# EDGAR Filing Document

**Accession Number:** 0001997350
**File Stem:** 0001997350-26-000011
**Filing Date:** 2026-5
**Character Count:** 419023
**Document Hash:** b597c8d300704b1aaf27dc82d695f714
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001997350-26-000011.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001997350-26-000011

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 115

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42765
- **FILM NUMBER:** 26973606

**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'? arx-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 10-Q**<br>

&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;☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the quarterly period ended March 31, 2026**

or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from**________** to**________**

![AccelerantLogo.jpg](arx-20260331_g1.jpg)

**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 File Number) | &nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer<br> Identification Number) |

---

**Accelerant Holdings**<br>**c/o Accelerant Re (Cayman) Ltd.**<br>**Unit 106, Windward 3, Regatta Office Park,**<br>**West Bay Road, Grand Cayman, KY1-1108**<br>**1 (345) 743-4611**<br>(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices) <br>

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

---

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

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company  | ☐ |
| | | 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. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

As of May 8, 2026, there were 218,201,340 of the registrant's common shares outstanding, composed of 112,799,194 Class A common shares, $0.0000011951862 par value per share and 105,402,146 Class B common shares, $0.0000011951862 par value per share.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | |
|:---|:---|:---|
| **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** |
| **Quarterly Report on Form 10-Q** | **Quarterly Report on Form 10-Q** | **Quarterly Report on Form 10-Q** |
| **For the Period Ended March 31, 2026** | **For the Period Ended March 31, 2026** | |
| **Index** | **Index** | **Index** |
| | | **Page** |
| **<u>[Part I - Financial Information](#i234648921c1f488a9d7238f6faaacf7b_532)</u>** | **<u>[Part I - Financial Information](#i234648921c1f488a9d7238f6faaacf7b_532)</u>** | |
| **Item 1.** | **<u>[Financial Statements](#i234648921c1f488a9d7238f6faaacf7b_2864)</u>** | **[6](#i234648921c1f488a9d7238f6faaacf7b_2864)** |
| **Item 2.** | **<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i234648921c1f488a9d7238f6faaacf7b_67)</u>** | **[33](#i234648921c1f488a9d7238f6faaacf7b_67)** |
| **Item 3.** | **<u>[Quantitative and Qualitative Disclosures about Market Risk](#i234648921c1f488a9d7238f6faaacf7b_205)</u>** | **[64](#i234648921c1f488a9d7238f6faaacf7b_205)** |
| **Item 4.** | **<u>[Controls and Procedures](#i234648921c1f488a9d7238f6faaacf7b_544)</u>** | **[66](#i234648921c1f488a9d7238f6faaacf7b_544)** |
| **<u>[Part II - Other Information](#i234648921c1f488a9d7238f6faaacf7b_541)</u>** | **<u>[Part II - Other Information](#i234648921c1f488a9d7238f6faaacf7b_541)</u>** | **<u>[Part II - Other Information](#i234648921c1f488a9d7238f6faaacf7b_541)</u>** |
| **Item 1.** | **<u>[Legal Proceedings](#i234648921c1f488a9d7238f6faaacf7b_547)</u>** | **[67](#i234648921c1f488a9d7238f6faaacf7b_547)** |
| **Item 1A.** | **<u>[Risk Factors](#i234648921c1f488a9d7238f6faaacf7b_550)</u>** | **[67](#i234648921c1f488a9d7238f6faaacf7b_550)** |
| **Item 2.** | **<u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i234648921c1f488a9d7238f6faaacf7b_553)</u>** | **[67](#i234648921c1f488a9d7238f6faaacf7b_553)** |
| **Item 3.** | **<u>[Defaults Upon Senior Securities](#i234648921c1f488a9d7238f6faaacf7b_556)</u>** | **[67](#i234648921c1f488a9d7238f6faaacf7b_556)** |
| **Item 4.** | **<u>[Mine Safety Disclosures](#i234648921c1f488a9d7238f6faaacf7b_559)</u>** | **[67](#i234648921c1f488a9d7238f6faaacf7b_559)** |
| **Item 5.** | **<u>[Other Information](#i234648921c1f488a9d7238f6faaacf7b_562)</u>** | **[68](#i234648921c1f488a9d7238f6faaacf7b_562)** |
| **Item 6.** | **<u>[Exhibits](#i234648921c1f488a9d7238f6faaacf7b_565)</u>** | **[69](#i234648921c1f488a9d7238f6faaacf7b_565)** |
|  | **<u>[Signatures](#i234648921c1f488a9d7238f6faaacf7b_568)</u>** | **[70](#i234648921c1f488a9d7238f6faaacf7b_568)** |

---

------

*<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>*

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q contains forward-looking statements. You can generally identify forward-looking statements by our 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 Quarterly Report on Form 10-Q under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" 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 this Quarterly Report on Form 10-Q under the headings "Risk Factors, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosure About Market Risk" 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.

Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Accelerant Risk Exchange's prospects, its potential for expansion to new Members, Risk Capital Partners (including third-party insurers and reinsurers) and offerings beyond the specialty insurance market, as well as the future prospects of our overall business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to grow our business profitably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial strength;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of Members and Risk Capital Partners that we expect to retain and our membership growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue enhancing our technology-based solutions and gain internal efficiencies and effective controls that promote the utility of the analytics we provide to Members and Risk Capital Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to leverage our information systems to enhance the benefits available to our Members through our Accelerant Risk Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue to attract Risk Capital Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of our Members and Risk Capital Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to accurately assess and manage the underwriting risk we retain and the impacts of sliding scale commissions on the underwriting risk we do not retain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the competitive environment in the specialty insurance industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in government laws and regulations, including insurance regulatory laws, and how the enforcement thereof may affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding our projected growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the increased expenses associated with being a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether we will be considered a passive foreign investment company for US tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the additional regulatory, legal and operational risks that may arise in connection with our expansion into new geographies and how such risks might materially affect our business, results of operations, financial condition, and prospects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors detailed in Item 1A. "Risk Factors" in our 2025 Annual Report on Form 10-K.

Given the risks and uncertainties set forth in this Quarterly Report on Form 10-Q, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q are not guarantees of future performance and our actual results of operations, financial condition, and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. In addition, even if our results of operations, financial condition and liquidity, and events in the industry in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report on Form 10-Q, they may not be predictive of results or developments in future periods.

------

*<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>*

Any forward-looking statement that we make in this Quarterly Report on Form 10-Q speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q.

------

*<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>*

**Glossary**

As used in this Quarterly Report on Form 10-Q, unless the context indicates or otherwise requires, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerant Direct Written Premium**: Expressed as a percentage of Exchange Written Premium, the GWP written directly by Accelerant Underwriting companies, the majority of which we cede to Risk Capital Partners through our reinsurance arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerant GWP**: The total GWP written by Accelerant Underwriting companies (both written by our insurance company and assumed as a reinsurer), the majority of which we cede to Risk Capital Partners through our reinsurance arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerant Re:** Accelerant Re (Cayman) Ltd and Accelerant Re I.I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerant Risk Exchange**: The Accelerant technology, data ingestion, and agency operations that serve the needs of our Members and Risk Capital Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerant Risk Exchange Insurer**: Third-party Primary Insurance Company deploying underwriting capacity directly through the Accelerant Risk Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerant Underwriting**: Accelerant's owned insurance companies and reinsurance companies, and all revenue and expenses associated with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **DAC**: Deferred acquisition costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange Written Premium**: The total gross written premium written through the Accelerant Risk Exchange, including both gross written premiums of Accelerant Underwriting companies and the Accelerant Risk Exchange Insurers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange Written Premium Growth Rate**: The percentage increase in Exchange Written Premium in the current period compared to Exchange Written Premium from the comparable period in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Flywheel Re**: Collectively, Flywheel Re Ltd. SPC and Flywheel Holdings Ltd. SPC, a Cayman Islands holding company that indirectly owns Flywheel Re Ltd. SPC (unconsolidated reinsurance sidecar entities), sponsored by Accelerant and through which institutional investors are offered specialty insurance risk and returns that are relatively uncorrelated with broader financial markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **GAAP**: Accounting Principles Generally Accepted in the US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gross Loss Ratio**: Gross incurred losses and loss adjustment expense divided by gross earned premium (expressed as a percentage). 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 estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **GWP**: Gross written premium, representing the total amount of premium contracted for all policies issued in a given period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Independent Members**: Members in which Accelerant does not own an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Independent Premium**: The gross premium written by Independent Members and placed through the Accelerant Risk Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **LAE**: Loss adjustment expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Members**: Specialized underwriters, including MGAs, MGUs, and program managers (terms we use interchangeably) that underwrite insurance premiums on behalf of Risk Capital Partners through the Accelerant Risk Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **MGA**: Managing general agent; a third-party agent that receives delegated underwriting authority from a Primary Insurance Company to write insurance risk on its behalf. 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 and may not fall within the regulatory definition of a "managing general agent" in the jurisdictions in which it operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

------

*<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Mission Europe**: Mission Holdings Europe Ltd., one of our subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Mission Members**: Specialty underwriters that operate and develop through Mission Underwriters and in which we have an equity ownership interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Mission Underwriters**: Mission Underwriters provides specialty underwriters with the working capital, operational support, and balance sheet capacity necessary to operate their own MGAs, in which the specialty underwriters have a majority ownership interest. These MGAs are Members of the Accelerant Risk Exchange. Mission Underwriters operates in the US, UK and EU through Mission US and Mission Europe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Mission US**: Mission Underwriting Holdings, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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 Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Owned Members**: Members in which Accelerant either has a minority equity ownership interest or controlling equity interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Owned Premium**: The premium produced by Mission Members and Owned Members, who receive commissions for sourcing and underwriting business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Primary Insurance Company**: Licensed carriers who write business and thus are responsible for insurance policy forms, rate filings, etc. Primary Insurance Companies may reinsure a portion of the risk they have written to third-party reinsurers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reinsurer**: An insurance company that insures risk written by another insurance company. Reinsurers generally are not required to be licensed directly in a given jurisdiction to provide such reinsurance coverage; however, absent any such license, reinsurers are limited only to writing such risk in a secondary reinsurance capacity and not in a primary direct capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Risk Capital Partners**: Third-party insurance companies, reinsurers or institutional investors that provide capacity through the Accelerant Risk Exchange, directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Third-Party Direct Written Premium**: GWP written directly with the Accelerant Risk Exchange Insurers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **TPA**: Third-party administrator, providing claims handling and other operational functions related to administration of insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **US-UK Tax Treaty**: The Convention between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital Gains, signed July 24, 2001.

------

*<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>*

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements** 

---

| | |
|:---|:---|
| | **Page** |
| <u>[Condensed Consolidated Financial Statements (unaudited)](#i234648921c1f488a9d7238f6faaacf7b_226)</u> | [7](#i234648921c1f488a9d7238f6faaacf7b_226) |
| <u>[Notes to Condensed Consolidated Financial Statements (unaudited)](#i234648921c1f488a9d7238f6faaacf7b_250)</u> | [13](#i234648921c1f488a9d7238f6faaacf7b_250) |
| <u>[Note 1. Nature of business and basis of presentation](#i234648921c1f488a9d7238f6faaacf7b_535)</u> | [13](#i234648921c1f488a9d7238f6faaacf7b_535) |
| <u>[Note 2. Summary of significant accounting policies](#i234648921c1f488a9d7238f6faaacf7b_538)</u> | [13](#i234648921c1f488a9d7238f6faaacf7b_538) |
| <u>[Note 3. Segment information](#i234648921c1f488a9d7238f6faaacf7b_343)</u> | [14](#i234648921c1f488a9d7238f6faaacf7b_343) |
| <u>[Note 4. Investments](#i234648921c1f488a9d7238f6faaacf7b_370)</u> | [18](#i234648921c1f488a9d7238f6faaacf7b_370) |
| <u>[Note 5. Fair value measurements](#i234648921c1f488a9d7238f6faaacf7b_373)</u> | [22](#i234648921c1f488a9d7238f6faaacf7b_373) |
| <u>[Note 6. Unpaid losses and loss adjustment expenses](#i234648921c1f488a9d7238f6faaacf7b_412)</u> | [24](#i234648921c1f488a9d7238f6faaacf7b_412) |
| <u>[Note 7. Reinsurance](#i234648921c1f488a9d7238f6faaacf7b_391)</u> | [24](#i234648921c1f488a9d7238f6faaacf7b_391) |
| <u>[Note 8. Deferred acquisition costs and deferred ceding commissions](#i234648921c1f488a9d7238f6faaacf7b_394)</u> | [26](#i234648921c1f488a9d7238f6faaacf7b_394) |
| <u>[Note 9. Debt](#i234648921c1f488a9d7238f6faaacf7b_418)</u> | [27](#i234648921c1f488a9d7238f6faaacf7b_418) |
| <u>[Note 10. Equity](#i234648921c1f488a9d7238f6faaacf7b_424)</u> | [27](#i234648921c1f488a9d7238f6faaacf7b_424) |
| <u>[Note 11. Share-based compensation](#i234648921c1f488a9d7238f6faaacf7b_442)</u> | [28](#i234648921c1f488a9d7238f6faaacf7b_442) |
| <u>[Note 12. Earnings per share](#i234648921c1f488a9d7238f6faaacf7b_445)</u> | [30](#i234648921c1f488a9d7238f6faaacf7b_445) |
| <u>[Note 13. Income taxes](#i234648921c1f488a9d7238f6faaacf7b_397)</u> | [30](#i234648921c1f488a9d7238f6faaacf7b_397) |
| <u>[Note 14. Other assets](#i234648921c1f488a9d7238f6faaacf7b_409)</u> | [31](#i234648921c1f488a9d7238f6faaacf7b_409) |
| <u>[Note 15. Accounts payable and other liabilities](#i234648921c1f488a9d7238f6faaacf7b_421)</u> | [31](#i234648921c1f488a9d7238f6faaacf7b_421) |
| <u>[Note 16. Related party transactions](#i234648921c1f488a9d7238f6faaacf7b_433)</u> | [31](#i234648921c1f488a9d7238f6faaacf7b_433) |
| <u>[Note 17. Commitments and contingencies](#i234648921c1f488a9d7238f6faaacf7b_436)</u> | [32](#i234648921c1f488a9d7238f6faaacf7b_436) |
| <u>[Note 18. Subsequent](#i234648921c1f488a9d7238f6faaacf7b_2952)[e](#i234648921c1f488a9d7238f6faaacf7b_2952)[vents](#i234648921c1f488a9d7238f6faaacf7b_2952)</u> | [32](#i234648921c1f488a9d7238f6faaacf7b_2952) |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | |
|:---|:---|:---|
| **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** |
| **Condensed Consolidated Balance Sheets (unaudited)** | **Condensed Consolidated Balance Sheets (unaudited)** | **Condensed Consolidated Balance Sheets (unaudited)** |
| | **March 31, 2026** | **December 31, 2025** |
| ***(expressed in millions of US dollars, except share data)*** | | |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments available for sale, at fair value<br>(amortized cost 2026: $202.8 and 2025: $41.5) | $202.8 | $41.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available for sale, at fair value<br>(amortized cost 2026: $692.3 and 2025: $665.6) | 687.4 | 670.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity method investments | 11.8 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 84.2 | 84.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | **986.2** | **806.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash  | 1536.5 | 1799.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums receivable (net of allowance 2026: $4.8 and 2025: $4.6) | 1182.7 | 1077.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceded unearned premiums | 1848.5 | 1812.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverables on unpaid losses and LAE | 1858.5 | 1682.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other reinsurance recoverables | 676.8 | 594.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 85.0 | 76.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other intangible assets, net | 111.9 | 115.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized technology development costs, net | 102.5 | 100.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 215.5 | 198.1 |
| **Total assets** | $**8604.1** | $**8263.1** |
| **Liabilities and shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpaid losses and loss adjustment expenses | $2129.2 | $2005.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | 2207.5 | 2163.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables to reinsurers | 1243.4 | 1220.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred ceding commissions | 247.8 | 232.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds held under reinsurance | 1275.6 | 1200.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt | 120.7 | 121.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities  | 660.0 | 593.6 |
| **Total liabilities** | **7884.2** | **7536.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 17) |  |  |
| **Equity** |  |  |
| &nbsp;&nbsp;**Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares (par value $0.000001 per share, issued and outstanding<br>&nbsp;&nbsp;&nbsp;&nbsp; 2026: Class A - 115,973,643; Class B - 105,402,146 and <br>&nbsp;&nbsp;&nbsp;&nbsp; 2025: Class A - 114,580,918; Class B - 107,241,428) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2243.5 | 2232.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (8.8) | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1542.1) | (1536.9) |
| &nbsp;&nbsp;**Total Accelerant shareholders' equity** | **692.6** | **697.7** |
| &nbsp;&nbsp;**Non-controlling interests** | **27.3** | **28.7** |
| **Total equity** | **719.9** | **726.4** |
| **Total liabilities and equity** | $**8604.1** | $**8263.1** |

