Accelerant Holdings · NYSE:ARX
Accelerant — Q3 2025 Earnings Presentation
36 slides from Accelerant's earnings presentation, November 2025
Slide 1: Accelerant: The Global Specialty Insurance Risk Exchange
Accelerant: The Global Specialty Insurance Risk Exchange November 2025
Slide 2: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements: This presentation by Accelerant Holdings (the “Company,” “we,” “us”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve substantial risks and uncertainties and that reflect the Com
Slide 3: Our Vision
Our Vision To become the preeminent specialty insurance marketplace 3
Slide 4: 3rd Quarter Update
3 Quarter Update rd
Slide 5: Third Quarter Highlights
Third Quarter Highlights Healthy topline growth paired with strong profitability • $1,043M Exchange Written Premium (+17% y/y) & $267M of revenue (+74% y/y) Financial • $105M adj. EBITDA (+302% y/y, 39% margin) – includes +$39M irregular investment gains, $66M without gains • 50% gross loss ratio •
Slide 6: How We Performed in Q3
How We Performed in Q3 Strong execution across all of our KPIs Q3 ‘24 Q2 ‘25 Q3 ‘25 Commentary Exchange Premium ($M) $888 $1,072 $1,043 +17% y/y growth driven by renewal cycles of two Members Net Revenue Supply Side Retention 146% 151% 135% Existing Members grew $1.0B of LTM Exchange Written Premium
Slide 7: Last Twelve Months Highlights
Last Twelve Months Highlights Last Year Today (LTM 3Q’24) (LTM 3Q’25) Grew volume on our exchange 42% year-over-year (all organic) $2.8B $4.0B Exchange Written Premium Exchange Written Premium Increased number of Members by +61 year-over-year 204 265 Members Members Maintained healthy profitability
Slide 8: Our Founding Theses
Our Founding Theses Two-sided platform connecting specialty underwriters with long-term risk capital 1 Disaggregated specialist underwriters (MGAs, MGUs, etc.) will outcompete monolithic insurance companies 2 Modern technology will power superior control and influence of underwriting and unlock acce
Slide 9: Our Risk Exchange: What We Do
Our Risk Exchange What We Do Exchange Services Risk Capital Capacity fixed % fee of premium Capital Partners Members (Insurers, (Typically Reinsurers, MGAs) Risk Data, Analytics, & AI Risk Institutional Investors) Digital Platform • Accelerant identifies and onboards Expert Service Model • Premium w
Slide 10: Our Risk Exchange: How We Measure Success and Why
Our Risk Exchange How We Measure Success and Why Supply Side (Members) Demand Side (Risk Capital Partners) Key Performance Indicators: Key Performance Indicators: • Exchange Written Premium – All the premium • Gross Loss Ratio – Measures the profitability our written through the exchange. Our core t
Slide 11: Supply Side: Existing Members Drive Embedded Growth
Supply Side: Existing Members Drive Embedded Growth Strong embedded organic growth with 80%+ driven by volume vs. rate historically Exchange Written Premium ($M) How We Grow by Member Cohort 3,980 173 + New Member Additions (+17 in 3Q’25) 640 3,108 375 814 + Net Revenue Retention (same-set Members y
Slide 12: Demand Side: Risk Capital Partners
Demand Side: Risk Capital Partners Executing on our plan to increase third-party premiums Three Types of Risk Capital Partners… …With an Increasing Share Written via Third-Party… …and More Shared with Risk Capital Partners • AM Best-rated reinsurers standing Third-Party Direct Written Premium Exchan
Slide 13: Demand Side: How We Scale Third Party
Demand Side: How We Scale Third Party Expect FY26 third-party premium to be 42% of $5.0B exchange written premium $2.1B $2.0B +$0.1B +$0.2B Products under To be put under contract and contract from $1.8B should start pipeline of flowing soon with $500M+ in Under contract existing third-party calenda
Slide 14: Demand Side: How We Work with Risk Exchange Insurers
Demand Side: How We Work with Risk Exchange Insurers Onboarding third-party insurers takes time, but ramps quickly once complete Risk Exchange Insurer Lifecycle (15 signed up through 3Q’25) Third Party Risk Exchange Insurers Insurance Portfolio Construction Reinsurance • Since our last announcement,
Slide 15: Third Quarter Financial Highlights
Third Quarter Financial Highlights Q3 ‘24 Q2 ‘25 Q3 ‘25 Commentary Exchange Premium $888 $1,072 $1,043 +17% y/y growth driven by renewal cycles of two Members +49% y/y growth without $39M of irregular investment gains driven by organic Revenue $154 $219 $268 growth and premium earning through. +74%
Slide 16: Third Quarter Financial Highlights
Third Quarter Financial Highlights Q3 ‘24 Q2 ‘25 Q3 ‘25 Commentary Exchange Revenue $64 $86 $85 +34% y/y – driven by growth in Exchange Written Premium and take rate ticking up from 7.1% to 8.0% y/y Services ($M) Adj. EBITDA $46 $56 $59 70% margin as we continue to invest in building out the platfor
Slide 17: Guidance
Guidance Expected to be at least Q4’25 FY2026 Exchange $1.06-1.1B $5.0B Premium Third Party % $415-430M $2.1B Adj. EBITDA $57-62M $269M 17
Slide 18: Accelerant Overview
Accelerant Overview
Slide 19: Who We Are
Who We Are Two-sided platform connecting specialty underwriters with long-term risk capital Our Founding Theses: 1 2 3 Disaggregated specialist Large swaths of risk capital want Modern technology will power underwriters (MGAs, MGUs, etc.) access to a diversified portfolio of superior control and inf
