Accelerant Holdings
For the period ended Jun 30, 2026. Filed Aug 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.
Jun 30, 2026 · Filed Aug 13, 2026
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, 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: $86.4 and 2025: $41.5) | $86.4 | $41.6 |
| Fixed maturity securities available for sale, at fair value(amortized cost 2026: $577.8 and 2025: $665.6) | 575.8 | 670.4 |
| Equity method investments | 13.0 | 10.4 |
| Other investments | 88.1 | 84.0 |
| Total investments | 763.3 | 806.4 |
| Cash, cash equivalents and restricted cash | 1,656.3 | 1,799.3 |
| Premiums receivable (net of allowance 2026: $5.1 and 2025: $4.6) | 1,156.9 | 1,077.9 |
| Ceded unearned premiums | 1,775.6 | 1,812.4 |
| Reinsurance recoverables on unpaid losses and LAE | 2,092.9 | 1,682.3 |
| Other reinsurance recoverables | 941.8 | 594.2 |
| Deferred acquisition costs | 105.4 | 76.9 |
| Goodwill and other intangible assets, net | 110.5 | 115.1 |
| Capitalized technology development costs, net | 106.4 | 100.5 |
| Other assets | 234.2 | 198.1 |
| Total assets | $8,943.3 | $8,263.1 |
| Liabilities and shareholders' equity | ||
| Unpaid losses and loss adjustment expenses | $2,273.7 | $2,005.4 |
| Unearned premiums | 2,177.2 | 2,163.0 |
| Payables to reinsurers | 1,570.1 | 1,220.6 |
| Deferred ceding commissions | 225.1 | 232.5 |
| Funds held under reinsurance | 1,164.8 | 1,200.3 |
| Debt | 120.1 | 121.3 |
| Accounts payable and other liabilities | 668.3 | 593.6 |
| Total liabilities | 8,199.3 | 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 - 118,278,172; Class B - 98,639,873 and 2025: Class A - 114,580,918; Class B - 107,241,428) | — | — |
| Additional paid-in capital | 2,191.8 | 2,232.4 |
| Accumulated other comprehensive (loss) income | (11.0) | 2.2 |
| Accumulated deficit | (1,463.4) | (1,536.9) |
| Total Accelerant shareholders' equity | 717.4 | 697.7 |
| Non-controlling interests | 26.6 | 28.7 |
| Total equity | 744.0 | 726.4 |
| Total liabilities and equity | $8,943.3 | $8,263.1 |
| Accelerant Holdings | ||||
|---|---|---|---|---|
| Condensed Consolidated Statements of Operations (unaudited) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| (expressed in millions of US dollars, except per share data) | 2026 | 2025 | 2026 | 2025 |
| Revenues | ||||
| Ceding commission income | $75.1 | $101.6 | $155.6 | $172.3 |
| Direct commission income | 92.5 | 34.2 | 143.3 | 62.3 |
| Net earned premiums | 129.1 | 70.6 | 258.9 | 133.6 |
| Net investment income | 7.2 | 12.8 | 19.3 | 25.0 |
| Net realized gains on investments | 26.0 | 0.4 | 26.1 | 2.7 |
| Net unrealized gains (losses) on investments | 27.0 | (0.5) | 27.0 | 1.2 |
| Total revenues | 356.9 | 219.1 | 630.2 | 397.1 |
| Expenses | ||||
| Losses and loss adjustment expenses | 71.7 | 51.3 | 153.5 | 96.5 |
| Amortization of deferred acquisition costs | 34.8 | 18.2 | 68.4 | 35.3 |
| General and administrative expenses (1) | 129.5 | 89.1 | 253.3 | 164.4 |
| Interest expenses | 2.4 | 2.5 | 4.9 | 5.1 |
| Depreciation and amortization | 10.4 | 8.3 | 20.4 | 15.7 |
| Net foreign exchange (gains) losses | (6.1) | 14.2 | (4.2) | 17.3 |
| Other expenses | 26.8 | 13.2 | 44.5 | 25.0 |
| Total expenses | 269.5 | 196.8 | 540.8 | 359.3 |
| Income before income taxes | 87.4 | 22.3 | 89.4 | 37.8 |
| Income tax expense | (7.4) | (9.2) | (13.5) | (16.9) |
| Net income | 80.0 | 13.1 | 75.9 | 20.9 |
| Adjustment for net income attributable to non-controlling interests | (1.3) | (4.3) | (2.4) | (5.6) |
| Net income attributable to Accelerant common shareholders | $78.7 | $8.8 | $73.5 | $15.3 |
| Net income attributable to Accelerant per common share: | ||||
| Basic | $0.36 | $0.05 | $0.33 | $0.09 |
| Diluted | $0.36 | $0.04 | $0.33 | $0.07 |
| Weighted-average common shares outstanding: | ||||
| Basic | 218,412,430 | 166,185,094 | 220,188,399 | 166,185,094 |
| Diluted | 219,690,786 | 205,948,671 | 221,095,865 | 205,913,393 |
(1)General and administrative expenses include share-based compensation expenses of $25.2 million and $3.0 million for the three months ended June 30, 2026 and 2025, respectively and $57.3 million and $5.4 million for the six months ended June 30, 2026 and 2025, respectively.