---

*See accompanying notes to the unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | |
|:---|:---|:---|
| **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** |
| **Condensed Consolidated Statements of Operations (unaudited)** | **Condensed Consolidated Statements of Operations (unaudited)** | **Condensed Consolidated Statements of Operations (unaudited)** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(expressed in millions of US dollars, except per share data)*** | **2026** | **2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Ceding commission income | $80.5 | $70.7 |
| &nbsp;&nbsp;&nbsp;Direct commission income | 50.8 | 28.1 |
| &nbsp;&nbsp;&nbsp;Net earned premiums | 129.8 | 63.0 |
| &nbsp;&nbsp;&nbsp;Net investment income | 12.1 | 12.2 |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | 0.1 | 2.3 |
| &nbsp;&nbsp;&nbsp;Net unrealized gains on investments |  | 1.7 |
| **Total revenues** | **273.3** | **178.0** |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment expenses | 81.8 | 45.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 33.6 | 17.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses <sup>(1)</sup> | 123.8 | 75.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | 2.5 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 10.0 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange losses | 1.9 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 17.7 | 11.8 |
| **Total expenses** | **271.3** | **162.5** |
| **Income before income taxes** | **2.0** | **15.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (6.1) | (7.7) |
| **Net (loss) income** | **(4.1)** | **7.8** |
| Adjustment for net income attributable to non-controlling interests | (1.1) | (1.3) |
| **Net (loss) income attributable to Accelerant common shareholders** | $**(5.2)** | $**6.5** |
| **Net (loss) income attributable to Accelerant per common share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.02) | $0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.02) | $0.03 |
| **Weighted-average common shares outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 221984101 | 166185094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 221984101 | 205273147 |

---

<sup>(1)</sup> *General and administrative expenses include share-based compensation expenses of $32.1 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively.*

*See accompanying notes to the unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | |
|:---|:---|:---|
| **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** |
| **Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)** | **Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)** | **Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(expressed in millions of US dollars)*** | **2026** | **2025** |
| Net (loss) income | $(4.1) | $7.8 |
| **Other comprehensive (loss) income, net of tax** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (2.8) | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (losses) gains on fixed maturity securities | (8.0) | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustments for (gains) losses recognized in net income | (0.3) | 1.2 |
| **Other comprehensive (loss) income, net of tax** | **(11.1)** | **8.5** |
| **Total comprehensive (loss) income** | **(15.2)** | **16.3** |
| &nbsp;&nbsp;&nbsp;Adjustment for comprehensive income attributable to non-controlling interests | (1.0) | (1.5) |
| **Comprehensive (loss) income attributable to Accelerant** | $**(16.2)** | $**14.8** |

---

*See accompanying notes to the unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** |
| **Condensed Consolidated Statements of Equity (unaudited)** | **Condensed Consolidated Statements of Equity (unaudited)** | **Condensed Consolidated Statements of Equity (unaudited)** | **Condensed Consolidated Statements of Equity (unaudited)** | **Condensed Consolidated Statements of Equity (unaudited)** | **Condensed Consolidated Statements of Equity (unaudited)** | **Condensed Consolidated Statements of Equity (unaudited)** |
| **(expressed in millions of US dollars)** | **Additional paid-in capital** | **Accumulated other comprehensive (loss) income** | **Accumulated deficit** | **Total Accelerant shareholders' equity** | **Non-controlling interests** | **Total equity** |
| **Three Months Ended March 31, 2026** | | | | | | |
| **Balance, January 1, 2026** | $**2232.4** | $**2.2** | $**(1536.9)** | $**697.7** | $**28.7** | $**726.4** |
| Net income |  |  | (5.2) | (5.2) | 1.1 | (4.1) |
| Other comprehensive loss |  | (11.0) |  | (11.0) | (0.1) | (11.1) |
| Share-based compensation <sup>(1)</sup> | 28.8 |  |  | 28.8 |  | 28.8 |
| Common share retirements <sup>(2)</sup> | (13.8) |  |  | (13.8) |  | (13.8) |
| Dividends paid to and other transactions with non-controlling interests | (3.9) |  |  | (3.9) | (2.4) | (6.3) |
| **Balance, March 31, 2026** | $**2243.5** | $**(8.8)** | $**(1542.1)** | $**692.6** | $**27.3** | $**719.9** |

---

<sup>(1)</sup> Amount represents the subset of share-based compensation associated with our common shares, representing a portion of the total $32.1 million of share-based compensation recorded through our statement of operations in the period (which includes additional expenses related to subsidiary and MGA share-based incentive plans). Refer to Note 11 for additional information.

<sup>(2)</sup> Amount represents the acquisition cost of all common shares acquired and subsequently retired during the three months ended March 31, 2026. Specifically, the Company (1) repurchased 828,333 of its Class A common shares at an average price of $13.11 per share, for $10.9 million and (2) acquired common shares related to employee tax withholding obligations associated with employee incentive plans for $2.9 million, all of which were retired in the same period. As the par value of such shares were negligible and there was an accumulated deficit, the entire acquisition cost was deducted from additional paid in capital.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***(expressed in millions of US dollars)*** | **Class C convertible preference shares** | **Class A convertible preference shares** | **Class B convertible preference shares** | **Additional paid-in capital** | **Accumulated other comprehensive (loss) income** | **Accumulated deficit** | **Total Accelerant shareholders' equity** | **Non-controlling interests** | **Total equity** |
| **Three Months Ended March 31, 2025** | | | | | | | | | |
| **Balance, January 1, 2025** | $**104.4** | $**236.7** | $**145.1** | $**124.8** | $**(19.5)** | $**(182.8)** | $**304.3** | $**18.3** | $**427.0** |
| Net income |  |  |  |  |  | 6.5 | 6.5 | 1.3 | 7.8 |
| Other comprehensive income |  |  |  |  | 8.3 |  | 8.3 | 0.2 | 8.5 |
| Share-based compensation |  |  |  | 2.4 |  |  | 2.4 |  | 2.4 |
| Issuance of interests and other transactions with non-controlling interests |  |  |  |  |  |  |  | 8.7 | 8.7 |
| **Balance, March 31, 2025** | $**104.4** | $**236.7** | $**145.1** | $**127.2** | $**(11.2)** | $**(176.3)** | $**321.5** | $**28.5** | $**454.4** |

---

*See accompanying notes to the unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | |
|:---|:---|:---|
| **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** |
| **Condensed Consolidated Statements of Cash Flows (unaudited)** | **Condensed Consolidated Statements of Cash Flows (unaudited)** | **Condensed Consolidated Statements of Cash Flows (unaudited)** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(expressed in millions of US dollars)*** | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(4.1) | $7.8 |
| **Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:** |  |  |
| **Non-cash revenues, expenses, gains and losses included in net (loss) income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.1) | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains on investments |  | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings from equity method investments | (0.2) | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses <sup>(1)</sup> | 28.8 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 10.0 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax (benefit) expense | (0.4) | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange losses | 1.9 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount on fixed maturity securities and short-term investments | (1.5) | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 0.2 | 0.2 |
| **Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums receivable | (110.0) | (55.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceded unearned premiums | (40.9) | (138.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverables on unpaid losses and loss adjustment expenses | (82.7) | (188.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other reinsurance recoverables | (86.6) | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | (7.8) | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpaid losses and loss adjustment expenses | 142.2 | 194.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | 61.8 | 155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables to reinsurers | 27.2 | 66.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred ceding commissions | 10.0 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds held under reinsurance | (22.7) | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets, accounts payable and other liabilities | 53.5 | (74.3) |
| **Net cash (used in) provided by operating activities** | **(21.4)** | **91.8** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities | 44.3 | 26.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities of fixed maturity securities | 14.1 | 15.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for purchases of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities | (91.0) | (126.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity method investments | (1.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in short-term investments | (161.2) | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of subsidiaries, net of cash acquired | (9.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized technology development expenditures | (6.7) | (6.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (0.4) | (0.9) |
| **Net cash used in investing activities** | **(211.6)** | **(89.7)** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of common shares <sup>(2)</sup> | (12.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of debt | (0.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of non-controlling interests in subsidiaries | (4.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to non-controlling interests | (1.3) | (2.3) |
| **Net cash used in financing activities** | **(19.2)** | **(2.3)** |
| **Net decrease in cash, cash equivalents and restricted cash** | **(252.2)** | **(0.2)** |
| Effect of foreign currency rate changes on cash, cash equivalents and restricted cash | (10.6) | 17.9 |
| Cash, cash equivalents and restricted cash at beginning of period | 1799.3 | 1273.0 |
| **Cash, cash equivalents and restricted cash at end of period** | $**1536.5** | $**1290.7** |

---

<sup>(1)</sup> Refer to Note 11 for additional information on share-based compensation expenses related to our Class A common shares.

<sup>(2)</sup> Amount represents the cash settlement portion of total acquired shares of $13.8 million for the three months ended March 31, 2026, with the remaining $1.6 million settled in April 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;See accompanying notes to the unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | |
|:---|:---|:---|
| **Accelerant Holdings** | **Accelerant Holdings** | **Accelerant Holdings** |
| **Condensed Consolidated Statements of Cash Flows (unaudited) (continued)** | **Condensed Consolidated Statements of Cash Flows (unaudited) (continued)** | **Condensed Consolidated Statements of Cash Flows (unaudited) (continued)** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(expressed in millions of US dollars)*** | **2026** | **2025** |
| **Supplemental cash flows information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on debt paid | $2.2 | $2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | 5.1 | 3.3 |
| **Reconciliation to Consolidated Balance Sheets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1452.1 | 1238.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 84.4 | 52.7 |
| **Total cash, cash equivalents and restricted cash** | $**1536.5** | $**1290.7** |

---

*See accompanying notes to the unaudited condensed consolidated financial statements.*

***<u>Supplemental non-cash activity information:</u>***

For the three months ended March 31, 2026, we had non-cash operating activities related to a loss portfolio transfer transaction ("LPT") covering business from the 2022 and 2023 underwriting years resulting in net non-cash activity of $99.8 million resulting in an increase in our "Reinsurance recoverables on unpaid losses and LAE" with a corresponding increase in our "Funds held under reinsurance" liability in our condensed consolidated balance sheets. Refer to Note 6 for additional information.

For the three months ended March 31, 2025, we had no significant non-cash activity.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**Accelerant Holdings**

**Notes to Condensed Consolidated Financial Statements**

**1. Nature of business and basis of presentation**

Accelerant Holdings, together with its subsidiary companies ("Accelerant", "we", "us", "our" or the "Company"), connects selected specialty insurance underwriters ("Members") with Risk Capital Partners through its data-driven risk exchange (the "Accelerant Risk Exchange"). We, together with our Risk Capital Partners, provide property and casualty insurance to policyholders via its network of Members, which are typically MGAs. We focus on small-to-medium sized commercial clients primarily in the United States ("US"), Europe ("EU"), Canada and the United Kingdom ("UK").

These unaudited condensed consolidated interim financial statements and related notes have been prepared in accordance with US GAAP for interim financial information. Accordingly, they do not include all of the financial information and note disclosures required by US GAAP for complete consolidated financial statements. The condensed consolidated interim financial statements are presented in US Dollars and all amounts are in millions, except for the number of shares, per share amounts and the number of securities. Certain prior year comparative information has been reclassified to conform to the current presentation.

In our opinion, these unaudited condensed consolidated financial statements reflect all adjustments that are normal and recurring in nature necessary to fairly state our financial position as of March 31, 2026, as well as our results of operations and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for any interim period are not necessarily indicative of results for the full year.

These unaudited condensed consolidated financial statements and related notes should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report"). The condensed consolidated financial information as of December 31, 2025 was derived from the audited consolidated financial statements in our 2025 Annual Report, but does not include all disclosures required by US GAAP.

**2. Summary of significant accounting policies**

There were no material changes to our significant accounting policies from those that were disclosed in our audited consolidated financial statements included in the 2025 Annual Report.

***Future application of accounting standards***

*<u>Internal-Use Software</u>*

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) — Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The standard amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for all entities for annual periods beginning after December 15, 2027. The standard can be applied on a prospective basis, a retrospective basis or a modified basis for in-process projects. We are assessing the impact of this standard.

*<u>Disaggregation of Income Statement Expenses</u>*

In November 2024, the FASB issued ASU 2024-03 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses, requiring new interim and annual disclosures that provide transparency about the components of expenses included in the income statement and enhance an investor's ability to forecast future performance. The standard requires disclosure of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amounts of employee compensation, depreciation, intangible asset amortization, and certain other costs included in each relevant expense caption as well as the inclusion of certain amounts already required to be disclosed under existing US GAAP in the same disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. This standard will not have any impact to the amounts recorded within our consolidated financial statements, but will result in expanded disclosures. We are assessing the impact of this standard.

