Accelerant Holdings
For the period ended Jun 30, 2025. Filed Aug 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 28, 2025
ARX$19.88-0.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Financial Statements (unaudited)
| Accelerant Holdings | ||
|---|---|---|
| Condensed Consolidated Balance Sheets (unaudited) | ||
| June 30, 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: $77.3 and 2024: $65.0) | $77.7 | $64.8 |
| Fixed maturity securities available for sale, at fair value(amortized cost 2025: $667.9 and 2024: $485.6) | 673.7 | 479.5 |
| Equity method investments | 10.2 | 18.2 |
| Other investments | 46.6 | 45.3 |
| Total investments | 808.2 | 607.8 |
| Cash, cash equivalents and restricted cash | 1,458.5 | 1,273.0 |
| Premiums receivable (net of allowance 2025: $3.9 and 2024: $2.4) | 937.6 | 791.9 |
| Ceded unearned premiums | 1,922.4 | 1,558.4 |
| Reinsurance recoverables on unpaid losses and LAE | 1,424.6 | 1,069.5 |
| Other reinsurance recoverables | 491.1 | 364.3 |
| Deferred acquisition costs | 51.2 | 60.7 |
| Goodwill and other intangible assets, net | 119.7 | 64.0 |
| Capitalized technology development costs | 93.5 | 83.6 |
| Other assets | 189.4 | 221.7 |
| Total assets | $7,496.2 | $6,094.9 |
| Liabilities and shareholders' equity | ||
| Unpaid losses and loss adjustment expenses | $1,692.0 | $1,294.4 |
| Unearned premiums | 2,173.0 | 1,803.2 |
| Payables to reinsurers | 1,398.6 | 1,109.0 |
| Deferred ceding commissions | 235.0 | 193.0 |
| Funds held under reinsurance | 978.1 | 746.9 |
| Insurance balances payable | 130.6 | 148.0 |
| Debt | 126.7 | 121.4 |
| Accounts payable and other liabilities | 280.0 | 252.0 |
| Total liabilities | 7,014.0 | 5,667.9 |
| Commitments and contingencies (Note 17) | ||
| Equity | ||
| Redeemable preference shares | ||
| Class C convertible preference shares (issued and outstanding 2025 and 2024: 5,556,546) | 104.4 | 104.4 |
| Shareholders' equity | ||
| Convertible preference shares: | ||
| Class A (issued and outstanding 2025 and 2024: 20,955,497) | 236.7 | 236.7 |
| Class B (issued and outstanding 2025 and 2024: 12,569,691) | 145.1 | 145.1 |
| Common shares (par value $0.000001 per share, issued and outstanding 2025 and 2024: 166,185,094) | — | — |
| Additional paid-in capital | 130.2 | 124.8 |
| Accumulated other comprehensive income (loss) | 1.7 | (19.5) |
| Accumulated deficit | (167.5) | (182.8) |
| Total Accelerant shareholders' equity | 346.2 | 304.3 |
| Non-controlling interests | 31.6 | 18.3 |
| Total equity | 482.2 | 427.0 |
| Total liabilities and equity | $7,496.2 | $6,094.9 |
| Accelerant Holdings | ||||
|---|---|---|---|---|
| Condensed Consolidated Statements of Operations (unaudited) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| (expressed in millions of US dollars) | 2025 | 2024 | 2025 | 2024 |
| Revenues | ||||
| Ceding commission income | $101.6 | $59.1 | $172.3 | $124.1 |
| Direct commission income | 34.2 | 10.1 | 62.3 | 21.7 |
| Net earned premiums | 70.6 | 52.2 | 133.6 | 96.2 |
| Net investment income | 12.8 | 8.7 | 25.0 | 16.6 |
| Net realized gains on investments | 0.4 | — | 2.7 | 0.4 |
| Net unrealized (losses) gains on investments | (0.5) | — | 1.2 | (0.8) |
| Total revenues | 219.1 | 130.1 | 397.1 | 258.2 |
| Expenses | ||||
| Losses and loss adjustment expenses | 51.3 | 43.2 | 96.5 | 71.9 |
