Accelerant Holdings (ARX)

Net Premiums Written

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Direct Written Premiums	2.82B	2.95B	2.64B
Direct Written Premiums Growth	-4.22%	11.56%	64.15%
Assumed Written Premiums	526.50M	432.30M	266.30M
Assumed Written Premiums Growth	21.79%	62.34%	197.54%
Ceded Written Premiums	-2.91B	-3.02B	-2.65B

Net Premiums Earned

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Direct Earned Premiums	2.76B	2.75B	2.10B
Direct Earned Premiums Growth	0.64%	30.49%	61.27%
Assumed Earned Premiums	390.40M	344.70M	127.90M
Assumed Earned Premiums Growth	13.26%	169.51%	758.39%
Ceded Earned Premiums	-2.79B	-2.79B	-2.01B

Revenue Breakdown

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Exchange Services Revenues	364.10M	334.90M	222.70M
Exchange Services Revenues Growth	8.72%	50.38%	80.62%
MGA Operations Revenue	251.90M	249.10M	149.70M
MGA Operations Revenue Growth	1.12%	66.40%	33.54%
Underwriting Revenue	487.40M	430.90M	341.10M
Underwriting Revenue Growth	13.11%	26.33%	69.45%
Corporate and Other Revenue	14.30M	15.60M	20.70M
Corporate and Other Revenue Growth	-8.33%	-24.64%	239.34%
Eliminations from Revenue	-109.60M	-117.60M	-131.60M
Revenue (Other)	100.00K	-	-
Revenue (Total)	1.01B	912.90M	602.60M
Revenue (Total) Growth	10.44%	51.49%	75.17%

Revenue by Geography

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
North America Revenue	593.70M	510.40M	399.20M
North America Revenue Growth	16.32%	27.86%	97.72%
UK and EU Revenue	414.50M	402.50M	203.40M
UK and EU Revenue Growth	2.98%	97.89%	43.14%
Revenue (Total)	1.01B	912.90M	602.60M
Revenue (Total) Growth	10.44%	51.49%	75.17%

Revenue Breakdown 2

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Ceding Commission Income	366.60M	356.80M	249.50M
Ceding Commission Income Growth	2.75%	43.01%	51.95%
Direct Commission Income	184.70M	162.00M	66.70M
Direct Commission Income Growth	14.01%	142.88%	77.39%
Net Earned Premiums	364.90M	298.10M	226.60M
Net Earned Premiums Growth	22.41%	31.55%	115.60%
Net Investment Income	48.60M	48.70M	38.90M
Net Investment Income Growth	-0.21%	25.19%	101.55%
Net Realized Gains on Investments	5.70M	7.90M	1.90M
Net Realized Gains on Investments Growth	-27.85%	315.79%	280.00%
Net Unrealized (Losses) Gains on Investments	-	39.40M	19.00M
Net Unrealized (Losses) Gains on Investments Growth	-	107.37%	9.83%
Revenue (Total)	1.01B	912.90M	602.60M
Revenue (Total) Growth	10.44%	51.49%	75.17%

Adjusted EBITDA

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Exchange Services Adjusted EBITDA	244.80M	224.50M	157.70M
Exchange Services Adjusted EBITDA Growth	9.04%	42.36%	81.06%
MGA Operations Adjusted EBITDA	109.30M	112.60M	44.10M
MGA Operations Adjusted EBITDA Growth	-2.93%	155.33%	40.00%
Underwriting Adjusted EBITDA	52.90M	57.40M	-20.90M
Underwriting Adjusted EBITDA Growth	-7.84%	-	-
Corporate and Other Adjusted EBITDA	-71.30M	-65.20M	-15.80M
Eliminations from Adjusted EBITDA	-30.60M	-47.50M	-52.10M
Operating Income (Total)	-1.32B	-1.31B	44.10M

Key Performance Indicators

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Number of Independent Members	243.00M	234.00M	170.00M
Number of Independent Members Growth	3.85%	37.65%	49.12%
Number of Mission Members	35.00M	31.00M	30.00M
Number of Mission Members Growth	12.90%	3.33%	20.00%
Number of Owned Members	18.00M	15.00M	17.00M
Number of Owned Members Growth	20.00%	-11.77%	6.25%
Total Number of Members	296.00M	280.00M	217.00M
Total Number of Members Growth	5.71%	29.03%	40.00%
Number of MGA Operations Members	53.00M	46.00M	47.00M
Number of MGA Operations Members Growth	15.22%	-2.13%	14.63%
Net Revenue Retention	116.00%	126.00%	153.00%
Accelerant Direct Written Premium	-	70.00%	84.00%
Third-Party Direct Written Premium	-	30.00%	16.00%
Accelerant-Retained Exchange Premium	10.00%	9.00%	8.00%
Independent Members - Exchange Written Premium	3.09B	2.98B	2.18B
Independent Members - Exchange Written Premium Growth	3.91%	36.54%	90.21%
Mission Members - Exchange Written Premium	813.70M	773.70M	530.50M
Mission Members - Exchange Written Premium Growth	5.17%	45.84%	70.25%
Owned Members - Exchange Written Premium	437.10M	440.10M	397.50M
Owned Members - Exchange Written Premium Growth	-0.68%	10.72%	20.67%
Total Exchange Written Premium	4.34B	4.19B	3.11B
Total Exchange Written Premium Growth	3.66%	34.82%	73.92%
Net Loss Ratio - Underwriting	-	68.40%	73.80%
LTM Take Rate - Exchange Services	8.30%	7.90%	-
LTM Net Commission - MGA Operations	17.50%	17.80%	-
LTM Fees & Net Underwriting Result	3.40%	3.70%	-

Updated May 13, 2026. Data Source: Fiscal.ai.