# EDGAR Filing Document

**Accession Number:** 0001997350
**File Stem:** 0001193125-26-113962
**Filing Date:** 2026-3
**Character Count:** 226278
**Document Hash:** 0aa978011af599bbc3abca2a2ebec1a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-113962.hdr.sgml**: 20260318

**ACCESSION NUMBER**: 0001193125-26-113962

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20260313

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260318

**DATE AS OF CHANGE**: 20260318

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Accelerant Holdings
- **CENTRAL INDEX KEY:** 0001997350
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 981753044
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42765
- **FILM NUMBER:** 26769046

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 309 UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1044
- **BUSINESS PHONE:** (302) 658-7581

**MAIL ADDRESS:**
- **STREET 1:** 1209 ORANGE STREET
- **STREET 2:** C/O THE CORPORATION TRUST COMPANY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of report (Date of earliest event reported): March 13, 2026

## ACCELERANT HOLDINGS

#### (Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-42765** | **98-1753044** |
| **(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

#### Accelerant Holdings

#### c/o Accelerant Re (Cayman) Ltd.

#### Unit 106, Windward 3, Regatta Office Park,

#### West Bay Road, Grand Cayman, KY1-1108

#### +1 (345) 743-4611

#### (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

#### Not Applicable

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading**<br>**Symbol** | **Name of Each Exchange**<br>**on Which Registered** |
| Class A common shares, $0.0000011951862 par value per share | ARX | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

------

#### Item 2.02. Results of Operations and Financial Condition
On March 18, 2026, Accelerant Holdings (the "<u>Company</u>," "<u>we</u>," or "<u>our</u>") issued a press release relating to our earnings for the quarter and year ended December 31, 2025 (the "<u>Earnings Release</u>"). The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

#### Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

#### Chief Financial Officer Transition
On March 18, 2026, Accelerant Holdings (the "<u>Company</u>") appointed Linda S. Huber as Chief Financial Officer and designated her as the Company's principal financial officer and principal accounting officer, effective, in each case, on March 31, 2026 (the "<u>Effective Date</u>"). Jay Green will no longer serve as the Company's Chief Financial Officer, and principal financial officer and principal accounting officer, effective as of the Effective Date.

Prior to joining the Company, Ms. Huber, age 67, served as Chief Financial Officer of FactSet Research Systems Inc. (NYSE: FDS), MSCI Inc. (NYSE: MSCI), and Moody's Corporation (NYSE: MCO). Ms. Huber also served on the Board of Directors of the Bank of Montreal (NYSE: BMO), where she was a member of the Audit and Conduct Review Committee and the Risk Review Committee. Most recently, she worked as a strategic advisor to a leading investment management firm identifying investment opportunities in the financial data and analytics industry.

In connection with Ms. Huber's appointment, she entered into an employment agreement with the Company on March 18, 2026 (the "<u>Employment Agreement</u>"). Pursuant to the Employment Agreement, Ms. Huber will receive an annualized base salary of $650,000, subject to annual increases based upon review by our compensation committee of the Board of Directors of the Company (the "<u>Compensation Committee</u>"). In addition, pursuant to the Employment Agreement, Ms. Huber is entitled to participate in the Company's discretionary annual bonus arrangements with a target annual bonus opportunity of $1,053,000, which amount is guaranteed and not subject to performance adjustments with respect to 2026, subject only to Ms. Huber's continued service through the bonus payment date in 2027. Pursuant to the Employment Agreement, Ms. Huber is also entitled to participate in the equity incentive program maintained for senior executive officers of the Company and its subsidiaries and is to receive a restricted stock unit ("RSU") award of $2,500,000 in March 2026, which will vest as to twenty-five percent (25%) of the RSUs on the one-year anniversary of the grant date and as to six and one-quarter percent (6-1/4%) of the RSUs on the first day of each of the twelve (12) calendar quarters beginning after such anniversary. The Employment Agreement also provides that Ms. Huber's annual target equity opportunity shall be $2,000,000 in grant date value, with 50% of such target opportunity delivered in RSUs and 50% delivered in PSUs, subject to approval by the Compensation Committee and the terms of the applicable equity plan and award agreements. She is also entitled to reimbursement of attorneys' fees arising out of the negotiation of the Employment Agreement up to a maximum of $50,000.

Under the terms of the Employment Agreement, in the event Ms. Huber is terminated by us without "cause" or she terminates her employment for "good reason," Ms. Huber would become entitled to receive: (i) an aggregate amount equal to the sum of (A) two times Ms. Huber's then-current base compensation plus (B) her target annual bonus for the year of termination paid over 12 months; (ii) up to 18 months of reimbursement for COBRA premiums; and (iii) Ms. Huber's annual bonus for the year prior to the year of termination, if not yet paid (for the

------

2026 bonus, the amount of $1,053,000) at the time such bonuses are paid to executive officers of the Company. If Ms. Huber's employment is terminated due to her death or disability, she would be entitled to her pro rata annual bonus for the year of such termination and her annual bonus for the year prior to the year of termination, if not yet paid (for the 2026 bonus, the amount of $1,053,000). In connection with Ms. Huber's entry into the Employment Agreement, Ms. Huber also entered into a Restrictive Covenant Agreement (the "Restrictive Covenant Agreement") which subjects Ms. Huber to certain non-competition, non-solicitation and confidentiality provisions.

The description of the Employment Agreement in this Item 5.02 is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference. The description of the Restrictive Covenant Agreement in this Item 5.02 is qualified in its entirety by reference to the full text of the Restrictive Covenant Agreement, a copy of which is attached hereto as Exhibit 10.2 and incorporated herein by reference.

There are no arrangements or understandings between Ms. Huber and any other person pursuant to which she was appointed as chief financial officer and designated as principal executive officer and principal accounting officer. Ms. Huber does not have any family relationship with any director or other executive officer of the Company, or any person nominated or chosen by the Company to become a director or executive officer, and there are no transactions in which Ms. Huber has an interest requiring disclosure under Item 404(a) of Regulation S-K currently contemplated or since the beginning of the last fiscal year.

Mr. Green's separation from the Company is a termination without "cause" for purposes of Mr. Green's Amended and Restated Employment Agreement dated November 5, 2025, including for purposes of determining all amounts payable to Mr. Green thereunder in connection with his separation. In connection with Mr. Green's separation, he entered into a Separation Agreement with the Company dated March 18, 2026 which sets forth the terms of his separation and provides for payment of termination without "cause" benefits under his Amended and Restated Employment Agreement. The description of the Separation Agreement in this Item 5.02 is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.3 and incorporated herein by reference.

#### Board Member Resignation
On March 13, 2026, Michael Searles informed the Company of his resignation from the Company's board of directors, effective immediately. Mr. Searles joined the board in June 2023, prior to the Company's initial public offering, as an appointee of a Company investor. Mr. Searles served as a Class I director, with his term of office set to expire on May 12, 2026, the date of the Company's Annual General Meeting of Shareholders (the "<u>2026 Annual General Meeting</u>").

#### Item 7.01. Regulation FD Disclosure
On March 18, 2026, the Company posted a presentation to its website at https://investor.accelerant.ai/. A copy of the presentation is furnished as Exhibit 99.2 to this Report. The Company expects to use the presentation, in whole or in part, and possibly with modifications, in connection with the earnings call with investors, analysts and others.

The information contained in the presentation is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission ("<u>SEC</u>") filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The presentation speaks only as of the date of this Report. The Company undertakes no duty or obligation to publicly update or revise the information contained in the presentation, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure. In addition, the exhibit furnished herewith contains statements intended as "forward-looking statements" that are subject to the cautionary statements about forward-looking statements set forth in such exhibit. By furnishing the information contained in the presentation, the Company makes no admission as to the materiality of any information in the presentation that is required to be disclosed solely by reason of Regulation FD.

------

The information contained in this Items 2.02 and 7.01 of this Report (as well as in Exhibits 99.1 and 99.2 attached hereto) is furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended or the Exchange Act.

#### Item 8.01. Other Events

#### Approval of Share Repurchase Plan
On March 18, 2026, the Company's Board of Directors authorized a share repurchase program to purchase up to $200 million of the Company's Class A common shares, effective through December 31, 2028 (the "<u>Share Repurchase Program</u>"). Repurchases under the Share Repurchase Program may be made in the open market, in privately negotiated transactions, or otherwise, with the amount and timing of repurchases to be determined at the Company's discretion, depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under such authorization. The Share Repurchase Program does not obligate the Company to acquire any particular number of Class A common shares, and the Share Repurchase Program may be modified, suspended, or terminated at any time at the discretion of the Company's Board of Directors.

------

#### Item 9.01. Financial Statements and Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 10.1 | [Employment Agreement dated March 18, 2026](d80009dex101.htm) |
| 10.2 | [Restrictive Covenant Agreement dated March 18, 2026](d80009dex102.htm) |
| 10.3 | [Separation Agreement dated March 18, 2026](d80009dex103.htm) |
| 99.1 | [Earnings release issued by the Company on March 18, 2026](d80009dex991.htm) |
| 99.2 | [Earnings presentation issued by the Company on March 18, 2026](d80009dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### Signature
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: March 18, 2026 | **ACCELERANT HOLDINGS** | **ACCELERANT HOLDINGS** |
|  | By: | /s/ Nancy Hasley |
|  |  | Nancy Hasley |
|  |  | *Group General Counsel* |

---

## Exhibit 10.1

**Exhibit 10.1** 

**<u>EMPLOYMENT AGREEMENT</u>**

THIS EMPLOYMENT AGREEMENT (the "<u>Agreement</u>"), by and between Accelerant Holdings, a Cayman Islands exempted company incorporated with limited liability (the "<u>Company</u>"), and Linda S. Huber ("<u>You</u>" or "<u>Your</u>") (each, a "<u>Party</u>" and collectively, the "<u>Parties</u>"), is entered into as of the 18th day of March, 2026 and effective as of the date this Agreement is approved by the Board of Directors of the Company, which shall be on or about 18 March 2026 (the "<u>Effective Date</u>"). The terms of this Agreement shall be applicable to all conditions occurring after the Effective Date.

WHEREAS, the Parties desire to enter into this Agreement to express the terms and conditions of Your employment with the Company or any of the Company's affiliates as described herein; and

WHEREAS, as a condition to and as consideration for the Company's entry into this Agreement, including the enhanced severance benefits provided hereunder, You desire and agree to enter into the Restrictive Covenant Agreement as of the Effective Date.

NOW, THEREFORE, in consideration of the mutual agreements in this Agreement, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>At-Will Employment</u>. Your employment with the Company shall be and remain at all times an at-will relationship. This means that at either Your option or the Company's option Your employment may be terminated at any time, with or without Cause, without advance notice in the case of a termination for Cause (but subject to any cure rights set forth in the definition thereof), and upon 30 days' advance notice in the case of all other terminations. The period from the Effective Date through the date of the termination of Your employment hereunder is referred to herein as the "<u>Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Positions and Authority</u>. During the Term you will be employed by the Company in the position of the Company's Chief Financial Officer, with You assuming this title after the close of business on the 31st of March 2026. You shall perform such duties and services, and have the responsibilities and authority, appropriate to your position with the Company as the Parties may mutually agree upon from time to time, which duties, services, responsibilities and authority shall be at least commensurate with the duties, services, responsibilities and authorities of persons in similar capacities in similarly sized companies. You shall report directly to the Company's Chief Executive Officer during the Term. You agree to serve in the position referred to in this Section 2 and to perform diligently and to the best of Your abilities the duties and services pertaining to such position as set forth in the memorandum, articles of association and other broad-based written policies of the Company that are made available to You, as well as such additional duties and services appropriate to such positions that the Parties may mutually agree upon from time to time in accordance with this Section 2. During the Term, You shall work remotely consistent with Company policy, subject to business travel as reasonably necessary in the performance of Your duties for the Company, and the Company specifically gives its permission for You to act on behalf of the Company in carrying out Your duties hereunder while you are working remotely.

------

During the Term, You shall devote substantially all of Your business time and efforts to the business and affairs of the Company and the Company's subsidiaries, provided that You shall be entitled to serve on civic, charitable, educational, religious, public interest or public service boards, to participate in charitable, civic, educational, professional, community or industry affairs and to manage Your personal and family investments, in each case, to the extent such activities do not materially interfere with the performance of Your duties and responsibilities hereunder. You shall not become a director of any for-profit entity without first receiving the approval of the Nominating and Corporate Governance Committee of the Board (which approval shall not be unreasonably withheld or delayed). The Company acknowledges and expressly approves the directorships and memberships You currently hold as set forth on Exhibit A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation and Benefits</u>.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Compensation</u>. As base compensation (as in effect from time to time, "<u>Base Compensation</u>") for Your performance of Your duties hereunder, the Company shall pay to You a base salary of $650,000 per year in cash, payable in accordance with the normal payroll practices of the Company (but no less than monthly). Your Base Compensation may be increased, but not decreased, based upon review by the Compensation Committee of the Board (the "<u>Compensation Committee</u>") in good faith, based upon the Company's and Your performance, and the Company's pay philosophy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Incentive Compensation/Dividends</u>. During the Term, You shall be eligible to participate in the annual bonus programs maintained for senior executive officers of the Company (collectively, the "<u>Annual Incentive Program</u>"), with a target annual bonus opportunity equal to $1,053,000 (the <u>"Target Bonus</u>"); provided, however, such target bonus shall be guaranteed in respect of calendar year 2026 subject only to Your continued service through the applicable payment date in 2027 (except as otherwise provided in Section 4), and shall not be subject to performance-based adjustment. The actual amount of the annual bonus earned by and payable or allocable to You for any year or portion of a year, as applicable, shall be determined upon the satisfaction of goals and objectives established by the Compensation Committee after consulting with you, and shall be subject to such other terms and conditions of the Annual Incentive Program as in effect from time to time. Your Target Bonus may be higher if the Board or Compensation Committee decides to pay bonuses to executive officers of the Company above target. Each bonus awarded under the Annual Incentive Program shall be delivered to You as soon as possible but no later than two and a half months following the calendar year in which the bonus is earned and determined by the Compensation Committee. Except as provided in Section 4, Your right to a bonus under the Annual Incentive Program is subject to Your continued service with the Company through the applicable payment date of the bonus, except as set forth in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Equity Incentive Program</u>. In addition, during the Term, You shall be eligible to participate in the equity incentive program maintained for senior executive officers of the Company and its subsidiaries (the "<u>Equity Incentive Program</u>"), with an Equity Incentive Program target opportunity and equity vehicles determined by the Compensation Committee for each year of participation thereunder. In connection with Your commencement of employment,