**3. Segment information**

We have three reportable segments (Exchange Services, MGA Operations, and Underwriting). Each of our reportable segments serves the specific needs of our customers based on the products and services provided and reflects the way our Chief Operating Decision Maker ("CODM") assesses performance of the business and makes decisions on the allocation of resources. Our CODM is our Chief Executive Officer.

During the first quarter of 2026, we modified our definition for Adjusted EBITDA to exclude the impact of realized and unrealized investment gains or losses. Prior period segment information has been conformed to the current period presentation.

***Exchange Services***

Exchange Services, which is the core of Accelerant, captures the revenue and expenses associated with the Accelerant Risk Exchange. The Accelerant Risk Exchange is the platform that houses Accelerant technology, data ingestion, and operations that serve the needs of Members and Risk Capital Partners. Insurance companies that join the Accelerant Risk Exchange pay Accelerant a fixed-percentage volume-based fee for sourcing, managing, and monitoring the business they write. The Accelerant Risk Exchange pays fees to Members for the distribution services provided to both consolidated affiliates and third parties. We eliminate net fees and other income earned by the Exchange Services segment in consolidation to the extent such income is received from consolidated insurance companies within the Underwriting segment. Only income earned from third-party companies is not eliminated in consolidation.

***MGA Operations***

MGA Operations consists of our Mission Underwriters ("Mission") and Owned Members reporting units. Mission is a licensed insurance agency that functions as an MGA incubator in the US, UK and EU and represents the largest component of the segment. The Owned Members reporting unit comprises MGAs in which we have made non-controlling or controlling equity investments. Our investments in existing Members typically take the form of an initial minority stake and contractual call option for a majority stake over time. We eliminate commission income earned by MGA Operations in consolidation to the extent it is received from consolidated insurance companies within the Underwriting segment. Only commission income earned from third-party companies is not eliminated in consolidation.

***Underwriting***

Underwriting contains all revenue and expenses associated with the underwriting of insurance policies and assumption of reinsurance policies issued or accepted by Accelerant's consolidated insurance and reinsurance companies. Our Underwriting segment is a strategic asset that enables access to Accelerant's portfolio for current and prospective Risk Capital Partners. The activities of these (re)insurance companies include property and casualty insurance, policy issuance, reinsurance arrangements and the payment of commission and other acquisition costs to the Exchange Services segment.

Premium revenue is earned in exchange for the property and casualty insurance policies issued and reinsurance coverage provided. For segment presentation purposes, the commission expense paid to the wholly-owned agencies is subject to deferral as DAC for the portion of insurance policies not subject to reinsurance. DAC associated with business ceded is offset by ceding commissions received from reinsurers, which is typically more than the DAC. The DAC associated with business retained, as well as the excess ceding commissions from reinsurers, are both amortized over the related policy term. Accelerant Re also cedes premium and losses to, and receives ceding commissions from, several third-party reinsurers, including Flywheel Re. Similar to the Exchange Services and MGA Operations segments, transaction activity with our consolidated affiliates is subject to elimination (and therefore the amount of DAC, deferred ceding commissions, DAC amortization and amortization of ceding commission income in consolidation will differ from that presented within the segment results). Specifically, only commission payments and other acquisition expenses paid to third-parties are subject to deferral and amortization in consolidation.

We consider the segment presentations of Exchange Services, MGA Operations and Underwriting segments prior to elimination to be the best way to evaluate Accelerant's business and how these business components would be presented if they were stand-alone operations. As we continue to generate increasing third-party insurance premiums through the Accelerant Risk Exchange, the standalone segment results will more closely align with the consolidated results (as such third party transactions are not be subject to elimination).

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The following includes the financial results of our three reportable segments for the three months ended March 31, 2026 and 2025. Corporate functions and certain other businesses and operations are included in Corporate and Other.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| ***(in millions)*** | **Exchange Services** | **MGA Operations** | **Underwriting** | **Total Segments** | **Corporate and Other** <sup>(1)</sup> | **Consolidation and elimination adjustments** | **Total** |
| **Revenues** | | | | | | | |
| Ceding commission income <sup>(2)</sup> | $— | $— | $10.0 | $10.0 | $— | $70.5 | $80.5 |
| Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Affiliated entities | 72.7 | 28.8 |  | 101.5 |  | (101.5) |  |
| &nbsp;&nbsp;Unaffiliated entities | 26.4 | 24.4 |  | 50.8 |  |  | 50.8 |
| Net earned premiums |  |  | 129.8 | 129.8 |  |  | 129.8 |
| Net investment income | 0.9 | 0.9 | 9.2 | 11.0 | 1.1 |  | 12.1 |
| **Operating revenues** | **100.0** | **54.1** | **149.0** | **303.1** | **1.1** | **(31.0)** | **273.2** |
| Losses and loss adjustment expenses |  |  | 81.8 | 81.8 |  |  | 81.8 |
| Amortization of deferred acquisition costs |  |  | 49.0 | 49.0 |  | (15.4) | 33.6 |
| General and administrative expenses <sup>(3) (4) (5)</sup> | 32.7 | 37.3 | 11.7 | 81.7 | 19.3 | (9.3) | 91.7 |
| **Adjusted EBITDA** | $**67.3** | $**16.8** | $**6.5** | $**90.6** | $**(18.2)** | $**(6.3)** | $**66.1** |
| Net realized gains on investments |  |  |  |  |  |  | 0.1 |
| Share-based compensation expenses <sup>(5)</sup> | Share-based compensation expenses <sup>(5)</sup> |  |  |  |  |  | (32.1) |
| Interest expenses |  |  |  |  |  |  | (2.5) |
| Depreciation and amortization |  |  |  |  |  |  | (10.0) |
| Net foreign exchange losses |  |  |  |  |  |  | (1.9) |
| Other expenses <sup>(6)</sup> |  |  |  |  |  |  | (17.7) |
| **Income before income taxes** |  |  |  |  |  |  | $**2.0** |

---

<sup>(1)</sup> Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.

<sup>(2)</sup> Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8.

<sup>(3)</sup> General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(in millions)*** | **Exchange Services** | **MGA Operations** | **Underwriting** | **Total** |
| Employee compensation and benefits | $24.2 | $26.1 | $5.1 | $55.4 |
| Consulting and professional fees | 4.9 | 3.5 | 4.3 | 12.7 |
| Other administrative expenses | 3.6 | 7.7 | 2.3 | 13.6 |
| **Total general and administrative expenses** | $**32.7** | $**37.3** | $**11.7** | $**81.7** |

---

<sup>(4)</sup> The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments.

<sup>(5)</sup> Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and are excluded from the segment presentation above).

<sup>(6)</sup> Other expenses for the three months ended March 31, 2026 consist of $7.3 million of system development non-operating expenses, $4.0 million of professional costs related to corporate development, $3.7 million of Mission profits sharing expense and $2.7 million of individually insignificant costs.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| ***(in millions)*** | **Exchange Services** | **MGA Operations** | **Underwriting** | **Total Segments** | **Corporate and Other** <sup>(1)</sup> | **Consolidation and elimination adjustments** | **Total** |
| **Revenues** | | | | | | | |
| Ceding commission income <sup>(2)</sup> | $— | $— | $19.2 | $19.2 | $— | $51.5 | $70.7 |
| Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Affiliated entities | 59.0 | 31.5 |  | 90.5 |  | (90.5) |  |
| &nbsp;&nbsp;Unaffiliated entities | 11.2 | 16.9 |  | 28.1 |  |  | 28.1 |
| Net earned premiums |  |  | 63.0 | 63.0 |  |  | 63.0 |
| Net investment income | 0.6 | 0.9 | 10.0 | 11.5 | 0.7 |  | 12.2 |
| **Operating revenues** | **70.8** | **49.3** | **92.2** | **212.3** | **0.7** | **(39.0)** | **174.0** |
| Losses and loss adjustment expenses |  |  | 45.2 | 45.2 |  |  | 45.2 |
| Amortization of deferred acquisition costs |  |  | 24.8 | 24.8 |  | (7.7) | 17.1 |
| General and administrative expenses <sup>(3) (4) (5)</sup> | 23.8 | 31.2 | 11.5 | 66.5 | 14.5 | (8.1) | 72.9 |
| **Adjusted EBITDA** | $**47.0** | $**18.1** | $**10.7** | $**75.8** | $**(13.8)** | $**(23.2)** | $**38.8** |
| Net realized gains on investments |  |  |  |  |  |  | 2.3 |
| Net unrealized gains on investments |  |  |  |  |  |  | 1.7 |
| Share-based compensation expenses <sup>(5)</sup> | Share-based compensation expenses <sup>(5)</sup> |  |  |  |  |  | (2.4) |
| Interest expenses |  |  |  |  |  |  | (2.6) |
| Depreciation and amortization |  |  |  |  |  |  | (7.4) |
| Net foreign exchange losses |  |  |  |  |  |  | (3.1) |
| Other expenses <sup>(6)</sup> |  |  |  |  |  |  | (11.8) |
| **Income before income taxes** |  |  |  |  |  |  | $**15.5** |

---

<sup>(1)</sup> Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.

<sup>(2)</sup> Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8.

<sup>(3)</sup> General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(in millions)*** | **Exchange Services** | **MGA Operations** | **Underwriting** | **Total** |
| Employee compensation and benefits | $15.9 | $21.3 | $6.2 | $43.4 |
| Consulting and professional fees | 3.6 | 3.3 | 2.6 | 9.5 |
| Other administrative expenses | 4.3 | 6.6 | 2.7 | 13.6 |
| **Total general and administrative expenses** | $**23.8** | $**31.2** | $**11.5** | $**66.5** |

---

<sup>(4)</sup> The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments.

<sup>(5)</sup> Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and are excluded from the segment presentation above).

<sup>(6)</sup> Other expenses for the three months ended March 31, 2025 consists of $4.6 million of system development non-operating costs, $3.6 million of professional costs related to corporate development, $1.6 million of Mission profits sharing expense, and $2.0 million of individually insignificant costs.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The following table presents our total assets by reportable segments:

---

| | | |
|:---|:---|:---|
| ***(in millions)*** | **March 31, 2026** | **December 31, 2025** |
| Exchange Services | $991.2 | $903.9 |
| MGA Operations | 474.8 | 479.2 |
| Underwriting | 7662.5 | 7307.2 |
| Corporate and eliminations | (524.4) | (427.2) |
| **Total** | $**8604.1** | $**8263.1** |

---

As of March 31, 2026, our equity method investments (as further detailed in Note 4) consisted of $6.1 million held by the MGA Operations segment and $5.7 million within Corporate and Other. As of December 31, 2025, our equity method investments consisted of $5.4 million held by the MGA Operations segment and $5.0 million within Corporate and Other. In addition, expenditures for additions to long-lived assets are not material and are not reported to our CODM.

All our revenues from external customers were attributable to various geographic locations outside of the Cayman Islands, based on where the insurance policies or services were sold. There were no reportable major customers that accounted for 10% or more of our consolidated revenue for the three months ended March 31, 2026 and 2025.

The following table presents our revenues by geography:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| ***(in millions)*** | **North America** | **UK and EU** | **Total** |
| Ceding commission income | $61.4 | $19.1 | $80.5 |
| Direct commission income | 33.9 | 16.9 | 50.8 |
| Net earned premiums | 68.6 | 61.2 | 129.8 |
| Net investment income | 6.7 | 5.4 | 12.1 |
| Net realized gains on investments | 0.1 |  | 0.1 |
| **Total revenues** | $**170.7** | $**102.6** | $**273.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| ***(in millions)*** | **North America** | **UK and EU** | **Total** |
| Ceding commission income | $49.0 | $21.7 | $70.7 |
| Direct commission income | 14.0 | 14.1 | 28.1 |
| Net earned premiums | 15.1 | 47.9 | 63.0 |
| Net investment income | 7.4 | 4.8 | 12.2 |
| Net realized gains on investments | 0.2 | 2.1 | 2.3 |
| Net unrealized gains on investments | 1.7 |  | 1.7 |
| **Total revenues** | $**87.4** | $**90.6** | $**178.0** |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**4. Investments**

***Unrealized gains and losses on available for sale fixed maturity and short-term investments, at fair value***

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of fixed maturity and short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| ***(in millions)*** | **Amortized cost** | **Gross unrealized gains** | **Gross unrealized losses** | **Fair value** |
| Corporate | $264.8 | $0.6 | $(2.8) | $262.6 |
| US government and agency | 282.5 | 0.4 | (0.3) | 282.6 |
| Non-US government and agency | 260.0 | 0.3 | (3.3) | 257.0 |
| Residential mortgage-backed | 52.7 | 0.3 | (0.4) | 52.6 |
| Commercial mortgage-backed | 14.7 | 0.2 |  | 14.9 |
| Other asset-backed securities | 20.4 | 0.1 |  | 20.5 |
| **Total fixed maturity and short-term investments** | $**895.1** | $**1.9** | $**(6.8)** | $**890.2** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ***(in millions)*** | **Amortized cost** | **Gross unrealized gains** | **Gross unrealized losses** | **Fair value** |
| Corporate | $244.4 | $2.6 | $(0.1) | $246.9 |
| US government and agency | 123.6 | 1.0 | (0.1) | 124.5 |
| Non-US government and agency | 247.0 | 1.5 | (0.4) | 248.1 |
| Residential mortgage-backed | 55.5 | 0.6 | (0.5) | 55.6 |
| Commercial mortgage-backed | 14.8 | 0.2 |  | 15.0 |
| Other asset-backed securities | 21.8 | 0.1 |  | 21.9 |
| **Total fixed maturity and short-term investments** | $**707.1** | $**6.0** | $**(1.1)** | $**712.0** |

---

The following table summarizes, for all our available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Less than 12 months** | **Less than 12 months** | **12 Months or more** | **12 Months or more** | **Total** | **Total** |
| ***(in millions)*** | **Fair<br>value** | **Gross<br>unrealized<br>losses** | **Fair<br>value** | **Gross<br>unrealized<br>losses** | **Fair<br>value** | **Gross<br>unrealized<br>losses** |
| Corporate | $190.8 | $(2.8) | $— | $— | $190.8 | $(2.8) |
| US government and agency | 217.4 | (0.3) |  |  | 217.4 | (0.3) |
| Non-US government and agency | 215.9 | (3.0) | 6.1 | (0.3) | 222.0 | (3.3) |
| Residential mortgage-backed | 22.9 | (0.1) | 1.6 | (0.3) | 24.5 | (0.4) |
| **Total fixed maturity and short-term investments** | $**647.0** | $**(6.2)** | $**7.7** | $**(0.6)** | $**654.7** | $**(6.8)** |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Less than 12 months** | **Less than 12 months** | **12 Months or more** | **12 Months or more** | **Total** | **Total** |
| ***(in millions)*** | **Fair<br>value** | **Gross<br>unrealized<br>losses** | **Fair<br>value** | **Gross<br>unrealized<br>losses** | **Fair<br>value** | **Gross<br>unrealized<br>losses** |
| Corporate | $25.6 | $(0.1) | $— | $— | $25.6 | $(0.1) |
| US government and agency |  |  | 4.8 | (0.1) | 4.8 | (0.1) |
| Non-US government and agency | 63.0 | (0.3) | 8.1 | (0.1) | 71.1 | (0.4) |
| Residential mortgage-backed |  |  | 3.4 | (0.5) | 3.4 | (0.5) |
| **Total fixed maturity and short-term investments** | $**88.6** | $**(0.4)** | $**16.3** | $**(0.7)** | $**104.9** | $**(1.1)** |

---

We did not recognize the unrealized losses in earnings on these fixed maturity and short-term investments as of March 31, 2026 and December 31, 2025 because we determined that such losses were due to non-credit factors that are temporary in nature. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis.

