Accelerant Holdings
For the period ended Mar 31, 2026. Filed May 13, 2026.
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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.
Mar 31, 2026 · Filed May 13, 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) | ||
| March 31, 2026 | December 31, 2025 | |
| (expressed in millions of US dollars, except share data) | ||
| Assets | ||
| Investments | ||
| Short-term investments available for sale, at fair value(amortized cost 2026: $202.8 and 2025: $41.5) | $202.8 | $41.6 |
| Fixed maturity securities available for sale, at fair value(amortized cost 2026: $692.3 and 2025: $665.6) | 687.4 | 670.4 |
| Equity method investments | 11.8 | 10.4 |
| Other investments | 84.2 | 84.0 |
| Total investments | 986.2 | 806.4 |
| Cash, cash equivalents and restricted cash | 1,536.5 | 1,799.3 |
| Premiums receivable (net of allowance 2026: $4.8 and 2025: $4.6) | 1,182.7 | 1,077.9 |
| Ceded unearned premiums | 1,848.5 | 1,812.4 |
| Reinsurance recoverables on unpaid losses and LAE | 1,858.5 | 1,682.3 |
| Other reinsurance recoverables | 676.8 | 594.2 |
| Deferred acquisition costs | 85.0 | 76.9 |
| Goodwill and other intangible assets, net | 111.9 | 115.1 |
| Capitalized technology development costs, net | 102.5 | 100.5 |
| Other assets | 215.5 | 198.1 |
| Total assets | $8,604.1 | $8,263.1 |
| Liabilities and shareholders' equity | ||
| Unpaid losses and loss adjustment expenses | $2,129.2 | $2,005.4 |
| Unearned premiums | 2,207.5 | 2,163.0 |
| Payables to reinsurers | 1,243.4 | 1,220.6 |
| Deferred ceding commissions | 247.8 | 232.5 |
| Funds held under reinsurance | 1,275.6 | 1,200.3 |
| Debt | 120.7 | 121.3 |
| Accounts payable and other liabilities | 660.0 | 593.6 |
| Total liabilities | 7,884.2 | 7,536.7 |
| Commitments and contingencies (Note 17) | ||
| Equity | ||
| Shareholders' equity | ||
| Common shares (par value $0.000001 per share, issued and outstanding 2026: Class A - 115,973,643; Class B - 105,402,146 and 2025: Class A - 114,580,918; Class B - 107,241,428) | — | — |
| Additional paid-in capital | 2,243.5 | 2,232.4 |
| Accumulated other comprehensive (loss) income | (8.8) | 2.2 |
| Accumulated deficit | (1,542.1) | (1,536.9) |
| Total Accelerant shareholders' equity | 692.6 | 697.7 |
| Non-controlling interests | 27.3 | 28.7 |
| Total equity | 719.9 | 726.4 |
| Total liabilities and equity | $8,604.1 | $8,263.1 |
| Accelerant Holdings | ||
|---|---|---|
| Condensed Consolidated Statements of Operations (unaudited) | ||
| Three Months Ended March 31, | ||
| (expressed in millions of US dollars, except per share data) | 2026 | 2025 |
| Revenues | ||
| Ceding commission income | $80.5 | $70.7 |
| Direct commission income | 50.8 | 28.1 |
| Net earned premiums | 129.8 | 63.0 |
| Net investment income | 12.1 | 12.2 |
| Net realized gains on investments | 0.1 | 2.3 |
| Net unrealized gains on investments | — | 1.7 |
| Total revenues | 273.3 | 178.0 |
| Expenses | ||
| Losses and loss adjustment expenses | 81.8 | 45.2 |
| Amortization of deferred acquisition costs | 33.6 | 17.1 |
| General and administrative expenses (1) | 123.8 | 75.3 |
| Interest expenses | 2.5 | 2.6 |
| Depreciation and amortization | 10.0 | 7.4 |
| Net foreign exchange losses | 1.9 | 3.1 |
| Other expenses | 17.7 | 11.8 |
| Total expenses | 271.3 | 162.5 |
| Income before income taxes | 2.0 | 15.5 |
| Income tax expense | (6.1) | (7.7) |
| Net (loss) income | (4.1) | 7.8 |
| Adjustment for net income attributable to non-controlling interests | (1.1) | (1.3) |
| Net (loss) income attributable to Accelerant common shareholders | $(5.2) | $6.5 |
| Net (loss) income attributable to Accelerant per common share: | ||
| Basic | $(0.02) | $0.04 |
| Diluted | $(0.02) | $0.03 |
| Weighted-average common shares outstanding: | ||
| Basic | 221,984,101 | 166,185,094 |
| Diluted | 221,984,101 | 205,273,147 |
(1)General and administrative expenses include share-based compensation expenses of $32.1 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively.