Slide 20: Who We Are
Who We Are Two-sided platform connecting specialty underwriters with long-term risk capital • For our Members (typically MGAs, MGUs, or program administrators), we endeavor to be the best partner in the world. We provide (a) the long-term insurance capacity they need to issue policies, (b) a modern
Slide 21: Accelerant's Market Opportunity
Accelerant’s Market Opportunity We support MGAs as they continue to take share in an attractive, growing market US Commercial P&C premiums continue to grow, led by strong …within this growth, US MGAs continue to take share, a trend expansion in E&S, our core market… Accelerant is built to support an
Slide 22: View on the Rate Cycle
View on the Rate Cycle Accelerant relatively less exposed to rate cycle than P&C generally Accelerant primarily writes very low premium policies… …which are typically more insulated from rate cycles Percentage of Total Policies by Policy Size US Cumulative Quarterly Rate Increases 100% by Account Si
Slide 23: Proprietary and Differentiated Technology, Data, and Analytics
Proprietary and Differentiated Technology, Data, and Analytics Data-driven decisions delivered faster with accelerating economies of scale k AI & Data Platform Digital Platform Risk Capital Data pipelines include Partners validations and transformations Weather Data Crime Data Member Fire Data MGA’s
Slide 24: Experienced Team Leading the Revolution From Within
Experienced Team Leading the Revolution From Within Diverse team marrying modern software with long-earned insurance expertise Steve Strauss Pete Horst Matt Chmiel US CUO CTO Head of Product Design Former: SCOR, W.R. Berkley Former: Qlik, IBM Former: Kinaxis Jeff Radke Frank O’Neill Chelsea Perkins
Slide 25: How We Make Money
How We Make Money Risk Capital Pays us to source, manage, and monitor specialty risk 17% MGA Operations Net Commission (1) 8% Exchange Services Take Rate (2) 3% Underwriting Fees & Net Results (3) Commissions 7% of total Exchange Net Retention $298M Independent Members Written Third-Party Premium Ac
Slide 26: How We Make Money
How We Make Money LTM Q3’25 Exchange Services MGA Operations Underwriting 8% 17% 3% Take Rate (2) Net Commission (3) Fees & Net Underwriting Result (4) $4.0B $1.2B $3.0B Exchange Written Premium from Total Exchange Written Premium Gross Earned Premium Mission & Owned Members $302M $206M $100M Direct
Slide 27: Members: Future Growth Driven by New & Existing Members
Members: Future Growth Driven by New & Existing Members Strong embedded organic growth with 80%+ driven by volume vs. rate historically Exchange Written Premium ($M) Why Members Choose Accelerant by Member Cohort “The only success is shared success” 3,980 173 640 3,108 375 814 Modern technology Long
Slide 28: Risk Capital Partners: Growing With Us
Risk Capital Partners: Growing With Us Executing on our plan to increase third-party premiums 92 Risk Capital Partners Supported on Platform Largest Ultimate Risk Takers % of LTM 3Q’25 Exchange Premium Shared Exchange Written Premium with Risk Capital Partners Third-Party Reinsurers 72 ($M) Partner
Slide 29: Strong Embedded Organic Growth: +42% LTM Year-Over-Year
Strong Embedded Organic Growth: +42% LTM Year-Over-Year Governor on our growth has been how many high-quality Members we onboard # of Members Exchange Written Premium Revenue Adj. EBITDA $ in millions $ in millions $ in millions 855 258 265 3,980 Irregular investment gains 39 217 3,108 603 155 113 1
Slide 30: Key Financial Highlights
Key Financial Highlights Exchange Services (1) MGA Operations (1) Underwriting (1) Consolidated Irregular investment gains 19 70 99 132 134 30 1 305 Revenue ($M) 9 206 418 855 223 341 149 603 123 103 201 102 60 344 49 123 219 26 45 101 2021 2022 2023 2024 LTM 2021 2022 2023 2024 LTM 2021 2022 2023 2
Slide 31: Appendix
Appendix
Slide 32: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures $ in millions, unless otherwise noted 2022 2023 2024 LTM 3Q’25 Commentary Net income (loss) $ (95.6) $ (64.1) $ 22.9 $ (1,325.5) Adjustments: • Non-cash, equity neutral settlement of all outstanding profit interest awards Profits interest distribution ex
Slide 33: Segmental Income Statement
Segmental Income Statement QTD Q3 2025 Consolidation and Exchange MGA Total Corporate Underwriting elimination Total Services Operations Segments and Other $ in millions adjustments Ceding commission income $ - $ - $ 29.0 $ 29.0 $ - $ 63.3 $ 92.3 Direct commission income: Affiliated entities 61.1 28
Slide 34: Loss Ratio
Loss Ratio Gross loss ratio reflects underlying performance for our risk capital partners 3Q’25 Gross-to-Net Loss Ratio Reconciliation Ceded – Ceded – Net Loss $ in millions Gross Quota Share XOL & Other Ratio Earned Premium 782.7 (675.0) (25.6) 82.1 Losses and LAE 392.2 (339.9) (1.5) 50.8 Loss Rati
Slide 35: Definitions
Definitions • Accelerant Direct Written Premium: Expressed as a percentage of Exchange Written Premium, the GWP written directly by Accelerant Underwriting companies, the majority of which we cede to third-party risk capital partners through our reinsurance arrangements. • Accelerant-Retained Exchan
Slide 36: Accelerant
ACCELERANT.