------

and subject to approval by the Compensation Committee, You shall receive a guaranteed equity award with an aggregate grant date value of $2,500,000, to be granted in March 2026, which award shall be consisting of restricted stock units ("RSUs"), subject to approval by the Compensation Committee. Such award shall be subject to the terms and conditions of the applicable equity plan and award agreements, including applicable vesting schedules.. Beginning with calendar year 2027, Your annual target equity opportunity shall be $2,000,000 in grant date value, with 50% of such target opportunity delivered in RSUs and 50% delivered in PSUs, subject to approval by the Compensation Committee and the terms of the applicable equity plan and award agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Employee Benefits and Perquisites</u>. During the Term, (i) You shall be entitled to receive all benefits and perquisites of employment generally available to other members of the Company's senior executive management, subject to Your satisfaction of the eligibility or participation criteria therefor, and (ii) the Company reserves the right to modify or terminate the broad-based employee benefits and perquisites at its discretion in accordance with the terms of such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Business Expenses</u>. Subject to Section 22, You shall be reimbursed for reasonable travel and other expenses incurred in the performance of Your duties on behalf of the Company in a manner consistent with their written policies that have been provided to You regarding such reimbursements, as may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Legal Expenses</u>. Upon presentation of substantiating documentation, the Company will pay or reimburse Your legal fees incurred in connection with the negotiation and drafting of this Agreement and ancillary documents related hereto up to a maximum of $50,000, which will be paid or reimbursed to You within 30 days following the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compensation Upon Termination</u>. Subject to the terms and conditions of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death</u>. If Your employment with the Company or any of the Company's affiliates is terminated as a result of Your death, the Company shall pay Your estate, or as may be directed by the legal representatives of Your estate, (i) Your Base Compensation due through the date of termination, any unreimbursed business expenses though the date of termination pursuant to Section 3(e) hereof, payment in lieu of any paid time off accrued but unused through the termination date and any accrued or vested benefits under the plans of the Company or any of the Company's affiliates as of the termination date (the "<u>Accrued Rights</u>"), and (ii) Your annual bonus for the year prior to the year of termination, if not yet paid (for the 2026 bonus, the amount of $1,053,000), and a pro rata portion of Your annual bonus for the fiscal year of termination, with such bonus based on actual performance results for the fiscal year of termination and pro-rated for the portion of the year during which You were employed by the Company, and such applicable bonus payable at the same time such applicable bonuses are paid to executive officers of the Company (but in any event no later than two and a half months following the calendar year in which the bonus is earned).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disability</u>. If Your employment with the Company or any of the Company's affiliates is terminated by the Company or any such affiliate as a result of You being substantially unable to perform the essential functions of Your then-current position with the Company or any such affiliate by reason of illness, physical or mental disability or other similar incapacity, which inability shall continue for three (3) consecutive months after the Company or any such affiliate has provided reasonable accommodation for such disability or similar incapacity (provided that until such termination, You shall continue to receive Your then-current compensation and benefits, reduced by any benefits payable to You under any disability insurance policy or disability benefit plan applicable to You that is maintained for your benefit by the Company), the Company shall pay You (i) Your Accrued Rights, and (ii) Your annual bonus for the year prior to the year of termination, if not yet paid (for the 2026 bonus, the amount of $1,053,000) and a pro rata portion of Your annual bonus for the fiscal year of termination as determined by the Compensation Committee, with such bonus based on actual performance results for the fiscal year of termination and pro-rated for the portion of the year during which You were employed by the Company, and with such applicable bonus payable at the same time such applicable bonuses are paid to executive officers of the Company (but in any event no later than two and a half months following the fiscal year in which the bonus is earned); provided, that payments so made to You with respect to any period that You are substantially unable to perform the essential functions of Your then-current position with the Company or any of the Company's affiliates by reason of illness, physical or mental illness or other similar incapacity shall be reduced by the sum of the amounts, if any, payable to You by reason of such disability, at or prior to the time of any such payment, under any disability insurance policy or disability benefit plan applicable to You that is maintained for your benefit by the Company, and which amounts have not previously been applied to reduce any such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Company for Cause or by You without Good Reason</u>. If the Company or any of the Company's affiliates terminates Your employment for Cause or You terminate Your employment without Good Reason, the Company shall pay You Your Accrued Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination by the Company without Cause or by You with Good Reason</u>. If (x) the Company or any of the Company's affiliates terminates Your employment without Cause, or (y) You terminate Your employment for Good Reason, then the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) pay You (i) Your Accrued Rights, and (ii) an aggregate amount equal to two (2) times Your then-current annual Base Compensation, plus Your target annual cash bonus for the fiscal year of termination (provided, that if Your termination occurs prior to the date on which target annual bonuses are determined for the fiscal year of termination, Your target annual bonus shall be based on the target annual bonus established for the fiscal year preceding the fiscal year of termination), with such amount paid in substantially equal installments as of the last day of each month during the twelve (12) month period commencing on Your date of termination, with the first installment paid within sixty (60) days following Your termination of employment and such first installment including such amounts as would have otherwise been paid during the period beginning on the date of Your termination of employment and ending on such payment date; *provided*, *however*, that if the conditions of Section 5 have not been met upon the date(s) that any payment is or payments are due pursuant to clauses (ii) under this Section 4(d)(A), such payment(s) will not be made upon the date specified above, and such withheld payment(s) will instead be made, subject to Section 22, on the first payroll date following the effective date of the Separation & Release Agreement (as defined below);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) reimburse You, on a monthly basis, for any COBRA premiums You pay for You and any of Your dependents through the eighteen (18)-month anniversary of the termination date (the "<u>COBRA Continuation Period</u>"), if and to the extent You and/or Your eligible dependents are entitled to and elect COBRA continuation coverage under the Company's major medical group plan in which You and/or Your dependents participated immediately prior to the date of termination, *provided*, *however*, that (i) notwithstanding anything in this subsection to the contrary, all other terms and provisions of the Company major medical group plan governing Your rights and Your dependent's rights under COBRA shall apply, (ii) payments pursuant to this Section 4(d)(B) shall cease earlier than the expiration of the COBRA Continuation Period if You become eligible to receive substantially comparable health benefits pursuant to a plan maintained by a subsequent employer during such period, and You shall promptly notify the Company of Your becoming eligible for such coverage, (iii) amounts paid by the Company will be taxable to the extent required to avoid adverse consequences to You or the Company under either Code §105(h) or the Patient Protection and Affordable Care Act of 2010 and (iv) if the conditions of Section 5 have not been met upon the date(s) that any reimbursement is or reimbursements are due pursuant to this Section 4(d)(B), such reimbursement(s) will not be made until the conditions of Section 5 have been met, and any such withheld reimbursement(s) will instead be made, subject to Section 22, on the first payroll date following the effective date of the Separation & Release Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) pay you Your annual bonus for the year prior to the year of termination, if not yet paid (for the 2026 bonus, the amount of $1,053,000) at the time such bonuses are paid to executive officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Treatment of Equity Grants and Awards</u>. For the avoidance of doubt, upon your termination for any reason, the treatment of any equity or equity-like grants or awards to you by the Company or any of the Company's affiliates shall be determined in accordance with the terms and conditions of such grant or award and any applicable plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Release Obligations; No Other Severance</u>. The Company's obligation to pay You the separation payments set forth in Section 4(d) and Section 4(e) (excluding, in either case, Your Accrued Rights due through the date of termination) shall be conditioned upon Your execution and non-revocation, within the timeframe specified by the Company (but no later than fifty two (52) days following Your date of termination), and compliance with, a valid and binding separation and release agreement (the "<u>Separation</u> <u>& Release Agreement</u>") in the form attached hereto as Exhibit B, acknowledging that amendments will be made to the Separation & Release Agreement only insofar as to comply with the applicable state and local laws wherein You reside at the end of the Term. You hereby acknowledge and agree that, other than the severance payments and benefits described in this Agreement, upon the effective date of the termination of Your employment, You shall not be entitled to any other severance payments or benefits of any kind under any Company benefit plan, severance policy generally available to its or their employees or otherwise and all of Your other rights to compensation shall end as of such date, except as set forth in this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Section 280G</u>. Notwithstanding anything to the contrary in this Agreement, in the event that Section 280G of the Code applies to You, You expressly agree that if the payments and benefits provided for in this Agreement or any other payments and benefits which You have the right to receive from the Company and its affiliates (collectively, the "<u>Payments</u>"), would constitute a "parachute payment" (as defined in Section 280G(b)(2) of the Code), then the Payments shall be either (i) reduced (but not below zero) so that the present value of the Payments will be one dollar ($1.00) less than three times Your "base amount" (as defined in Section 280G(b)(3) of the Code) and so that no portion of the Payments received by You shall be subject to the excise tax imposed by Section 4999 of the Code or (ii) paid in full, whichever produces the better net after-tax result to You. The reduction of Payments, if any, shall be made by reducing first any Payments that are exempt from Section 409A and then reducing any Payments subject to Section 409A in the reverse order in which such Payments would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time). The determination as to whether any such reduction in the Payments is necessary shall be made by the Compensation Committee or its designee in good faith, which determination will be conclusive and binding upon You and the Company for all purposes. In making such determination, the Compensation Committee or its designee shall engage the services of nationally recognized accounting or legal advisors, and may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of the Code (including but not limited to Sections 280G and 4999). If a reduced Payment is made or provided and, through error or otherwise, that Payment, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a "parachute payment" exists, exceeds one dollar ($1.00) less than three times Your base amount, then You shall repay such excess to the Company within thirty (30) days of the Company's notice to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Withholding</u>. All payments made pursuant to this Agreement will be subject to applicable withholdings, including such federal, state, and local income and payroll taxes as the Company determines in good faith are required to be withheld pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Cause</u>" means (i) the indictment or conviction of, or plea of "guilty" or "no contest" to, a felony or a crime involving moral turpitude (excluding a traffic violation not involving any period of incarceration) or the commission of any other act or omission involving dishonesty or fraud by You or at Your direction with respect to, and materially and adversely affecting the business affairs of, the Company or any of its subsidiaries, (ii) conduct bringing the Company or any of its subsidiaries into substantial public disgrace or disrepute that causes substantial injury to the business, reputation and/or operations of the Company or such subsidiaries, (iii) substantial and repeated failure or refusal to perform duties of the office held by You as reasonably directed by the Company (other than any such failure resulting from Your incapacity due to death, disability, injury or illness), and such failure is not cured in all material respects within thirty (30) days after You receive written notice thereof from the Company that specifically identifies the manner in which it believes You have not substantially performed Your duties, (iv) gross negligence or willful misconduct with respect to the Company or any of its subsidiaries that causes substantial injury to the business, reputation and/or operations of the Company or such subsidiaries, or (v) any material breach of (A) any material written policy of the Company or its subsidiaries which is applicable to You and provided to You, (B) this Agreement or (C) the Restrictive Covenant Agreement (defined below), and such material breach is not cured in all

------

material respects within thirty (30) days after You receive written notice thereof from the Company that specifically identifies the manner in which it believes You have committed such breach. For purposes of this provision, (i) no act or failure to act on Your part shall be considered "willful" unless it is done, or omitted to be done, by You in bad faith or without reasonable belief that Your action or omission was in the best interests of the Company, and (ii) a mere failure to achieve a financial outcome or target shall not, by itself, constitute Cause. Any act or failure to act based upon authority given pursuant to a resolution duly adopted by the Board, or based upon advice of counsel for the Company, shall be conclusively presumed to be done, or omitted to be done, by You in good faith and in the best interests of the Company. If, within thirty (30) days subsequent to Your termination for any reason, it is discovered upon reasonable inquiry that Your employment could have been terminated for Cause, as determined by the Board, in its good faith, Your employment will be deemed to have been terminated for Cause for all purposes under this Agreement, You will be required to disgorge to the Company all amounts received by You pursuant to this Agreement on account of such termination that would not have been payable to You had such termination been by the Company for Cause, and the Company will be released from any further obligation to provide any You with any separation payments or benefits of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Change in Control</u>" of the Company shall be deemed to have occurred under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Change in Ownership of the Company</u>. After the date of execution of this Agreement, a change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group ("<u>Person</u>"), (A) acquires ownership of the shares of the Company that, together with the shares held by such Person, constitutes more than fifty percent (50%) of the total voting power of the shares of the Company (an "<u>Acquisition</u>"), or (B) ceases to own shares of the Company that, together with the shares held by such Person, constitute more than fifty percent (50%) of the total voting power of the shares of the Company; provided, however, that for purposes of this subsection, the acquisition of additional shares by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the shares of the Company will not be considered an Acquisition; provided, further, that any change in the ownership of the shares of the Company as a result of a private financing of the Company that is approved by the Board also will not be considered an Acquisition. Further, if the shareholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company's voting shares immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the shares of the Company or of the ultimate parent entity of the Company, such event shall not be considered an Acquisition under this Section 8(b)(1). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations, investment funds or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Change in Effective Control of the Company</u>. If the Company has a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be deemed to be a director who has been endorsed by a majority of the members of the Board. For purposes of this Section 8(b)(2), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered an Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Change in Ownership of a Substantial Portion of the Company's Assets</u>. A change in the ownership of a substantial portion of the Company's assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (b)(3), the following will not constitute a change in the ownership of a substantial portion of the Company's assets: (A) a transfer to an entity that is controlled by the Company's shareholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company's shares, an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding shares of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (b)(3). For purposes of this Section 8(b)(3), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets; provided, that with respect to any nonqualified deferred compensation that becomes payable on account of the Change in Control, the transaction or event described in clause (1), (2) or (3) also constitutes a "change in control event," as defined in Treasury Regulation §1.409A-3(i)(5) if required in order for the payment not to violate Section 409A of the Code.

For purposes of this Section 8(b), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of shares, or similar business transaction with the Company.

Further and for the avoidance of doubt, the following transactions will not constitute an Acquisition: (i) a transaction if its sole purpose is to change the jurisdiction of the Company's incorporation; (ii) a transaction if its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction; or (iii) any disposition of securities in the Company by Accelerant Holdings LP or any affiliates thereof or affiliated funds pursuant to an IPO or any secondary offering of the Company's equity.

In addition, a "Person," as used in this Section 8(b), shall not include (w) the Company or any of its affiliates; (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries; (y) an underwriter temporarily holding securities pursuant to an offering of such securities; or (z) a corporation and/or a company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Good Reason</u>" shall exist if (i) the Company, without Your prior written consent (a) materially reduces Your title, authority, duties, or responsibilities from those applicable to You as of the Effective Date (including, following a Change in Control, any failure of the parent corporation of any controlled group of corporations that includes the Company, if the Company is not such parent corporation, to offer You a position with such parent corporation or a subsidiary thereof involving the same or substantially equivalent title, authority, duties and responsibilities as Your then-current position with the Company, as applicable), (b) requires that You relocate Your principal place of employment to a location that is not Your current home office as of the date of Your Good Reason notice described below, (c) materially breaches this Agreement or any other material written agreement between You and the Company or its affiliates or (d) materially reduces Your Base Compensation or target annual cash bonus, with materiality deemed to be a more than 5% change (excluding, prior to a Change in Control only, any reduction effected as part of an across-the-board reduction in base salaries and target annual bonuses of all Company executive officers so long as the percentage reduction in Your Base Compensation and target annual cash bonus is not greater than the percentage reduction applicable to other executive officers, for the same period as the reduction in other executive officer's reduction in salary and target annual cash bonus and, in the event such reduction is later mitigated for other executive officers, Your Base Compensation and target annual cash bonus is then increased by the same percentage applicable to other executive officers); (ii) You provide written notice to the Company of such action within ninety (90) days of date on which You become aware of the occurrence thereof and provide the Company with thirty (30) days to remedy such action from the notice date (the "Cure Period"); (iii) the Company fails to remedy in all respects such action within the Cure Period; and (iv) You elect to resign within thirty (30) days of the expiration of the Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Section</u> <u>409A</u>" means Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Entire Agreement</u>. This Agreement, the Restrictive Covenant Agreement and any equity compensation agreement granting equity compensation to You prior to or following the Effective Date constitute the entire agreement between the Parties concerning the subject matter of this Agreement and supersedes any prior communications, agreements or understandings, whether oral or written, between You and the Company relating to the subject matter of this Agreement. Other than the terms of this Agreement, no other representation, promise or agreement has been made with You to cause You to sign this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Restrictive Covenant Agreement</u>. By execution of this Agreement, the Parties acknowledge the validity and effectiveness of the Restrictive Covenant Agreement entered into by You with the Company (the "<u>Restrictive Covenant Agreement</u>"). Notwithstanding anything in this Agreement or any other agreement to the contrary, You understand that nothing contained in this Agreement or any other agreement limits Your ability to report possible violations of law or regulation or to file a charge or complaint with the Securities and Exchange Commission, the Equal

------

Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Department of Justice, the Congress, any Inspector General, or any other federal, state, or local governmental agency or commission or regulatory authority (collectively, "<u>Government Agencies</u>"). You further understand that neither this Agreement nor any other Agreement limits Your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. Furthermore (i) You shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (x) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, and (ii) if You file a lawsuit for retaliation by the Company for reporting a suspected violation of law, You may disclose a trade secret to Your attorney and use the trade secret information in the court proceeding, if You file any document containing the trade secret under seal and do not disclose the trade secret except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Governing Law, Jurisdiction and Venue</u>. The laws of the State of Delaware will govern this Agreement. If Delaware's conflict of law rules would apply another state's or territory's laws, the Parties agree that Delaware law will still govern. You agree that any claim arising out of or relating to this Agreement will be brought exclusively in a state or federal court of competent jurisdiction in Delaware. You consent to the personal jurisdiction of the state and/or federal courts located in Delaware. You waive (i) any objection to jurisdiction or venue, or (ii) any defense claiming lack of jurisdiction or improper venue, in any action brought in such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Waiver</u>. The Company's failure to enforce any provision of this Agreement will not act as a waiver of that or any other provision. The Company's waiver of any breach of this Agreement will not act as a waiver of any other breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u>. The provisions of this Agreement are severable. If any provision is determined to be invalid, illegal, or unenforceable, in whole or in part, the remaining provisions and any partially enforceable provisions will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendments</u>. This Agreement may not be amended or modified except in writing signed by the Company and You.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Successors and Assigns</u>. This Agreement will be assignable to, and will inure to the benefit of, the Company's successors and assigns, including, without limitation, successors through merger, name change, consolidation, or sale of a majority of the Company's shares or assets, as applicable, and will be binding upon You and Your heirs and assigns. You may not assign, delegate or otherwise transfer any of Your rights, interests or obligations in this Agreement without the prior written approval of the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Survival</u>. Sections 4, 5, and 7 through 22, and such other provisions hereof as may so indicate shall survive and continue in full force and effect in accordance with their respective terms, notwithstanding any termination of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notices</u>. Any notice provided for in this Agreement must be in writing and will be deemed validly given (i) on the date it is actually delivered by personal delivery of such notice, (ii) one (1) business day after its deposit in the custody of Federal Express or other reputable courier service regularly providing evidence of delivery (with next business day delivery charges paid by the Party sending the notice), (iii) three (3) business days after its deposit in the custody of the U.S. mail, certified or registered postage prepaid, return receipt requested, or (iv) one (1) business day after transmission by facsimile or a PDF or similar attachment to an email, provided that such facsimile or email attachment shall be followed within one (1) business day by delivery of such notice pursuant to clause (i), (ii) or (iii) above. Any such notice to a Party shall be addressed at the address set forth below (subject to the right of a Party to designate a different address for itself by notice similarly given):

If to the Company:

Accelerant Holdings

c/o Accelerant Re (Cayman) Ltd.

Unit 106, Windward 3, Regatta Office Park,

West Bay Road, Grand Cayman

Attention: Chair of the Compensation Committee

If to You:

At the most recent address on file with the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Indemnification</u>. While serving as an executive officer of the Company, the Company agrees that it shall indemnify You and provide You with Directors & Officers liability insurance coverage to the same extent that it indemnifies and/or provides such insurance coverage to Board members and other most senior executive officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>No Conflict</u>. You represent and warrant that You are not bound by any employment contract, restrictive covenant, or other restriction preventing You from carrying out Your responsibilities for the Company, or which is in any way inconsistent with the terms of this Agreement. You further represent and warrant that You shall not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous employer or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Clawbacks</u>. The payments to You pursuant to this Agreement are subject to forfeiture or recovery by the Company, or other action pursuant to any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy or provision that the Company has included in any of its existing compensation programs or plans or that it is required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Company Policies</u>. You shall be subject to additional Company policies as they may exist from time-to-time, including policies regarding trading of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Section 409A</u>. The Parties intend that this Agreement and the payments made hereunder will be exempt from, or if not so exempt, comply with, the requirements of Section 409A in the event that Section 409A applies to You, and shall be interpreted and construed consistently with such intent. Without limiting the foregoing, the separation payments and benefits to You pursuant to Section 4(d) and Section 4(e) this Agreement are intended to be exempt from Section 409A to the maximum extent possible, as short-term deferrals pursuant to Treasury Regulation §1.409A-1(b)(4) or payments made pursuant to a separation pay plan pursuant to Treasury Regulation §1.409A-1(b)(9). Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate and distinct payment for purposes of Section 409A. To the extent any amounts under this Agreement are payable by reference to Your "termination of employment," such term and similar terms shall be deemed to refer to Your "separation from service," within the meaning of Section 409A (after giving effect to the presumptions contained therein) with respect to any payments that are subject to Section 409A. Notwithstanding any other provision in this Agreement, to the extent any payments made or contemplated hereunder constitute nonqualified deferred compensation within the meaning of Section 409A, then (i) each such payment which is conditioned upon Your execution of a release and which is to be paid or provided during a designated period that begins in one taxable year and ends in a second taxable year, shall be paid or provided in the later of the two taxable years and (ii) if You are a specified employee (within the meaning of Section 409A) as of the date of Your separation from service, each such payment that is payable upon Your separation from service and would have been paid prior to the six-month anniversary of Your separation from service, shall be delayed until the earlier to occur of (A) the first day of the seventh month following Your separation from service or (B) the date of Your death. You hereby agree to be bound by the Company's determination of its "specified employees" (as such term is defined in Section 409A) provided such determination is in accordance with any of the methods permitted under the regulations issued under Section 409A. Any reimbursement payable to You pursuant to this Agreement shall be conditioned on the submission by You of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to You within 30 days following receipt of such expense reports, but in no event later than the last day of the calendar year following the calendar year in which You incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to this Agreement shall not be subject to liquidation or exchange for any other benefit. To the extent that any amount payable hereunder is deemed to be a substitute for a payment provided under another agreement with You, then the amount payable hereunder shall be paid at the same time and in the same form as such substituted payment to the extent required to comply with Section 409A. In the event the terms of this Agreement would subject You to taxes or penalties under Section 409A ("<u>409A Penalties</u>"), the Company and You shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible and in a manner that maximizes the original intent of the Parties.