| Accelerant Holdings | ||
|---|---|---|
| Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) | ||
| Three Months Ended March 31, | ||
| (expressed in millions of US dollars) | 2026 | 2025 |
| Net (loss) income | $(4.1) | $7.8 |
| Other comprehensive (loss) income, net of tax | ||
| Foreign currency translation adjustments | (2.8) | 2.5 |
| Unrealized (losses) gains on fixed maturity securities | (8.0) | 4.8 |
| Reclassification adjustments for (gains) losses recognized in net income | (0.3) | 1.2 |
| Other comprehensive (loss) income, net of tax | (11.1) | 8.5 |
| Total comprehensive (loss) income | (15.2) | 16.3 |
| Adjustment for comprehensive income attributable to non-controlling interests | (1.0) | (1.5) |
| Comprehensive (loss) income attributable to Accelerant | $(16.2) | $14.8 |
| Accelerant Holdings | ||||||
|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Equity (unaudited) | ||||||
| (expressed in millions of US dollars) | Additional paid-in capital | Accumulated other comprehensive (loss) income | Accumulated deficit | Total Accelerant shareholders' equity | Non-controlling interests | Total equity |
| Balance, January 1, 2026 | $2,232.4 | $2.2 | $(1,536.9) | $697.7 | $28.7 | $726.4 |
| Net income | — | — | (5.2) | (5.2) | 1.1 | (4.1) |
| Other comprehensive loss | — | (11.0) | — | (11.0) | (0.1) | (11.1) |
| Share-based compensation (1) | 28.8 | — | — | 28.8 | — | 28.8 |
| Common share retirements (2) | (13.8) | — | — | (13.8) | — | (13.8) |
| Dividends paid to and other transactions with non-controlling interests | (3.9) | — | — | (3.9) | (2.4) | (6.3) |
| Balance, March 31, 2026 | $2,243.5 | $(8.8) | $(1,542.1) | $692.6 | $27.3 | $719.9 |
(1) Amount represents the subset of share-based compensation associated with our common shares, representing a portion of the total $32.1 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). Refer to Note 11 for additional information.
(2) Amount represents the acquisition cost of all common shares acquired and subsequently retired during the three months ended March 31, 2026. Specifically, the Company (1) repurchased 828,333 of its Class A common shares at an average price of $13.11 per share, for $10.9 million and (2) acquired common shares related to employee tax withholding obligations associated with employee incentive plans for $2.9 million, all of which were retired in the same period. As the par value of such shares were negligible and there was an accumulated deficit, the entire acquisition cost was deducted from additional paid in capital.
