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Accelerant Holdings

For the period ended Sep 30, 2025. Filed Nov 12, 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.

Sep 30, 2025 · Filed Nov 12, 2025

ARX$19.88-0.1%Stored close · as of Nov 9, 2026

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Condensed Consolidated Financial Statements (unaudited)

Accelerant Holdings
Condensed Consolidated Balance Sheets (unaudited)
September 30, 2025December 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: $64.8 and 2024: $65.0)$64.8$64.8
Fixed maturity securities available for sale, at fair value(amortized cost 2025: $716.9 and 2024: $485.6)721.9479.5
Equity method investments9.418.2
Other investments81.745.3
Total investments877.8607.8
Cash, cash equivalents and restricted cash1,675.91,273.0
Premiums receivable (net of allowance 2025: $2.9 and 2024: $2.4)922.0791.9
Ceded unearned premiums1,868.01,558.4
Reinsurance recoverables on unpaid losses and LAE1,552.91,069.5
Other reinsurance recoverables527.1364.3
Deferred acquisition costs59.060.7
Goodwill and other intangible assets, net116.564.0
Capitalized technology development costs, net95.783.6
Other assets164.5221.7
Total assets$7,859.4$6,094.9
Liabilities and shareholders' equity
Unpaid losses and loss adjustment expenses$1,841.4$1,294.4
Unearned premiums2,167.51,803.2
Payables to reinsurers1,219.51,109.0
Deferred ceding commissions226.0193.0
Funds held under reinsurance1,132.5746.9
Insurance balances payable173.5148.0
Debt121.9121.4
Accounts payable and other liabilities273.3252.0
Total liabilities7,155.65,667.9
Commitments and contingencies (Note 18)
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 - 114,578,616; Class B - 107,241,428 and 2024: 166,185,094)——
Additional paid-in capital2,213.9124.8
Accumulated other comprehensive loss(1.5)(19.5)
Accumulated deficit(1,536.3)(182.8)
Total Accelerant shareholders' equity676.1304.3
Non-controlling interests27.718.3
Total equity703.8427.0
Total liabilities and equity$7,859.4$6,094.9
Accelerant Holdings
Condensed Consolidated Statements of Operations (unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(expressed in millions of US dollars)2025202420252024
Revenues
Ceding commission income$92.3$62.1$264.6$186.2
Direct commission income43.417.2105.738.9
Net earned premiums82.159.3215.7155.5
Net investment income10.111.035.127.6
Net realized gains on investments3.50.16.20.5
Net unrealized gains on investments36.04.037.23.2
Total revenues267.4153.7664.5411.9
Expenses
Losses and loss adjustment expenses50.839.7147.3111.6
Amortization of deferred acquisition costs22.823.158.162.0
General and administrative expenses (1)115.867.3280.2178.0
Interest expenses2.63.17.79.1
Depreciation and amortization10.05.825.716.2
Profits interest distribution expenses (2)1,379.7—1,379.7—
Net foreign exchange (gains) losses(2.4)5.414.93.6
Other expenses45.68.070.622.4
Total expenses1,624.9152.41,984.2402.9
(Loss) income before income taxes(1,357.5)1.3(1,319.7)9.0
Income tax (expense) benefit(9.5)8.1(26.4)(6.7)
Net (loss) income(1,367.0)9.4(1,346.1)2.3
Adjustment for net (income) loss attributable to non-controlling interests(1.8)(1.3)(7.4)3.9
Deemed dividend upon redemption of Class C preference shares(70.9)—(70.9)—
Net (loss) income attributable to Accelerant common shareholders$(1,439.7)$8.1$(1,424.4)$6.2
Net (loss) income attributable to Accelerant per common share:
Basic$(6.99)$0.05$(7.93)$0.04
Diluted$(6.99)$0.04$(7.93)$0.03
Weighted-average common shares outstanding:
Basic206,064,119166,185,094179,624,179165,913,933
Diluted206,064,119199,710,283179,624,179199,384,420

(1)General and administrative expenses include share-based compensation expenses of $27.0 million and $2.5 million for the three months ended September 30, 2025 and 2024, respectively and $32.4 million and $6.3 million for the nine months ended September 30, 2025 and 2024, respectively.

(2)Non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of 65,270,453 Class A common shares of the Company held by Accelerant Holdings LP to certain officers and employees of the Company that fully vested upon the Company's July 25, 2025 initial public offering (IPO). The ultimate settlement of the profit interest awards was equity neutral because the contribution of the shares to officers and employees was reflected as a capital contribution to the Company by Accelerant Holdings LP, which represented an equal and offsetting amount to the associated non-cash expense. For further information, refer to Note 12.