*[Signature Pages Follow]* 

------

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| Accelerant Holdings | Accelerant Holdings |
| By: | /s/ Jeff Radke |
|  | Name: Jeff Radke |
|  | Title: CEO |
| /s/ Linda S. Huber | /s/ Linda S. Huber |
| Linda S. Huber | Linda S. Huber |

---

## Exhibit 10.2

**Exhibit 10.2** 

**<u>RESTRICTIVE COVENANT AGREEMENT</u>**

This Restrictive Covenant Agreement ("Agreement") is entered into by and between **Accelerant Holdings** (the "Company") and **Linda S. Huber** (the "Employee") (each, a "Party" and collectively, the "<u>Parties</u>") as of the 18th day of March, 2026 and effective as of 18 March 2026 (the "Effective Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Employment and Consideration</u>**. Employee is an employee of the Company and/or one or more of its directly or indirectly controlled subsidiaries (collectively, the "Group"). In connection herewith, the Employee is entering into an employment agreement with the Company and/or one or more other members of the Group (each, an "Employment Agreement"). As a condition to and as consideration for Company's and each such Group member's entry into such Employment Agreement, including the severance benefits provided thereunder, the Employee desires and agrees to enter into this Agreement as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General**. The Employee undertakes to the Group that he will not, without the prior written consent of
the Company, on his own behalf or on behalf of, or in conjunction with, any company, firm or other person: (i) for a period of twelve (12) months from and after the termination of his employment with all members of the Group (the
"Termination Date"), be engaged, interested or concerned whether as principal, agent, representative, partner, director, employee, joint venture, investor, consultant or any other capacity in any Competing Business, except that the
Employee may hold up to 5% of any class or securities of any company listed or dealt in on a recognized investment exchange, (ii) for a period of twelve (12) months from the Termination Date, on behalf of a Competing Business: (A) be
involved with the provision of goods or services to, or otherwise have any business dealings with any Client in relation to Restricted Goods or Services; or (B) be involved with the provision of goods or services to, or otherwise have any
business dealings with any Prospective Client in relation to Restricted Goods or Services, (iii) during his employment with the Company or any other member of the Group, on behalf of a Competing Business entice or solicit, or endeavor to entice
or solicit, any Client to provide business in relation to Restricted Goods or Services; (iv) for a period of twelve (12) months from and after the Termination Date, on behalf of a Competing Business entice or solicit, or endeavor to entice
or solicit, any Prospective Client to provide business in relation to Restricted Goods or Services; (v) for a period of twelve (12) months from the Termination Date be directly involved in the employment of any Key Employee with a view to
such Key Employee working for or providing services to a Competing Business (other than general advertisements not directed to employees of the Company); or (vi) for a period of twelve (12) months from the Termination Date, entice or
solicit, or endeavor to entice or solicit, any Key Employee away from any member of the Group, with a view to such Key Employee working for or providing services to a Competing Business (other than general advertisements not directed to employees of
the Company); (vii) for a period of twelve (12) months from the Termination Date, entice or solicit, or endeavor to entice or solicit, any Supplier away from any

------

member of the Group, with a view to such Supplier providing goods or services to a Competing Business; or (viii) at any time after the Termination Date, represent himself as connected with the any member of the Group in any capacity, other than as a former employee, director or (if that is the case) shareholder, or use any registered business names or trading names associated with any member of the Group. Notwithstanding anything in this Agreement to the contrary, the provisions of clauses (i) and (ii) of this Section 2(a) shall not apply to Employee's activities, engagement or interest with respect to the companies set forth on Exhibit A, which are businesses he currently owns or currently serves as a director; <u>provided, however</u>, that so long as Employee is employed by the Company, Employee shall make complete and prompt disclosures to the Company's Board of Directors concerning any actual or potential conflict of interest that may arise from Employee's activities for, engagement by or interest in the companies set forth on Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Non-Disparagement**. Whether during or after the term of the
Employee's service as an employee of or consultant to any member of the Group, the Employee shall not disparage, defame or discredit any member of the Group or any of the Company's direct or indirect shareholders or Affiliates, nor shall
the Employee interfere with or disrupt the business activities of any member of the Group or any of the Company's direct or indirect shareholders or Affiliates, or engage in any activity which would have the effect of interfering with or
disrupting the business activities of any member of the Group or any of the Company's direct or indirect shareholders or Affiliates; provided, however, that nothing in this subsection (b) or elsewhere in this Agreement shall prevent the
Employee from engaging in "whistle-blowing" or other activities expressly protected by applicable law, to the extent so protected. In addition, the Company agrees that no member of the Group shall disparage, defame or discredit the
Employee, whether during or after the term of the Employee's service as an employee of or consultant to any member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Intellectual Property**. In the event that during the Employee's service as an employee of, or
consultant to, the Company or any other member of the Group the Employee generates, authors, conceives, develops, acquires, makes, reduces to practice or contributes to any Intellectual Property in connection with his service as an employee of, or a
consultant to, any member of the Group, the Employee acknowledges that such Intellectual Property shall be the exclusive property of the Company or the applicable member of the Group, and the Employee hereby irrevocably waives any right he may have
to be identified of the owner of Intellectual Property or otherwise obtain any benefit in relation thereto. Notwithstanding the foregoing, the Employee shall (to the extent permitted by law) take all reasonable steps and give all declarations
reasonably required or requested by the Company or the applicable member of the Group to assign the Employee's entire right, title and interest in and to all Intellectual Property to the Company or the applicable member of the Group. The
Employee acknowledges that, except as expressly set forth on Exhibit B hereto, the Employee does not now nor has the Employee ever owned, nor has the Employee ever made, prior to the commencement of the Employee's service as an employee of or
consultant to the Company or any Group member, any Intellectual Property that relates to the Company's or any other Group member's actual or anticipated business, research and development or existing or planned future products or
services.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Company Information**. Subject to the exceptions set forth in Paragraph (f) , the Employee acknowledges
that during and after the conclusion of his employment, he remains bound by a duty of confidentiality to the Company and the other Group members to maintain the confidentiality of the confidential and/or proprietary information of the Company and
such Group members consistent with the policies of the Company and such Group members and the Employee's agreements with the Company and any of such Group Members, including this Restrictive Covenants Agreement and any Employment Agreement),
and/or common law, and Employee affirms that Employee has not divulged any proprietary or confidential information of the Company or any Group member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Third Party Information**. The Employee understands that the Company and other members of the Group will
receive Third Party Information subject to a duty on the Company's and/or the applicable Group members' part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the Employee's
service as an employee of, or consultant to, the Company or any other member of the Group and thereafter, the Employee has held and will hold Third Party Information in the strictest confidence and has not disclosed and will not disclose to anyone
(other than personnel and consultants of the Company and applicable members of the Group who need to know such information in connection with their work for the Company or any such Group member) or use, except in connection with the Employee's
work for the Company or other member of the Group, Third Party Information, unless expressly authorized by the Company and/or the applicable members of the Group in writing or expressly permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the exceptions set forth below, Employee acknowledges that, notwithstanding any in this Agreement,
any Company or Group member policy, or any other agreement between Employee and the Company or any other Group member that could be read to the contrary, Employee (or his counsel) is not prohibited, limited or otherwise restricted from initiating
communications directly with, responding to any inquiry from, volunteering information (including confidential or proprietary information of the Company of any other Group member) to, or providing testimony before, the Securities and Exchange
Commission, the Department of Justice, FINRA, any other self-regulatory organization or any other governmental authority, in connection with any reporting of, investigation into, or proceeding regarding suspected violations of law, and that Employee
is not required to advise or seek permission from the Company or any other Group member before or after engaging in any such activity. Employee further acknowledges that, in connection with any such activity, Employee must inform such governmental
authority of the confidential nature of any confidential information provided by Employee. Despite the foregoing, Employee is not

------

permitted to reveal to any third-party, including any governmental, law enforcement, or regulatory authority, information Employee came to learn during the course of employment with the Company or any other Group member that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege or the attorney work product doctrine; neither the Company nor any other Group member waives any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information. Employee is notified that, pursuant to federal law (the Defend Trade Secrets Act of 2016), an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Employee's attorney in relation to a lawsuit against the Company or any other Group member for retaliation against Employee for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Trade Secrets**. During the Employee's service as an employee of, or consultant to, the Company or
any other member of the Group, the Employee has not improperly used or disclosed and will not improperly use or disclose any trade secrets or other Confidential Information, if any, of any former employers or any other person to whom the Employee
has an obligation of confidentiality, and will not bring onto the premises of the Company or any other member of the Group any unpublished documents or any property belonging to any former employer or any other person to whom the Employee has an
obligation of confidentiality unless consented to in writing by the former employer or person. The Employee will use in the performance of the Employee's duties only information which is (i) generally known and used by persons with
training and experience comparable to the Employee's and which is (x) common knowledge in the industry, or (y) is otherwise legally in the public domain, (ii) is otherwise provided or developed by the Company or any member of
the Group, or (iii) in the case of materials, property or information belonging to any former employer or other person to whom the Employee has an obligation of confidentiality, approved for such use in writing by such former employer or
person. Furthermore, the Employee acknowledges that in the course of the Employee's service as an employee of, or consultant to, the Company or any other member of the Group that the Employee may become familiar with the Company's or
another member of the Group's trade secrets, that the Employee has and will become familiar with the Confidential Information concerning the Company and the other members of the Group, and that the Employee's services are and will be of
special, unique and extraordinary value to the Company and the other members of the Group.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Reasonableness; Severability**. The Employee acknowledges that the terms of this Section 2 are
reasonable and necessary for the protection of the Company or the other Group members, and are an essential inducement to the Company's and other applicable Group members' entry into the Employment Agreement. Accordingly, the Employee
shall be bound by the provisions hereof to the maximum extent permitted by applicable law, it being the intent and spirit of the Parties that the terms of this Section 2 be fully enforceable. However, the Parties further agree that, if any of
the provisions of this Section 2 shall for any reason be held to be excessively broad as to duration, geographical scope, property or subject matter, such provision shall be construed by limiting and reducing it so as to be enforceable to the
extent compatible with the applicable law as it shall herein pertain. Each of the restrictions set for the above is intended to be entirely separate and severable and if one or more restrictions is found void or unenforceable, the validity of the
remaining restrictions shall not be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Remedies**. The Employee acknowledges that the services to be rendered by the Employee to the Company
and/or other Group members are of a unique nature and that it would be difficult or impossible to replace such services. Further, Employee acknowledges that the provisions set forth above are necessary and reasonable to protect the goodwill and
confidential and proprietary information of the Company and/or other Group members and, further, that a breach or threatened breach by Employee of such obligations will cause serious and irreparable harm to the Company for which it shall have no
adequate remedy at law. Therefore, in addition to any other rights and remedies that the Company may have, Employee agrees that the Company, without posting any bond, shall be entitled to obtain a temporary restraining order or a preliminary or
permanent injunction and other equitable relief to prevent such a threatened, actual, or continuing breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Personal Data**. The Company may process Employee's personal data, and shall do so in accordance with, and for the purposes set out in: (i) the Company's Employee Privacy Notice, which can be obtained from the Company; and (ii) this Agreement. Employee understands and acknowledges that the Company, Employee's employer and other Group members hold certain personal information regarding the Employee for the purpose of managing and administering this Agreement and the Employment Agreement. Employee further understands and acknowledges that the Company and/or its Affiliates will transfer data among themselves as necessary for the purpose of implementation, administration and management of the Employee's employment and services, and that the Company and/or any applicable Group member may each further transfer data to any third party assisting the Company in the implementation, administration and management of such employment and services. Employee understands and acknowledges that the recipients of data may be located in the United States or elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Entire Agreement; Governing Law**. This Agreement and the Employment Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in its their entirety all prior undertakings and agreements of the Company (and/or any Group member employing or retaining Employee) and Employee with respect to the subject matter hereof, and may not be modified adversely to Employee's interest except by means of a writing signed by the Company and Employee. This Agreement is governed by the internal substantive laws but not the choice of law rules of Delaware.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Arbitration of Disputes**. Both Parties agree that any dispute, claim, controversy or cause of action, in law, directly or indirectly relating to or arising at any time out of or related to this Agreement, the validity hereof, including the determination of the scope or applicability of this Agreement to arbitrate, shall, to the fullest extent permitted by law, be exclusively determined by final, binding, and confidential arbitration in Fulton County, Georgia, conducted by the American Arbitration Association ("AAA"), or its successor, pursuant to the commercial rules of the AAA, or, if the arbitrator and the Parties agree, the Employment Arbitration Rules of the AAA, which may be downloaded from <u>www.adr.org.</u> Notwithstanding the foregoing, the Parties agree that any application for temporary injunctive relief may be heard in any court of competent jurisdiction or in such arbitration. Arbitration and not a trial by a jury or court shall be the exclusive method for resolving any claim covered by this Agreement. The provisions of this Agreement related to arbitration shall be governed by and shall be enforced pursuant to the Federal Arbitration Act (the "FAA"). The arbitration will be heard by a neutral arbitrator selected by the Parties through the selection process of the AAA. Except where prohibited by federal law, all arbitrations shall be conducted on an individual basis only, and no class, collective, or representative action shall be permitted. The application and interpretation of this class/collective action waiver shall be determined by a court and not the arbitrator. No arbitrator shall have the right or authority to hear or conduct an arbitration on a class, collective, or representative basis unless all Parties agree to such consolidation, in writing.

In adjudicating the claim(s), the substantive laws of the federal, state, or local law under which the claim arises shall be applied. To the extent any of the provisions in this Agreement conflict with any relevant arbitration rules of the AAA, this Agreement shall prevail. Other rules: (i) the arbitration will take place in a location determined by the arbitrator, but which location shall be within Fulton County, Georgia; (ii) the arbitrator shall apply the Federal Rules of Civil Procedure (except for Rules 23 and 26) and the Federal Rules of Evidence; (iii) the arbitrator shall have the authority to issue an award or partial award without conducting an arbitration hearing on the grounds that there is no claim stated on which relief can be granted or that there is no genuine issue as to any material fact and that a party is entitled to a judgment as a matter of law, consistent with Rule 12 or Rule 56 of the Federal Rules of Civil Procedure; (iv) for good cause shown, to prevent injustice, and to prevent discovery costs disproportionate to the value of the actual claim, the arbitrator may impose limitations on discovery and may further require either cost-shifting or cost-sharing related to discovery, including, but not limited to discovery of electronically stored information; (v) there shall be one arbitrator for the matter up and through submission and determination of a motion for summary judgment. If a summary judgment is made, the arbitrator must render a written and detailed opinion on that motion within sixty (60) calendar days of submission of all supporting and opposition papers. If the summary judgment is in any part denied, the claims which survive summary judgment shall proceed to hearing before another arbitrator, who did not hear the summary judgment motion. That arbitrator shall be selected from a new list of proposed arbitrators to be provided by AAA (using its neutral selection process). If no summary judgment is filed then no new arbitrator will be selected to hear the matter, as the original arbitrator will retain jurisdiction; and (vi) all arbitration proceedings under this arbitration agreement are private and confidential, unless applicable law provides to the contrary or unless disclosure is necessary to compel arbitration or enforce an award, or to comply with a court order or a subpoena. The arbitrator shall maintain the privacy and confidentiality of the arbitration hearing unless applicable law provides to the contrary. The arbitrator shall have the authority to make appropriate rulings to safeguard that confidentiality.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Jury Waiver**. If any claim arising at any time between the Parties is found to not be subject to arbitration then, to the fullest extent permitted by law, Employee agrees that such claim shall be heard exclusively by a judge and **<u>without a jury</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Governing Law and Interpretation**. This Agreement shall be governed and conformed in accordance with the laws of the State of Delaware without regard to its conflict of laws provision. In the event of a breach of any provision of this Agreement, either Party may institute an action specifically to enforce any term or terms of this Agreement and/or to seek any damages for breach. Should any provision of this Agreement be declared illegal or unenforceable and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Amendment**. This Agreement may not be modified, altered, or changed except in writing and signed by both Parties wherein specific reference is made to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Definitions.** For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate** ", when used with reference to any person or entity, means any other person or
entity (i) Controlled by such first person or entity, (ii) capable of Controlling such first person or entity, or (iii) with which such first person or entity is under the common Control of another; provided that any person or entity
serving as the investment advisor to or manager of a limited partnership shall be deemed an Affiliate of such limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Client**" means any person, firm, company or other undertaking who, at any time during the 12-month period preceding the Termination Date, was a client of any Group member and as to whom the Employee either had contact with such client during such time, or received confidential information concerning such
client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Competing Business**" means any business in the relevant Territory which
competes with any business carried on by the Company or any other Group member, in which the Employee was materially involved at any time during the 12-month period preceding the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Confidential Information**" information (whether or not recorded in documentary form, or
stored on any magnetic or optical disk or memory) relating to the business, products, affairs and finances of the Company or any other Group member for the time being confidential to the Company or any Group member and trade secrets including,
without limitation, technical data and know-how relating to the business of the Company, any Group member or any of their business contacts, including in particular (by way of illustration only and without
limitation) any contracts between the Company and/or any Group member and any of their business partners, rate filings overseen by the Company and/or any Group member or its managing general agencies, underwriting data, any other general non-public information shared by managing general agency partners with the Company or any Group member, and details of reinsurance schemes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Control**" means, in respect of any Person, the power to manage or govern such Person, or to
appoint the managing and governing bodies of such Person or a majority of the members thereof, whether through the ownership of voting securities, by contract or otherwise (in such respect, a limited partnership shall be deemed to be Controlled by
its general partner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Intellectual Property**" means any discovery, formula, trade secret, invention, innovation,
improvement, development, method of doing business, process, program, design, analysis, drawing, report, data, software, firmware, logo, device, method, product or any similar or related information, any copyrightable work or any proprietary
information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Key Employee**" means any person employed or engaged by the Company or any Group member for
which the Employee was required to perform duties at any time during the 12-month period preceding the Termination Date in a senior sales, marketing, operations, underwriting, IT or executive management role
or whose gross annual remuneration or fees (or, if part-time, the full-time equivalent) at the Termination Date was $150,000 or more (or the equivalent in any other currency as converted at the Termination Date) and with whom the Employee had
material dealings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Prospective Client**" means any person, firm, company or other undertaking with whom or
which, at any time during the 12-month period preceding the Termination Date, the Company or any other Group member was in discussion with a view to providing goods or services, and in which discussions the
Employee was involved (other than on a minimal basis) or about which discussions the Employee had access to Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Restricted Goods or Services**" means goods or services of the same type as, or similar to,
goods and/or services supplied by the Company or any other Group member (i) at the Termination Date, or (ii) at any time during the 12-month period preceding the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Supplier**" means any person, firm, company or other undertaking who or which provides goods
or services (other than utilities or administration related supplies) to the Company or any other Group member and with whom the Employee dealt to a material extent at any time during the 12-month period
preceding the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Territory**" means any territory in which the Company or other Group member actually
materially engaged in business during the 12-month period preceding the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Third Party Information**" means confidential or proprietary information received by the
Company or any other Group member from any of its direct or indirect shareholders, Affiliates and/or another third party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Counterparts and Signatures**. This Agreement may be signed in counterparts, each of which shall be deemed an original, but all of which, taken together shall constitute the same instrument. A signature made on a faxed or electronically mailed copy of the Agreement or a signature transmitted by facsimile or electronic mail will have the same effect as the original signature.