***Contractual maturity***

The amortized cost and fair values of our fixed maturity and short-term investments by contractual maturity were as follows:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| ***(in millions)*** | **Amortized cost** | **Fair value** |
| Due in one year or less | $250.5 | $250.4 |
| Due after one year through five years | 493.1 | 489.3 |
| Due after five years through ten years | 62.9 | 61.7 |
| Due after ten years | 0.8 | 0.8 |
| Residential mortgage-backed | 52.7 | 52.6 |
| Commercial mortgage-backed | 14.7 | 14.9 |
| Other asset-backed securities | 20.4 | 20.5 |
| **Total fixed maturity and short-term investments** | $**895.1** | $**890.2** |

---

The expected maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations with or without call or prepayment penalties.

***Equity method and other investments***

We have made investments in private equity funds focused on insurance technology ventures, certain MGAs that form part of our distribution network and a technology-focused TPA that provides services to certain of our Members. Such strategic investments are generally accounted for using the equity method of accounting and are included as equity method investments in the financial statements or, in cases where we have elected the measurement alternative, accounted for at fair value based on observable price changes or impairment within Other investments.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

Details regarding our equity method investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| ***(in millions)*** | **Ownership %** | **Carrying value** | **Ownership %** | **Carrying value** |
| MGAs | 19.0% - 25.2% | $3.0 | 19.0% - 20.0% | $2.0 |
| Other | 8.2% - 15.0% | 8.8 | 8.1% - 15.0% | 8.4 |
| **Equity method investments** |  | $**11.8** |  | $**10.4** |

---

In applying the equity method of accounting, we record investments initially at cost and subsequently adjust their carrying value based on our proportionate share of the net income or loss of the investment. We generally record such investments on a one-to-three-month lag. Our maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in our consolidated balance sheet and any unfunded commitments. As of March 31, 2026, we had unfunded commitments of $5.2 million to our equity method investees.

We did not received dividends from equity method investees for the three months ended March 31, 2026. For the three months ended March 31, 2025, we received dividends from equity method investees of $0.9 million.

Details regarding the carrying value of our other investments portfolio were as follows:

---

| | | |
|:---|:---|:---|
| ***(in millions)*** | **March 31, 2026** | **December 31, 2025** |
| **Investment type:** | | |
| &nbsp;&nbsp;MGAs and TPAs | $59.9 | $59.9 |
| &nbsp;&nbsp;Venture funds | 24.3 | 24.1 |
| **Other investments** | $**84.2** | $**84.0** |

---

We elected the measurement alternative to carry private equity investments in venture funds, ordinary stocks, warrants and stock options of MGAs and TPAs that qualify for the equity method basis of accounting and that do not have a readily determinable fair value, at cost, less any impairment. If observable prices in identical or similar investments from the same issuer are observed, we measure the equity investment at fair value as of the date that such observable transaction occurs.

For the three months ended March 31, 2026, there were no impairment and no observable prices related to our other investments. For the three months ended March 31, 2025, we recognized $1.7 million as a component of unrealized gains following observable prices related to these investments.

We have recognized cumulative income as a component of unrealized gains of $74.8 million, net of cumulative impairment charges of $0.7 million associated with investments accounted for under the measurement alternative from inception of the related investments.

As of March 31, 2026, we had unfunded commitments of $1.8 million to venture funds.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Net investment income***

Investment income and expenses were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| &nbsp;&nbsp;Interest on cash and cash equivalents | $13.3 | $11.7 |
| &nbsp;&nbsp;Interest on fixed maturity investments | 7.1 | 5.3 |
| &nbsp;&nbsp;Income from equity method investments | 0.2 | 0.5 |
| **Gross investment income** | **20.6** | **17.5** |
| &nbsp;&nbsp;Interest expense on funds held under reinsurance | (7.9) | (5.1) |
| &nbsp;&nbsp;Investment expenses | (0.6) | (0.2) |
| **Net investment income** | $**12.1** | $**12.2** |

---

***Net realized and unrealized gains on investments***

The following table presents net realized and unrealized gains (losses) on our investments:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| **Net realized gains on investments:** |  |  |
| &nbsp;&nbsp;Net realized gains on fixed maturity and short-term investments | $0.1 | $0.3 |
| &nbsp;&nbsp;Net realized gains on equity method investments |  | 2.0 |
| **Net realized gains on investments** | **0.1** | **2.3** |
| **Net unrealized gains on investments:** |  |  |
| &nbsp;&nbsp;Other investments <sup>(1)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MGAs and TPAs |  | 1.7 |
| **Net unrealized gains on other investments** | **—** | **1.7** |
| **Net unrealized gains on investments** | **—** | **1.7** |
| **Net realized and unrealized gains on investments** | $**0.1** | $**4.0** |

---

<sup>(1)</sup> Amounts correspond to income arising from our equity investments accounted for under the measurement alternative (as described above).

***Regulated deposits and restricted assets***

Certain of our subsidiaries are required to maintain assets on deposit with various regulatory authorities to support our insurance and reinsurance operations. The following table represents the deposits for regulatory and other purposes:

---

| | | |
|:---|:---|:---|
| ***(in millions)*** | **March 31, 2026** | **December 31, 2025** |
| Fixed maturity securities | $5.7 | $5.2 |
| Cash and cash equivalents | 0.6 |  |
| **Total** | $**6.3** | $**5.2** |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The following table represents the restricted assets we have pledged in favor of certain ceding companies to collateralized obligations:

---

| | | |
|:---|:---|:---|
| ***(in millions)*** | **March 31, 2026** | **December 31, 2025** |
| Short-term investments | $1.0 | $0.9 |
| Fixed maturity securities | 25.6 | 25.8 |
| Cash and cash equivalents | 82.3 | 83.1 |
| **Total** | $**108.9** | $**109.8** |

---

**5. Fair value measurements**

***Fair value measurements on a recurring basis***

Our financial assets and liabilities measured at fair value on a recurring basis by level were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| ***(in millions)*** | **Quoted prices in active markets for identical assets<br>Level 1** | **Significant other observable <br>Level 2** | **Significant unobservable inputs<br>Level 3** | **Estimated fair value** |
| **Fixed maturity and short-term investments measured at fair value:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | $— | $262.6 | $— | $262.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;US government and agency |  | 282.6 |  | 282.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-US government and agency |  | 257.0 |  | 257.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed |  | 52.6 |  | 52.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed |  | 14.9 |  | 14.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed securities |  | 20.5 |  | 20.5 |
| **Total fixed maturity and short-term investments** | $**—** | $**890.2** | $**—** | $**890.2** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ***(in millions)*** | **Quoted prices in active markets for identical assets<br>Level 1** | **Significant other observable <br>Level 2** | **Significant unobservable inputs<br>Level 3** | **Estimated fair value** |
| **Fixed maturity and short-term investments measured at fair value:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | $— | $246.9 | $— | $246.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;US government and agency |  | 124.5 |  | 124.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-US government and agency |  | 248.1 |  | 248.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed |  | 55.6 |  | 55.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed |  | 15.0 |  | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed securities |  | 21.9 |  | 21.9 |
| **Total fixed maturity and short-term investments** | $**—** | $**712.0** | $**—** | $**712.0** |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

There were no transfers between Level 1, Level 2, or Level 3 for the three months ended March 31, 2026 and 2025.

***Fair value measurements on a non-recurring basis***

We measure the fair value of certain assets on a non-recurring basis, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include our investments in limited partnerships reported in "Other investments" in our condensed consolidated balance sheets.

The following table presents assets measured at fair value on a non-recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| ***(in millions)*** | **Quoted prices in active markets for identical assets<br>Level 1** | **Significant other observable <br>Level 2** | **Significant unobservable inputs<br>Level 3** | **Estimated fair value** |
| **Assets measured at fair value:** | | | | |
| Other investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MGAs and TPAs | $— | $— | $59.9 | $59.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture funds |  |  | 24.3 | 24.3 |
| **Total** | $**—** | $**—** | $**84.2** | $**84.2** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **(in millions)** | **Quoted prices in active markets for identical assets<br>Level 1** | **Significant other observable <br>Level 2** | **Significant unobservable inputs<br>Level 3** | **Estimated fair value** |
| **Assets measured at fair value:** | | | | |
| Other investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MGAs | $— | $— | $59.9 | $59.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture funds |  |  | 24.1 | 24.1 |
| **Total** | $**—** | $**—** | $**84.0** | $**84.0** |

---

***Fair value information about financial instruments not measured at fair value***

Our estimation of fair value for financial instruments not carried at fair value (excluding insurance contracts) is discussed below:

*<u>Debt</u>:* As further described in Note 9, given the frequency with which the variable interest rates on our senior unsecured debt reset, the carrying value of our debt measured at amortized cost approximates its fair value as of March 31, 2026 and December 31, 2025. The debt is classified as Level 2.

*<u>Remaining financial assets and liabilities</u>:* Our remaining financial assets and liabilities were generally carried at cost or amortized cost, which due to their short-term nature, approximates their fair value as of March 31, 2026 and December 31, 2025.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**6. Unpaid losses and loss adjustment expenses**

Activity in unpaid losses and LAE reserve is summarized as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Gross reserve for unpaid losses and LAE, beginning of year | $2005.4 | $1294.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Reinsurance recoverables, beginning of year | 1682.3 | 1069.5 |
| **Net reserve for unpaid losses and LAE, beginning of year** | **323.1** | **224.9** |
| Incurred losses and LAE related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current accident year | 81.8 | 45.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior accident years |  |  |
| **Total incurred losses and LAE** | **81.8** | **45.2** |
| Paid losses and LAE: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current accident year | (0.9) | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior accident years | (27.8) | (26.7) |
| **Total paid losses and LAE** | **(28.7)** | **(28.6)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange adjustments | (5.7) | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retroactive reinsurance<sup>(1)</sup> | (99.8) |  |
| **Net reserve for unpaid losses and LAE, end of period** | **270.7** | **246.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverables on unpaid losses and LAE, end of period | 1858.5 | 1266.5 |
| **Gross reserve for unpaid losses and LAE, end of period** | $**2129.2** | $**1513.1** |

---

<sup>(1)</sup> *Effective January 2026, we entered into a loss portfolio transfer reinsurance contract ("LPT"). The reinsurance counterparty reinsures all of our retained loss reserves (subject to certain minor exclusions) on policies written from July 2022 to June 2024, subject to a limit of $151.4 million. The terms of the LPT provide coverage on net loss reserves of $109.7 million as of the reference date in consideration for a premium of the same amount. As of March 31, 2026, the reinsurance recoverable and a corresponding funds held under reinsurance balance were $99.8 million, reflecting paid losses and settlement activity during the three months ended March 31, 2026.*

Reserves for losses and LAE represent our estimated indemnity cost and related adjustment expenses necessary to administer and settle claims. Our estimates are based upon individual case estimates for reported claims set by our claims specialists, adjusted with actuarial estimates for any further expected development on reported claims and for losses that have been incurred, but not yet reported.

**7. Reinsurance**

We enter into reinsurance agreements to limit our exposure to large losses and to enable us to underwrite policies with sufficient limits to meet policyholder needs. In a reinsurance transaction, an insurance company transfers, or cedes, part or all of its exposure to the reinsurer in exchange for all or a portion of the premiums.

We use extensive reinsurance arrangements, including quota share and excess of loss contracts, to manage our exposure under issued insurance contracts. Such reinsurance provides loss coverage subject to certain limits and may include sliding scale ceding commissions, premium caps, loss ratio limits and other features, which align our interests with those of our reinsurers. We consider these features when evaluating risk transfer and whether such contracts qualify as reinsurance or must be treated as deposits.

Flywheel Re is an unconsolidated reinsurance sidecar that provides multi-year collateralized quota share capacity backed by institutional investors. Flywheel Re was formed to facilitate the participation of institutional investors in the Accelerant Risk Exchange portfolio. The Flywheel Re reinsurance treaty was extended and upsized during the first quarter of 2026 through additional capital from new and existing institutional investors to support business assumed by Flywheel Re over a multi-year risk period scheduled to end in 2028.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The impacts of reinsurance on written and earned premiums and loss and loss adjustment expenses were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| **Written premiums:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct | $676.5 | $800.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed | 167.4 | 73.2 |
| &nbsp;&nbsp;Gross | 843.9 | 874.0 |
| &nbsp;&nbsp;Ceded | (693.2) | (801.6) |
| **Net written premiums** | $**150.7** | $**72.4** |
| **Earned premiums:** |  |  |
| &nbsp;&nbsp; Direct | $659.7 | $642.1 |
| &nbsp;&nbsp; Assumed | 122.4 | 76.7 |
| &nbsp;&nbsp;Gross | 782.1 | 718.8 |
| &nbsp;&nbsp;Ceded | (652.3) | (655.8) |
| **Net earned premiums** | $**129.8** | $**63.0** |
| **Loss and LAE:** |  |  |
| &nbsp;&nbsp; Direct | $343.2 | $365.5 |
| &nbsp;&nbsp; Assumed | 64.1 | 17.3 |
| &nbsp;&nbsp;Gross | 407.3 | 382.8 |
| &nbsp;&nbsp;Ceded | (325.5) | (337.6) |
| **Net loss and LAE** | $**81.8** | $**45.2** |

---

***Reinsurance recoverables***

Amounts recoverable from reinsurers on paid and unpaid losses and LAE are recognized in a manner consistent with the unpaid losses and LAE associated with the reinsurance and presented as reinsurance recoverables. The balances were as follows:

---

| | | |
|:---|:---|:---|
| ***(in millions)*** | **March 31, 2026** | **December 31, 2025** |
| Reinsurance recoverables on unpaid losses and LAE | $1858.5 | $1682.3 |
| Other reinsurance recoverables: |  |  |
| &nbsp;&nbsp;Reinsurance recoverables on paid losses and LAE | 611.1 | 524.7 |
| &nbsp;&nbsp;Deposit assets <sup>(1)</sup> | 65.7 | 69.5 |
| **Total other reinsurance recoverables** | **676.8** | **594.2** |
| **Reinsurance recoverables** | $**2535.3** | $**2276.5** |

---

<sup>(1)</sup> Reduction of $3.8 million from December 31, 2025 to March 31, 2026 corresponds to the $4.0 million reduction in deposit asset attributed to recoveries, partially offset by $0.2 million of income amortization for the three months ended March 31, 2026.