| Accelerant Holdings | ||||
|---|---|---|---|---|
| Condensed Consolidated Statements of Comprehensive Income (unaudited) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| (expressed in millions of US dollars) | 2026 | 2025 | 2026 | 2025 |
| Net income | $80.0 | $13.1 | $75.9 | $20.9 |
| Other comprehensive (loss) income, net of tax | ||||
| Foreign currency translation adjustments | (5.2) | 7.8 | (8.0) | 10.3 |
| Unrealized gains (losses) on fixed maturity securities | 3.5 | 4.6 | (4.5) | 9.4 |
| Reclassification adjustments for (gains) losses recognized in net income | (1.1) | 1.1 | (1.4) | 2.3 |
| Other comprehensive (loss) income, net of tax | (2.8) | 13.5 | (13.9) | 22.0 |
| Total comprehensive income | 77.2 | 26.6 | 62.0 | 42.9 |
| Adjustment for comprehensive income attributable to non-controlling interests | (0.7) | (4.9) | (1.7) | (6.4) |
| Comprehensive income attributable to Accelerant | $76.5 | $21.7 | $60.3 | $36.5 |
| 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, April 1, 2026 | $2,243.5 | $(8.8) | $(1,542.1) | $692.6 | $27.3 | $719.9 |
| Net income | — | — | 78.7 | 78.7 | 1.3 | 80.0 |
| Other comprehensive loss | — | (2.2) | — | (2.2) | (0.6) | (2.8) |
| Share-based compensation (1) | 22.9 | — | — | 22.9 | — | 22.9 |
| Common share retirements (2) | (68.8) | — | — | (68.8) | — | (68.8) |
| Dividends paid to and other transactions with non-controlling interests | (5.8) | — | — | (5.8) | (1.4) | (7.2) |
| Balance, June 30, 2026 | $2,191.8 | $(11.0) | $(1,463.4) | $717.4 | $26.6 | $744.0 |
(1)Amount represents the subset of share-based compensation associated with our common shares, representing a portion of the total $25.2 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 June 30, 2026. Specifically, the Company (1) repurchased 4,725,968 of its Class A common shares at an average price of $14.07 per share, for $66.4 million and (2) withheld common shares otherwise issuable to satisfy employee tax withholding obligations associated with employee incentive plans for $2.4 million, all of which were retired in the same period. The shares withheld are accounted for as a repurchase of common shares. 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 Cconvertible preference shares | Class Aconvertible preference shares | Class Bconvertible 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 |
Accelerant Holdings
Condensed Consolidated Statements of Equity (unaudited) (continued)
| (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 | — | — | 73.5 | 73.5 | 2.4 | 75.9 |
| Other comprehensive loss | — | (13.2) | — | (13.2) | (0.7) | (13.9) |
| Share-based compensation (1) | 51.7 | — | — | 51.7 | — | 51.7 |
| Common share retirements (2) | (82.6) | — | — | (82.6) | — | (82.6) |
| Dividends paid to and other transactions with non-controlling interests | (9.7) | — | — | (9.7) | (3.8) | (13.5) |
| Balance, June 30, 2026 | $2,191.8 | $(11.0) | $(1,463.4) | $717.4 | $26.6 | $744.0 |
| (1) Amount represents the sub-set of share-based compensation associated with our common shares, representing a portion of the total $57.3 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 11.(2) Amount represents the acquisition cost of all common shares acquired and subsequently retired during the six months ended June 30, 2026. Specifically, the Company (1) repurchased 5,554,301 of its Class A common shares at an average price of $13.92 per share, for $77.3 million and (2) withheld common shares otherwise issuable to satisfy employee tax withholding obligations associated with employee incentive plans for $5.3 million, all of which were retired in the same period. The shares withheld are accounted for as a repurchase of common shares. 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 Cconvertible preference shares | Class Aconvertible preference shares | Class Bconvertible 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 |
| Issuance of interests and other transactions with non-controlling interests | — | — | — | — | — | — | — | 6.9 | 6.9 |