**[SIGNATURE PAGE FOLLOWS]** 

------

The Parties knowingly and voluntarily sign this Agreement as of the date(s) set forth below:

---

| | |
|:---|:---|
| **Accelerant Holdings** | **Accelerant Holdings** |
| By: | /s/ Jeff Radke |
| Name: Jeff Radke | Name: Jeff Radke |
| Its: CEO | Its: CEO |
| Date: March 18, 2026 | Date: March 18, 2026 |

---

---

| |
|:---|
| /s/ Linda S. Huber |
| Name: Linda S. Huber |
| Date: March 18, 2026 |

---

## Exhibit 10.3

**Exhibit 10.3** 

**<u>SEPARATION AGREEMENT</u>**

This Separation Agreement (the "Agreement") is entered into by and between Accelerant Holdings, a Cayman Islands exempted company incorporated with limited liability (referred to throughout this Agreement as the "Company") and Jay Green ("Employee") effective as of March 18, 2026 (the "Effective Date"). The term "Party" or "Parties" as used herein shall refer to the Company, Employee, or both, as may be appropriate.

WHEREAS, the Parties desire to enter into an agreement regarding Employee's transition from employment with the Company.

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Transition from Employment</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Transition Period</u>** . Employee's employment with the Company shall terminate effective the
close of business on March 31, 2026 (the "Termination Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Compensation and Benefits</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** From the Effective Date until the Termination Date, Employee shall receive a base salary at the rate of
$528,000, paid in the same manner and on the same schedule as immediately prior to the Effective Date, and shall continue to be eligible to participate in the Company's employee benefit plans and programs (subject to the terms and conditions
of those plans and programs, which may be amended, modified, suspended or terminated by the Company at any time in accordance with their terms). Employee shall receive information in a timely manner regarding continuation of benefits for the period
after April 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Employee shall be paid the full amount of his annual bonus earned in respect of the 2025 fiscal year,
which shall be $528,000, which amount will be paid prior to the Termination Date. Except for the Target 2026 Year Bonus which forms a component part of the cash severance payment described in Section 2(a) below, Employee shall not be eligible
to earn any further bonus under the Annual Incentive Program or to receive any further awards under the Equity Incentive Program (each as defined in the Employment Agreement), in each case for the fiscal year in effect as of the Effective Date or
thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Consideration</u>**. In consideration for Employee (i) timely signing and not revoking this Agreement and complying in full with its terms, and (ii) timely signing and not revoking the Supplemental Release attached as Exhibit A hereto (the "Supplemental Release"), the Company agrees to pay or provide Employee the following (collectively, the "Severance Benefits"), which Employee acknowledges is in full satisfaction of Section 4(d) of the Employment Agreement:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An amount equal to $1,584,000 ("Termination Compensation"), representing the aggregate of
(a) two (2) times Employee's current base salary as of March 1, 2026 of $528,000, plus (b) the amount of $528,000, as Employee's target annual cash bonus amount for 2026 (the "Target 2026 Year Bonus") with the
aggregate of the Termination Compensation becoming due in substantially equal installments as of the last day of each month during the twelve (12) month period commencing on the Termination Date (or if earlier, the date that Employee has a
"separation from service" from the Company within the meaning of Section 409A of the Internal Revenue Code, as amended ("Section 409A") (such applicable date, the "Separation from Service Date"), with
the first installment paid within sixty (60) days following the Separation from Service Date; provided, however, that such first installment shall include such amounts as would have otherwise been paid during the period beginning on the
Separation from Service Date and ending on such payment date. Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate and distinct payment for purposes of Section 409A. For the avoidance of doubt,
the aggregate amount payable subject to this Section 2(a) as Termination Compensation will be $1,584,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Monthly reimbursements for any COBRA premiums paid by Employee for Employee and any of Employee's
dependents through the eighteen (18)-month anniversary of the Termination Date, if and to the extent Employee and/or Employee's eligible dependents are entitled to and elect COBRA continuation coverage under the Company's major medical
group plan in which Employee and/or Employee's dependents participated immediately prior to the Termination Date, and subject further to the terms and conditions described in Section 4(d)(B) of the Employment Agreement, with the first
installment paid within sixty (60) days following the Termination Date; provided, however, that such first installment shall include such amounts as would have otherwise been paid during the period beginning on the Termination Date and ending
on such payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to Employee's award of restricted share units under the Company's Share Incentive Plan
granted effective as of July 25, 2025, as amended on August 21, 2025 (the "RSU Award"), and notwithstanding anything to the contrary in the applicable Restricted Share Unit Agreement and Award Notice evidencing the RSU Award
(the "Award Agreement"). Employee shall be entitled to accelerated vesting of the portion of the RSU Award that was scheduled to vest on or prior to the twelve (12)-month anniversary of the Termination Date, which as of the Effective
Date shall be 442,250 shares, with the shares subject to the accelerated portion of the RSUs to be distributed to Employee within sixty (60) days following the Termination Date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Legal Expenses. The Company will pay or reimburse Employee's legal fees incurred in connection with the
negotiation and drafting of this Agreement and ancillary documents up to a maximum of $35,000, which will be reimbursed to Employee within 30 days following the Effective Date upon submission of a summary invoice from counsel listing only the total
fee amount in respect of the incurrence of such fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>No Consideration Absent Execution of this Agreement</u>**. Employee understands and agrees that Employee would not receive the Severance Benefits specified in Section 2 above, except for Employee's timely execution and non-revocation of this Agreement and the Supplemental Release and the fulfillment of the promises contained herein and therein. Regardless of whether Employee signs this Agreement or the Supplemental Release, the Company will pay Employee's Accrued Rights (as defined in the Employment Agreement) in accordance with the terms of the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>General Release, Claims Not Released and Related Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>General Release of All Claims by Employee</u>**. Employee, on Employee's own behalf and on behalf of Employee's heirs, executors, administrators, successors, and assigns knowingly and voluntarily release and forever discharges the Company, its direct and indirect parent corporations, affiliates, subsidiaries, divisions, predecessors, insurers, reinsurers, professional employment organizations, representatives, successors and assigns, and their current and former employees, attorneys, officers, directors and agents thereof, both individually and in their business capacities, and their employee benefit plans and programs and their administrators and fiduciaries, both individually and in their business capacities (collectively referred to throughout the remainder of this Agreement as "Releasees"), of and from any and all claims, known and unknown, asserted or unasserted, which Employee has or may have against Releasees as of the date of execution of this Agreement, including, but not limited to, any alleged violation of the following, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Title VII of the Civil Rights Act of 1964;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Sections 1981 through 1988 of Title 42 of the United States Code;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Employee Retirement Income Security Act of 1974 ("ERISA");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Internal Revenue Code of 1986;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Immigration Reform and Control Act;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Americans with Disabilities Act of 1990;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Age Discrimination in Employment Act of 1967 ("ADEA");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Worker Adjustment and Retraining Notification Act;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Fair Credit Reporting Act;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Family and Medical Leave Act;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Equal Pay Act;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Genetic Information Nondiscrimination Act of 2008;** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **any and all claims under the New Hampshire Law Against Discrimination, the New Hampshire Whistleblowers' Protection Act, the New Hampshire Minimum Wage Act, the New Hampshire Safety and Health of Employees Law, all including any amendments and their respective implementing regulations, and any other state or local law (statutory, regulatory, or otherwise) that may be legally waived and released; however, the identification of specific statutes is for purposes of example only, and the omission of any specific statute or law shall not limit the scope of this general release in any manner;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **any other federal, state, local, or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released; however, the identification of specific statutes is for purposes of example only, and the omission of any specific statute or law shall not limit the scope of this general release in any manner;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **any public policy, contract, tort, or common law; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **any basis for recovering costs, fees, or other expenses including attorneys' fees incurred in these matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Claims Not Released by Employee</u>**. Employee is not waiving any rights Employee may have to: (i) Employee's own vested or accrued employee benefits under the Company's qualified retirement benefit plans as of the Effective Date; (ii) benefits and/or the right to seek benefits under applicable workers' compensation and/or unemployment compensation statutes; (iii) pursue claims which by law cannot be waived by signing this Agreement; (iv) coverage and/or indemnification by the Company pursuant to any directors' and officers' liability insurance coverage of the Company or other contractual commitments; and (v) enforce this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Governmental Agencies</u>**. Nothing in this Agreement prohibits, prevents, or otherwise limits Employee from filing a charge or complaint with or participating, testifying, or assisting in any investigation, hearing, or other proceeding before any federal, state, or local government agency (*e.g.*, EEOC, NLRB, SEC) or in any legislative or judicial proceeding nor does anything in this Agreement preclude, prohibit or otherwise limit, in any way, Employee's rights and abilities to contact, communicate with or report unlawful conduct to federal, state, or local officials for investigation or participate in any whistleblower program administered by any such agencies. However, to the maximum extent permitted by law, Employee agrees that if such an administrative claim is made, Employee shall not be entitled to recover any individual monetary relief or other individual remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Collective/Class Action Waiver</u>**. If any claim is not subject to release, to the extent permitted by law, Employee waives any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which the Company or any other Releasee identified in this Agreement is a party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>General Release of All Claims by the Company</u>**. The Company, on its own behalf and on behalf of all Releasees, knowingly and voluntarily releases and forever discharges Employee, his heirs, executors, administrators, successors, and assigns, of and from any and all claims, known and unknown, asserted or unasserted, which the Releasees have or may have against Employee as of the date of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Acknowledgments and Affirmations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employee affirms that he has not filed or caused to be filed, nor is he presently a party to, any claim against the Company. Nothing in this Agreement or these Affirmations is intended to (i) impair Employee's rights under whistleblower laws or cause Employee to disclose Employee's participation in any governmental whistleblower program or any whistleblowing statute(s) or regulation(s) allowing for anonymity, or (ii) have the purpose or effect of preventing Employee from making truthful disclosures about alleged unlawful conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Employee also affirms that, excluding amounts referenced in Section 1(b) and Section 2, Employee has been paid and/or has received all compensation, wages, bonuses, commissions, paid sick leave, predictability pay, and/or benefits which are due and payable as of the date Employee signs this Agreement and Employee has been reimbursed for all necessary expenses or losses incurred by Employee within the scope of Employee's employment. Employee further affirms that as of one week after the Termination Date, Employee will have submitted expense reports for all necessary expenses or losses incurred by Employee within the scope of Employee's employment. Employee affirms that Employee has been granted any leave to which Employee was entitled under the Family and Medical Leave Act and state and local leave and disability accommodation laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employee further affirms that Employee has no known workplace injuries or occupational diseases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Employee also affirms that Employee has not divulged any proprietary or confidential information of the Company and will continue to maintain the confidentiality of such information consistent with the Company's policies and Employee's agreement(s) with the Company, including the Employment Agreement, and/or common law. Under the federal Defend Trade Secrets Act of 2016, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Employee's attorney in relation to a lawsuit against the Company for retaliation against Employee for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Employee further affirms that Employee has not reported internally to the Company any allegations of wrongdoing by the Company or its officers, including any allegations of corporate fraud, and Employee has not been retaliated against for reporting any such allegations internally to the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Employee and the Company acknowledge Employee's rights to make truthful statements or disclosures required by law, regulation, or legal process and to request or receive confidential legal advice, and nothing in this Agreement shall be deemed to impair those rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding any other provision of this Agreement, nothing in this Agreement (or any other agreement signed by Employee) shall restrict Employee's ability to exercise rights under Section 7 of the National Labor Relations Act, including the right to discuss terms and conditions of employment with co-workers and labor unions and publicly criticize an employer as an employer (provided that such criticism is not malicious or knowingly or recklessly false and does not attack the employer's products or services).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Return of Property</u>**.

Except as provided otherwise by law, within ten (10) days following the Termination Date or such earlier date as requested by the Company, Employee will return, without copying or reproducing, all of the Company's property, documents, and/or any confidential information in Employee's possession or control.

Employee also affirms that Employee is in possession of all of Employee's property that Employee had at the Company's premises and that the Company is not in possession of any of Employee's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Non-Disparagement; Press Release</u>**. Employee agrees to refrain from making false statements that are maliciously disparaging, or defamatory about Releasees, or Releasees' customers, clients, suppliers, or vendors, including but not limited to communications on social media websites such as Facebook, X, LinkedIn, or Glassdoor, on blogs, by text or email or other electronic means. This provision does not prohibit Employee from making truthful statements about the terms or conditions of Employee's employment, or from exercising Employee's rights under the National Labor Relations Act, government whistleblower programs, or whistleblowing statutes or regulations. The Company agrees that its officers, directors, Board members, employees, and Employee's supervisors will refrain from making false statements that are maliciously disparaging or defamatory about Employee, including but not limited to communications on social media websites or other electronic means. The Parties agree that the press release announcing Employee's departure from the Company shall reflect the agreed-upon language set forth on Exhibit B hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Indemnification</u>**. The Company agrees that Employee is a covered employee under the Company's Directors and Officers' liability policy, and that it will take all such actions as may be required to provide Employee with the full benefits of such coverage as it may exist from to time, towards the end of providing, under, subject to and in accordance with the terms of the policy as it may exist at the time of any claim asserted under the policy, indemnification to Employee, with the coverage afforded to Employee hereunder and thereunder to be at all relevant times not less than the coverage provided to Board members and other current and former most senior executive officers of the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Arbitration of Disputes</u>**. Both Parties agree that any dispute, claim, controversy or cause of action, in law, directly or indirectly relating to or arising at any time out of or related to this Agreement, the validity hereof, including the determination of the scope or applicability of this agreement to arbitrate, shall, to the fullest extent permitted by law, be exclusively determined by final, binding and confidential arbitration in New Castle County, Delaware, conducted by the American Arbitration Association ("AAA"), or its successor, pursuant to the commercial rules of the AAA, or, if the arbitrator and the Parties agree, the Employment Arbitration Rules of the American Arbitration Association (AAA) which may be downloaded from www.adr.org. Arbitration and not a trial by a jury or court shall be the exclusive method for resolving any claim covered by this Agreement. The provisions of this Agreement related to arbitration shall be governed by and shall be enforced pursuant to the Federal Arbitration Act (the "FAA"). The arbitration will be heard by a neutral arbitrator selected by the parties through the selection process of the American Arbitration Association (AAA). Except where prohibited by federal law, all arbitrations shall be conducted on an individual basis only, and no class, collective, or representative action shall be permitted. The application and interpretation of this class/collective action waiver shall be determined by a court and not the arbitrator. No arbitrator shall have the right or authority to hear or conduct an arbitration on a class, collective, or representative basis unless all parties agree to such consolidation, in writing.

In adjudicating the claim(s), the substantive laws of the federal, state, or local law under which the claim arises shall be applied. To the extent any of the provisions in this Agreement conflict with any relevant arbitration rules of the AAA, this Agreement shall prevail. Other rules: (i) The arbitration will take place in a location determined by the Arbitrator, but which location shall be within New Castle County, Delaware (ii) The arbitrator shall apply the Federal Rules of Civil Procedure (except for Rules 23 and 26) and the Federal Rules of Evidence. (iii) The arbitrator shall have the authority to issue an award or partial award without conducting an arbitration hearing on the grounds that there is no claim stated on which relief can be granted or that there is no genuine issue as to any material fact and that a party is entitled to a judgment as a matter of law, consistent with Rule 12 or Rule 56 of the Federal Rules of Civil Procedure. (iv) For good cause shown, to prevent injustice, and to prevent discovery costs disproportionate to the value of the actual claim, the Arbitrator may impose limitations on discovery and may further require either cost-shifting or cost-sharing related to discovery, including, but not limited to discovery of electronically stored information, and motion practice. (v) There shall be one arbitrator for the matter up and through submission and determination of a motion for summary judgment. If a summary judgment is made, the arbitrator must render a written and detailed opinion on that motion within sixty (60) calendar days of submission of all supporting and opposition papers. If the summary judgment is in any part denied, the claims which survive summary judgment shall proceed to hearing before another arbitrator, who did not hear the summary judgment motion. That arbitrator shall be selected from a new list of proposed arbitrators to be provided by AAA (using its neutral selection process). If no summary judgment is filed then no new arbitrator will be selected to hear the matter, as the original arbitrator will retain jurisdiction. (vi) All arbitration proceedings under this arbitration agreement are private and confidential, unless applicable law provides to the contrary or unless disclosure is necessary to compel arbitration or enforce an award, or to comply with a court order or a subpoena. The arbitrator shall maintain the privacy and confidentiality of the arbitration hearing unless applicable law provides to the contrary. The arbitrator shall have the authority to make appropriate rulings to safeguard that confidentiality.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Jury Waiver</u>**. If any claim arising at any time between the Parties is found to not be subject to arbitration then, to the fullest extent permitted by law, Employee agrees that such claim shall be heard exclusively by a judge and **<u>without a jury</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Governing Law and Interpretation</u>**. This Agreement shall be governed and conformed in accordance with the laws of the State of Delaware without regard to its conflict of laws provision. In the event of a breach of any provision of this Agreement, either party may institute an action specifically to enforce any term or terms of this Agreement and/or to seek any damages for breach. Should any provision of this Agreement be declared illegal or unenforceable and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Nonadmission of Wrongdoing</u>**. The Parties agree that neither this Agreement nor the furnishing of the consideration for this Agreement shall be deemed or construed at any time for any purpose as an admission by Releasees of wrongdoing or evidence of any liability or unlawful conduct of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Withholding; Compliance with IRS Code Section</u> <u>409A</u>**. All amounts and benefits payable under this Agreement shall be reduced by any and all required or authorized withholding and deductions. The provisions regarding Section 409A set forth in Section 22 of the Employment Agreement are hereby incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Amendment</u>**. This Agreement may not be modified, altered or changed except in writing and signed by both Parties wherein specific reference is made to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Entire Agreement</u>**. This Agreement and, except as modified pursuant to the terms of this Agreement, the Employment Agreement set forth the entire agreement between the Parties hereto, and fully supersedes any prior agreements or understandings between the Parties, except for any arbitration, intellectual property, noncompete, restrictive covenant, nonsolicitation, nondisclosure, equity, or confidentiality agreements between the Company and Employee (including, without limitation, the Restrictive Covenant Agreement (as defined in the Employment Agreement) entered into between the Parties), which shall remain in full force and effect according to their terms. Employee acknowledges that Employee has not relied on any representations, promises, or agreements of any kind made to Employee in connection with Employee's decision to accept this Agreement, except for those set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Counterparts and Signatures</u>.** This Agreement may be signed in counterparts, each of which shall be deemed an original, but all of which, taken together shall constitute the same instrument. A signature made on a faxed or electronically mailed copy of the Agreement or a signature transmitted by facsimile or electronic mail will have the same effect as the original signature.