| Amortization of deferred acquisition costs | 18.2 | 16.1 | 35.3 | 38.9 |
| General and administrative expenses | 86.1 | 57.8 | 159.0 | 106.9 |
| Interest expenses | 2.5 | 3.0 | 5.1 | 6.0 |
| Depreciation and amortization | 8.3 | 5.5 | 15.7 | 10.4 |
| Other expenses | 16.2 | 9.6 | 30.4 | 18.2 |
| Net foreign exchange losses (gains) | 14.2 | (0.8) | 17.3 | (1.8) |
| Total expenses | 196.8 | 134.4 | 359.3 | 250.5 |
| Income (loss) before income taxes | 22.3 | (4.3) | 37.8 | 7.7 |
| Income tax expense | (9.2) | (4.9) | (16.9) | (14.8) |
| Net income (loss) | 13.1 | (9.2) | 20.9 | (7.1) |
| Adjustment for net (income) loss attributable to non-controlling interests | (4.3) | 0.2 | (5.6) | 5.2 |
| Net income (loss) attributable to Accelerant | $8.8 | $(9.0) | $15.3 | $(1.9) |
| Net income (loss) attributable to Accelerant per common share: | ||||
| Basic | $0.05 | $(0.05) | $0.09 | $(0.01) |
| Diluted | $0.04 | $(0.05) | $0.07 | $(0.01) |
| Weighted-average common shares outstanding: | ||||
| Basic | 166,185,094 | 165,949,086 | 166,185,094 | 165,776,863 |
| Diluted | 205,948,671 | 165,949,086 | 205,913,393 | 165,776,863 |
| Accelerant Holdings | ||||
|---|---|---|---|---|
| Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| (expressed in millions of US dollars) | 2025 | 2024 | 2025 | 2024 |
| Net income (loss) | $13.1 | $(9.2) | $20.9 | $(7.1) |
| Other comprehensive income, net of tax: | ||||
| Foreign currency translation adjustments | 7.8 | 2.3 | 10.3 | 3.4 |
| Unrealized gains (losses) on fixed maturity securities: | ||||
| Unrealized gains (losses) on fixed maturity securities | 4.6 | (1.0) | 9.4 | (2.1) |
| Reclassification adjustments for losses recognized in net income | 1.1 | — | 2.3 | — |
| Other comprehensive income, net of tax | 13.5 | 1.3 | 22.0 | 1.3 |
| Total comprehensive income (loss) | 26.6 | (7.9) | 42.9 | (5.8) |
| Adjustment for comprehensive (income) loss attributable to non-controlling interests | (4.9) | 0.2 | (6.4) | 5.2 |
| Comprehensive income (loss) attributable to Accelerant | $21.7 | $(7.7) | $36.5 | $(0.6) |
| Accelerant Holdings | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Equity (unaudited) | |||||||||
| (expressed in millions of US dollars) | Class C convertible preference shares | Class A convertible preference shares | Class B convertible preference shares | Additional paid-in capital | Accumulated other comprehensive (loss) income | Accumulated deficit | Total Accelerant shareholders' equity | Non-controlling interests | Total equity |
| Balance, April 1, 2025 | $104.4 | $236.7 | $145.1 | $127.2 | $(11.2) | $(176.3) | $321.5 | $28.5 | $454.4 |
| Net income | — | — | — | — | — | 8.8 | 8.8 | 4.3 | 13.1 |
| Other comprehensive income | — | — | — | — | 12.9 | — | 12.9 | 0.6 | 13.5 |
| Share-based compensation | — | — | — | 3.0 | — | — | 3.0 | — | 3.0 |
| Dividends paid to non-controlling interests | — | — | — | — | — | — | — | (1.8) | (1.8) |
| Balance, June 30, 2025 | $104.4 | $236.7 | $145.1 | $130.2 | $1.7 | $(167.5) | $346.2 | $31.6 | $482.2 |
| (expressed in millions of US dollars) | Class A convertible preference shares | Class B convertible preference shares | Additional paid-in capital | Accumulated other comprehensive (loss) income | Accumulated deficit | Total Accelerant shareholders' equity | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance, April 1, 2024 | $236.7 | $145.1 | $148.4 | $(7.5) | $(202.9) | $319.8 | $(30.4) | $289.4 |
