Holdings, L.P. may be deemed the beneficial owner of 85,976,902 Class A common shares. This amount includes (i) 82,674,639 Class A common shares it has the right to acquire upon conversion of 82,674,639 Class B common shares held directly by ACP Accelerant Holdings, L.P. and (ii) 3,302,263 Class A common shares it has the right to acquire upon conversion of 3,302,263 Class B common shares held directly by ACP Accelerant Investment Holding Company II, Ltd.
As of September 30, 2025, ACP Insurance Management, LLC and Mr. Schwartz may be deemed the beneficial owners of 90,916,741 Class A common shares. This amount includes (i) 82,674,639 Class A common shares they have the right to acquire upon conversion of 82,674,639 Class B common shares held directly by ACP Accelerant Holdings, L.P., (ii) 3,302,263 Class A common shares they have the right to acquire upon conversion of 3,302,263 Class B common shares held directly by ACP Accelerant Investment Holding Company II, Ltd., and (iii) 4,939,839 Class A common shares they have the right to acquire upon conversion of 4,939,839 Class B common shares held directly by ACP Accelerant Co-Invest, LLC.
(b)
Percent of class:
As of September 30, 2025, ACP Accelerant Holdings, L.P. may be deemed to beneficially own approximately 42.9% of the Class A common shares outstanding. This percentage is based on (i) 114,578,616 Class A common shares outstanding as of September 30, 2025, as reported in the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2025 (the "Q3 2025 Form 10-Q"), and (ii) an aggregate 85,976,902 Class A common shares it has the right to acquire upon conversion of an aggregate 85,976,902 Class B common shares held directly by ACP Accelerant Holdings, L.P. and ACP Accelerant Investment Holding Company II, Ltd., which Class A common shares have been added to the quantity of Class A common shares outstanding in accordance with Rule 13d-3(d)(1)(i) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
As of September 30, 2025, ACP Insurance Management, LLC and Mr. Schwartz may be deemed to beneficially own approximately 44.2% of the Class A common shares outstanding. This percentage is based on (i) 114,578,616 Class A common shares outstanding as of September 30, 2025, as reported in the Q3 2025 Form 10-Q, and (ii) an aggregate 90,916,741 Class A common shares they have the right to acquire upon conversion of an aggregate 90,916,741 Class B common shares held directly by ACP Accelerant Holdings, L.P., ACP Accelerant Investment Holding Company II, Ltd., and ACP Accelerant Co-Invest, LLC, which Class A common shares have been added to the quantity of Class A common shares outstanding in accordance with Rule 13d-3(d)(1)(i) under the Exchange Act.
The Issuer has two classes of Common Stock: Class A common shares and Class B common shares. Each Class A common share is entitled to one vote per share, and each Class B common share is entitled to ten votes per share. Accordingly, ACP Accelerant Holdings, L.P.'s percentage ownership of the aggregate Class A common shares and Class B common shares outstanding is approximately 38.8%, and its aggregate voting power represents approximately 72.4% of the voting power of the Issuer. ACP Insurance Management, LLC's and Mr. Schwartz's percentage ownership of the aggregate Class A common shares and Class B common shares outstanding is approximately 41.0%, and their aggregate voting power represents approximately 76.6% of the voting power of the Issuer. The aggregate percentage ownership of the Class A common shares and Class B common shares and the aggregate voting power set forth herein are based on 114,578,616 Class A common shares and 107,241,428 Class B common shares, each outstanding as of September 30, 2025, as reported in the Q3 2025 Form 10-Q.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The responses to Items 2 and 4 are incorporated herein by reference.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
The response to Item 2(a) is incorporated herein by reference.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
ACP Accelerant Holdings, L.P.
Signature:
/s/ Jennifer Mello
Name/Title:
Jennifer Mello, Attorney-in-Fact
Date:
11/14/2025
ACP Insurance Management, LLC
Signature:
/s/ Jennifer Mello
Name/Title:
Jennifer Mello, Attorney-in-Fact
Date:
11/14/2025
Schwartz Keoni Andrew
Signature:
/s/ David Pelsue
Name/Title:
David Pelsue, Attorney-in-Fact
Date:
11/14/2025
Exhibit Information
Exhibit 1: Joint Filing Agreement, dated November 14, 2025
Exhibit 2: Power of Attorney for ACP Accelerant Holdings, L.P., dated July 22, 2025
Exhibit 3: Power of Attorney for ACP Insurance Management, LLC, dated July 22, 2025
Exhibit 4: Power of Attorney for Keoni Andrew Schwartz, dated September 19, 2025
What stake in Accelerant Holdings (ARX) is reported in this Schedule 13G?
The filing reports that ACP Accelerant Holdings, L.P. may be deemed to beneficially own 85,976,902 Class A common shares of Accelerant, representing about 42.9% of the Class A shares on a converted basis.
How many Accelerant (ARX) shares do ACP Insurance Management, LLC and Keoni Schwartz beneficially own?
ACP Insurance Management, LLC and Keoni Schwartz may each be deemed to beneficially own 90,916,741 Class A common shares, representing approximately 44.2% of the Class A common shares when including shares issuable upon conversion of Class B shares.
What is the voting power of the reporting persons in Accelerant Holdings (ARX)?
Based on Class A and Class B shares outstanding as of September 30, 2025, ACP Accelerant Holdings, L.P. is associated with about 72.4% of total voting power. ACP Insurance Management, LLC and Mr. Schwartz are each associated with about 76.6% of the voting power.
How does Accelerant Holdings’ (ARX) dual-class share structure work?
Accelerant has two classes of common stock: Class A and Class B. Each Class A common share carries one vote, while each Class B common share carries ten votes, giving Class B holders greater voting influence per share.
When do Accelerant (ARX) Class B shares convert into Class A shares?
Each Class B common share is convertible into one Class A common share at the holder’s option at any time. All outstanding Class B shares automatically convert into Class A shares on the earlier of (i) if pre‑IPO Class B holders fall below 50% of Class B shares in issue after the IPO or (ii) July 25, 2028.
How many Accelerant (ARX) shares were outstanding as of September 30, 2025?
As of September 30, 2025, there were 114,578,616 Class A common shares and 107,241,428 Class B common shares outstanding, as referenced in the company’s Q3 2025 Form 10-Q.
Who are the reporting persons in this Accelerant Holdings (ARX) Schedule 13G?
The reporting persons are Keoni Schwartz, ACP Accelerant Holdings, L.P., and ACP Insurance Management, LLC. The filing explains their control relationships and how they may be deemed to beneficially own Class A shares underlying Class B shares.
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