**[SIGNATURE PAGE FOLLOWS]** 

------

**EMPLOYEE IS ADVISED THAT EMPLOYEE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER THIS AGREEMENT. EMPLOYEE ALSO IS ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO EMPLOYEE'S SIGNING OF THIS AGREEMENT.** 

**EMPLOYEE MAY REVOKE THIS AGREEMENT FOR A PERIOD OF SEVEN (7) CALENDAR DAYS FOLLOWING THE DAY ON WHICH EMPLOYEE SIGNS OR ENTERS INTO THIS AGREEMENT AND THE AGREEMENT IS NOT ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED. ANY REVOCATION WITHIN THIS PERIOD MUST BE SUBMITTED, IN WRITING, TO CLIFF JENKS, GROUP GENERAL COUNSEL, AT CLIFF.JENKS@ACCELINS.COM AND STATE, "I HEREBY REVOKE MY ACCEPTANCE OF OUR SEPARATION AGREEMENT." THE REVOCATION MUST BE RECEIVED BY CLIFF JENKS, GROUP GENERAL COUNSEL, AT CLIFF.JENKS@ACCELINS.COM OR HIS/HER DESIGNEE WITHIN SEVEN (7) CALENDAR DAYS AFTER EMPLOYEE SIGNS OR ENTERS INTO THIS AGREEMENT.** 

**EMPLOYEE AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT, DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL UP TO TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD.** 

**EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EMPLOYEE HAS OR MIGHT HAVE AGAINST RELEASEES.** 

The Parties knowingly and voluntarily sign this Agreement as of the date(s) set forth below:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **ACCELERANT HOLDINGS** | **ACCELERANT HOLDINGS** |
|  |  | By: | /s/ Jeff Radke |
| By: | /s/ Jay Green | Name: Jeff Radke | Name: Jeff Radke |
| **Jay Green** | **Jay Green** | Its: CEO | Its: CEO |
| Date: March 18, 2026 | Date: March 18, 2026 | Date: March 18, 2026 | Date: March 18, 2026 |

---

## Exhibit 99.1

**Exhibit 99.1** 

**Accelerant Announces Fourth Quarter and Full Year 2025 Results** 

**<u>Fourth Quarter & Full Year 2025 Results</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Written Premium of $1.09 billion grew 24% year-over-year during the fourth quarter and 35% for the
full year 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third-Party Direct Written Premium accounted for 40% of Exchange Written Premium volume, up from 21% in the prior
year quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $1 million, net income per diluted share of $0.00 for the fourth quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income of $51 million (up 30% over the prior year), adjusted net income per diluted share of
$0.23 for the fourth quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $71 million for the fourth quarter (up 52% over the prior year) and $68 million when
excluding in-period investment gains (up 132% over the prior year). Adjusted EBITDA of $282 million for the full year 2025 (up 149% over the prior year) and $241 million when excluding in-period investment gains (up 162% over the prior year).

**<u>Share Repurchase Program</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accelerant's Board of Directors authorized a share repurchase program of up to $200 million of
Class A common shares

**<u>First Quarter & Full Year 2026 Outlook</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Written Premium expected to be $1.07 billion to $1.13 billion in the first quarter of 2026 and
at least $5.1 billion for the full year 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third-Party Direct Written Premium expected to be $450 million to $470 million in the first quarter of
2026 and at least $2.2 billion for the full year 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA expected to be $64 million to $66 million in the first quarter of 2026 and at least
$275 million for the full year 2026

**<u>Chief Financial Officer Transition effective March 31, 2026</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jay Green notified the Accelerant Board of Directors of his plan to resign as Chief Financial Officer to pursue
personal interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Linda Huber, an experienced and seasoned public company finance executive, has joined Accelerant and will be
named Chief Financial Officer

ATLANTA (March 18, 2026) – Accelerant Holdings (NYSE: ARX), a data-driven company modernizing the specialty insurance marketplace through the Accelerant Risk Exchange, today announced financial results for the fourth quarter and full year ended December 31, 2025.

"We closed out 2025 with a fantastic quarter, meeting or exceeding our expectations across our key operating metrics and continuing to expand the reach of the Accelerant Risk Exchange," said Jeff Radke, Co-Founder and CEO. "The value of our technology and AI-driven platform is resonating within the specialty market, as reflected in the increasing share of business placed with third-party insurers. As we deepen our data advantage and strengthen alignment between Members and risk capital, we believe our momentum will continue into 2026 and beyond."

------

"Our fourth quarter results reflect continued strong Exchange Written Premium growth, underpinned by growth in Third-Party Direct Written Premium and operating leverage," said Jay Green, Accelerant's Chief Financial Officer. "Exchange Written Premium grew 24% year-over-year at expanding margins, driving a 52% increase in Adjusted EBITDA to $71 million. Third-party insurers accounted for 40% of that Accelerant Risk Exchange premium in the quarter, underscoring the continued shift toward a more capital-efficient model.

"Our 2026 outlook reflects continued momentum across the Accelerant Risk Exchange, with Exchange Written Premium expected to grow more than 20% year-over-year as third-party capital participation continues to expand," said Green. "We expect that premium growth to drive attractive fee-based segment Adjusted EBITDA growth in 2026, as we continue to prioritize scaling the capital-light areas of our business."

Commenting on the CFO Transition, Jeff Radke said, "We respect Jay's decision to step away from the business and pursue personal priorities. On behalf of the Board and the entire team, I want to thank Jay for his leadership and dedication. We wish him all the best in the future." Radke continued, "We are excited to welcome Linda Huber to the Accelerant team. Linda is a very accomplished public company finance executive, having previously held CFO positions at numerous financial information and analytics firms. She will play a key role in our subsequent chapters of growth as a publicly-traded company."

**<u>Fourth Quarter and Full Year 2025 Key Results</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| ***(in millions, unless indicated)*** | **2025** | **2024** | **2025** | **2024** |
|  Number of members | 280 | 217 | 280 | 217 |
|  Net revenue retention | 126% | 153% | 126% | 153% |
|  Exchange written premium | $1090.4 | $879.4 | $4190.8 | $3108.4 |
|  Accelerant direct written premium | 60% | 79% | 70% | 84% |
|  Third-party direct written premium | 40% | 21% | 30% | 16% |
|  Accelerant-retained exchange premium | 9% | 8% | 9% | 8% |
|  Exchange written premium growth rate | 24% | 52% | 35% | 74% |
|  Total revenues | $248.4 | $190.7 | $912.9 | $602.6 |
|  Gross loss ratio | 51.4% | 57.8% | 51.3% | 54.3% |
| (Loss) income before income taxes | $(2.2) | $23.0 | $(1321.9) | $32.0 |
|  Net income (loss) | $0.9 | $20.6 | $(1345.2) | $22.9 |
|  Non-GAAP financial measures <sup>(1)</sup> |  |  |  |  |
|  Adjusted net income <sup>(1)</sup> | $51.2 | $39.4 | $178.7 | $66.7 |
|  Adjusted EBITDA <sup>(1)</sup> | $70.5 | $46.4 | $281.8 | $113.0 |
|  Adjusted EBITDA margin <sup>(1)</sup> | 28% | 24% | 31% | 19% |

---

<sup>(1)</sup> Information regarding the non-GAAP financial measures included in this press release, including definitions of these measures, reconciliations to the most comparable GAAP measures and limitations related thereto, is described below under "Use of Non-GAAP Financial Measures" and in the tables attached to this press release. 

------

**Conference Call Information** 

Accelerant will host a webcast and conference call to discuss the fourth quarter financial results on March 19, 2026, at 8:00 a.m. ET. A live webcast of the call can be accessed on Accelerant's Investor Relations website at <u>https://investor.accelerant.ai</u>. To access the call via telephone in North America, please dial 800-715-9871. For callers outside the United States, please dial +1 646-307-1963. Participants should reference the conference call ID code 6232893 after dialing in.

A webcast replay of the call will be available on Accelerant's website at accelerant.ai in its Investors section for a year following the call.

**Share Repurchase Program** 

On March 18, 2026, Accelerant's Board of Directors authorized a share repurchase program to purchase up to $200 million of the Company's Class A common shares, effective through December 31, 2028 (the "Share Repurchase Program"). Repurchases under the Share Repurchase Program may be made in the open market, in privately negotiated transactions, or otherwise, with the amount and timing of repurchases to be determined at Accelerant's discretion, depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Accelerant may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under such authorization. The Share Repurchase Program does not obligate Accelerant to acquire any particular number of Class A common shares, and the Share Repurchase Program may be modified, suspended, or terminated at any time at the discretion of the Accelerant Board of Directors.

**<u>Chief Financial Officer Transition effective March 31, 2026</u>**

The Company announced that Jay Green has notified the Board of Directors that he will resign from his role of Chief Financial Officer to pursue personal interests, with effect from March 31, 2026. Jay Green joined the Company in 2022 and was instrumental in leading Accelerant Holdings through its Initial Public Offering in July 2025. His departure follows the filing of Accelerant's inaugural Annual Report on Form 10-K. The Company further announced that Linda Huber has joined Accelerant and will be named CFO effective March 31st.

**About Accelerant** 

Accelerant is a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers. Accelerant was founded in 2018 by a group of longtime insurance industry executives and technology experts who shared a vision of rebuilding the way risk is exchanged – so that it works better, for everyone. The Accelerant Risk Exchange does business across 22 different countries and more than 600 specialty insurance products.

Accelerant generates revenue by charging fees on the Exchange Written Premium shared with Risk Capital Partners that rely on Accelerant to source, manage, and monitor portfolios of specialty risk. There was $4.19 billion in Exchange Written Premium during the full year 2025. Accelerant harnesses advanced data analytics and AI to optimize risk management, align incentives across the insurance value chain, and provide transparent and efficient solutions for MGAs and Risk Capital partners globally.

------

**Contacts:** 

---

| | |
|:---|:---|
| **Investor Relations** | **Media Relations** |
| Ray Iardella | Chelsea Allison |
| <u>ray.iardella@accelins.com</u> | <u>chelsea@heycommand.com</u> |

---

------

**Forward-Looking Statements** 

All statements in this release and in the corresponding earnings call 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") generally identifies forward-looking statements by use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "projection," "seek," "should," "will" or "would," or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this release and in the corresponding earnings call are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in Accelerant's Annual Report on Form 10-K for the year ended December 31, 2025 under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," as may be supplemented in Accelerant's subsequent Quarterly Reports on Form 10-Q and in other periodic and current reports filed by Accelerant with the SEC, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price.

**Use of Non-GAAP Financial Measures** 

In assessing the performance of our business, non-GAAP financial measures are used that are derived from our consolidated financial information but are not presented in our consolidated financial statements prepared in accordance with GAAP. We consider these non-GAAP financial measures to be useful metrics for management and investors to evaluate our financial performance by excluding certain items that are related to our non-core business operations and therefore are not considered to be directly attributable to our underlying operating performance.

Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Income (Loss) should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to GAAP net income or net (loss) as indicators of our financial performance. Although we use Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Income (Loss) as financial measures to assess the performance of our business, such use is limited because it does not include certain material costs necessary to operate our business. Our presentation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income (Loss), and Adjusted earnings per diluted share should not be construed as indications that our future results will be unaffected by unusual or non-recurring items. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures reported by other companies.

------

***Adjusted EBITDA and Adjusted Net Income (Loss)***

We define Adjusted EBITDA as GAAP net income (loss) less the impact of depreciation and amortization, interest expenses, income tax expenses and the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Other expenses</u>:* Represents costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, and legal and advisory costs in connection with corporate
development activities including mergers and acquisitions, capital raising activities and entity formations that support our growing business, and Mission profit sharing expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Non-recurring profits interest distribution expenses resulting from the IPO</u>* : Represents non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of our 65,270,453 Class A common
shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested upon the IPO. These expenses were entirely offset by a corresponding capital contribution for that distribution of shares. These expenses only occurred
at one point in time and will not recur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Share-based compensation expenses included within general and administrative expenses</u>* : Represents non-cash expense related to the fair value of share-based equity awards granted to employees and directors, including restricted stock units and stock options and other awards that can settle in cash, recognized
over the requisite service period for the awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Net foreign currency exchange gains (losses)</u>:* The functional currency for each of our
operating subsidiaries is generally the currency of the local operating environment. Transactions in currencies other than the local operation's functional currency are remeasured into the functional currency, and the resulting foreign
exchange gains or losses are reflected in net foreign currency exchange gains (losses). Such gains and losses are generally offset by the translation of our subsidiaries who have the corresponding reinsurance-related balances within their own
functional currencies, whereby such effects are translated to other comprehensive income, yielding a much lower net impact on total comprehensive income and equity (such measure differs from Adjusted EBITDA as it includes the effect of interest,
taxes, depreciation and amortization, as well as foreign currency exchange gains (losses)).

We define Adjusted Net Income (Loss) as GAAP net income (loss) less the impact of other expenses, non-recurring profits interest distribution expenses, share-based compensation expenses, and the tax effect of the adjustments for other expenses (such measure differs from Adjusted EBITDA as it includes the effect of interest, taxes, depreciation and amortization, as well as foreign currency exchange gains (losses)). Adjusted net income per diluted share is calculated as adjusted net income for the respective periods divided by the sum of US GAAP basis diluted shares presented herein and certain dilutive restricted stock units. None of the share options were included, as the average share price over the period was below that of the exercise prices and the effect of their inclusion would be anti-dilutive.

***Adjusted EBITDA Margin***

We define Adjusted EBITDA margin, a non-GAAP financial measure, as Adjusted EBITDA divided by total revenue. Adjusted EBITDA margin is an internal performance measure used in the management of our operations.

The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measures is set forth in the reconciliation table accompanying this release.

------

**Accelerant Holdings** 

**Consolidated Statements of Operations** 

*(in millions, except per share amounts)* 

*(unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| ***(expressed in millions of US dollars, except share data)*** | **2025** | **2024** | **2025** | **2024** |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceding commission income | $92.2 | $63.3 | $356.8 | $249.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct commission income | 56.3 | 27.8 | 162.0 | 66.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earned premiums | 82.4 | 71.1 | 298.1 | 226.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 13.6 | 11.3 | 48.7 | 38.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains on investments | 1.7 | 1.4 | 7.9 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains on investments | 2.2 | 15.8 | 39.4 | 19.0 |
|  **Total revenues** | **248.4** | **190.7** | **912.9** | **602.6** |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss adjustment expenses | 56.7 | 55.7 | 204.0 | 167.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred acquisition costs | 22.2 | 19.4 | 80.3 | 81.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 120.2 | 71.3 | 400.4 | 249.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | 3.2 | 3.0 | 10.9 | 12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 9.5 | 10.4 | 35.2 | 26.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit interest distribution expenses |  |  | 1379.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange losses (gains) | 5.3 | (8.7) | 20.2 | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 33.5 | 16.6 | 104.1 | 39.0 |
|  **Total expenses** | **250.6** | **167.7** | **2234.8** | **570.6** |
| **(Loss) income before income taxes** | **(2.2)** | **23.0** | **(1321.9)** | **32.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit (expense) | 3.1 | (2.4) | (23.3) | (9.1) |
|  **Net income (loss)** | **0.9** | **20.6** | **(1345.2)** | **22.9** |
|  Adjustment for net (income) loss attributable to non-controlling interests | (1.5) | 0.4 | (8.9) | 4.3 |
|  Deemed dividend upon redemption of Class C preference shares |  |  | (70.9) |  |
|  **Net (loss) income attributable to Accelerant common shareholders** | $**(0.6)** | $**21.0** | $**(1425.0)** | $**27.2** |
|  **Net income (loss) attributable to Accelerant per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $— | $0.13 | $(7.49) | $0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $— | $0.10 | $(7.49) | $0.14 |
|  **Weighted-average common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 221821270 | 166185094 | 190260158 | 165982094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 221821270 | 200495447 | 190260158 | 199663694 |

---

------

**Accelerant Holdings** 

**Consolidated Balance Sheets** 

*(in millions, except par value)* 

*(unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| ***(expressed in millions of US dollars, except share data)*** | | |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments available for sale, at fair value<br>(amortized cost 2025: $41.5 and 2024: $65.0) | $41.6 | $64.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities available for sale, at fair value<br>(amortized cost 2025: $665.6 and 2024: $485.6) | 670.4 | 479.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | 10.4 | 18.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments | 84.0 | 45.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investments** | 806.4 | 607.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash | 1799.3 | 1273.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable (net of allowance 2025: $4.6 and 2024: $2.4) | 1077.9 | 791.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded unearned premiums | 1812.4 | 1558.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverables on unpaid losses and LAE | 1682.3 | 1069.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other reinsurance recoverables | 594.2 | 364.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 76.9 | 60.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill and other intangible assets, net | 115.1 | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized technology development costs, net | 100.5 | 83.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 198.1 | 221.7 |
|  **Total assets** | $**8263.1** | $**6094.9** |
|  **Liabilities and shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid losses and loss adjustment expenses | $2005.4 | $1294.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 2163.0 | 1803.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables to reinsurers | 1220.6 | 1109.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred ceding commissions | 232.5 | 193.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds held under reinsurance | 1200.3 | 746.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt | 121.3 | 121.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other liabilities | 593.6 | 400.0 |
|  **Total liabilities** | **7536.7** | **5667.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies (Note 19) |  |  |
|  **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Redeemable preference shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C convertible preference shares (issued and outstanding 2024: 5,556,546) |  | 104.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible preference shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A (issued and outstanding 2024: 20,955,497) |  | 236.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B (issued and outstanding 2024: 12,569,691) |  | 145.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (par value $0.000001 per share, issued and outstanding 2025: Class A - 114,580,918; Class B - 107,241,428 and 2024: 166,185,094) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 2232.4 | 124.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 2.2 | (19.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (1536.9) | (182.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Accelerant shareholders' equity** | **697.7** | **304.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-controlling interests** | **28.7** | **18.3** |
|  **Total equity** | **726.4** | **427.0** |
|  **Total liabilities and equity** | $**8263.1** | $**6094.9** |

---

------

**Accelerant Holdings** 

**Consolidated Statements of Cash Flows** 

*(in millions)* 

*(unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| *(expressed in millions of US dollars)* | **2025** | **2024** |
|  **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (loss) income | $(1345.2) | $22.9 |
|  **Adjustments to reconcile net (loss) income to net cash provided by operating activities:** |  |  |
|  **Non-cash revenues, expenses, gains and losses included in net (loss) income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profits interest distribution expenses | 1379.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains on investments | (7.9) | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains on investments | (39.4) | (19.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings from equity method investments | (1.8) | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expenses | 43.1 | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 35.2 | 26.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax expense | (32.0) | (40.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange losses (gains) | 20.2 | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accretion of discount on fixed maturity securities and short-term investments | (7.6) | (5.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 3.0 | 1.6 |
|  **Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable | (258.6) | (319.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded unearned premiums | (225.9) | (648.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverables on unpaid losses and LAE | (589.3) | (471.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other reinsurance recoverables | (219.3) | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | (15.7) | (8.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid losses and loss adjustment expenses | 645.3 | 540.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 287.3 | 674.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables to reinsurers | 87.1 | 636.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred ceding commissions | 55.5 | 68.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds held under reinsurance | 451.0 | 203.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, accounts payable and other liabilities | 180.4 | 117.2 |
|  **Net cash provided by operating activities** | **445.1** | **785.7** |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 114.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities | 306.1 | 84.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | 1.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments | 3.6 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturities of fixed maturity securities | 49.8 | 18.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchases of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities | (509.3) | (500.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | (1.6) | (4.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in short-term investments | 28.5 | (56.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of subsidiaries, net of cash acquired | (9.9) | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized technology development expenditures | (41.4) | (34.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | (0.5) | (1.7) |
|  **Net cash used in investing activities** | **(173.6)** | **(380.1)** |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of common shares, net of issuance costs | 392.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of Class C convertible preference shares | (175.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of convertible preference shares, net of issuance costs |  | 114.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit facility borrowings | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit facility repayment | (5.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of debt, net of issuance costs |  | 49.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of debt | (0.8) | (50.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of non-controlling interests in subsidiaries | (2.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to non-controlling interests | (8.0) | (3.5) |
|  **Net cash provided by financing activities** | **205.8** | **110.3** |
|  **Net increase in cash, cash equivalents and restricted cash** | **477.3** | **515.9** |
|  Effect of foreign currency rate changes on cash, cash equivalents and restricted cash | 49.0 | (18.3) |
|  Cash, cash equivalents and restricted cash at beginning of year | 1273.0 | 775.4 |
|  **Cash, cash equivalents and restricted cash at end of year** | $**1799.3** | $**1273.0** |