Credit risk exists with reinsurance ceded to the extent that any reinsurer is unable to meet the obligation assumed under the reinsurance agreements. An allowance is established for amounts deemed uncollectible. We evaluate the financial condition of our reinsurers and monitor concentration of credit risk arising from our exposure to individual reinsurers. To further reduce credit exposure to reinsurance recoverables balances, we have received letters of credit from certain reinsurers that are not authorized as reinsurers under US state insurance regulations.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

Of the total reinsurance recoverables on paid and unpaid losses and LAE outstanding as of March 31, 2026, 54% were with reinsurers having an A.M. Best rating of "A-" (excellent) or better, and we require reinsurance recoverables with reinsurers that have an A.M. Best rating below "A-" or are not rated by A.M. Best to be subject to collateral arrangements through a combination of letters of credit, funds withheld arrangements or trust agreements. We consider such collateral arrangements, credit ratings assigned to reinsurers by A.M. Best and other historical default rate information in estimating the credit valuation allowance for reinsurance recoverables. The credit valuation allowance was $0.6 million as of March 31, 2026 and December 31, 2025.

**8. Deferred acquisition costs and deferred ceding commissions**

The following table presents the amounts of policy acquisition costs deferred and amortized for insurance business retained by Accelerant:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Balance as of January 1, | $76.9 | $60.7 |
| Direct commissions and other acquisition costs on retained business | 42.1 | 12.7 |
| Amortization of deferred acquisition costs | (33.6) | (17.1) |
| Foreign currency translation | (0.4) |  |
| **Balance as of March 31,** | $**85.0** | $**56.3** |

---

The following table presents the amounts of ceding commissions deferred and amortized:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Balance as of January 1, | $232.5 | $193.0 |
| Deferral of excess ceding commission income over deferred acquisition costs | 93.2 | 73.2 |
| Amortization of deferred excess ceding commission to income | (80.5) | (70.7) |
| Foreign currency translation | 2.6 | (0.9) |
| **Balance as of March 31,** | $**247.8** | $**194.6** |

---

We cede a significant portion of our premiums written to reinsurance companies. The ceding commissions are offset against DAC related to the insurance contracts that are subject to such reinsurance. Any excess ceding commissions over the related DAC are subject to deferral over the insurance premiums earning period.

Our contractual acquisition costs are expressed as a percentage of the underlying premiums by type of insurance policy. Certain agreements with our Members include sliding scale adjustments to acquisition cost based on the actual loss experience of the insurance contracts they write, such that our ultimate acquisition cost inversely changes relative to the loss ratio (i.e., adverse experience in the loss ratio will result in a reduction in the related acquisition cost and, conversely, any favorable experience in the loss ratio will result in an increase in the acquisition cost).

Certain of our reinsurance arrangements are subject to sliding scale adjustments based on the actual loss experience of covered insurance contracts. The contractual ceding commission amounts are expressed as a percentage of the underlying premiums by type of insurance policy. Further, the amount of ceding commissions will vary based on the volume of ceded premium and may be adjusted for changes in the loss ratio. As that loss ratio changes from the original expected contractual amount, the amount of ceding commission inversely changes (such that adverse experience in the subject loss ratio will result in a reduction in ceding commissions and, conversely, any favorable experience in the subject loss ratio will result in an increase in ceding commissions). Such changes in ceding commission will result in a change to the deferred ceding commissions liability to the extent that the underlying premiums are unearned and, conversely, will result in a direct change to income to the extent that the underlying premium has been earned. As such, the sliding scale commissions act as our substantive participation in the underlying loss experience of the underlying insurance contracts.

There were no net sliding scale commission adjustments during the three months ended March 31, 2026 and 2025.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**9. Debt**

We had the following debt outstanding as of March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| ***(in millions)*** | **March 31, 2026** | **December 31, 2025** |
| Senior unsecured debt due 2029 | $123.4 | $124.2 |
| Less: unamortized debt issuance costs | (2.7) | (2.9) |
| **Senior unsecured debt** | $**120.7** | $**121.3** |

---

We have a credit agreement that consists of senior unsecured syndicated US dollar denominated loan facility with a September 2029 maturity date, as well as a $50 million revolving credit facility (all of which was unutilized and available as of March 31, 2026). Each borrowing under the revolving credit facility may have a maturity of one, three or six months, at our election, but may not extend beyond the credit agreement's maturity date. Such borrowings may be repaid early.

The senior unsecured debt represents an unsecured obligation and includes a delayed draw term loan ("DDTL") feature that allows us to withdraw predefined amounts. We may withdraw up to an additional $75 million upon request, subject to the agreement of the lenders.

Partial quarterly repayments of the aggregate principal amount are required until the maturity date as reflected in the table above. Interest payments on the senior notes are due at the end of each period, being a certain month or quarter during which the applicable interest rate has been reset. The interest rate is subject to a sliding scale based on our consolidated senior debt to capitalization ratio and varies between a 3.4% and 4.0% spread in addition to the Secured Overnight Financing Rate ("SOFR"). Interest is calculated based on a 360-day year of twelve 30-day months. Interest expense for the three months ended March 31, 2026 and 2025 was $2.5 million and $2.6 million, respectively.

Subject to conditions of optional prepayment, we may voluntarily prepay the senior unsecured debt at any time and from time to time, prior to the maturity date without penalty. Any prepayment, in whole or in part, shall include any accrued and unpaid interest thereon to, but excluding, the prepayment date. Any amounts we prepay may not be reborrowed.

The senior notes contain certain restrictive and maintenance covenants customary for facilities of this type, including restrictions on minimum consolidated net worth, maximum leverage levels and a minimum interest coverage ratio. As of March 31, 2026, we were in compliance with all such covenants.

**10. Equity**

***Common shares:***

We have two classes of authorized common shares with a par value of $0.0000011951862 per share.

As of both March 31, 2026 and December 31, 2025, there were 500,000,000 Class A and 140,000,000 Class B shares authorized.

The following table shows a roll forward of our common shares issued and outstanding for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class B** | **Total** |
| **Common shares as of January 1, 2026** | 114580918 | 107241428 | 221822346 |
| Shares converted from Class B to Class A | 1839282 | (1839282) |  |
| Shares repurchased and retired | (828333) |  | (828333) |
| Net shares issued for vested restricted stock units | 381776 |  | 381776 |
| **Common shares as of March 31, 2026** | **115973643** | **105402146** | **221375789** |

---

***Preference shares:***

As of March 31, 2026 and December 31, 2025, there were 100,000,000 preference shares authorized and no preference shares issued and outstanding. The Board of Directors is authorized, without any action by our shareholders, to designate and issue preference shares in one or more classes and to designate the powers, preferences and rights of each class, which may be greater than the rights of our common shares.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**Share repurchase and retirement:**

On March 18, 2026, the Board of Directors approved a share repurchase program with respect to our Class A common shares in an amount not to exceed $200 million in the aggregate (excluding any fees, commission, taxes or other expenses associated with such repurchases), with such purchases to be completed on or before December 31, 2028, unless earlier modified, suspended, or terminated by the Board (the "Repurchase Program"). Under the Repurchase Program, shares may be purchased from time to time, at the Company's discretion and subject to the market conditions, share price, alternative uses for capital, our financial performance and other potential factors. These purchases may be carried out through open market purchases, accelerated share repurchase plans, negotiated private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. Shares repurchased under these programs are retired and cancelled upon repurchase. During the three months ended March 31, 2026, we repurchased and retired 828,333 common shares for $10.9 million under the "Repurchase Program", reflected as a reduction to additional paid-in-capital. In addition, we acquired 229,262 common shares related to employee tax withholding obligations associated with employee incentive plans for $2.9 million which were retired in the same period.

As of March 31, 2026, we had outstanding approval to purchase up to $189.1 million, in the aggregate, of our outstanding common share under the "Repurchase Program".

The excess of the repurchase price over the par value of the common shares was required to be reflected as a reduction to additional paid-in capital presented within our condensed consolidated statement of shareholders' equity as we have an accumulated deficit.

**11. Share-based compensation**

The following table summarizes the share-based compensation and liability classified awards expense we recognized by award type for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| ***(in millions)*** | **2026** | **2025** |
| Share options | $18.0 | $2.4 |
| Restricted stock units <sup>(1)</sup> | 10.6 |  |
| Employee share purchase plan | 0.2 |  |
| Liability-classified awards | 3.3 |  |
| **Total share-based compensation expenses** | $**32.1** | $**2.4** |

---

<sup>(1)</sup> Amount includes $8.4 million of expense related to the acceleration of restricted stock units related to a separation agreement with a former executive. Under the terms of such separation agreement, the vesting of 442,250 previously unvested RSUs was accelerated as of the separation date, resulting in this incremental share-based compensation expense.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Share options granted to employees***

The following table summarizes the activity related to share option awards for the three months ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of Options** | **Weighted-Average Exercise Price** | **Weighted-Average Remaining Contractual Term (Years)** | **Aggregate Intrinsic Value** | **Weighted- Average Fair Value** |
| Outstanding as of January 1, 2026 | 41778521 | $21.43 | 9.1 | $— | $7.12 |
| &nbsp;&nbsp;Granted |  |  |  |  |  |
| &nbsp;&nbsp;Exercised |  |  |  |  |  |
| &nbsp;&nbsp;Canceled | (663332) | 19.31 |  |  |  |
| &nbsp;&nbsp;Forfeited | (522386) | 22.09 |  |  |  |
| **Outstanding as of March 31, 2026** | **40592803** |  | **8.8** | $**—** | $**7.16** |
| Options exercisable as of March 31, 2026 | 8687844 |  | 7.8 | $— | $2.74 |
| Options unvested as of March 31, 2026 | 31904959 |  | 9.1 | $— | $8.37 |

---

For the three months ended March 31, 2026 and 2025, share-based compensation expense from share option awards granted was $18.0 million and $2.4 million, respectively, which is included in "General and administrative expenses" in our condensed consolidated statements of operations.

The unrecognized compensation cost related to unvested share option awards as of March 31, 2026 and December 31, 2025 was $225.5 million and $247.7 million, respectively. The weighted average remaining requisite service period as of March 31, 2026 is 1.6 years, over which period the total cost will be amortized as compensation expense within the financial statements.

***Restricted stock units ("RSUs")***

The following table summarizes the activity related to RSUs for the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| | **Number of Restricted Stock Units** | **Weighted-Average Grant-Date Fair Value** |
| **Unvested as of January 1, 2026** | 1926188 | $20.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 4880251 | 11.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (514993) | 21.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (402157) | 21.01 |
| **Unvested as of March 31, 2026** | **5889289** | $**12.99** |

---

For the three months ended March 31, 2026, share-based compensation expense from RSUs granted was $10.6 million, which is included in "General and administrative expenses" in our condensed consolidated statements of operations.

As of March 31, 2026 and December 31, 2025, the unrecognized compensation cost related to unvested RSUs was $72.8 million and $34.9 million, respectively. The weighted average remaining requisite service period is 2.1 years, over which period the total cost will be amortized as shared-based compensation expense within the financial statements.

***2025 Employee Stock Purchase Plan ("ESPP")***

For the three months ended March 31, 2026, share-based compensation expense from ESPP was $0.2 million, which is included in "General and administrative expenses" in our condensed consolidated statements of operations.

***Liability Classified Awards***

For the three months ended March 31, 2026, the share-based compensation expense from the liability classified awards was $3.3 million, which is included in "General and administrative expenses" in our consolidated statements of operations. As of March 31, 2026, the liability balance from the liability classified awards was $12.3 million, which is included in "Accounts payable and other liabilities" within our condensed consolidated balance sheets.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**12. Earnings per share**

The following table sets forth the computation of basic and diluted net earnings per common share:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions, except share and per share data)*** | **2026** | **2025** |
| **Numerator:** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(4.1) | $7.8 |
| &nbsp;&nbsp;&nbsp; Adjustment for net income attributable to non-controlling interests | (1.1) | (1.3) |
| Net (loss) income attributable to Accelerant common shareholders | $(5.2) | $6.5 |
| **Denominator:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding - basic | 221984101 | 166185094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive common shares <sup>(1)</sup> |  | 39088053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding - diluted | 221984101 | 205273147 |
| **Net (loss) income attributable to Accelerant per common share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.02) | $0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.02) | $0.03 |

---

<sup>(1)</sup> Potential dilutive common shares consist of all of our convertible preference shares in the 2025 period and certain of our share-based compensation awards as described in Note 11. During a period of loss, the basic weighted average ordinary shares outstanding is used in the denominator of the diluted loss per ordinary share computation as the effect of including potentially dilutive securities would be anti-dilutive. The potential common shares excluded from the calculation of potential diluted shares outstanding were 46,924,377 shares and 14,744,899 shares for the three months ended March 31, 2026 and 2025, respectively.

**13. Income taxes**

For the three months ended March 31, 2026 and 2025, our effective tax rates were 305.0% and 49.7%, respectively. We use the estimated annual effective tax rate method for calculating our tax provision in interim periods, which reflects our best estimate of the effective tax rate expected for the full year. The effective tax rates in both periods were impacted by taxable income subject to tax in certain jurisdictions, losses incurred in zero tax rate jurisdictions and valuation allowances offsetting available carry-forward losses in certain jurisdictions.

The relationship of our income tax expense to pre-tax income (loss) is atypical because our taxable income has predominately been generated in the US, UK, Ireland, and Puerto Rico resulting in income tax expense in those jurisdictions (entities in such jurisdictions are referred to as "tax-paying entities").

Meanwhile, we have incurred operating losses in certain zero tax rate jurisdictions (such as in our reinsurance entity in the Cayman Islands) resulting in no income tax benefit. We have also incurred pre-tax operating losses in Belgium and other jurisdictions where we have generated cumulative operating losses; however, in each of those cases, a valuation allowance has been recorded against the corresponding deferred tax assets (entities in these two types of jurisdictions are referred to as "non-tax paying entities").