| Balance, June 30, 2025 | $104.4 | $236.7 | $145.1 | $130.2 | $1.7 | $(167.5) | $346.2 | $31.6 | $482.2 |
| Accelerant Holdings | ||
|---|---|---|
| Condensed Consolidated Statements of Cash Flows (unaudited) | ||
| Six Months Ended June 30, | ||
| (expressed in millions of US dollars) | 2026 | 2025 |
| Cash flows from operating activities | ||
| Net income | $75.9 | $20.9 |
| Adjustments to reconcile net 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 | (26.1) | (2.7) |
| Net unrealized gains on investments | (27.0) | (1.2) |
| Earnings from equity method investments | (1.9) | (1.2) |
| Share-based compensation expenses (1) | 51.7 | 5.4 |
| Depreciation and amortization | 20.4 | 15.7 |
| Deferred income tax (benefit) expense | 1.7 | (10.7) |
| Net foreign exchange (gains) losses | (4.2) | 17.3 |
| Net accretion of discount on fixed maturity securities and short-term investments | (3.8) | (3.9) |
| Other, net | 0.4 | 0.4 |
| Changes in operating assets and liabilities: | ||
| Premiums receivable | (85.0) | (112.7) |
| Ceded unearned premiums | 31.3 | (325.1) |
| Reinsurance recoverables on unpaid losses and loss adjustment expenses | (54.7) | (327.1) |
| Other reinsurance recoverables | (352.1) | (112.7) |
| Deferred acquisition costs | (28.0) | 9.8 |
| Unpaid losses and loss adjustment expenses | 289.4 | 321.2 |
| Unearned premiums | 34.5 | 282.9 |
| Payables to reinsurers | 355.1 | 253.1 |
| Deferred ceding commissions | (13.8) | 59.5 |
| Funds held under reinsurance | (396.5) | 230.9 |
| Other assets, accounts payable and other liabilities | 42.7 | (10.5) |
| Net cash (used in) provided by operating activities | (90.0) | 309.3 |
| Cash flows from investing activities | ||
| Proceeds from sales of: | ||
| Fixed maturity securities | 227.7 | 80.8 |
| Other investments | 50.9 | — |
| Maturities of fixed maturity securities | 28.7 | 28.9 |
| Payments for purchases of: | ||
| Fixed maturity securities | (174.3) | (262.9) |
| Equity method investments | (1.4) | (0.4) |
| Net change in short-term investments | (43.6) | (10.2) |
| Purchases of subsidiaries, net of cash acquired | (9.4) | (1.4) |
| Capitalized technology development expenditures | (19.9) | (17.3) |
| Other, net | (0.6) | (0.3) |
| Net cash (used in) provided by investing activities | 58.1 | (182.8) |
| Cash flows from financing activities | ||
| Acquisition of common shares | (82.6) | — |
| Credit facility borrowings | — | 5.0 |
| Payment of debt | (1.6) | — |
| Acquisition of non-controlling interests in subsidiaries | (11.6) | — |
| Dividends paid to non-controlling interests | (1.7) | (4.1) |
| Net cash (used in) provided by financing activities | (97.5) | 0.9 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (129.4) | 127.4 |
| Effect of foreign currency rate changes on cash, cash equivalents and restricted cash | (13.6) | 58.1 |
| 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 | $1,656.3 | $1,458.5 |
(1)Refer to Note 11 for additional information on share-based compensation expenses related to our Class A common shares.
| Accelerant Holdings | ||
|---|---|---|
| Condensed Consolidated Statements of Cash Flows (unaudited ) (continued) | ||
| Six Months Ended June 30, | ||
| (expressed in millions of US dollars) | 2026 | 2025 |
| Supplemental cash flows information | ||
| Interest on debt paid | $4.5 | $5.1 |
| Income taxes paid | 32.5 | 26.2 |
| Reconciliation to Consolidated Balance Sheets: | ||
| Cash and cash equivalents | 1,572.8 | 1,387.7 |
| Restricted cash and cash equivalents | 83.5 | 70.8 |
| Total cash, cash equivalents and restricted cash | $1,656.3 | $1,458.5 |
Supplemental non-cash activity information:
For the six months ended June 30, 2026, non-cash operating activity related to loss portfolio transfer transactions ("LPT") we executed covering business from the 2022 through 2025 underwriting years. The related net non-cash activity of $363.2 million resulted 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 six months ended June 30, 2025, we had no significant non-cash activity.
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