| Net loss | — | — | — | — | (9.0) | (9.0) | (0.2) | (9.2) |
| Other comprehensive income | — | — | — | 1.3 | — | 1.3 | — | 1.3 |
| Share-based compensation | — | — | 1.6 | — | — | 1.6 | — | 1.6 |
| Acquisition of non-controlling interests in previously consolidated variable interest entities | — | — | (39.3) | — | — | (39.3) | 39.3 | — |
| Dividends paid to non-controlling interests | — | — | — | — | — | — | (0.4) | (0.4) |
| Balance, June 30, 2024 | $236.7 | $145.1 | $110.7 | $(6.2) | $(211.9) | $274.4 | $8.3 | $282.7 |
Accelerant Holdings
Condensed Consolidated Statements of Equity (unaudited) (continued)
| (expressed in millions of US dollars) · Class C convertible preference shares · Class A convertible preference shares · Class B convertible preference shares · Additional paid-in capital · Accumulated other comprehensive (loss) income · Accumulated deficit · Total Accelerant shareholders' equity · Non-controlling interests · Total equity | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance, January 1, 2025 | $104.4 | $236.7 | $145.1 | $124.8 | $(19.5) | $(182.8) | $304.3 | $18.3 | $427.0 | ||||||||||||||||
| Net income | — | — | — | — | — | 15.3 | 15.3 | 5.6 | 20.9 | ||||||||||||||||
| Other comprehensive income | — | — | — | — | 21.2 | — | 21.2 | 0.8 | 22.0 | ||||||||||||||||
| Share-based compensation | — | — | — | 5.4 | — | — | 5.4 | — | 5.4 | ||||||||||||||||
| Dividends paid to non-controlling interests | — | — | — | — | — | — | (4.1) | (4.1) | |||||||||||||||||
| Issuance of non-controlling interests (1) | — | — | — | — | — | 11.0 | 11.0 | ||||||||||||||||||
| Balance, June 30, 2025 | $104.4 | $236.7 | $145.1 | $130.2 | $1.7 | $(167.5) | $346.2 | $31.6 | $482.2 | ||||||||||||||||
| (1) Refer to Note 10 for information related to the acquisition of a controlling interest in a subsidiary which gave rise to recognition of a non-controlling interest in consolidation. | |||||||||||||||||||||||||
| (expressed in millions of US dollars) | Class A convertible preference shares | Class B convertible preference shares | Additional paid-in capital | Accumulated other comprehensive (loss) income | Accumulated deficit | Total Accelerant shareholders' equity | Non-controlling interests | Total equity | |||||||||||||||||
| Balance, January 1, 2024 | $236.7 | $145.1 | $146.2 | $(7.5) | $(210.0) | $310.5 | $(23.8) | $286.7 | |||||||||||||||||
| Net loss | — | — | — | — | (1.9) | (1.9) | (5.2) | (7.1) | |||||||||||||||||
| Other comprehensive income | — | — | — | 1.3 | — | 1.3 | — | 1.3 | |||||||||||||||||
| Share-based compensation | — | — | 3.8 | — | — | 3.8 | — | 3.8 | |||||||||||||||||
| Acquisition of non-controlling interests in previously consolidated variable interest entities | — | — | (39.3) | — | — | (39.3) | 39.3 | — | |||||||||||||||||
| Dividends paid to non-controlling interests | — | — | — | — | — | — | (2.0) | (2.0) | |||||||||||||||||
| Balance, June 30, 2024 | $236.7 | $145.1 | $110.7 | $(6.2) | $(211.9) | $274.4 | $8.3 | $282.7 | |||||||||||||||||
| Accelerant Holdings | ||
|---|---|---|
| Condensed Consolidated Statements of Cash Flows (unaudited) | ||
| Six Months Ended June 30, | ||