Taxable losses in one jurisdiction generally cannot be applied to offset earnings in another. In certain other jurisdictions, losses in one entity may not be used to offset taxable income generated by another entity in that same jurisdiction.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The composition of our effective tax rates among our tax-paying and non-tax paying entities, which demonstrates the non-tax paying entities' effect on the total effective tax rate, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** | **Three Months Ended<br>March 31, 2025** | **Three Months Ended<br>March 31, 2025** |
| ***(in millions)*** | **Tax-paying entities** | **Non-tax paying entities** | **Total** | **Tax-paying entities** | **Non-tax paying entities** | **Total** |
| Income (loss) before income taxes | $19.2 | $(17.2) | $2.0 | $49.5 | $(34.0) | $15.5 |
| Income tax expense | 6.1 |  | 6.1 | 7.7 |  | 7.7 |
| **Effective tax rate** | **31.8%** | **—** | **305.0%** | **15.6%** | **—** | **49.7%** |

---

**14. Other assets** 

Other assets consisted of the following:

---

| | | |
|:---|:---|:---|
| ***(in millions)*** | **March 31, 2026** | **December 31, 2025** |
| Net deferred tax assets | $78.3 | $77.8 |
| Commission income receivable | 47.5 | 45.1 |
| Funds withheld by reinsurers | 18.7 | 19.3 |
| Prepaid expenses | 19.4 | 16.4 |
| Prepaid retrocession premium | 4.2 | 4.4 |
| Other | 47.4 | 35.1 |
| **Total** | $**215.5** | $**198.1** |

---

**15. Accounts payable and other liabilities**

Accounts payable and other liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| ***(in millions)*** | **March 31, 2026** | **December 31, 2025** |
| Insurance balances payable | $400.3 | $296.5 |
| Premium tax payables | 39.8 | 50.9 |
| Commission refund liabilities | 44.4 | 45.2 |
| Deposit liabilities | 14.5 | 23.6 |
| Corporation tax payable | 16.4 | 8.7 |
| Accrued expenses and other | 144.6 | 168.7 |
| **Total** | $**660.0** | $**593.6** |

---

**16. Related party transactions**

For the three months ended March 31, 2025, we incurred $2.1 million of advisory fees and expenses with Altamont Capital Management LLC, an affiliate. In July 2025, we agreed to terminate the existing management services agreement with Altamont Capital Management, LL, which previously set out terms on which, among other things, we had compensated Altamont Capital Management, LLC for its services.

For the three months ended March 31, 2026 and 2025, Hadron, an Accelerant Risk Exchange Insurer majority owned by Altamont Capital Partners, an affiliate, accounted for $122.9 million and $187.7 million of Exchange Written Premium, respectively.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**17. Commitments and contingencies**

***Litigation***

We are occasionally a party to routine contractual disputes impacting receivables, claims (re)insurance contracts or litigation incidental to our business. We do not believe that we are a party to any pending legal proceeding that is likely to have a material adverse effect on our business, financial condition, or results of operations.&nbsp;&nbsp;&nbsp;&nbsp;

Contingencies arise in the normal conduct of our operations and are not expected to have a material effect on our financial condition or results of operations. However, adverse outcomes are possible and could negatively affect our financial condition and results of operations.

***Unfunded investment commitments***

As of March 31, 2026, we had unfunded commitments of $7.0 million in respect of our limited partnership investments. Refer to Note 4 for additional information.

**18. Subsequent Events**

**Gain on investment in a TPA:**

In April 2026, there was a significant observable increase in the fair value of an investment we have in a third-party claims administration business following third-party capital transactions. We participated in the capital transactions, selling approximately half our ownership interest, which generated $51.6 million of cash proceeds, and an aggregate realized gain on the sale and an unrealized gain on the portion we continue to hold of $54.5 million during the second quarter 2026.

**Share repurchases:**

During the period from April 1, 2026 through May 8, 2026, we repurchased and retired 3,442,673 Class A common shares for $46.8 million at an average price of $13.60 under the "Repurchase Program".

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis of our financial condition and our results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q. This management's discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in our 2025 Annual Report. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future.*

**Overview**

Accelerant Holdings, together with its subsidiary companies, connects Members with Risk Capital Partners through the Accelerant Risk Exchange. We, together with our Risk Capital Partners, provide property and casualty insurance to policyholders via our network of Members, which are typically MGAs. We focus on small-to-medium sized commercial clients primarily in the US, EU, Canada and the UK.

**Overview of Accelerant**

We operate a data-driven risk exchange that connects selected specialty insurance underwriters (the "supply side" of our platform) with Risk Capital Partners (the "demand side" on our platform). Our Accelerant Risk Exchange reduces information asymmetries and operational barriers present in the traditional insurance value chain by leveraging proprietary technology to share actionable high-fidelity data and insights with platform participants.

The Accelerant Risk Exchange simplifies the traditional insurance value chain which is fragmented, costly, and inflexible. Legacy technology, excessive intermediation, and misaligned incentives cause data leakage, high costs, and wasted resources for participants. Our technology-powered platform addresses these issues by connecting our Members, and Risk Capital Partners, including insurers, reinsurers, and institutional investors. On the supply side of our Accelerant Risk Exchange, we deliver a full service offering to our Members that includes insights and analytics, distribution management, operational resources, and the commitment of stable underwriting capacity. Our offerings free our Members to focus on growing their businesses through their core expertise of profitable underwriting. On the demand side of our Accelerant Risk Exchange, we offer Risk Capital Partners an attractive, validated, and diversified portfolio of specialty insurance premium that may otherwise be difficult to access elsewhere. Risk Capital Partners who provide capacity through our Accelerant Risk Exchange pay us fees to source, manage, and monitor risks on their behalf that recur when the underlying policies renew.

By harnessing our proprietary technology, access to data, and industry experience, we believe we have created the preeminent marketplace of the specialty insurance industry. As of March 31, 2026, we had 296 Members (an increase of 16 Members since December 31, 2025) and 96 Risk Capital Partners on our platform. We have grown Exchange Written Premium at a 178% compounded annual growth rate since our inception. As we have matured and continued to scale our business, our annual growth rate has moderated.

***Our Members ("Supply Side" of the Accelerant Risk Exchange)***

The vast majority of our Members are independent third parties in which Accelerant has no ownership stake. We refer to these Members as "Independent Members." Each Independent Member enters into a long-term contract with Accelerant where it agrees to underwrite certain types of policies through the Accelerant Risk Exchange. Generally, these contracts are five years in duration and subject to annual renewal, with Accelerant retaining a right to terminate early for performance reasons. For a large majority of the gross written premium produced by Independent Members, Accelerant has an exclusive arrangement to write such policy types with the Independent Member. Additionally, Accelerant has the right of first refusal to offer on the Accelerant Risk Exchange any new products an Independent Member may launch.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The remaining Members consist of "Mission Members" and "Owned Members." Mission Members are Members started within Mission Underwriters, our MGA incubation platform. With Mission Underwriters, we support entrepreneurial specialty underwriters with start-up capital and operational tools and resources to form their own MGAs that are then jointly owned by Mission Underwriters and the specialty underwriters. Our primary means of identifying such underwriters is our reliance on the Accelerant management team's knowledge of the specialty insurance markets, which includes reliance on certain historical metrics (such as loss ratios) from their underwriting track records at reputable incumbent institutions and, generally, prospective underwriters' reputations among the industry, leveraging our experience and tenure in the space. Such knowledge includes an awareness of high-quality underwriters in these markets. Mission Underwriters attracts specialty underwriters with its independence, turnkey back office, and equity incentivization combined with the overall Accelerant value proposition. We supplement this market awareness with arrangements with a number of specialist recruiters that seek out underwriters that match our desired profile. While our ongoing recruitment efforts will continue to be important as we grow, we do not currently expect any associated recruitment costs to increase materially over time. Mission Underwriters owns the majority of the MGAs that it helped to create, with meaningful equity shared with management teams based on the performance of their MGA. Owned Members are Members in which we either have a minority ownership interest or controlling equity interest. Typically, our investments in Owned Members take the form of an initial minority ownership interest and a contractual call option for a controlling equity ownership interest over time.

The gross premium written by Independent Members and placed through the Accelerant Risk Exchange is referred to as "Independent Premium." The gross premium written by Mission Members and Owned Members and placed through the Accelerant Risk Exchange is referred to as "Owned Premium." Historically, Independent Premium has comprised the large majority of Exchange Written Premium and we expect this trend to continue over time.

**Members and Exchange Written Premium Detail**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2026** | **2025** | **2025** |
| ***($ in millions)*** | **# of Members** | **Exchange Written Premium** | **Exchange Written Premium** | **# of Members** | **Exchange Written Premium** |
| Independent Members | 243 | $| 830.4 | 185 | $713.9 |
| Mission Members | 35 | 213.9 | 213.9 | 31 | 173.9 |
| Owned Members | 18 | 94.4 | 94.4 | 16 | 97.4 |
| **Total** | **296** | **$** | **1138.7** | **232** | $**985.2** |
| Exchange Premium Growth Rate |  | 16 % <sup>(1)</sup> | 16 % <sup>(1)</sup> |  | 69% |

---

<sup>(1)</sup> The year-over-year growth rate of 16% for the three months ended March 31, 2026 was suppressed relative to prior periods as it reflects our placement of certain Members into runoff. Excluding that Member, Exchange Written Premium grew by $204.1 million (or 22%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

***Our Risk Capital Partners ("Demand Side" of the Risk Exchange)***

Currently, our Risk Capital Partners include third-party insurance companies, reinsurance companies, and institutional investors. As of March 31, 2026, 18 Accelerant Risk Exchange Insurers (an increase of five Accelerant Risk Exchange Insurers since March 31, 2025) accessed gross premium written directly from the Accelerant Risk Exchange (on a primary insurance basis) rather than via reinsurance from Accelerant Underwriting, accounting for 41% of the premium written on the Accelerant Risk Exchange for the three months ended March 31, 2026, as compared to 19% for the three months ended March 31, 2025.

We refer to gross written premium written directly on behalf of the Accelerant Risk Exchange Insurers as "Third-Party Direct Written Premium." All premiums written by Accelerant Underwriting, including that which is ultimately reinsured to institutional investors and third-party reinsurers, is referred to as "Accelerant GWP." We expect the premium placed with the Accelerant Risk Exchange Insurers will increase in coming years, and as a result, the contribution from Third-Party Direct Written Premium will continue to increase. This is expected to lead to less overall revenue growth in our Underwriting segment, but more direct commission income within our Exchange Services segment.

For Accelerant Underwriting, we have historically targeted reinsuring approximately 90% of our gross premium written to institutional investors and third-party reinsurers, while retaining approximately 10% of these gross premiums written. For the trailing twelve months ended March 31, 2026, Accelerant-Retained Exchange Premium represented 10% of Exchange Written Premium.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Our Business Model***

We operate our business across three reportable segments – Exchange Services, which is the core of Accelerant, as well as MGA Operations and Underwriting. Exchange Services and MGA Operations are both fee-based businesses. Underwriting captures the net ceding commission income from reinsurers and Flywheel Re and net underwriting profit from retained business that we write or assume.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange Services:** The Exchange Services segment includes the revenue and expenses associated with our Accelerant Risk Exchange. The Accelerant Risk Exchange is our operating platform that incorporates all of our technology, data ingestion, and agency operations that serve the needs of our Members and Risk Capital Partners. Risk Capital Partners writing premiums directly through the Accelerant Risk Exchange pay us a fixed-percentage, volume-based fee for sourcing, managing and monitoring the business they write, which is netted by the amount the Accelerant Risk Exchange pays in performance-based commissions to Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **MGA Operations:** This segment reports all revenue and expenses from Mission Members and Owned Members in which we have majority ownership positions. Equity method accounting is used for Owned Members in which we have a non-controlling equity ownership interest. The largest component of the segment is our investment in the 35 Mission Members as of March 31, 2026. There are 18 Owned Members as of March 31, 2026, of which nine are majority-owned and controlled by us and therefore consolidated in our financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Underwriting:** Our Underwriting segment includes all revenue and expenses associated with our Accelerant Underwriting companies (each of which solely operates through the Accelerant Risk Exchange) and reinsurance companies. We view the Underwriting segment as a strategic capability and source of operational flexibility and alignment with current and prospective Risk Capital Partners. Accelerant Underwriting earns premiums and pays losses from business sourced and retained through the Accelerant Risk Exchange. Accelerant Underwriting pays commissions to the Accelerant Risk Exchange as consideration to access this business on market-consistent terms with the Accelerant Risk Exchange Insurers. This is offset by the ceding commission we receive from several third-party reinsurers including Flywheel Re, a reinsurance sidecar, for ceding premium and losses to them. The performance of our Underwriting segment will vary with the performance of the portfolio reinsured to Risk Capital Partners. We expect the portion of the Accelerant Risk Exchange premium underwritten by Accelerant Underwriting to decrease over time, relative to other segments, as the Accelerant Risk Exchange Insurers increase in number and grow their premium written through our Accelerant Risk Exchange.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

A high-level view of our business model is included below (based on activity for the trailing twelve months ended March 31, 2026):

![Business Overview Graphic.jpg](arx-20260331_g2.jpg)

**<u>Notes</u>:**

*<u>(all amounts exclude general and administrative expenses)</u>*

<sup>(1)</sup> Calculated as Exchange Services direct commission income divided by Exchange Written Premium (rounded from 8.3%).

<sup>(2)</sup> Calculated as MGA Operations direct commission income and net investment income, divided by Exchange Written Premium attributable to Mission Members and Owned Members (rounded from 17.5%).

<sup>(3)</sup> Calculated as net earned premium and ceding commission income, reduced by losses and loss adjustment expenses and the amortization of DAC, plus net investment income expressed as a percentage of total Underwriting gross earned premium (rounded from 3.4%).

**Key Factors that Could Affect Our Performance**

***Ability to Maintain and Grow Our Member Base***

We believe there is a significant opportunity to attract new Members to the Accelerant Risk Exchange and grow our existing Members. This is impacted by our ability to continue to deliver a holistic and compelling value proposition. We believe that existing and prospective Members will continue to be drawn to the Accelerant Risk Exchange, and the growth of Members facilitated by our strong Member-centric service model, high value-add data and analytics capabilities, and ability to provide stable multi-year capacity.

***Access to Third-Party Capital Providers to Support Members***

Our future revenue growth also depends, in part, on our ability to expand our relationships with new and existing third-party capital providers to meet the growth of gross premiums sourced by our Members. We believe that the low-hazard, low-limit specialty business that we source from our Members will continue to attract these Risk Capital Partners. Since 2019, we have grown our Risk Capital Partners from two to 96 as of March 31, 2026. As of March 31, 2026, we had 18 Accelerant Risk Exchange Insurers.