---

------

**Accelerant Holdings** 

**Financial Information by Segment** 

*(in millions)* 

*(unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| ***(in millions)*** | **Exchange<br>Services** | **MGA<br>Operations** | **Underwriting** | **Total<br>Segments** | **Corporate<br>and Other** | **Consolidation<br>and<br>elimination<br>adjustments** | **Total** |
|  **Revenues** |  |  |  |  |  |  |  |
|  Ceding commission income | $— | $— | $17.1 | $17.1 | $— | $75.1 | $92.2 |
|  Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated entities | 62.4 | 29.0 |  | 91.4 |  | (91.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated entities | 29.4 | 26.9 |  | 56.3 |  |  | 56.3 |
|  Net earned premiums |  |  | 82.4 | 82.4 |  |  | 82.4 |
|  Net investment income | 1.6 | 0.8 | 9.4 | 11.8 | 1.8 |  | 13.6 |
|  Net realized (losses) gains on investments |  | (0.1) | 1.7 | 1.6 | 0.1 |  | 1.7 |
|  Net unrealized (losses) gains on investments |  | 2.3 |  | 2.3 | (0.1) |  | 2.2 |
|  **Segment revenues** | **93.4** | **58.9** | **110.6** | **262.9** | **1.8** | **(16.3)** | **248.4** |
|  Losses and loss adjustment expenses |  |  | 56.7 | 56.7 |  |  | 56.7 |
|  Amortization of deferred acquisition costs |  |  | 26.3 | 26.3 |  | (4.1) | 22.2 |
|  General and administrative expenses | 30.8 | 36.1 | 15.0 | 81.9 | 26.3 | (9.2) | 99.0 |
|  **Adjusted EBITDA** | $**62.6** | $**22.8** | $**12.6** | $**98.0** | $**(24.5)** | $**(3.0)** | **70.5** |
|  Interest expenses |  |  |  |  |  |  | (3.2) |
|  Depreciation and amortization |  |  |  |  |  |  | (9.5) |
|  Share-based compensation expenses |  |  |  |  |  |  | (21.2) |
|  Net foreign exchange losses |  |  |  |  |  |  | (5.3) |
|  Other expenses |  |  |  |  |  |  | (33.5) |
|  **Loss before income taxes** |  |  |  |  |  |  | $**(2.2)** |

---

------

**Accelerant Holdings** 

**Financial Information by Segment (continued)** 

*(in millions)* 

*(unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| ***(in millions)*** | **Exchange<br>Services** | **MGA<br>Operations** | **Underwriting** | **Total<br>Segments** | **Corporate<br>and Other** | **Consolidation<br>and<br>elimination<br>adjustments** | **Total** |
|  **Revenues** |  |  |  |  |  |  |  |
|  Ceding commission income | $— | $— | $17.0 | $17.0 | $— | $46.3 | $63.3 |
|  Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated entities | 56.3 | 22.8 |  | 79.1 |  | (79.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated entities | 7.1 | 20.7 |  | 27.8 |  |  | 27.8 |
|  Net earned premiums |  |  | 71.1 | 71.1 |  |  | 71.1 |
|  Net investment income | 0.4 | 1.3 | 9.3 | 11.0 | 0.3 |  | 11.3 |
|  Net realized gains on investments |  | 1.3 | 0.1 | 1.4 |  |  | 1.4 |
|  Net unrealized gains on investments |  |  | 0.1 | 0.1 | 15.7 |  | 15.8 |
|  **Segment revenues** | **63.8** | **46.1** | **97.6** | **207.5** | **16.0** | **(32.8)** | **190.7** |
|  Losses and loss adjustment expenses |  |  | 55.7 | 55.7 |  |  | 55.7 |
|  Amortization of deferred acquisition costs |  |  | 26.8 | 26.8 |  | (7.4) | 19.4 |
|  General and administrative expenses | 19.3 | 29.0 | 20.3 | 68.6 | 15.9 | (15.3) | 69.2 |
|  **Adjusted EBITDA** | $**44.5** | $**17.1** | $**(5.2)** | $**56.4** | $**0.1** | $**(10.1)** | $**46.4** |
|  Interest expenses |  |  |  |  |  |  | (3.0) |
|  Depreciation and amortization |  |  |  |  |  |  | (10.4) |
|  Share-based compensation expenses |  |  |  |  |  |  | (2.1) |
|  Net foreign exchange gains |  |  |  |  |  |  | 8.7 |
|  Other expenses |  |  |  |  |  |  | (16.6) |
|  **Income before income taxes** |  |  |  |  |  |  | $**23.0** |

---

------

**Accelerant Holdings** 

**Financial Information by Segment (continued)** 

*(in millions)* 

*(unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| ***(in millions)*** | **Exchange<br>Services** | **MGA<br>Operations** | **Underwriting** | **Total<br>Segments** | **Corporate<br>and Other** | **Consolidation<br>and<br>elimination<br>adjustments** | **Total** |
|  **Revenues** |  |  |  |  |  |  |  |
|  Ceding commission income | $— | $— | $94.9 | $94.9 | $— | $261.9 | $356.8 |
|  Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated entities | 251.5 | 128.0 |  | 379.5 |  | (379.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated entities | 79.0 | 83.0 |  | 162.0 |  |  | 162.0 |
|  Net earned premiums |  |  | 298.1 | 298.1 |  |  | 298.1 |
|  Net investment income | 4.4 | 3.6 | 35.2 | 43.2 | 5.5 |  | 48.7 |
|  Net realized gains on investments |  | 5.1 | 2.7 | 7.8 | 0.1 |  | 7.9 |
|  Net unrealized gains on investments |  | 29.4 |  | 29.4 | 10.0 |  | 39.4 |
|  **Segment revenues** | **334.9** | **249.1** | **430.9** | **1014.9** | **15.6** | **(117.6)** | **912.9** |
|  Losses and loss adjustment expenses |  |  | 204.0 | 204.0 |  |  | 204.0 |
|  Amortization of deferred acquisition costs |  |  | 113.9 | 113.9 |  | (33.6) | 80.3 |
|  General and administrative expenses | 110.4 | 136.5 | 55.6 | 302.5 | 80.8 | (36.5) | 346.8 |
|  **Adjusted EBITDA** | $**224.5** | $**112.6** | $**57.4** | $**394.5** | $**(65.2)** | $**(47.5)** | $**281.8** |
|  Interest expenses |  |  |  |  |  |  | (10.9) |
|  Depreciation and amortization |  |  |  |  |  |  | (35.2) |
|  Profits interest distribution expenses |  |  |  |  |  |  | (1379.7) |
|  Share-based compensation expenses |  |  |  |  |  |  | (53.6) |
|  Net foreign exchange losses |  |  |  |  |  |  | (20.2) |
|  Other expenses |  |  |  |  |  |  | (104.1) |
|  **Loss before income taxes** |  |  |  |  |  |  | $**(1321.9)** |

---

------

**Accelerant Holdings** 

**Financial Information by Segment (continued)** 

*(in millions)* 

*(unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| ***(in millions)*** | **Exchange<br>Services** | **MGA<br>Operations** | **Underwriting** | **Total<br>Segments** | **Corporate<br>and Other** | **Consolidation<br>and<br>elimination<br>adjustments** | **Total** |
|  **Revenues** |  |  |  |  |  |  |  |
|  Ceding commission income | $— | $— | $82 | $82 | $— | $167.5 | $249.5 |
|  Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated entities | 199.7 | 99.4 |  | 299.1 |  | (299.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated entities | 21.9 | 44.8 |  | 66.7 |  |  | 66.7 |
|  Net earned premiums |  |  | 226.6 | 226.6 |  |  | 226.6 |
|  Net investment income | 1.1 | 4.2 | 32.6 | 37.9 | 1 |  | 38.9 |
|  Net realized gains on investments |  | 1.3 | 0.6 | 1.9 |  |  | 1.9 |
|  Net unrealized (losses) gains on investments |  |  | (0.7) | (0.7) | 19.7 |  | 19 |
|  **Segment revenues** | **222.7** | **149.7** | **341.1** | **713.5** | **20.7** | **(131.6)** | **602.6** |
|  Losses and loss adjustment expenses |  |  | 167.3 | 167.3 |  |  | 167.3 |
|  Amortization of deferred acquisition costs |  |  | 104.2 | 104.2 |  | (22.8) | 81.4 |
|  General and administrative expenses | 65 | 105.6 | 90.5 | 261.1 | 36.5 | (56.7) | 240.9 |
|  **Adjusted EBITDA** | $**157.7** | $**44.1** | $**(20.9)** | $**180.9** | $**(15.8)** | $**(52.1)** | $**113.0** |
|  Interest expenses |  |  |  |  |  |  | (12.1) |
|  Depreciation and amortization |  |  |  |  |  |  | (26.6) |
|  Share-based compensation expenses |  |  |  |  |  |  | (8.4) |
|  Net foreign exchange gains |  |  |  |  |  |  | 5.1 |
|  Other expenses |  |  |  |  |  |  | (39.0) |
|  **Income before income taxes** |  |  |  |  |  |  | $**32.0** |

---

------

**Accelerant Holdings** 

**Reconciliation of GAAP to Non-GAAP Financial Results** 

*(in millions)* 

*(unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| ***(in millions)*** | **2025** | **2024** | **2025** | **2024** |
|  Net income (loss) | $0.9 | $20.6 | $(1345.2) | $22.9 |
|  Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profits interest distribution expenses |  |  | 1379.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expenses | 21.2 | 2.1 | 53.6 | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 33.5 | 16.6 | 104.1 | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect of adjustments to net income (loss) <sup>(1)</sup> | (4.4) | 0.1 | (13.5) | (3.6) |
|  **Adjusted net income** | $**51.2** | $**39.4** | $**178.7** | $**66.7** |
|  Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add back tax effect of adjustments to net income (loss) | 4.4 | (0.1) | 13.5 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax (benefit) expense | (3.1) | 2.4 | 23.3 | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | 3.2 | 3.0 | 10.9 | 12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 9.5 | 10.4 | 35.2 | 26.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange losses (gains) | 5.3 | (8.7) | 20.2 | (5.1) |
|  **Adjusted EBITDA** | $**70.5** | $**46.4** | $**281.8** | $**113.0** |
|  Total revenues | 248.4 | 190.7 | 912.9 | 602.6 |
|  **Adjusted EBITDA margin** | **28%** | **24%** | **31%** | **19%** |

---

<sup>(1)</sup> The tax effect of other expenses adjustments to net income (loss) for each period presented were calculated using the statutory tax rates for each of our legal entities where the expenses were incurred, including certain non-taxing jurisdictions. The statutory tax rates used in the calculations were adjusted in instances where our legal entities have applied full valuation allowances to their respective deferred tax assets of unutilized NOLs. As such, the tax effect for the respective years varies based on the jurisdictional mix of where the expenses were incurred in each year.

## Exhibit 99.2

![](g80009ex99_2p1g1.jpg)

Exhibit 99.2 Accelerant: The Global Specialty Insurance Risk Exchange March 2026

------

![](g80009ex99_2p2g1.jpg)

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") generally identifies forward- looking statements by use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "projection," "seek," "should," "w ill" or "would," or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this release and in the corresponding earnings call are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in Accelerant's Annual Report on Form 10-K for the year ended December 31, 2025 under the headings "R isk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," as may be supplemented in Accelerant's subsequent Quarterly Reports on Form 10-Q and in other periodic and current reports filed by Accelerant with the SEC , may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable as of their respective dates, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. Non-GAAP Financial Measures In assessing the performance of our business, non-GAAP financial measures are used that are derived from our consolidated financial information but are not presented in our consolidated financial statements prepared in accordance with GAAP. We consider these non-GAAP financial measures to be useful metrics for management and investors to evaluate our financial performance by excluding certain items that are related to our non-core business operations and therefore are not considered to be directly attributable to our underlying operating performance. Adjusted EBITD A, Adjusted EBITD A margin and Adjusted Net Income (Loss) should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to GAAP net income or net (loss) as indicators of our financial performance. Although we use Adjusted EBITD A, Adjusted EBITD A margin and Adjusted Net Income (Loss) as financial measures to assess the performance of our business, such use is limited because it does not include certain material costs necessary to operate our business. Our presentation of Adjusted EBITD A, Adjusted EBITD A margin, Adjusted Net Income (Loss), and Adjusted earnings per diluted share should not be construed as indications that our future results will be unaffected by unusual or non-recurring items. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures reported by other companies. Adjusted EBITD A and Adjusted Net Income (Loss) We define Adjusted EBITD A as GAAP net income (loss) less the impact of depreciation and amortization, interest expenses, income tax expenses and the following items: • Other expenses: Represents costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, and legal and advisory costs in connection with corporate development activities including mergers and acquisitions, capital raising activities and entity formations that support our growing business, and Mission profit sharing expenses. • Non-recurring profits interest distribution expenses resulting from the IPO: Represents non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of our 65,270,453 Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested upon the IPO. These expenses were entirely offset by a corresponding capital contribution for that distribution of shares. These expenses only occurred at one point in time and will not recur. • Share-based compensation expenses included within general and administrative expenses: Represents non-cash expense related to the fair value of share-based equity awards granted to employees and directors, including restricted stock units and stock options and other awards that can settle in cash, recognized over the requisite service period for the awards. • Net foreign currency exchange gains (losses): The functional currency for each of our operating subsidiaries is generally the currency of the local operating environment. Transactions in currencies other than the local operation's functional currency are remeasured into the functional currency, and the resulting foreign exchange gains or losses are reflected in net foreign currency exchange gains (losses). Such gains and losses are generally offset by the translation of our subsidiaries who have the corresponding reinsurance-related balances within their own functional currencies, whereby such effects are translated to other comprehensive income, yielding a much lower net impact on total comprehensive income and equity (such measure differs from Adjusted EBITD A as it includes the effect of interest, taxes, depreciation and amortization, as well as foreign currency exchange gains (losses)). We define Adjusted Net Income (Loss) as GAAP net income (loss) less the impact of other expenses, non-recurring profits interest distribution expenses, share-based compensation expenses, and the tax effect of the adjustments for other expenses (such measure differs from Adjusted EBITD A as it includes the effect of interest, taxes, depreciation and amortization, as well as foreign currency exchange gains (losses)). Adjusted net income per diluted share is calculated as adjusted net income for the respective periods divided by the sum of US GAAP basis diluted shares presented herein and certain dilutive restricted stock units. None of the share options were included, as the average share price over the period was below that of the exercise prices and the effect of their inclusion would be anti-dilutive. Adjusted EBITD A Margin We define Adjusted EBITD A margin, a non-GAAP financial measure, as Adjusted EBITD A divided by total revenue. Adjusted EBITD A margin is an internal performance measure used in the management of our operations. The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measures is set forth in the reconciliation table accompanying this release. 2

------

![](g80009ex99_2p3g1.jpg)

Our Vision To become the preeminent specialty insurance marketplace 3

------

![](g80009ex99_2p4g1.jpg)

th 4 Quarter Update

------

![](g80009ex99_2p5g1.jpg)

Fourth Quarter Highlights Accelerating operating performance leading to attractive financial outcomes (1) (2) • $1,090M Exchange Written Premium (+24% y/y) and $248M of revenue (+30% y/y) (3) • $71M Adj. EBITDA (+52% y/y), 28% margin Financial • 51% gross loss ratio • +3 new risk exchange insurers in the quarter (+1 since those announced on the last earnings call) bringing total to 18 • +15 new Members in the quarter bringing total to 280 Members (29% y/y growth) – most new Members in any year ever Operational • $4B+ annualized premium in pipeline – our largest pipeline ever • Training our models on 134 million rows of proprietary data spanning 58 thousand unique attributes – our data and models improve loss ratios + growth and should compound in value over time • $434M third-party written premium (40% of EWP vs. 21% in 4Q'24 or 32% in 3Q'25), and Hadron continued to mix down from 54% to 47% Other (2) Notes: Please see the Appendix for reconciliations of non-GAAP items Revenue +42% y/y growth excluding non-recurring investment gains of $2M and $17M for 4Q '25 and 4Q (1) Exchange Written Premium +32% y/y growth excluding terminated Canadian Member with subpar unit '24, respectively 5 (3) economics Adjusted EBITDA +132% y/y growth excluding non-recurring investment gains of $2M and $17M for 4Q '25 and 4Q '24, respectively

------

![](g80009ex99_2p6g1.jpg)

Full Year Highlights Last Year Today (FY 2024) (FY 2025) $3.1B $4.2B (1) Grew volume on our exchange 35% year-over-year (all organic) Exchange Written Premium Exchange Written Premium 217 280 Increased number of Members by +63 year-over-year Members Members 54% 51% Maintained healthy profitability for our risk capital partners Gross Loss Ratio Gross Loss Ratio $113M $282M (2) Accelerated our EBITDA profitability 149% year-over-year Adj. EBITDA Adj. EBITDA 19% 31% Improved margins from growth and emerging operating leverage Adj. EBITDA Margin Adj. EBITDA Margin 6 16% 30% Wrote more premium with third party insurers Third-Party Written Third-Party Written 8% 9% And retained a small amount of premium % of Exchange Written Premium % of Exchange Written Premium Notes: Please see the Appendix for reconciliations of non-GAAP items. (1) (2) Exchange Written Premium +41% y/y growth excluding run-off of Member with subpar unit Adjusted EBITDA +162% y/y growth excluding non-recurring investment gains of $41M and 6 economics $21M for full year 2025 and 2024, respectively

------

![](g80009ex99_2p7g1.jpg)

How We Performed in Q4 Strong execution across all of our KPIs 4Q '24 3Q '25 4Q '25 Commentary Exchange +24% y/y growth $879 $1,043 $1,090 +32% y/y growth excluding terminated Canadian Member Premium ($M) Net Revenue 131% net revenue retention excluding terminated Canadian Member Supply Side 153% 135% 126% Retention Member +15 in the quarter driven by new independent Members – Member count grew 217 265 280 29% y/y Count Gross Loss Strong gross loss ratio performance as portfolio continues to perform as 58% 50% 51% expected Ratio Continued ramping of onboarded third-party risk exchange insurers. $229M was rd 3 Party % Demand Side 21% 32% 40% written with non-Hadron insurers ARX Net Retention in line with expectations 8% 7% 9% Retained %1 +30% y/y growth driven by organic growth and premium earning through; (1) Revenue $191 $267 $248 (2) +42% y/y excluding non-recurring investment gains in 4Q'25 and 4Q'24 Adjusted Financials 28% adjusted EBITDA margin driven by topline growth and emerging operating $46 $105 $71 (1) leverage (vs. 24% prior year) ($M) EBITDA Adj. Net $0.23 adjusted net income per share (diluted) $39 $80 $51 (1) Income Notes: Please see the Appendix for reconciliations of non-GAAP items. (1) (2) Includes non-recurring investment gains of $17M, $39M and $2M in 4Q '24, 3Q '25 and 4Q '25, Revenue +42% y/y growth excluding non-recurring investment gains of $2M and $17M for 4Q '25 7 respectively. Accounting for these, y/y Adj. EBITDA growth was 132% in 4Q '25 and 4Q '24, respectively

