Third Quarter 2026 Results

• Exchange Written Premium of $1.33 billion grew 27% year-over-year
• Third-Party Direct Written Premium accounted for 49% of Exchange Written Premium volume
• Pre-tax loss of $1.6 million, net loss of $9.2 million, and net loss per diluted share of $0.06
• Adjusted net income of $38.2 million and adjusted net income per diluted share of $0.18
• Adjusted EBITDA of $71.3 million and adjusted EBITDA margin of 25.4%
• Entered into a definitive merger agreement with technology and software expert, Thoma Bravo with an expected closing in the first half of 2027

Accelerant Holdings (NYSE: ARX), the data-driven risk exchange platform transforming the specialty insurance marketplace through the Accelerant Risk Exchange, today announced financial results for the third quarter ended September 30, 2026.

"The third quarter continued to show the strength of the Accelerant Risk Exchange, with Exchange Written Premium growing 27% year-over-year to $1.33 billion,” said Jeff Radke, Accelerant’s Chairman and Chief Executive Officer. “We added 26 MGAs during the quarter, maintaining the upward momentum of our high-quality, specialty underwriting talent. Our Members choose Accelerant because we give them a proven platform, long-term capacity, and insights that provide a path to confidently grow their businesses. We remain excited about our pending transaction with Thoma Bravo and continue to expect a first half 2027 close.”

“We delivered another quarter of disciplined growth, with operating revenue of $280.2 million and adjusted EBITDA of $71.3 million,” said Linda S. Huber, Accelerant’s Chief Financial Officer. “Our fee-based businesses, which we define as consolidated results less the Underwriting segment, delivered $84.5 million of adjusted EBITDA, representing growth of 75% year over year. These capital-light businesses are key to value-creation, delivering recurring, fee-based revenue and EBITDA. We are executing against our strategic priorities, positioning the business for growth in 2027 and beyond.”

Transaction with Thoma Bravo

As previously announced on August 13, 2026, Accelerant entered into a definitive agreement with Thoma Bravo. The transaction is expected to close in the first half of 2027, subject to the satisfaction of customary closing conditions. In light of the pending transaction, Accelerant will not host an earnings conference call in connection with the third quarter 2026 results. In addition, Accelerant will not provide guidance for the fourth quarter of 2026 or the full year of 2026 as a result of the pending transaction.

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 24 different countries and approximately 700 specialty insurance products.

Accelerant generates revenue by charging fees on the Exchange Written Premium shared with Risk Capital Partners that rely on Accelerant to source, manage, and monitor portfolios of specialty risk. Exchange Written Premium was $4.88 billion for the trailing twelve months ended September 30, 2026. Accelerant harnesses advanced data analytics and AI to optimize risk management, align incentives across the insurance value chain, and provide transparent and efficient solutions for MGAs and Risk Capital partners globally.

Forward-Looking Statements

All statements in this release 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 are forward-looking statements.

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

Use of Non-GAAP Financial Measures

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

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

The following non-GAAP financial measures are used in this document or in other disclosures we make from time to time:

Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings per Diluted Share

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

1. Net realized and unrealized gains (losses) on investments: Primarily represents changes in fair value of investment funds, realized gains and losses on dispositions of investments, and changes in fair value of certain other equity security investments accounted for under the measurement alternative where we adjust fair value based on observable price movements in such, or similar, investments.
2. 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 (including periodic buyouts of existing awards).
3. Non-recurring profits interest distribution expenses resulting from the IPO: Represents non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of our 65,270,453 Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested upon the IPO. These expenses were entirely offset by a corresponding capital contribution for that distribution of shares. These expenses only occurred at one point in time (July 2025) and will not recur.
4. 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 share units and share options and other awards that can settle in cash, recognized over the requisite service period for the awards.
5. Net foreign currency exchange gains (losses): Represents non-cash foreign currency gains or losses related to transactions in currencies other than an operation’s functional currency and are excluded both on the basis of volatility and that such amounts are largely offset by corresponding changes in other comprehensive income primarily based on our intercompany reinsurance.

We define "Adjusted Net Income" as U.S. GAAP net income (loss) excluding the impact of the following items:

1. net realized and unrealized gains (losses) on investments;
2. other expenses;
3. non-recurring profits interest distribution expenses resulting from the IPO;
4. share-based compensation expenses included within general and administrative expenses;
5. the tax effect of the above adjustments.

We define “Adjusted Earnings per Diluted Share” as adjusted net income for a period divided by the corresponding weighted average diluted shares on a U.S. GAAP basis. (GAAP diluted shares are used for simplicity and that any difference from recalculating such diluted shares using adjusted income is expected to be immaterial.)

Operating Revenues

We define “Operating Revenues” as U.S. GAAP revenues excluding the impact of net realized and unrealized gains (losses) on investments.

Adjusted EBITDA Margin

We define “Adjusted EBITDA Margin” as Adjusted EBITDA divided by Operating Revenues. Adjusted EBITDA Margin is an internal performance measure used in the management of our operations.

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

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