***Sourcing a Portfolio with Sustainable Loss Ratios***

Our ability to maintain the support of Risk Capital Partners depends, in part, on maintaining an attractive ratio of gross premiums to gross losses and gross commissions that Risk Capital Partners pay to the Accelerant Risk Exchange. We believe the historic quality of the portfolio written by our Members is reflected by the gross loss ratios of 52.1% and 53.3% for the three months ended March 31, 2026 and 2025, respectively. We intend to leverage our data and analytics capability and our team of expert underwriters to continue to produce a portfolio with increasing diversification and attractive risk/return characteristics for our Risk Capital Partners.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Investing in Technology Platform Capabilities***

We continue to invest in our Accelerant Risk Exchange to add capabilities and enhance the overall user experience of the Accelerant Risk Exchange participants and deepen our analytical and underwriting insights. Our ability to successfully attract high-quality specialty underwriters and risk capital depends on our ability to continue to develop value from our technology platform. We may choose to increase our level of investment in technology from past levels to enhance the platform capabilities and our competitive position. We believe that our ability to deliver platform capabilities that our Accelerant Risk Exchange participants perceive as unique will continue in the future.

***Costs of Being a Public Company***

As we continue to operate as a public company, we will be required to continue to implement changes in certain aspects of our business and develop, manage, and train employees to comply with ongoing public company requirements. We have and will also continue to incur new expenses, including public reporting obligations, proxy statements, shareholder meetings, stock exchange fees, transfer agent fees, SEC and Financial Industry Regulatory Authority ("FINRA") filing fees.

**Key Components of Our Results of Operations**

**Revenue**

***Ceding commission income***

We cede a significant portion of the premiums written on behalf of Accelerant Underwriting 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, or conversely, result in incremental commissions and related income. 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 recorded 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.

***Direct commission income***

Accounting treatment of direct commissions received in the Exchange Services and the MGA Operations segments depends 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 to the Accelerant Risk Exchange, commissions paid by the Accelerant Risk Exchange to Mission Members and/or to Owned Members, and fees paid by third party Accelerant Risk Exchange Insurers to the Accelerant Risk Exchange on premiums which are assumed by Accelerant Underwriting. These intercompany direct commissions are recognized under "Direct commission income" in our consolidated statements 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, we nevertheless derive a significant economic benefit from these commissions. Unlike third parties, which bear the costs of the services performed by the Accelerant Risk Exchange in the form of cash payments, we do 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 on premiums that are otherwise not assumed by Accelerant Underwriting are fully recognized in the current period under "Direct commission income" in the statement 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 the Accelerant 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).

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Net earned premiums***

Net earned premiums represent the earned portion of GWP placed with Accelerant Underwriting companies, less the portion of our GWP that is ceded to third-party reinsurers under our quota share and excess of loss reinsurance agreements. Premiums are earned in proportion to the amount of insurance protection provided over the term of the insurance contract. Unearned premiums represent the portion of premiums written applicable to the unexpired term of the related policy.

***Net investment income***

Net investment income represents interest earned from fixed maturity securities, short-term securities and other investments. Dividends from equity securities and other investments are also included in net investment income. Interest, dividend income and amortization of fixed maturity market premiums and discounts related to these securities are recorded in net investment income, net of investment management and custody fees. The principal factors that influence net investment income are the size of our investment portfolio and the yield on that portfolio.

We have certain unconsolidated investments within our MGA Operations segment and we account for these investments under the equity method, whereby we record our proportionate share of income or loss from such investments within net investment income (or the measurement alternative accounted for at fair value based on observable price changes or impairment whereby such amount is included in net unrealized gains or losses on investments). Any decline in value of equity method investments considered by management to be other than temporary is charged to income in the period in which it is determined.

***Net realized and unrealized gains (losses) on investments***

Our equity securities primarily consist of interests in investment funds that primarily invest in debt securities. The equity securities are measured at fair value with changes in fair value recognized in net realized and unrealized gains (losses) on investments. Realized gains and losses on disposition of investments are based on specific identification of investments sold.

We hold other investments such as limited partnership and private equity investments in operating entities whereby we elected the measurement alternative to carry such investments at cost, less any impairment and to mark to fair value when observable prices in identical or similar investments from the same issuer occur with changes in fair value recognized in net unrealized gains on investments.

**Expenses**

***Losses and LAE***

The reserves for losses and LAE include estimates for unpaid claims and claim expenses on reported losses as well as estimates of losses incurred but not reported ("IBNR"), net of reinsurance. These reserves represent our best estimates of the unpaid portion of ultimate costs of all reported and unreported losses incurred through the balance sheet date, and these estimates are based upon the assumption that past developments are an appropriate indicator of future events, among other factors. The reserves are based on individual claims, case reserves and other estimates reported, as well as actuarial estimates of ultimate losses.

Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Ultimate losses are estimates and may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly. As experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in our consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. The unpaid losses and LAE are presented on an undiscounted basis.

***Amortization of deferred acquisition costs***

Policy acquisition costs represent the costs directly related to the successful acquisition of new and renewal insurance contracts. The costs are deferred and amortized over the same period in which the related premiums are earned. These costs principally consist of commissions, fees, brokerage, premium tax expenses, and direct agency costs. The amounts presented within the consolidated balance sheets pertain to the DAC associated with the retained portion of insurance policies we issue, as the acquisition costs associated with the ceded portion of the insurance policies are offset by ceding commissions received from our reinsurance providers. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income, including investment income. Unrecoverable deferred policy acquisition costs, if any, are expensed in the period identified.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***General and administrative expenses***

General and administrative expenses primarily consist of salaries, employee benefits and other general operating expenses that are expensed as incurred, and share-based compensation expenses. Generally, we expect our distribution, underwriting, and claims operating expenses to be most closely tied to growth of our membership and our Accelerant Risk Exchange premium volume. However, these and other functions within the Accelerant Risk Exchange (including costs of supporting the development of the Accelerant Risk Exchange), and our other segments have large, fixed-cost components that we believe will increase operating leverage as gross premiums continue to grow. Share-based compensation expenses represent amortization of the grant date fair value of equity awards granted to employees and directors, including restricted stock units, stock options, and other awards that can settle in cash or the common shares, over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. The portion of the awards that settle in our common shares are non-cash in nature. We expect share-based compensation expenses to fluctuate over time in connection with new equity grants, changes in our workforce, and the overall structure of our long-term incentive programs.

***Interest expenses***

Interest expenses primarily relate to amounts paid on our debt financing obligations, including amortized debt issuance costs.

***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 our investments in Owned Members).

***Profits interest distribution expenses***

Profits interest distribution expenses consist of non-cash expenses related to the settlement of all outstanding profits interest awards through the distribution of 65,270,453 of our Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested upon the July 2025 IPO. The ultimate settlement of the profit interest awards was equity neutral as the contribution of the shares to officers and employees was reflected as a capital contribution to us by Accelerant Holdings LP in an equal and offsetting amount to the associated non-cash expense.

***Other expenses***

Other expenses represent 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, as well as Mission profit sharing expenses.

***Income tax expense and deferred tax assets and liabilities***

The provision for income tax consists of current and deferred tax expense. The calculation of current and deferred tax expense is based on tax rates and tax laws which have been enacted in the reporting period. Deferred tax assets and liabilities, result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of assets and liabilities used in the various jurisdictional tax returns.

As of March 31, 2026, we had net deferred tax assets of $78.3 million and also apply valuation allowances to certain of our deferred tax assets of unutilized net operating losses ("NOLs") and other basis differences in jurisdictions that have generated cumulative losses.

**Key Operating and Financial Metrics**

We regularly review key operating and financial metrics to evaluate our business, measure our performance, identify trends in our business, prepare financial projections and make strategic decisions. Our key operating and financial metrics include operational, GAAP and non-GAAP financial measures which are useful in evaluating our performance and our GAAP financial results discussed below.

As further discussed in "Segment Information — Consolidation and Elimination Adjustments" our consolidated results are subject to consolidation and elimination adjustments with respect to transactions among the businesses within our segments, notably between the Accelerant Risk Exchange and Accelerant-owned insurance companies. We view the Adjusted EBITDA generated by our segments as representative of the economics that each would generate if they were independent companies and if the intersegment transactions were with third parties.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions, unless indicated)*** | **2026** | **2025** |
| Number of members | 296 | 232 |
| Net revenue retention | 116% | 157% |
| Exchange written premium<sup>(2)</sup> | $1138.7 | $985.2 |
| Accelerant direct written premium<sup>(2)</sup> | 59% | 81% |
| Third-party direct written premium<sup>(2)</sup> | 41% | 19% |
| Accelerant-retained exchange premium<sup>(2)</sup> | 10% | 8% |
| Exchange written premium growth rate<sup>(2)</sup> | 16% | 69% |
| Total revenues | $273.3 | $178.0 |
| Gross loss ratio | 52.1% | 53.3% |
| Income before income taxes | $2.0 | $15.5 |
| Net (loss) income | $(4.1) | $7.8 |
| Non-GAAP financial measures<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Operating revenues<sup>(1)</sup> | $273.2 | $174.0 |
| &nbsp;&nbsp;Adjusted EBITDA<sup>(1)</sup> | $66.1 | $38.8 |
| &nbsp;&nbsp;Adjusted EBITDA margin<sup>(1)</sup> | 24% | 22% |
| &nbsp;&nbsp;Adjusted net income <sup>(1)</sup> | $37.7 | $17.3 |

---

<sup>(1)</sup> Refer to "—Reconciliation of Non-GAAP financial measures" section for details on how non-GAAP measures are defined and reconciled to GAAP measures.

<sup>(2)</sup> See the definitions of Exchange Written Premium, Accelerant Direct Written Premium, Third-Party Direct Written Premium, Accelerant-Retained Exchange Premium, and Exchange Written Premium Growth Rate below for explanation of calculations and metrics.

***Number of Members***

We define the number of Members as those under contract with our Accelerant Risk Exchange as of the period end date. We view the number of Members as an important metric to assess our financial performance because Member growth drives our revenue from fees, commissions, and net retained premiums; expands brand awareness and our market penetration; and generates additional data to continue to attract more risk capital and accelerate the compounding momentum of our platform.

As of March 31, 2026, we had 296 Members. Our Members wrote $1.14 billion of Exchange Written Premium for the three months ended March 31, 2026. This compares to Exchange Written Premium of $985.2 million for the three months ended March 31, 2025, representing a 16% increase. Of our 296 Members, 35 are Mission Members, 18 are Owned Members, and 243 are Independent Members. Of the $1.14 billion in Exchange Written Premium for the three months ended March 31, 2026, 59% was written by Accelerant Underwriting as Accelerant Direct Written Premium and 41% was written by our 18 Risk Exchange Insurers as Third-Party Direct Written Premium.

***Number of MGA Operations Members***

We define the number of MGA Operations members as the number of Mission Members and Owned Members under contract with the Accelerant Risk Exchange as of the period end date.

***Net Revenue Retention***

We define Net Revenue Retention, expressed as a percentage, as the current period's Exchange Written Premium for Members that were actively writing Exchange Written Premium in the comparable 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.

***Exchange Written Premium***

We define Exchange Written Premium as the total GWP written through the Accelerant Risk Exchange, including both gross premiums written on behalf of Accelerant Underwriting and written directly on behalf of Accelerant Risk Exchange Insurers.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Accelerant Direct Written Premium***

We define Accelerant Direct Written Premium, expressed as a percentage of Exchange Written Premium, as the GWP written directly by Accelerant Underwriting, the majority of which we cede directly to Risk Capital Partners through our reinsurance arrangements.

***Third-Party Direct Written Premium***

We define Third-Party Direct Written Premium, expressed as a percentage of Exchange Written Premium, as the GWP written directly with our Accelerant Risk Exchange Insurers.

***Accelerant-Retained Exchange Premium***

We define 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. This represents the percentage of total Exchange Written Premium that Accelerant-owned insurance companies retain relative to total written premiums. We expect this retained portion of Exchange Written Premium in the aggregate to decrease over time as Exchange Written Premium is increasingly written with existing and new Accelerant Risk Exchange Insurers.

***Exchange Written Premium Growth Rate***

We define Exchange Written Premium Growth Rate, expressed as a percentage, as the increase in Exchange Written Premium in the current period compared to Exchange Written Premium from the comparable period in the prior year period. It is calculated as the difference between the current period's Exchange Written Premium and the comparable prior period's Exchange Written Premium, divided by the Exchange Written Premium of the prior period. This metric provides insight into the growth trajectory of our premium volumes generated through our Accelerant Risk Exchange and serves as a key indicator of business expansion, Member acquisition, and existing Member growth.

***Total Revenues***

Total revenues consist of the following items: ceding commission income; direct commission income; net earned premiums; net investment income; net realized and unrealized gains (losses) on investments.

***Gross Loss Ratio***

Gross loss ratio is calculated as gross incurred losses and loss adjustment expense divided by gross earned premium, expressed as a percentage. 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 estimates.

**Reconciliation of Non-GAAP financial measures**

In assessing the performance of our business, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are non-GAAP financial measures under SEC rules and regulations. U.S. GAAP is an acronym for generally accepted accounting principles in the United States. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.

We use the non-GAAP financial measures because we believe they enhance the understanding of the underlying profitability of operations and trends of our segments. We believe they also allow for more meaningful comparisons with our insurance competitors. Such measures exclude certain items that are related to our non-core business operations, unusual or nonrecurring items and therefore are not considered to be directly attributable to our underlying operating performance.

These non-GAAP financial measures, as described below, should not be considered substitutes for the reported results prepared in accordance with U.S. GAAP and should not be considered in isolation or as alternatives to U.S. GAAP net income or net (loss) as indicators of our financial performance. Although we use these non-GAAP 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. 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.

The following non-GAAP financial measures are used in this document or in other disclosures we make from time to time:

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Earnings Per Diluted Share***

We define "Adjusted EBITDA" as U.S. 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;• *<u>Net realized and unrealized gains (losses) on investments</u>*: Primarily represents changes in fair value of investment funds, realized gains and losses on dispositions of investments, and changes in fair value of certain other equity security investments accounted for under the measurement alternative where we adjust fair value based on observable price movements in such, or similar, investments.

&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;• *<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 (July 2025) and will not recur.

&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;• *<u>Net foreign currency exchange gains (losses)</u>*: Represents non-cash foreign currency gains or losses related to transactions in currencies other than an operation's functional currency and are excluded both on the basis of volatility and that such amounts are largely offset by corresponding changes in other comprehensive income primarily based on our intercompany reinsurance.

We define Adjusted Net Income (Loss) as GAAP net income (loss) excluding the impact of the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.net realized and unrealized gains (losses) on investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.other expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.non-recurring profits interest distribution expenses resulting from the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.share-based compensation expenses included within general and administrative expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.the tax effect of the above adjustments.

We define "Adjusted Earnings per Diluted Share" as adjusted net income for a period divided by the corresponding weighted average diluted shares on a U.S. GAAP basis (GAAP diluted shares are used for simplicity and that any difference from recalculating such diluted shares using adjusted income is expected to be immaterial).