| (expressed in millions of US dollars) | 2025 | 2024 |
| Cash flows from operating activities | ||
| Net income (loss) | $20.9 | $(7.1) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Non-cash revenues, expenses, gains and losses included in net income: | ||
| Realized gains on investments | (2.7) | (0.4) |
| Unrealized (gains) losses on investments | (1.2) | 0.8 |
| Earnings from equity method investments | (1.2) | (0.9) |
| Share-based compensation expense | 5.4 | 3.8 |
| Depreciation and amortization | 15.7 | 10.4 |
| Deferred income tax benefits | (10.7) | (13.2) |
| Net foreign exchange losses (gains) | 17.3 | (1.8) |
| Net accretion of discount on fixed maturity securities and short-term investments | (3.9) | (2.5) |
| Other, net | 0.4 | 0.6 |
| Changes in operating assets and liabilities: | ||
| Premiums receivable | (112.7) | (128.8) |
| Ceded unearned premiums | (325.1) | (310.5) |
| Reinsurance recoverables on unpaid losses and LAE | (327.1) | (173.0) |
| Other reinsurance recoverables | (112.7) | (49.4) |
| Deferred acquisition costs | 9.8 | (14.8) |
| Unpaid losses and loss adjustment expenses | 321.2 | 197.8 |
| Unearned premiums | 282.9 | 313.3 |
| Payables to reinsurers | 253.1 | 329.5 |
| Deferred ceding commissions | 59.5 | 36.7 |
| Funds held under reinsurance | 230.9 | 118.6 |
| Insurance balances payable | (19.2) | (44.0) |
| Other assets, accounts payable and other liabilities | 8.7 | 2.4 |
| Net cash provided by operating activities | 309.3 | 267.5 |
| Cash flows from investing activities | ||
| Proceeds from sales of: | ||
| Equity securities | — | 114.4 |
| Fixed maturity securities | 80.8 | 9.4 |
| Maturities of fixed maturity securities | 28.9 | 10.4 |
| Payments for purchases of: | ||
| Fixed maturity securities | (262.9) | (238.8) |
| Equity method investments | (0.4) | (2.8) |
| Net change in short-term investments | (10.2) | (40.7) |
| Purchases of subsidiaries, net of cash acquired | (1.4) | — |
| Capitalized technology development expenditures | (17.3) | (14.1) |
| Other, net | (0.3) | (0.8) |
| Net cash used in investing activities | (182.8) | (163.0) |
| Cash flows from financing activities | ||
| Credit facility borrowings | 5.0 | — |
| Payment of debt | — | (1.0) |
| Dividends paid to non-controlling interest | (4.1) | (2.0) |
| Net cash provided by (used in) financing activities | 0.9 | (3.0) |
| Net increase in cash, cash equivalents and restricted cash | 127.4 | 101.5 |
| Effect of foreign currency rate changes on cash, cash equivalents and restricted cash | 58.1 | (5.8) |
| Cash, cash equivalents and restricted cash at beginning of period | 1,273.0 | 775.4 |
| Cash, cash equivalents and restricted cash at end of period | $1,458.5 | $871.1 |
| Accelerant Holdings | ||
|---|---|---|
| Condensed Consolidated Statements of Cash Flows (unaudited ) (continued) | ||
| Six Months Ended June 30, | ||
| (expressed in millions of US dollars) | 2025 | 2024 |
| Supplemental cash flows information | ||
| Interest on debt paid | $5.1 | $5.5 |
| Income taxes paid | 26.2 | 18.1 |
| Reconciliation to Consolidated Balance Sheets: | ||
| Cash and cash equivalents | 1,387.7 | 870.9 |
| Restricted cash and cash equivalents | 70.8 | 0.2 |
| Total cash, cash equivalents and restricted cash | $1,458.5 | $871.1 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.