------

![](g80009ex99_2p8g1.jpg)

Supply Side: Existing Members Drive Embedded Growth (1) Grew Risk Exchange volume 35% year-over-year (all organic) Organic volume is the key driver of our growth, not rate Exchange Written Premium ($M) by Member Cohort 4,191 + New Member Additions (+15 in 4Q'25): +63 new Members in 2025 is 274 the most ever! 702 (1) 3,108 + Net Revenue Retention (same-set Members y/y growth +126%): 375 817 + Member Growth – Existing Product: Members grow their existing products with our ML risk scoring models hyper segmenting their 666 books and identifying pockets for growth enabling faster 627 1,787 572 submission-to-quote turnarounds to insureds 193 1,201 407 + Member Growth – New Product: In the last 12 months, existing 1,205 235 983 Members have launched or moved 114 new products to the Risk 695 557 440 Exchange 130 264 567 526 492 511 427 + Pricing: Rate was up globally +3% in 2025 2020 2021 2022 2023 2024 2025 Only 3%-points of 2025's 35% growth came from rate, volume 32% (2) 2020 & Prior 2021 2022 2023 2024 2025 Notes: (1) Exchange Written Premium +41% y/y growth and +131% Net Revenue Retention excluding terminated Canadian Member 8 (2) 2023 cohort includes Canadian Member terminated starting in 3Q'25

------

![](g80009ex99_2p9g1.jpg)

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 Exchange Premium Shared With Third-Party Direct Written Premium • AM Best-rated reinsurers standing Risk Capital Partners ($M) rd behind Accelerant and 3 party insurers in exchange for a fee Traditional (ceding commission) Reinsurers 30% 3,832 • Yield-oriented investors 2,854 contributing capital to the rd Flywheel vehicles and other, 3 Institutional party collateralized reinsurers Investors 16% Ex: Flywheel I/II 1,596 rd 10% • AM Best-rated 3 party insurance 1,015 companies focused on writing Risk primary policies and may maintain Exchange a majority of the risk Insurers 0% FY2022 FY2023 FY2024 FY2025 FY2022 FY2023 FY2024 FY2025 9

------

![](g80009ex99_2p10g1.jpg)

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 insurers premiums written are 3.75x since 1Q'25 and are expected to continue growing rapidly Intro, Diligence & Contracting Onboarding Readiness • Get to know ARX & the value of our • Runs alongside onboarding to • Hadron's mix of third-party premium declined this quarter and is expected to Months offering to their enterprise ensure operational readiness continue trending down. Hadron's fronting fee (excl. premium taxes) was 5.5% 0-9 • Negotiate and sign ARX contracts in 2025 • In 2026, we expect Hadron to account for 35%-40% of third-party premium in Portfolio Curation & Licensing Capital Efficiency 2026 and below one-third in 4Q'26 • Agree on sub-portfolio and sign • Early in the lifecycle, some fronting individual program agreements carriers may cede to Accelerant Re Months % of Third-Party Direct Third-Party Direct Written • Acquire regulator approvals for operational simplicity 10-18 Written Premium Premium ($M) 434 Implementation & Growth Direct Cession Transition 33% 336 42% 46% 291 53% • Operationalize ARX Member & ARX • Over time, most ARX insurers who 229 Insurer systems to connect flows begin the relationship ceding to Months 156 184 121 Accelerant Re transition to ceding • Over time, add products to further 19+ 67% directly to risk capital partners 61 diversify sub-portfolio 58% 54% 47% 205 180 170 123 1Q'25 2Q'25 3Q'25 4Q'25 1Q'25 2Q'25 3Q'25 4Q'25 Visibility of timeline gives us confidence in future ramping Hadron Other Third Party Hadron Other Third Party of existing and new risk exchange insurers 10

------

![](g80009ex99_2p11g1.jpg)

Fourth Quarter & Full Year Financial Highlights 4Q '24 3Q '25 4Q '25 Commentary Exchange +24% y/y growth; $1,043 $879 $1,090 (3) Premium +32% y/y growth excluding run-off of terminated Member +30% y/y growth driven by organic growth and premium earning through; (1) Revenue $191 $267 $248 (4) +42% y/y excluding non-recurring investment gains Quarterly ($M) Adjusted 28% adjusted EBITDA margin driven by topline growth and emerging operating $46 $105 $71 (1) leverage (vs. 24% prior year) EBITDA Adj. Net $80 $0.23 adjusted net income per share (diluted) $39 $51 (1) Income (5) (3) +41% y/y driven by all organic growth including +131% net revenue retention Exchange $3,108 $3,980 $4,191 and ramping of 63 Members added since last year Premium (6) +50% y/y without non-recurring investment gains driven by organic growth and (2) Revenue $855 $603 $913 premium earning through. +51% including non-recurring gains Last Twelve Months 31% adjusted EBITDA margin vs. 19% in prior year. 28% adjusted EBITDA margin ($M) Adjusted (7) (7) without non-recurring investment gains vs. 16% in the prior year driven by $258 $113 $282 (2) EBITDA operating leverage and growth in third-party Adj. Net $0.93 adjusted net income per share (diluted) $67 $169 $179 (2) Income (5) Notes: Please see the Appendix for re concilia tions of non-GAAP items. Exchange Written Premium +41% y/y growth and +131% Net Re ve nue Retention excludes terminated Ca na dian Member (1) (6) Includes non-recurring inve stment gains of $17M, $39M and $2M in 4Q '24, 3Q '25 and 4Q '25, re spec tively Revenue +50% y/y growth excluding non-recurring inve stment gains of $41M and $21M for the last twelve months at 4Q '25 and 4Q '24, (2) 11 Includes non-recurring inve stment ga ins of $21M, $56M and $41M for the la st twelve months at 4Q '24, 3Q '25 and 4Q '25, respect ively respe ctive ly (3) (7) Exchange Written Premium +32% y/y growth exc ludes te rminated Canadian Membe r Adj. EBITDA margin of 28% and 16% for the la st twe lve months a t 4Q ' 25 a nd 4Q '24, re spe ctivel y, exclude s non -recurring inve stment gains of (4) Revenue +42% y/y growth excluding non-recurring inve stment ga ins of $2M and $17M in 4Q '25 and 4Q '24, respectively $41M and $21M for the last twe lve months a t 4Q '25 and 4Q ' 24, respec tively

------

![](g80009ex99_2p12g1.jpg)

Fourth Quarter Financial Highlights 4Q '24 3Q '25 4Q '25 Commentary Revenue +46% y/y – driven by growth in Exchange Written Premium and take rate $64 $85 $93 Exchange increasing from 7.2% to 8.4% y/y Services Adjusted ($M) 67% adjusted EBITDA margin – near 100% gross margin with scale, offset by $59 $45 $63 increased investments in our technology platform EBITDA +28% y/y growth driven by premium growth; (1) Revenue $46 $81 $59 (3) +26% y/y growth excluding non-recurring investment gains MGA Operations 39% adjusted EBITDA margin as Mission platform continues to mature; Adjusted ($M) (4) 36% adjusted EBITDA margin excluding non-recurring investment gains vs. $45 $17 $23 (1) EBITDA (4) 35% in prior year +13% y/y – driven by net written premium growth and earning through written Revenue $118 $98 $111 premium Underwriting ($M) Adjusted 11% adjusted EBITDA margin – driven by healthy 51.4% gross loss ratio and $(5) $18 $13 movement of G&A into corporate as we write more third-party business EBITDA Adjusted Corporate 4Q'24 and 3Q'25 include $16M and $9M non-recurring investment gains, $(13) $0 $(25) (2) respectively (none in 4Q'25) ($M) EBITDA (4) Notes: Please see the Appendix for reconciliations of non-GAAP items. Adj. EBITDA margin of 36% and 35% in 4Q '25 and 4Q '24, respectively, excludes non-recurring investment gains of $2M and $1M (1) MGA Operations includes non-recurring investment gains of $1M, $30M and $2M in 4Q '24, 3Q '25 and 4Q '25, respectively in 4Q '25 and 4Q '24, respectively 12 (2) Corporate includes non-recurring investment gains of $16M and $9M in 4Q '24 and 3Q '25, respectively (3) Revenue +26% y/y growth excluding non-recurring investment gains of $2M and $1M in 4Q '25 and 4Q '24, respectively

------

![](g80009ex99_2p13g1.jpg)

Guidance Expected to be at least Q1'26 FY2026 Adjusted EBITDA Key Driver Bridge (2025-2026E) Adjusted EBITDA Bridge Exchange (1) 282 $1.07-1.13B $5.1B 275 Premium 9 241 (41) Business expected to continuing Underwriting mixing towards third-party 57 insurance companies, expect loss ratio performance in line with Fee-Based previous expectations Third Party $450-470M $2.2B Segments 266 Fee-Based Segments 184 +45% y/y growth of fee-based segments as exchange written premiums grow 22% Adj. EBITDA $64-66M $275M 2025 Non-recurring 2025 2026E (2) Adj. EBITDA Investment Adj. EBITDA Adj. EBITDA Gains (NRIG) (excl. NRIG) Notes: (1) Midpoint represents 18% y/y growth when excluding terminated Canadian Member 13 (2) 2026 Adjusted EBITDA does not assume any non-recurring investments gains

------

![](g80009ex99_2p14g1.jpg)

Accelerant Overview

------

![](g80009ex99_2p15g1.jpg)

Our Founding Theses Two-sided platform connecting specialty underwriters with long-term risk capital Disaggregated specialist underwriters (MGAs, MGUs, etc.) will 1 outcompete monolithic insurance companies Modern technology will power superior control and influence of 2 underwriting and unlock accelerating economies of scale Large swaths of risk capital want access to a diversified portfolio of 3 low-limit, low-volatility specialty risk, but can't do it themselves 15

------

![](g80009ex99_2p16g1.jpg)

Our Risk Exchange What We Do S u p p l y D e m a n d o f R i s k f o r R i s k Risk Exchange Risk Capital Exchange Services Partners Capacity Capital fixed fee % of premium Members (Insurers, (Typically Reinsurers, MGAs) Institutional Risk Risk Data, Analytics, & AI Investors) Digital Platform Expert Service Model • Accelerant identifies and onboards • Premium written on or through a Members, who feed the Exchange primary insurance company Accelerant paid by risk rd by underwriting premium (Accelerant-owned or 3 party) capital for sourcing, managing, and • Accelerant's technological • After application of reinsurance, monitoring the capabilities and approach enable risk is ultimately retained by a mix portfolio rd ongoing monitoring of Members of 3 party Risk Capital Partners, rd and additional growth (distribution, 3 Party Risk Exchange Insurers, pricing, new products, etc.) and Accelerant-owned entities 16

------

![](g80009ex99_2p17g1.jpg)

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 topline portfolio correlates directly to the financial return figure precipitating our financial outcomes our risk capital partners receive rd • Net Revenue Retention – Same-set Member • 3 Party Written Mix – % of Exchange Written trailing twelve-month growth year-over-year. Premium written with insurance companies not Measures our core organic growth engine owned by ARX. Lowers ARX capital needs • Member Count (and growth) – Number of • Accelerant Net Retained – % of Exchange Written Members we support. Leading indicator of growth Premium retained by ARX. The lower our net as existing Members ramp and new ones join retention, the lower our capital needs 17

------

![](g80009ex99_2p18g1.jpg)

Who We Are Two-sided platform connecting specialty underwriters with long-term risk capital Our Founding Theses: 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 influence of will outcompete monolithic low-limit, low-volatility specialty underwriting and unlock 1 2 3 insurance companies risk, but can't do it themselves accelerating economies of scale Financials ($M) S u p p l y D e m a n d Exchange Written Premium 4,191 o f R i s k f o r R i s k Revenue 3,108 Adj. EBITDA Risk Exchange 1,787 1,201 913 8% 603 Risk Capital 344 282 219 113 36 Exchange Services Partners (39) Capacity Capital Members fixed % fee of premium (1) (Insurers, 2022 2023 2024 2025 (Typically Reinsurers, MGAs) Data, Analytics, & AI Institutional Risk Risk Investors) Premium Growth 116% 49% 74% 35% Digital Platform Revenue Growth 118% 57% 75% 51% Expert Service Model Adj. EBITDA Margin -18% 10% 19% 31% Notes: Please see the Appendix for reconciliations of non-GAAP items. (1) 2025 Revenue and Adjusted EBITDA includes $41M non-recurring investment gains 18

------

![](g80009ex99_2p19g1.jpg)

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 data & analytics platform to drive superior underwriting, and (c) discounts or optimizations on shared Member services • For our risk capital partners (insurers, reinsurers, and institutional investors), we deliver a diversified portfolio of low-limit, low- volatility specialty risk that they may struggle to access and/or appropriately manage on their own Founded in 2018, our two-sided platform continues to scale rapidly, organically… (1) 280 $4.2B +35% $252B 95 Risk Capital Members FY 2025 Exchange Written FY 2025 Exchange Written Serviceable Partners Premium Premium Growth Addressable Market (All Organic) Notes: (1) Exchange Written Premium +41% y/y growth excluding terminated Canadian Member 19

------

![](g80009ex99_2p20g1.jpg)

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 and capitalize on (1) (2) US Commercial P&C Direct Premiums ($B) US MGA Premiums as % of Commercial P&C 18.8% (1) P&C CAGR 17.0% 16.7% $489 8% $465 $436 14.3% 13.7% 13.6% $391 $345 $331 <$10k, 95% (1) E&S CAGR $130 $116 18% $98 $83 $66 $56 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 MGA DWP ($B) $45 $47 $56 $73 $79 $92 E&S Commercial P&C Notes: (1) 20 Source: U.S. Department of the Treasury, A.M. Best; CAGR shown for the period 2019 to 2024 (2) Source: Conning press releases

------

![](g80009ex99_2p21g1.jpg)

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 Policy Size US Cumulative Quarterly Rate Increases by Account Size 100% 150 "Small" accounts are defined here as broker commissions <$25k. 95% of 140 80% Accelerant policies have premium <$10k 130 120 60% <$10k, 95% 110 100 40% 90 80 20% Small Medium Large 0% Note: Rate change data from Council of Insurance Agents & Brokers 21 Normalized Cumulative Rate Change

------

![](g80009ex99_2p22g1.jpg)

Proprietary and Differentiated Technology, Data, and Analytics Data-driven decisions delivered faster with accelerating economies of scale k B D X F I L E S AI & Data Platform Digital Platform Risk Capital RD 3 P A R T Y D A T A Partners Data pipelines include validations and transformations Weather Data Crime Data Member Fire Data MGA's Financial Data Socio-demographic Data AI & Data Pipelines Relationship Directors A P I I N T E G R A T I O N S 1.8k+ 134M Building proprietary models Unique mappings Rows of trained on our unique data to MGA Policy Admin Systems or integrations proprietary data Accelerant drive profitable underwriting TPA Claims Systems Employees 58k growth MGA Financial Systems Unique attributes 22

------

![](g80009ex99_2p23g1.jpg)

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 enriches every combining data from Members and sharpens, the time cost reduces data point to widen our information third parties to drive improved loss across every function for our advantage with every submission ratios Members and us • 75% y/y data growth • Risk research delivered in • 25% improvement in Member seconds vs 30-45 minutes productivity where deployed • 24/7 data surveillance • Up to 20pp Member loss ratio • 70% fewer manual cash • 600+ specialty products improvement where deployed management touchpoints standardized into a single model • 80% reduction in time for exploratory actuarial analytics 23

------

![](g80009ex99_2p24g1.jpg)

C M a a r p k i e t t a s l y g S o a l o a n S h c & e T A D n a a t l 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: Qlik, IBM Former: SCOR, W.R. Berkley Former: Kina xis Chelsea Perkins Kathy Hickey Jeff Radke Frank O'Neill Stefan Walther Joe Bickley Chief Product Officer Co-Founder & CEO Co-Founder & Group CUO Global Head of Claims Chief Data Officer VP Product Mgmt. Former: Qlik, CA Te chnologies Former: i2x, Qlik Former: Ve eva, Qlik Former: Argo, PXRE, Guy Former: Swiss Re , Former: Brit Insurance, Carpe nte r Libe rty Group Libe rty Group Ray Iardella Head of Investor Relations Jay Green Cliff Jenks Matt Sternberg Chris Lee-Smith Hugh Burgess Rich Koehler Former: Ga llagher CFO General Counsel COO, Risk Exchange Co-Founder & Head of US Chief Business Chief Portfolio Officer Former: Goldma n Former: Re insurance Former: BCG, Goldman Sac hs Distribution Officer Sachs, Swiss Re Group of America Former: Argo, Aon, Willis Former: Aon, Guy Carpe nte r, Former: All ia nz, Vindati Hamilton Towe rs Wa tson Ryan Schiller Head of Strategy Former: Altamont Dave Gronski Jack Buckley Kenny Holms Chief Actuary Head of Analytics Chief Data Science & AI Former: Argo, Be ach & Officer Former: Argo, Munic h Re Assoc ia te s Former: Ac risure, Argo 24 y a t i c & e s & c e n c a n r a u r s u n s i n e I D R i M s t G r i b A u s t i & o n

------

![](g80009ex99_2p25g1.jpg)

How We Make Money Risk Capital Pays us to source, manage, and monitor specialty risk MGA Exchange Underwriting Operations Services Fees & Net 18% (1) 8% (2) 4% (3) Net Commission Take Rate Results Commissions 9% of total Net Retention $359M Independent Members Third-Party Risk Capital Accelerant Exchange Partners Underwriting Written Premium $2,977M $3,377M 37% Y/Y $4,191M $3,018M $431M 35% Y/Y Mission Third $774M Members Non-Accelerant Party 46% Y/Y Underwriting Owned $1,245M $440M $814M 150% Y/Y $814M Members 11% Y/Y Notes: Base d on 2025 fina nc ia ls 1. Calculated as MGA Ope rations direct commission income , net investment inc ome , net real ized gains on investments, and net unrea lize d 3. Calculated as ne t ea rned pre mium and ce ding c ommission income, reduce d by losse s a nd loss adjustment expe nses and the a mortiz ation 25 losses on inve stme nts exc luding non-recurring inve stment gain of $32M in 2025 divide d by Exchange Written Premium attributable to of DAC, plus ne t investment inc ome and net re alize d gains on inve stments e xpre ssed as a percentage of total Underwriting gros s earne d Mission Me mbe rs and Owne d Me mbe rs premium 2. Calculated as Exchange Servic es direc t commission income divided by Exc hange W ritte n Premium

