Accelerant Holdings · NYSE:ARX
Accelerant — Q1 2026 Earnings Presentation
39 slides from Accelerant's earnings presentation, May 2026
Slide 1: Accelerant: The Global Specialty Insurance Risk Exchange
Accelerant: The Global Specialty Insurance Risk Exchange May 2026
Slide 2: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements All statements in this presentation that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. Accelerant Holdings (“we” or “our”) gen
Slide 3: Our Vision
Our Vision To become the preeminent specialty insurance marketplace 3
Slide 4: 1st Quarter 2026 Update
1 Quarter 2026 Update st
Slide 5: First Quarter Highlights
First Quarter Highlights Strong momentum across the platform driving attractive financial outcomes • $1,139M Exchange Written Premium (+16% y/y(1)) and $273M of Operating Revenue (+57% y/y) • $66M Adjusted EBITDA (+70% y/y), 24% margin Financial • $60M Fee-based Adjusted EBITDA(2) (+112% y/y) • 52%
Slide 6: How We Performed in Q1
How We Performed in Q1 Strong execution across all of our KPIs 1Q ‘25 4Q ‘25 1Q ‘26 Commentary Exchange +16% y/y growth Premium ($M) $985 $1,090 $1,139 +22% y/y growth excluding terminated Canadian Member Net Revenue Supply Side Retention 157% 126% 116% 122% net revenue retention excluding terminate
Slide 7: Trailing Twelve Months Highlights
Trailing Twelve Months Highlights Last Year Today (TTM 1Q’25) (TTM 1Q’26) Grew volume on our exchange 24% (1) year-over-year (all organic) $3.5B $4.3B Exchange Written Premium Exchange Written Premium Increased number of Members by +64 year-over-year 232 296 Members Members Maintained healthy profit
Slide 8: Supply Side: Existing Members Drive Embedded Growth
Supply Side: Existing Members Drive Embedded Growth Grew Risk Exchange volume +24% LTM year-over-year (1) (all organic) Exchange Written Premium ($M) Organic volume is the key driver of our growth, not rate 4,344 by Member Cohort 4,191 30 274 301 + New Member Additions (+16 in 1Q’26) 726 702 3,108 +
Slide 9: 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 Third-Party Direct Written Premium Exchange Premium Shared With • AM Best-rat
Slide 10: 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 (18 signed up through 1Q’26) Third Party Risk Exchange Insurers Insurance Portfolio Construction Reinsurance • Other non-Hadron third party
Slide 11: First Quarter and Last Twelve Months Financial Highlights
First Quarter and Last Twelve Months Financial Highlights 1Q ‘25 4Q ‘25 1Q ‘26 Commentary Exchange +16% y/y growth; Premium (1) $985 $1,090 $1,139 +22% y/y growth excluding run-off of terminated Member (1) Operating Revenue $174 $245 $273 +57% y/y growth driven by organic growth and premium earning
Slide 12: First Quarter Segmental Financial Highlights
First Quarter Segmental Financial Highlights 1Q ‘25 4Q ‘25 1Q ‘26 Commentary Operating Exchange Revenue $71 $93 $100 +41% y/y – driven by growth in Exchange Written Premium and take rate increasing from 7.1% to 8.7% y/y Services ($M) Adjusted 67% adjusted EBITDA margin – 2026 quarter margins estimat
Slide 13: Guidance
Guidance Expected to be at least Q2’26 FY2026 Adjusted EBITDA Key Driver Bridge (2023-2026E) Adjusted EBITDA Bridge ($M) 285 Exchange $1.27-1.32B(1) $5.2B 9 Premium Fee-Based Segments 235 Underwriting Business expected to 55 continuing mixing towards third-party insurance companies, expect loss rati
Slide 14: Accelerant Overview
Accelerant Overview
Slide 15: 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 16: Our Risk Exchange
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 17: 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 18: 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 19: 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 20: 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 21: View on the Rate Cycle
View on the Rate Cycle Less exposed to rate cycle than P&C generally because of focus on small niche policies. Rate made up only 3% of our 24%(1) LTM year-over-year growth Accelerant primarily writes very low premium policies… …which are typically more insulated from rate cycles Percentage of Total
Slide 22: 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 23: Technology that compounds our advantage
Technology that compounds our advantage Proprietary infrastructure that improves as we scale Deepening data moat Centralized decisioning at scale Compounding efficiency gains AI-powered ingestion that cleans, Proprietary underwriting engine As our data grows and decisioning standardizes, and enriche
