Slide 1: Accelerant: The Global Specialty Insurance Risk Exchange
Accelerant: The Global Specialty Insurance Risk Exchange March 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: Quarter Update
4 Quarter Update th
Slide 5: Fourth Quarter Highlights
Fourth Quarter Highlights Accelerating operating performance leading to attractive financial outcomes • $1,090M Exchange Written Premium (+24% y/y(1)) and $248M of revenue (+30% y/y(2)) Financial • $71M Adj. EBITDA (+52% y/y(3)), 28% margin • 51% gross loss ratio • +3 new risk exchange insurers in t
Slide 6: Full Year Highlights
Full Year Highlights Last Year Today (FY 2024) (FY 2025) Grew volume on our exchange 35%(1) year-over-year (all organic) $3.1B $4.2B Exchange Written Premium Exchange Written Premium Increased number of Members by +63 year-over-year 217 280 Members Members Maintained healthy profitability for our ri
Slide 7: How We Performed in Q4
How We Performed in Q4 Strong execution across all of our KPIs 4Q ‘24 3Q ‘25 4Q ‘25 Commentary Exchange +24% y/y growth Premium ($M) $879 $1,043 $1,090 +32% y/y growth excluding terminated Canadian Member Net Revenue Supply Side 153% 135% 126% 131% net revenue retention excluding terminated Canadian
Slide 8: Supply Side: Existing Members Drive Embedded Growth
Supply Side: Existing Members Drive Embedded Growth Grew Risk Exchange volume 35% year-over-year(1) (all organic) Exchange Written Premium ($M) Organic volume is the key driver of our growth, not rate by Member Cohort 4,191 + New Member Additions (+15 in 4Q’25): +63 new Members in 2025 is 274 the mo
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 4Q’25) Third Party Risk Exchange Insurers Insurance Portfolio Construction Reinsurance • Other non-Hadron third party
Slide 11: Fourth Quarter & Full Year Financial Highlights
Fourth Quarter & Full Year Financial Highlights 4Q ‘24 3Q ‘25 4Q ‘25 Commentary Exchange +24% y/y growth; Premium $879 $1,043 $1,090 +32% y/y growth excluding run-off of terminated Member (3) +30% y/y growth driven by organic growth and premium earning through; Revenue (1) $191 $267 $248 +42% y/y ex
Slide 12: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights 4Q ‘24 3Q ‘25 4Q ‘25 Commentary Exchange Revenue $64 $85 $93 +46% y/y – driven by growth in Exchange Written Premium and take rate increasing from 7.2% to 8.4% y/y Services ($M) Adjusted 67% adjusted EBITDA margin – near 100% gross margin with scale, offset by $45
Slide 13: Guidance
Guidance Expected to be at least Q1’26 FY2026 Adjusted EBITDA Key Driver Bridge (2025-2026E) Adjusted EBITDA Bridge Exchange $1.07-1.13B(1) $5.1B 282 275 Premium 9 241 (41) Business expected to continuing Underwriting mixing towards third-party 57 insurance companies, expect loss ratio performance i
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 Suppl y Demand of Risk for Risk Risk Exchange 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
Slide 17: Our Risk Exchange: How We Measure Success
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 35% growth in 2025 Accelerant primarily writes very low premium policies… …which are typically more insulated from rate cycles Percentage of Total Policies by Po
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 BDX FILES AI & Data Platform Digital Platform Risk Capital 3RD PA R TY DA TA Partners Data pipelines include validations and transformations Weather Data Crime
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: Kina xis 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 9% of total Net Retention $359M Independent Members Third-Party Accelerant Risk Capital Exc
Slide 26: How We Make Money
How We Make Money FY 2025 Exchange Services MGA Operations Underwriting 8% 18% 4% Take Rate (2) Net Commission (3) Fees & Net Underwriting Result (4) $4.2B $1.2B $3.1B Exchange Written Premium from Total Exchange Written Premium Gross Earned Premium Mission & Owned Members $331M $217M $113M Direct C
Slide 27: Members: Future Growth Driven by New & Existing Members
Members: Future Growth Driven by New & Existing Members Grew Risk Exchange volume 35% year-over-year (1) (all organic) Exchange Written Premium ($M) Why Members Choose Accelerant by Member Cohort 4,191 “The only success is shared success” 274 702 3,108 375 817 Modern technology Long-term capacity Di
Slide 28: Risk Capital Partners: Growing With Us
Risk Capital Partners: Growing With Us Executing on our plan to increase third-party premiums 95 Risk Capital Partners Supported on Platform Largest Ultimate Risk Takers % of FY 4Q’25 Exchange Premium Exchange Written Premium Shared With Risk Third-Party Reinsurers 72 Partner 1 Capital Partners ($M)
Slide 29: Strong Embedded Organic Growth: +35% Year-Over-Year
Strong Embedded Organic Growth: +35% Year-Over-Year (1) 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 Non-recurring investment gains Non-recurring investment gains 280 4,191
Slide 30: Key Financial Highlights
Key Financial Highlights Exchange Services (1) MGA Operations (1) Underwriting (1) Consolidated Non-recurring 19 70 99 132 118 investment gains 32 1 Revenue ($M) 335 217 431 9 913 223 341 149 603 123 103 201 102 123 344 60 219 49 26 45 101 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022
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 2025 Commentary Net income (loss) $ (95.6) $ (64.1) $ 22.9 $ (1,345.2) Adjustments: • Non-cash, equity neutral settlement of all outstanding profit interest awards Profits interest distribution expense
Slide 33: Segmental Income Statement
Segmental Income Statement Consolidation and Q4 2025 Exchange Services MGA Operations Underwriting Total Segments Corporate and Other elimination Total $ in millions adjustments Ceding commission income $ - $ - $ 17.1 $ 17.1 $ - $ 75.1 $ 92.2 Direct commission income: Affiliated entities 62.4 29.0 -
Slide 34: 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 $ 282 (-) Underwriting Segment Adj. EBITDA (57) Adj. EBITDA (excl. Underwriting Segment) $ 225 (-) Net Investment Gains (excl
Slide 35: Total Enterprise Value
Total Enterprise Value Accelerant Holdings $ in millions (except for Share Price) Shares Outstanding (Diluted) (M) 222 (x) Share Price Assumption ($) (1) 11.13 Market Capitalization ($M) $ 2,473 (-) Cash in Non-Underwriting Entities (12/31/25) (524) (+) Senior Debt (12/31/25) 121 (+) Non-Controlling
Slide 36: Loss Ratio
Loss Ratio Gross loss ratio reflects underlying performance for our risk capital partners 4Q’25 Gross-to-Net Loss Ratio Reconciliation Ceded – Ceded – Net Loss $ in millions Gross Quota Share XOL & Other Ratio Earned Premium 805.0 (698.2) (24.4) 82.4 Losses and LAE 413.9 (353.8) (3.4) 56.7 Loss Rati
Slide 37: 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 38: Accelerant
ACCELERANT.