| (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 | — | — | — | — | — | 6.5 | 6.5 | 1.3 | 7.8 |
| Other comprehensive income | — | — | — | — | 8.3 | — | 8.3 | 0.2 | 8.5 |
| Share-based compensation | — | — | — | 2.4 | — | — | 2.4 | — | 2.4 |
| Issuance of interests and other transactions with non-controlling interests | — | — | — | — | — | — | — | 8.7 | 8.7 |
| Balance, March 31, 2025 | $104.4 | $236.7 | $145.1 | $127.2 | $(11.2) | $(176.3) | $321.5 | $28.5 | $454.4 |
| Accelerant Holdings | ||
|---|---|---|
| Condensed Consolidated Statements of Cash Flows (unaudited) | ||
| Three Months Ended March 31, | ||
| (expressed in millions of US dollars) | 2026 | 2025 |
| Cash flows from operating activities | ||
| Net (loss) income | $(4.1) | $7.8 |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
| Non-cash revenues, expenses, gains and losses included in net (loss) income: | ||
| Net realized gains on investments | (0.1) | (2.3) |
| Net unrealized gains on investments | — | (1.7) |
| Earnings from equity method investments | (0.2) | (0.5) |
| Share-based compensation expenses (1) | 28.8 | 2.4 |
| Depreciation and amortization | 10.0 | 7.4 |
| Deferred income tax (benefit) expense | (0.4) | 0.3 |
| Net foreign exchange losses | 1.9 | 3.1 |
| Net accretion of discount on fixed maturity securities and short-term investments | (1.5) | (1.8) |
| Other, net | 0.2 | 0.2 |
| Changes in operating assets and liabilities: | ||
| Premiums receivable | (110.0) | (55.7) |
| Ceded unearned premiums | (40.9) | (138.0) |
| Reinsurance recoverables on unpaid losses and loss adjustment expenses | (82.7) | (188.7) |
| Other reinsurance recoverables | (86.6) | (2.0) |
| Deferred acquisition costs | (7.8) | 4.3 |
| Unpaid losses and loss adjustment expenses | 142.2 | 194.2 |
| Unearned premiums | 61.8 | 155.0 |
| Payables to reinsurers | 27.2 | 66.6 |
| Deferred ceding commissions | 10.0 | 7.5 |
| Funds held under reinsurance | (22.7) | 108.0 |
| Other assets, accounts payable and other liabilities | 53.5 | (74.3) |
| Net cash (used in) provided by operating activities | (21.4) | 91.8 |
| Cash flows from investing activities | ||
| Proceeds from sales of: | ||
| Fixed maturity securities | 44.3 | 26.4 |
| Maturities of fixed maturity securities | 14.1 | 15.8 |
| Payments for purchases of: | ||
| Fixed maturity securities | (91.0) | (126.9) |
| Equity method investments | (1.3) | — |
| Net change in short-term investments | (161.2) | 2.5 |
| Purchases of subsidiaries, net of cash acquired | (9.4) | — |
| Capitalized technology development expenditures | (6.7) | (6.6) |
| Other, net | (0.4) | (0.9) |
| Net cash used in investing activities | (211.6) | (89.7) |
| Cash flows from financing activities | ||
| Acquisition of common shares (2) | (12.2) | — |
| Payment of debt | (0.8) | — |
| Acquisition of non-controlling interests in subsidiaries | (4.9) | — |
| Dividends paid to non-controlling interests | (1.3) | (2.3) |
| Net cash used in financing activities | (19.2) | (2.3) |
| Net decrease in cash, cash equivalents and restricted cash | (252.2) | (0.2) |
| Effect of foreign currency rate changes on cash, cash equivalents and restricted cash | (10.6) | 17.9 |
| Cash, cash equivalents and restricted cash at beginning of period | 1,799.3 | 1,273.0 |
| Cash, cash equivalents and restricted cash at end of period | $1,536.5 | $1,290.7 |
(1)Refer to Note 11 for additional information on share-based compensation expenses related to our Class A common shares.
(2)Amount represents the cash settlement portion of total acquired shares of $13.8 million for the three months ended March 31, 2026, with the remaining $1.6 million settled in April 2026.
| Accelerant Holdings | ||
|---|---|---|
| Condensed Consolidated Statements of Cash Flows (unaudited ) (continued) | ||
| Three Months Ended March 31, | ||
| (expressed in millions of US dollars) | 2026 | 2025 |
| Supplemental cash flows information | ||
| Interest on debt paid | $2.2 | $2.6 |
| Income taxes paid | 5.1 | 3.3 |
| Reconciliation to Consolidated Balance Sheets: | ||
| Cash and cash equivalents | 1,452.1 | 1,238.0 |
| Restricted cash and cash equivalents | 84.4 | 52.7 |
| Total cash, cash equivalents and restricted cash | $1,536.5 | $1,290.7 |
Supplemental non-cash activity information:
For the three months ended March 31, 2026, we had non-cash operating activities related to a loss portfolio transfer transaction ("LPT") covering business from the 2022 and 2023 underwriting years resulting in net non-cash activity of $99.8 million resulting in an increase in our "Reinsurance recoverables on unpaid losses and LAE" with a corresponding increase in our "Funds held under reinsurance" liability in our condensed consolidated balance sheets. Refer to Note 6 for additional information.
For the three months ended March 31, 2025, we had no significant non-cash activity.
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