Accelerant Holdings
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(expressed in millions of US dollars)2025202420252024
Net (loss) income$(1,367.0)$9.4$(1,346.1)$2.3
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments(2.1)(5.5)8.2(2.1)
Unrealized (losses) gains on fixed maturity securities:
Unrealized (losses) gains on fixed maturity securities(2.1)4.97.32.8
Reclassification adjustments for losses recognized in net income0.80.13.10.1
Other comprehensive (loss) income, net of tax(3.4)(0.5)18.60.8
Total comprehensive (loss) income(1,370.4)8.9(1,327.5)3.1
Adjustment for comprehensive (income) loss attributable to non-controlling interests(1.6)(1.7)(8.0)3.5
Comprehensive (loss) income attributable to Accelerant$(1,372.0)$7.2$(1,335.5)$6.6
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, July 1, 2025$104.4$236.7$145.1$130.2$1.7$(167.5)$346.2$31.6$482.2
Net (loss) income—————(1,368.8)(1,368.8)1.8(1,367.0)
Other comprehensive loss————(3.2)—(3.2)(0.2)(3.4)
Issuance of Class A common shares, net of issuance costs———376.0——376.0—376.0
Deemed dividend for Class C preference shares redemption70.9——(70.9)——(70.9)——
Redemption of Class C convertible preference shares(175.3)———————(175.3)
Conversion of Class A and B convertible preference shares—(236.7)(145.1)381.8—————
Accelerant Holdings LP contribution for profits interest distribution———1,379.7—1,379.7—1,379.7
Share-based compensation (1)———17.2——17.2—17.2
Dividends paid to and other transactions with non-controlling interests———(0.1)——(0.1)(5.5)(5.6)
Balance, September 30, 2025$—$—$—$2,213.9$(1.5)$(1,536.3)$676.1$27.7$703.8

(1) Amount represents the sub-set of share-based compensation associated with our common shares, representing a portion of the total $27.0 million of share-based compensation recorded through our statement of operations in the period (which includes additional expenses related to subsidiary and MGA share-based incentive plans). For further information, refer to Note 12.

(expressed in millions of US dollars)Class A convertible preference sharesClass B convertible preference sharesAdditional paid-in capitalAccumulated other comprehensive (loss) incomeAccumulated deficitTotal Accelerant shareholders' equityNon-controlling interestsTotal equity
Balance, July 1, 2024$236.7$145.1$110.7$(6.2)$(211.9)$274.4$8.3$282.7
Net income————8.18.11.39.4
Other comprehensive (loss) income———(0.9)—(0.9)0.4(0.5)
Share-based compensation——2.5——2.5—2.5
Dividends paid to non-controlling interests——————(0.7)(0.7)
Balance, September 30, 2024$236.7$145.1$113.2$(7.1)$(203.8)$284.1$9.3$293.4