------

![](g80009ex99_2p26g1.jpg)

How We Make Money FY 2025 Exchange Services MGA Operations Underwriting 8% 18% 4% (2) (3) (4) Take Rate Net Commission Fees & Net Underwriting Result $1.2B $4.2B $3.1B Exchange Written Premium from Total Exchange Written Premium Gross Earned Premium Mission & Owned Members $331M $113M $217M (2) (3) Direct Commission Income Revenue excl. certain investment gains Fees & Net Underwriting Result Notes : Based on 2025 financials (all amounts exclude gener al & administ rat ive expenses). 3. Calculated as net earned premium and ceding commission income, reduced by losses and loss adjustment expenses and the amortization of DAC, plus net investment 1. Calculated as Exchange Services direct commission income divided by Exchange Wr itten Premium (rounded from 7.9%) income and net r ealized gains on investments expressed as a percentage of total Underwr iting gr oss earned premium (rounded fr om 3.7%) 26 2. Calculated as MGA Operations direct commission income, net investment income, net realized gains on investment s, and net unrealized losses on investments excluding non-recurr ing investment gain of $32M divided by Exchange Written Premium attr ibutable to Mission Members and Owned Members (rounded from 17.8%)

------

![](g80009ex99_2p27g1.jpg)

Members: Future Growth Driven by New & Existing Members (1) Grew Risk Exchange volume 35% year-over-year (all organic) Why Members Choose Accelerant Exchange Written Premium ($M) by Member Cohort "The only success is shared success" 4,191 274 702 3,108 375 817 Modern technology Long-term capacity Discounts and preferred 666 making their portfolios unlocking their time vendors on Membership- more profitable and expertise wide shared services 627 1,787 572 193 Member 1, 7% FY 2025 As expected, 1,201 407 Member 2, 6% running off Exchange 1,205 Member 3, 3% 235 983 $117M LTM Written Member 4, 3% 695 premium 557 440 Premium by Member 5, 3% Member with 130 All Other 264 Member 567 526 subpar unit 492 511 Members, 427 Members 6-10, economics 54% 11% Member mix 2020 2021 2022 2023 2024 2025 increasingly (2) Members 11-20, 13% diversifying 2020 & Prior 2021 2022 2023 2024 2025 Notes: (1) Exchange Written Premium +35% y/y growth includes terminated Canadian Member. Grew +41% y/y excluding said Member 27 (2) 2023 cohort includes terminated Canadian Member put into run-off starting in 3Q'25

------

![](g80009ex99_2p28g1.jpg)

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 Capital Partners ($M) Partner 1 (Flywheel A), Institutional Investors 5 14% Partner 2, 3,832 6% Risk Exchange Insurers 18 Partner 3, 6% Total risk capital partners grew to 95 in 4Q'25 Partner 4, 2,854 6% All Others, Partner 5, 64% 5% Benefitting from Differentiated Value Proposition Tenure A.M. 1,596 w/ ARX Best ✓ Reduced overhead expenses Partner 1 4 years n/a Top 15 largest asset manager 1,015 ✓ Carefully managed, globally diversified portfolio Partner 2 5+ years A+ Large European reinsurer ✓ Scalable, otherwise difficult-to-access portfolio Partner 3 1 year n/a Large asset manager ✓ Data transparency and real-time monitoring into risk Partner 4 3 years A Large Asia-Pacific reinsurer ✓ Reinsurance and alternative capital expertise Partner 5 5+ years A+ Large European reinsurer FY2022 FY2023 FY2024 FY2025 28

------

![](g80009ex99_2p29g1.jpg)

(1) Strong Embedded Organic Growth: +35% 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 Non-recurring investment gains Non-recurring investment gains 280 4,191 913 282 41 41 217 3,108 603 21 155 113 1,787 21 344 101 1,201 36 219 62 557 101 (7) (39) 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 YoY YoY YoY 63% 53% 40% 29% 116% 49% 74% 35% 117% 57% 75% Margin % -18% 10% 19% 31% 51% Growth Growth Growth Notes: \* Please see the Appendix for reconciliations of non-GAAP items 29 (1) Exchange Written Premium +35% y/y growth includes impact of terminated Canadian Member. Growth was +41% y/y excluding said Member

------

![](g80009ex99_2p30g1.jpg)

Key Financial Highlights (1) (1) (1) Exchange Services MGA Operations Underwriting Consolidated Non-recurring 19 70 99 132 118 32 investment gains 1 335 Revenue ($M) 431 9 217 913 341 223 149 603 201 103 123 102 344 123 60 49 219 26 45 101 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 YoY YoY YoY YoY 107% 21% 81% 50% 130% 87% 34% 66% 177% 63% 69% 26% Growth 118% 57% 75% 51% Growth Growth Growth 15 32 54 52 48 32 2025 2021 2022 2023 2024 57 225 (3) 1 80 (27) (21) 282 158 (2) Adj. EBITDA ($M) 9 87 43 76 (81) 23 113 37 2021 2022 7 4 36 2021 2022 2023 2024 2025 (7) 2021 2022 2023 2024 2025 (39) 2023 2024 2025 Adj. EBITDA Margin Adj. EBITDA Margin Gross Loss Ratio Adj. EBITDA Margin 76% 75% 71% 71% 67% 15% 11% 29% 29% 45% 56% 56% 51% 54% 51% 10% 19% 31% Consolidating Adjustments (Net of Corp. & Other) Notes: (1) Represents segmental financials, i.e., financials by segment as written, before exchange services / MGA operations adjusted o n earned basis similar to underwriting segment and before 30 impact of corporate, intercompany transactions and other consolidating adjustments (2) Adj. EBITDA and Adj. EBITDA margin are non-GAAP measures. Refer to the appendix for reconciliation to GAAP

------

![](g80009ex99_2p31g1.jpg)

Appendix

------

![](g80009ex99_2p32g1.jpg)

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 in predecessor LP by distributing 65.3 million Class A shares to officers & Profits interest distribution expenses - - - 1,379.7 employees just before IPO Share-based compensation expenses - 4.8 8.4 53.6 • Primarily legal, advisory, and IPO-related costs in connection with corporate Other expenses: development activity, including M&A. $42.3M related to strategic transactions Professional costs - corp. development & capital raise 19.1 16.2 13.1 52.7 and $10.4M to Mission. System development non-operating costs 11.4 22.9 14.7 20.0 • Primarily global ERP system and integrated financial reporting systems Mission profit sharing expenses - - 7.0 27.6 • Deferred compensation related to profitable Mission series. Includes $15.6M related to permanent settlement of profit sharing arrangements for our three Miscellaneous other expenses 3.1 7.2 4.2 3.8 largest Mission Members. Total other expenses 33.6 46.3 39.0 104.1 • Includes severance costs and irrecoverable VAT expenses Tax effect of adjustments to net income (loss) (3.0) (5.1) (3.6) (13.5) Adjusted net income (loss) (65.0) (18.1) 66.7 178.7 Adjustments: Add back tax effect of adjustments to net income (loss) 3.0 5.1 3.6 13.5 Income tax expense 11.3 20.2 9.1 23.3 Interest expenses 4.2 10.9 12.1 10.9 Depreciation and amortization 5.8 14.5 26.6 35.2 Net foreign exchange losses (gains) 1.4 3.5 (5.1) 20.2 Adjusted EBITDA $(39.3) $36.1 $113.0 $281.8 Total revenues 219.0 344.0 602.6 912.9 Adjusted EBITDA margin (18)% 10% 19% 31% Adjusted net income (loss) per common share – diluted $(0.38) $(0.11) $0.33 $0.93 (1) Weighted-average common shares outstanding – diluted 165,604,641 165,604,641 199,663,694 191,533,828 1. Adjusted earnings per diluted share is calculated as adjusted net income for the respective periods divided by the sum of US GAAP basis diluted shares presented herein and certain dilutive share awards which added 1,273,669 of certain dilutive share awards and restricted share units (RSUs) for the year ended December 31, 2025. Certain share options and RSUs were excluded as they would have had an anti-dilutive effect on our 32 adjusted earnings per diluted share calculation. For the years ended December 31, 2024, 2023, and 2022, there were no applica ble restrictive stock units factored into the calculation.

------

![](g80009ex99_2p33g1.jpg)

Segmental Income Statement Consolidation and Exchange MGA Total Corporate Q4 2025 Underwriting elimination Total Services Operations Segments and Other $ in millions adjustments Ceding commission income $- $- $17.1 $17.1 $- $75.1 $92.2 Direct commission income: Affiliated entities 62.4 29.0 - 91.4 - (91.4) - Unaffiliated entities 29.4 26.9 - 56.3 - - 56.3 Net earned premiums - - 82.4 82.4 - - 82.4 Net investment income 1.6 0.8 9.4 11.8 1.8 - 13.6 Net realized gains on investments - (0.1) 1.7 1.6 0.1 - 1.7 Net unrealized losses on investments - 2.3 - 2.3 (0.1) - 2.2 Segment revenues 93.4 58.9 110.6 262.9 1.8 (16.3) 248.4 Losses and loss adjustment expenses - - 56.7 56.7 - - 56.7 Amortization of deferred acquisition costs - - 26.3 26.3 - (4.1) 22.2 (1) General and administrative expenses 30.8 36.1 15.0 81.9 26.3 (9.2) 99 Adjusted EBITDA $62.6 $22.8 $12.6 $98.0 $(24.5) $(3.0) $70.5 Consolidation and Exchange MGA Total Corporate YTD Q4 2025 Underwriting elimination Total Services Operations Segments and Other $ in millions adjustments Ceding commission income $- $- $94.9 $94.9 $- $261.9 $356.8 Direct commission income: Affiliated entities 251.5 128.0 - 379.5 - (379.5) - Unaffiliated entities 79.0 83.0 - 162.0 - - 162.0 Net earned premiums - - 298.1 298.1 - - 298.1 Net investment income 4.4 3.6 35.2 43.2 5.5 - 48.7 Net realized gains on investments - 5.1 2.7 7.8 0.1 - 7.9 Net unrealized losses on investments - 29.4 - 29.4 10.0 - 39.4 Segment revenues 334.9 249.1 430.9 1,014.9 15.6 (117.6) 912.9 Losses and loss adjustment expenses - - 204.0 204.0 - - 204.0 Amortization of deferred acquisition costs - - 113.9 113.9 - (33.6) 80.3 (1) General and administrative expenses 110.4 136.5 55.6 302.5 80.8 (36.5) 346.8 Adjusted EBITDA $224.5 $112.6 $57.4 $394.5 $(65.2) $(47.5) $281.8 1. Share-based compensation expenses are included in the General and administrative expenses within the condensed consolidated st atements of operations 33

------

![](g80009ex99_2p34g1.jpg)

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. Underwriting Segment) (45) Adj. EBITDA (excl. Underwriting Segment) $180 Net Cashflow from Operations 445 (-) Underwriting Segment (311) Net Cashflow from Operations (excl. Underwriting Segment) $134 (-) Capital Expenditures (41) (+) Interest Expense 11 Unlevered Free Cashflow (excl. Underwriting Segment) $104 % of Adj. EBITDA (excl. Underwriting Segment) 58% (+) Professional Costs Related to Corporate Development and Capital Raising Activities 28 (+) Managed Services Agreement Termination Fee 25 Unlevered Free Cashflow (excl. Underwriting Segment, excl. Certain Other Expenses) 157 % of Adj. EBITDA (excl. Underwriting Segment) 87% 34

------

![](g80009ex99_2p35g1.jpg)

Total Enterprise Value Accelerant Holdings $ in millions (except for Share Price) Shares Outstanding (Diluted) (M) 222 (1) (x) Share Price Assumption ($) 11.13 Market Capitalization ($M) $2,473 (-) Cash in Non-Underwriting Entities (12/31/25) (524) (+) Senior Debt (12/31/25) 121 (+) Non-Controlling Interests 29 Total Enterprise Value ($M) $2,099 1. Share price as of market close on March 16. 2026 35

------

![](g80009ex99_2p36g1.jpg)

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 Ratio 51.4% 50.7% 13.9% 68.8% YTD 4Q'25 Gross-to-Net Loss Ratio Reconciliation Ceded – Ceded – Net Loss $ in millions Gross Quota Share XOL & Other Ratio Earned Premium 3,089.8 (2,679.1) (112.6) 298.1 Losses and LAE 1,584.3 (1,377.1) (3.2) 204.0 Loss Ratio 51.3% 51.4% 2.8% 68.4% 36 Notes: "XOL" represents excess of loss reinsurance, and differences in gross vs. net loss ratios are due to reinsurance decisions that we make as a company

------

![](g80009ex99_2p37g1.jpg)

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 Exchange Premium: Expressed as a percentage, as Accelerant GWP net of ceded written premium for the trailing twelve month period, divided by total Exchange Written Premium for the trailing twelve month period. • Accelerant Underwriting: Accelerant's owned insurance companies and reinsurance companies, and all revenue and expenses associated with them. • Ceding Commission Income: The company cedes a significant portion of the premiums written on behalf of Accelerant Underwriting companies to third-party reinsurance companies or institutional investors through Flywheel Re. This generates positive ceding commissions which are recorded as a reimbursement for (and reduction of) the acquisition costs related to the reinsurance portion of the ceded insurance business. Ceding commissions that are in excess of the proportionate share of the DAC of the business ceded are deferred and amortized over the same period in which the related premium is earned. The amortization of this excess ceding commission income is recorded as "Ceding commission income" in the consolidated statements of operations within revenue. Certain ceding commissions are subject to sliding scale adjustments based on the actual loss experience of covered insurance contracts, which can result in the need for us to refund previous commissions received, resulting in a reduction of income in the determined period. These adjustments often occur well after the ceding commissions are earned based on the development of insurance liabilities. In such instances, commission adjustments are not subject to deferral and are instead r ecorded directly as income or loss when determined. Accordingly, in all cases, we adjust ceding commissions as of the reporting date for our best estimate of loss experience for reinsured insurance policies. • Depreciation and Amortization: Depreciation and amortization expenses primarily relate to amortization of capitalized technology development costs, as well as amortization of intangible assets associated with acquisitions of businesses (including investments in Owned Members). • Direct Commission Income: Accounting treatment of direct commissions received in the Exchange Services and the MGA Operations segments depend on whether the direct commission is being paid on an intercompany basis or by a third party. Direct commissions paid by one Accelerant entity to another (referred to as "intercompany basis") are required to be eliminated in consolidation pursuant to generally accepted accounting principles. These include fees paid by Accelerant Underwriting companies to the Risk Exchange, as well as commissions paid by the Risk Exchange to Mission Members and/or to Owned Members. These intercompany direct commissions are recognized under "Direct commission income" in our consolidated statement of operations under the segment to which they relate, and are fully recognized by the segment when the services and related performance obligations are completed. While these intercompany basis commissions are all eliminated on a consolidated basis, Accelerant nevertheless derives a significant economic benefit from these commissions. Unlike third partie s, which bear the costs of the services performed by the Risk Exchange in the form of cash payments, Accelerant Underwriting does not bear the cost of such services once fully eliminated, resulting in less commission amortization expense over the insurance policy term. This has the practical effect of increasing consolidated earnings as the corresponding premiums are earned. Direct commission income paid by third parties in the Exchange Services or MGA Operations segments are fully recognized in the current period under "Direct commission income" in the stateme nt of operations, to the extent that the underlying services and performance obligations to which they relate have been performed. As more business is written by Risk Exchange Insurers, we expect a higher proportion of direct commission income to be recognized on a consolidated basis (instead of being subject to elimination on an intercompany business basis as discussed above). • Exchange Services: Our Exchange Services segment includes the fees paid by Risk Exchange Insurers and Accelerant Underwriting for sourcing, managing and monitoring the portfolio of business written by Members reduced by the expenses associated with providing these services. • Exchange Written Premium: The total gross written premium written through the Risk Exchange, including both gross written premiums written on behalf of Accelerant Underwriting companies and written on behalf of Risk Exchange Insurers. • Flywheel Re: Flywheel Re Ltd. is an unconsolidated reinsurance sidecar entity, sponsored by Accelerant and through which institutional investors are offered specialty insurance risk and returns that are uncorrelated with broader financial markets. • Gross Loss Ratio: Expressed as a percentage, gross incurred losses and loss adjustment expense divided by gross earned premium. Gross loss ratio excludes the impact of premium and loss and loss adjustment expense ceded to reinsurers. Gross loss ratio represents the percentage of gross premium earned during the period that will be required to pay current and future claims, based on management's best est imates. • Independent Members: Members in which Accelerant does not own an interest. • Independent Premium: The gross premium written by Independent Members and placed through our Risk Exchange. • MGA: Managing general agent; a third-party agent that receives delegated underwriting authority from a Primary Insurance Company to w rite insurance risk on its behalf. As used in this presentation, the term "MGA" refers generically to agents receiving this delegation of underwriting authority, including MGUs, MGAs, and/or program managers and any Member or other entity in relation to which the term "MGA" is used in this presentation may not fall within the regulatory definition of a "managing general agent" in the jurisdictions in which it operates. • MGU: Managing general underwriter; a third-party agent that receives delegated underwriting authority from a Primary Insurance Company to write insurance risk on its behalf. • Mission Members: Specialty underwriters that we incubate through Mission Underwriters and in which we have an equity ownership interest. • Mission Underwriters: Mission Underwriting Holdings, LLC. Mission Underwriters is a subsidiary that was initially funded by equity capital from our controlling shareholder and operated by our management team, and whose equity interests were acquired by Accelerant Holdings on May 1, 2024. Prior to May 1, 2024, Mission Underwriters was a consolidated variable interest entity. Mission Underwriters provides specialty underwriters with the working capital, operational support, and balance sheet capacity necessary to operate independent businesses in which they own a majority ownership interest, which act as Members on our Risk Exchange. • Net Revenue Retention: Expressed as a percentage, the current period's Exchange Written Premium of Members that were actively writing Exchange Written Premium in the prior period divided by these same Members' prior-period Exchange Written Premium. This measure demonstrates an aggregate measure of the net growth of Exchange Written Premium from previously onboarded Members. • Organic Revenue Growth Rate: We define organic revenue growth rate, a non-GAAP financial measure, as the percentage change in revenue, as compared to the same period for the prior year, adjusted for revenue attributable to recent acquisitions of Owned Members that we now consolidate that occurred during the most recent period of comparison. We believe this measure is useful to management and investors in evaluating the internally generated growth of the business based on the Company's ability to attract new Members and grow the business of existing Members. • Other Expenses: Other expenses are primarily related to information technology and development costs, including certain costs associated with the Risk Exchange and costs related to global enterprise projects that primarily relate to the implementation of our global enterprise resource planning system and integrated financial reporting systems. • Risk capital partners: Third-party insurance companies, reinsurers or institutional investors that provide capacity through the Risk Exchange, directly or indirectly. • Risk Exchange Insurer: Third-party Primary Insurance Company deploying underwriting capacity directly through our Risk Exchange. • Third-Party Direct Written Premium: GWP written directly with our Risk Exchange Insurers. 37

------

![](g80009ex99_2p38g1.jpg)