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 18% MGA Operations Net Commission (1) 8% Exchange Services Take Rate (2) 4% Underwriting Fees & Net Results (3) Commissions 10% of total Net Retention $437M Independent Members Third-Party Accelerant Risk Capital Ex
Slide 26: How We Make Money
How We Make Money LTM 1Q ‘26 Exchange Services MGA Operations Underwriting 8% 18% 3% Take Rate (1) Net Commission (2) Fees & Net Underwriting Result (3) $4.3B $1.3B $3.2B Exchange Written Premium from Total Exchange Written Premium Gross Earned Premium Mission & Owned Members $359M $219M $106M Direc
Slide 27: Members: Future Growth Driven by New & Existing Members
Members: Future Growth Driven by New & Existing Members Grew Risk Exchange volume 24% LTM year-over-year (1) (all organic) Why Members Choose Accelerant Exchange Written Premium ($M) 4,344 “The only success is shared success” by Member Cohort 4,191 30 301 274 726 702 3,108 375 828 817 Modern technol
Slide 28: Risk Capital Partners: Growing With Us
Risk Capital Partners: Growing With Us Executing on our plan to increase third-party premiums 96 Risk Capital Partners Supported on Platform Largest Ultimate Risk Takers % of LTM 1Q’26 Exchange Written Premium Exchange Premium Shared Third-Party Reinsurers 72 Partner 1 With Risk Capital Partners (Fl
Slide 29: Strong Embedded Organic Growth: +24% LTM Year-Over-Year
Strong Embedded Organic Growth: +24% LTM Year-Over-Year (1) Governor on our growth has been how many high-quality Members we onboard # of Members Exchange Written Premium (2) Operating Revenues Adjusted EBITDA (2) $ in millions $ in millions $ in millions 296 5,200 965 285 280 262 866 4,344 235 4,19
Slide 30: Key Financial Highlights
Key Financial Highlights Exchange Services (1) MGA Operations (1) Underwriting (1) Consolidated 19 70 99 132 118 110 Operating 219 485 364 215 428 Revenues ($M) (2) 335 866 965 148 341 223 103 196 582 102 123 60 131 326 49 26 223 45 101 2021 2022 2023 2024 2025 LTM 1Q 2021 2022 2023 2024 2025 LTM 1Q
Slide 31: Appendix
Appendix
Slide 32: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures $ in millions, unless otherwise noted 2023 2024 2025 LTM 1Q’25 LTM 1Q’26 LTM 1Q’26 Commentary Net (loss) income $ (64.1) $ 22.9 $ (1,345.2) $ 28.6 $ (1,357.1) Adjustments: • Non-cash, equity neutral settlement of all outstanding profit interest awards in
Slide 33: Reconciliation of Non-GAAP Financial Measures – cont'd
Reconciliation of Non-GAAP Financial Measures – cont’d $ in millions, unless otherwise noted 1Q ‘25 4Q ‘25 1Q ’26 Net income (loss) $ 7.8 $ 0.9 $ (4.1) Adjustments: Net realized & unrealized gains on investments (4.0) (3.9) (0.1) Share-based compensation expenses 2.4 21.2 32.1 Other expenses: Profes
Slide 34: Segmental Income Statement
Segmental Income Statement 1Q 2026 Consolidation and Exchange MGA Total Corporate Underwriting elimination Total Services Operations Segments and Other $ in millions adjustments Ceding commission income $ - $ - $ 10.0 $ 10.0 $ - $ 70.5 $ 80.5 Direct commission income: Affiliated entities 72.7 28.8 -
Slide 35: Free Cash Flow (excluding Underwriting Segment)
Free Cash Flow (excluding Underwriting Segment) Strong FCF conversion driven by Exchange Services & MGA Ops segments Free Cashflow FY25 $ in millions Consolidated Adj. EBITDA $ 235 (-) Underwriting Segment Adj. EBITDA (55) Adj. EBITDA – Fee-Based Segments (1) $ 180 Net Cashflow from Operations 445 (
Slide 36: Total Enterprise Value
Total Enterprise Value Accelerant Holdings $ in millions (except for Share Price) Shares Outstanding (M) 221.4 (x) Share Price Assumption ($) (1) 13.20 Market Capitalization ($M) $ 2,922.5 (-) Cash in Non-Underwriting Entities (3/31/26) (352.2) (+) Senior Debt (3/31/26) 120.7 (+) Non-Controlling Int
Slide 37: Loss Ratio
Loss Ratio Gross loss ratio reflects underlying performance for our risk capital partners 1Q’26 Gross-to-Net Loss Ratio Reconciliation Ceded – Ceded – Net Loss $ in millions Gross Quota Share XOL & Other Ratio Earned Premium $ 782.1 $ (623.0) $ (29.3) $ 129.8 Losses and LAE 407.3 (327.7) 2.2 81.8 Lo
Slide 38: 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 Risk Capital Partners through our reinsurance arrangements. • Accelerant GWP: The total GWP written
Slide 39: Accelerant
ACCELERANT.