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$427.0
Net (loss) income—————(1,353.5)(1,353.5)7.4(1,346.1)
Other comprehensive income————18.0—18.00.618.6
Issuance of Class A common shares, net of issuance costs———376.0——376.0—376.0
Deemed dividend for Class C preference shares redemption70.9——(70.9)——(70.9)——
Redemption of Class C convertible preference shares(175.3)———————(175.3)
Conversion of Class A and B convertible preference shares—(236.7)(145.1)381.8—————
Accelerant Holdings LP contribution for profits interest distribution———1,379.7—1,379.7—1,379.7
Share-based compensation (1)———22.6——22.6—22.6
Dividends paid to and other transactions with non-controlling interests———(0.1)——(0.1)1.41.3
Balance, September 30, 2025$—$—$—$2,213.9$(1.5)$(1,536.3)$676.1$27.7$703.8
(1) Amount represents the sub-set of share-based compensation associated with our common shares, representing a portion of the total $32.4 million of share-based compensation recorded through our statement of operations in the period (which includes additional expenses related to subsidiary and MGA share-based incentive plans). For further information, refer to Note 12.
(expressed in millions of US dollars)Class A convertible preference sharesClass B convertible preference sharesAdditional paid-in capitalAccumulated other comprehensive (loss) incomeAccumulated deficitTotal Accelerant shareholders' equityNon-controlling interestsTotal equity
Balance, January 1, 2024$236.7$145.1$146.2$(7.5)$(210.0)$310.5$(23.8)$286.7
Net income (loss)————6.26.2(3.9)2.3
Other comprehensive income———0.4—0.40.40.8
Share-based compensation——6.3——6.3—6.3
Dividends paid to and other transactions with non-controlling interests——(39.3)——(39.3)36.6(2.7)
Balance, September 30, 2024$236.7$145.1$113.2$(7.1)$(203.8)$284.1$9.3$293.4
Accelerant Holdings
Condensed Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
(expressed in millions of US dollars)20252024
Cash flows from operating activities
Net (loss) income$(1,346.1)$2.3
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Non-cash revenues, expenses, gains and losses included in net income:
Profits interest distribution expenses1,379.7—
Net realized gains on investments(6.2)(0.5)
Net unrealized gains on investments(37.2)(3.2)
Earnings from equity method investments(1.5)(1.7)
Share-based compensation expenses (1)22.66.3
Depreciation and amortization25.716.2
Deferred income tax benefit(11.8)(35.6)
Net foreign exchange losses14.93.6
Net accretion of discount on fixed maturity securities and short-term investments(5.9)(3.9)
Other, net2.81.0
Changes in operating assets and liabilities:
Premiums receivable(102.7)(212.7)
Ceded unearned premiums(280.6)(481.1)
Reinsurance recoverables on unpaid losses and LAE(460.5)(314.8)
Other reinsurance recoverables(152.8)(39.0)
Deferred acquisition costs1.9(10.2)
Unpaid losses and loss adjustment expenses483.6340.1
Unearned premiums292.1489.6
Payables to reinsurers86.3505.2
Deferred ceding commissions48.764.9
Funds held under reinsurance383.1164.7
Insurance balances payable23.413.3
Other assets, accounts payable and other liabilities23.739.4
Net cash provided by operating activities383.2543.9
Cash flows from investing activities
Proceeds from sales of:
Equity securities—115.2
Fixed maturity securities150.821.6
Equity method investments1.1—
Other investments3.60.3
Maturities of fixed maturity securities40.014.8
Payments for purchases of:
Fixed maturity securities(397.9)(313.5)
Equity method investments(0.8)(4.1)
Net change in short-term investments4.9(39.4)
Purchases of subsidiaries, net of cash acquired(9.9)—
Capitalized technology development expenditures(29.8)(25.3)
Other, net(0.3)(0.8)
Net cash used in investing activities(238.3)(231.2)
Cash flows from financing activities
Redemption of Class C convertible preference shares(175.3)—
Issuance of common shares, net of issuance costs (2)392.0—
Credit facility borrowings5.0—
Credit facility repayment(5.0)—
Issuance of debt, net of issuance costs—49.7
Payment of debt—(50.4)
Dividends paid to non-controlling interests(7.2)(2.7)
Net cash provided by (used in) financing activities209.5(3.4)
Net increase in cash, cash equivalents and restricted cash354.4309.3
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash48.50.3
Cash, cash equivalents and restricted cash at beginning of period1,273.0775.4
Cash, cash equivalents and restricted cash at end of period$1,675.9$1,085.0

(1)Share-based compensation expenses related to our Class A common shares. For additional information, refer to Note 12.

(2) For additional information regarding the July 2025 IPO of our Class A common shares and related issuance costs, refer to Note 10.

Accelerant Holdings
Condensed Consolidated Statements of Cash Flows (unaudited ) (continued)
Nine Months Ended September 30,
(expressed in millions of US dollars)20252024
Supplemental cash flows information
Interest on debt paid$7.6$8.3
Income taxes paid44.132.2
Reconciliation to Consolidated Balance Sheets:
Cash and cash equivalents1,604.01,064.8
Restricted cash and cash equivalents71.920.2
Total cash, cash equivalents and restricted cash$1,675.9$1,085.0

Supplemental non-cash activity information:

For the nine months ended September 30, 2025, we had the following significant non-cash investing and financing activities:

We recognized non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of 65,270,453 Class A common shares of the Company held by Accelerant Holdings LP to certain officers and employees of the Company that fully vested at the time of the IPO. For further information, refer to Note 12.

In connection with the IPO, all outstanding Class A convertible preference shares and Class B convertible preference shares automatically converted into Class A common shares and Class B common shares (as applicable). The carrying values of Class A convertible preference shares and Class B convertible preference shares at the conversion were $236.7 million and $145.1 million, respectively. For further information, refer to Note 10.

We issued 1,833,481 of our Class A common shares in exchange for the remaining 25% equity interests of Agribusiness Risk Underwriters that we did not previously own. For further information, refer to Note 11.

For the nine months ended September 30, 2024, we had non-cash operating activities related to a novation transaction consisting of the recognition of a deposit liability of $43.6 million within "Accounts payable and other liabilities " equal to the amount of premium consideration receivable in anticipation of the transfer of a trust balance in settlement of the deposit liability. Additionally, we recorded $19.8 million of unearned premiums, net of commission, related to the assumption of policies with an unexpired portion of risk coverage period, to be settled in cash. In each case, the amounts receivable are recorded within "Premiums receivable" in our condensed consolidated balance sheets.

For the nine months ended September 30, 2024, we had non-cash financing activities consisting of the issuance of common shares with a fair value of $7.0 million as consideration for the acquisition of all the outstanding common equity ownership interest in Mission, together with the issuance of convertible preference shares as an anti-dilutive measure to existing shareholders for no consideration.

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