***Operating Revenues***

We define "Operating Revenues" as U.S. GAAP revenues excluding the impact of net realized and unrealized gains (losses) on investments.

***Adjusted EBITDA Margin***

We define "Adjusted EBITDA Margin" as Adjusted EBITDA divided by Operating Revenues. 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 document.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The following table provides a reconciliation of net (loss) income to Adjusted net income (loss), Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Net (loss) income | $(4.1) | $7.8 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.1) | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains on investments |  | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses <sup>(1)</sup> | 32.1 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses <sup>(2)</sup> | 17.7 | 11.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of adjustments to net (loss) income <sup>(3)</sup> | (7.9) | (0.7) |
| **Adjusted net income (loss)** | **37.7** | **17.3** |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add back tax effect of adjustments to net (loss) income | 7.9 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 6.1 | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | 2.5 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 10.0 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange losses | 1.9 | 3.1 |
| **Adjusted EBITDA** | $**66.1** | $**38.8** |
| Total revenues | 273.3 | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net realized and unrealized gains on investments | (0.1) | (4.0) |
| **Operating revenues** | **273.2** | **174.0** |
| **Adjusted EBITDA margin** | **24%** | **22%** |

---

<sup>(1)</sup> Share-based compensation expenses are included in "General and administrative" expenses in our condensed consolidated Statement of Operations.

<sup>(2)</sup> Other expenses for the three months ended March 31, 2026 and 2025 consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| System development non-operating costs | $7.3 | $4.6 |
| Professional costs related to corporate development and capital raise activities | 4.0 | 3.6 |
| Mission profit sharing expenses | 3.7 | 1.6 |
| Individually insignificant costs | 2.7 | 2.0 |
| **Total other expenses** | $**17.7** | $**11.8** |

---

<sup>(3)</sup> The tax effect of other expenses adjustments to net income (loss) for each period presented were calculated using the applicable statutory tax rates for each of our legal entities where such revenues were earned and expenses 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 net operating losses. As such, the tax effect for the respective years varies based on the jurisdictional mix of where the revenues were earned and expenses incurred in each year.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**Condensed Consolidated Results of Operations**

The following tables reflect our consolidated results of operations for the three months ended March 31, 2026 and 2025 in the format that we use to analyze our financial performance. This information is derived from our interim condensed consolidated financial statements prepared in accordance with GAAP and included elsewhere in this Quarterly Report on Form 10-Q.

**Comparison of the Three Months Ended March 31, 2026 and 2025**

---

| | | |
|:---|:---|:---|
| **Accelerant Holdings** | | |
| **Consolidated Statements of Operations Summary** | **Consolidated Statements of Operations Summary** | **Consolidated Statements of Operations Summary** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceding commission income | $80.5 | $70.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct commission income | 50.8 | 28.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earned premiums | 129.8 | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 12.1 | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | 0.1 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains on investments |  | 1.7 |
| **Total revenues** | **273.3** | **178.0** |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment expenses | 81.8 | 45.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 33.6 | 17.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses <sup>(1)</sup> | 123.8 | 75.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | 2.5 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 10.0 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange losses | 1.9 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 17.7 | 11.8 |
| **Total expenses** | **271.3** | **162.5** |
| **Income before income taxes** | **2.0** | **15.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (6.1) | (7.7) |
| **Net (loss) income** | **(4.1)** | **7.8** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustment for net income attributable to non-controlling interests | (1.1) | (1.3) |
| **Net (loss) income attributable to Accelerant common shareholders** | $**(5.2)** | $**6.5** |

---

<sup>(1)</sup> *General and administrative expenses include share-based compensation expenses of $32.1 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively.*

**Comparison of the Three Months Ended March 31, 2026 and 2025**

***Ceding Commission Income***

Ceding commission income of $80.5 million for the three months ended March 31, 2026 increased $9.8 million (or 13.9%) from the prior year comparable period of $70.7 million due to the continued growth in our gross earned premium base and the amount ceded to reinsurers. There were no net sliding scale commission adjustments during the three months ended March 31, 2026 and 2025.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The following table presents the amounts of ceding commissions deferred and amortized for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Balance as of January 1, | $232.5 | $193.0 |
| Deferral of excess ceding commission income over deferred acquisition costs | 93.2 | 73.2 |
| Amortization of deferred excess ceding commissions to income | (80.5) | (70.7) |
| Foreign currency translation | 2.6 | (0.9) |
| **Balance as of March 31,** | $**247.8** | $**194.6** |

---

The amortization of the excess deferred ceding commissions is recorded as "Ceding commission income" in our consolidated statements of operations.

***Direct Commission Income***

Direct commission income of $50.8 million for the three months ended March 31, 2026 increased $22.7 million (or 80.8%) from the prior year comparable period of $28.1 million, primarily driven by commissions from third-party insurers and increased volume in our Exchange Services and MGA Operations segments on business written with unaffiliated entities.

Additionally, the amount of our business between Accelerant-affiliated entities (including from Underwriting to Exchange Services and Exchange Services to MGA Operations) increased year-over-year. However, all transactions between affiliated entities are fully eliminated in our consolidated results of operations. A discussion of the impact of consolidation and elimination adjustments is further discussed below under "— Segment Information — Consolidation and Elimination Adjustments."

***Net Earned Premium***

Accelerant direct and assumed GWP of $843.9 million for the three months ended March 31, 2026 decreased $30.1 million (or 3.4%) from the prior year of $874.0 million. The decrease was driven by the increase in premiums written with third-party Accelerant Risk Exchange Insurers instead of by Accelerant Underwriting, partially offset by new and existing Member growth. Since March 31, 2025, we have added 64 new Members, bringing the total number of Members to 296 as of March 31, 2026. This Member growth was driven by our continued expansion across all of our markets.

Net written premium of $150.7 million for the three months ended March 31, 2026 increased $78.3 million (or 108.1%) from $72.4 million in the prior year comparable period. The increase, despite the aforementioned decrease in GWP, is related to our increased net retention (17.9% for the three months ended March 31, 2026 compared to 8.3% for the prior year comparable period). The increased retention compared to the prior year comparable period, as well as our targeted retention levels of 10%, was primarily due to the effect of a commutation entered into with one of our Risk Capital Partners, growth in our UK business which has higher retention rates due to regulatory requirements, and the impact of certain reinsurance reinstatement premiums (which reduce earned premiums) in the first quarter of 2025.

Net earned premiums of $129.8 million for the three months ended March 31, 2026 increased $66.8 million (or 106.0%) from $63.0 million in the prior year comparable period as a result of the earn-through of increased net written premium occurring over the last year consistent with that described for the most recent three-month period above.

The table below shows the amount of premiums written on a gross and net basis, as well as net earned premiums for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Gross written premiums | $843.9 | $874.0 |
| Ceded written premiums | (693.2) | (801.6) |
| **Net written premiums** | $**150.7** | $**72.4** |
| **Net earned premiums** | $**129.8** | $**63.0** |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Net Investment Income***

Net investment income of $12.1 million for the three months ended March 31, 2026 decreased $0.1 million (or 0.8%) from $12.2 million in the prior year comparable period. The relatively flat performance was driven by a lower rate of return from the mix of cash and investments as offset by the increase in total average cash and investments for the three months ended March 31, 2026 of $2.52 billion compared to $1.99 billion for the three months ended March 31, 2025.

Refer to Note 4 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

***Net Realized Gains on Investments***

Net realized gains on investments of $0.1 million for the three months ended March 31, 2026 compared to $2.3 million in the prior year comparable period. The 2025 net realized gains on investments included a $2.0 million revaluation gain on an equity method investee as part of a step acquisition.

Refer to Note 4 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

***Net Unrealized Gains on Investments***

There were no net unrealized gains on investments for the three months ended March 31, 2026 compared to net unrealized gains on investments of $1.7 million in the prior year comparable period related to a gain on a TPA investment.

Refer to Note 4 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

***Loss and Loss Adjustment Expenses***

Net losses and LAE of $81.8 million for the three months ended March 31, 2026 increased $36.6 million (or 81.0%) compared to $45.2 million in the prior year comparable period. This increase was driven primarily by growth in our net earned premium base.

Gross incurred losses and LAE of $407.3 million for the three months ended March 31, 2026 increased by $24.5 million (or 6.4%) compared to the prior year comparable period of $382.8 million, while ceded losses and LAE of $325.5 million for the three months ended March 31, 2026 decreased $12.1 million (or (3.6)%) compared to the prior year comparable period of $337.6 million under our external reinsurance program.

Our net loss ratios of 63.0% and 71.7% differ from the gross loss ratios of 52.1% and 53.3% for the three months ended March 31, 2026 and 2025, respectively, primarily due to decisions that we make regarding the amount of excess of loss reinsurance secured (since this will reduce the amount of retained premiums we have). The decision to engage such reinsurance, which, in most cases, inures to the benefit of our Risk Capital Partners, supports our management of downside risk to large losses within our financial statements.

See "Segment Information—Comparison of the three months ended March 31, 2026 and 2025—Underwriting" below for further information regarding our loss and loss adjustment expenses.

The table below reflects our net loss ratio for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Gross incurred loss and LAE | $407.3 | $382.8 |
| Ceded incurred loss and LAE | (325.5) | (337.6) |
| **Net incurred loss and LAE** | $**81.8** | $**45.2** |
| **Net loss ratio** | **63.0%** | **71.7%** |

---

***Amortization of Deferred Acquisition Costs***

Amortization of DAC of $33.6 million for the three months ended March 31, 2026 increased by $16.5 million (or 96.5%) compared to $17.1 million in the prior year comparable period due to growth in our business and increase in our retention rate of net earned premiums.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The following table presents the amounts of acquisition costs deferred and amortized for insurance business retained by us for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Balance as of January 1, | $76.9 | $60.7 |
| Direct commissions and other acquisition costs on retained business | 42.1 | 12.7 |
| Amortization of deferred acquisition costs | (33.6) | (17.1) |
| Foreign currency translation losses | (0.4) |  |
| **Balance as of March 31,** | $**85.0** | $**56.3** |

---

***General and Administrative Expenses***

General and administrative expenses of $123.8 million for the three months ended March 31, 2026 increased $48.5 million (or 64.4%) compared to $75.3 million in the prior year comparable period, although as noted below, when excluding the share-based compensation expenses, the increase was 25.8% which was lower than the 53.5% increase in total revenues.

The increase in general and administrative expenses was primarily attributable to increases in employee compensation and benefits, driven by growth in headcount to support our growth across all markets, share-based compensation expenses, consisting of equity grants awarded prior to, in conjunction with, and subsequent to the IPO, and consulting and professional fees.

The following table presents the components of general and administrative expenses for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Employee compensation and benefits | $67.9 | $48.7 |
| Consulting and professional fees | 17.1 | 13.2 |
| Share-based compensation expenses | 32.1 | 2.4 |
| Other administrative expenses, net | 6.7 | 11.0 |
| **Total general and administrative expenses** | $**123.8** | $**75.3** |

---

***Interest Expenses***

Interest expenses of $2.5 million for the three months ended March 31, 2026 decreased $0.1 million (or 3.8%) compared to $2.6 million in the prior year comparable period. The decline was driven primarily by lower interest rates year-over-year.

***Depreciation & Amortization***

Depreciation and amortization expenses of $10.0 million for the three months ended March 31, 2026 increased $2.6 million (or 35.1%) compared to $7.4 million in the prior year comparable period driven primarily by increased amortization of a larger balance of capitalized information technology development costs.

***Net Foreign Exchange (Gains) Losses***

For the three months ended March 31, 2026 and 2025, we recognized net foreign exchange losses of $1.9 million and $3.1 million, respectively. Transactions in currencies other than the functional currency of our various international-based subsidiary companies are remeasured into their 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 subsidiary companies 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.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

For the three months ended March 31, 2026 and 2025, foreign exchange losses of $2.8 million and gains of $2.5 million were recognized in other comprehensive income related to foreign currency translation adjustments, respectively. Also included were $1.1 million of losses and $2.5 million of gains for the three months ended March 31, 2026 and 2025, respectively, related to foreign exchange impacts related to unrealized gains (losses) on fixed maturity securities.

See "Foreign Exchange Currency Risk" below for further information regarding how we mitigate risks resulting from foreign exchange currency fluctuations.

***Other Expenses***

Other expenses of $17.7 million for the three months ended March 31, 2026 increased $5.9 million (or 50.0%) compared to $11.8 million in the prior year comparable period. The increase was driven primarily by a $2.7 million increase in system development non-operating expenses driven by costs associated with supporting the development and implementation of our integrated reinsurance and accounting system and a $2.1 million increase in Mission profit sharing expenses. Mission's profit sharing and award programs are a central part of our strategy to create long-term alignment with both Member series heads and key members of Mission's management team through performance-based incentives. Mission's business continues to perform well beyond our expectations and we view the issuance of such awards to represent significant long-term value for Accelerant.

We also experienced increases in professional costs related to corporate development activities of $0.4 million and in other individually insignificant expenses of $0.7 million.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| System development non-operating costs | $7.3 | $4.6 |
| Professional costs related to corporate development and capital raise activities | 4.0 | 3.6 |
| Mission profit sharing expenses | 3.7 | 1.6 |
| Individually insignificant costs | 2.7 | 2.0 |
| **Total other expenses** | $**17.7** | $**11.8** |

---

***Income Tax Expense***

Income tax expense was $6.1 million for the three months ended March 31, 2026 compared to $7.7 million in the prior year comparable period. Our consolidated effective tax rates ("ETRs") were 305.0% and 49.7%, respectively for the three months ended March 31, 2026 and 2025.

The comparability of our income tax expense and corresponding ETR to prior years was significantly impacted by our March 2025 change in the Accelerant Holdings and certain intermediary holding companies (together, the "Holding Companies") tax residency from the Cayman Islands to the UK, following approval of our Board of Directors. Upon becoming UK tax residents, the Holding Companies benefitted from operational efficiencies including, but not limited to, lower withholding tax rates applicable to dividend distributions from certain US subsidiaries under the US-UK tax treaty. In addition, the aggregate income (loss) of the Holding Companies became subject to UK income tax effective as of the March 2025 date of change to UK tax residency. The Holding Companies income or losses generate UK tax expense or tax benefits (to the extent that there is current or projected taxable income available in our UK operations).

In addition, and notably in periods prior to March 2025, the comparability of our tax expense and ETRs was challenged due to the mix of taxable income subject to tax in certain jurisdictions, losses incurred in zero tax rate jurisdictions and valuation allowances offsetting available carry-forward losses in certain jurisdictions. The relationship of our income tax expense to pre-tax income (loss) is atypical because our taxable income has predominately been generated in the US, UK, Ireland, and Puerto Rico resulting in income tax expense in those jurisdictions (entities in such jurisdictions are referred to as "tax-paying entities").

Meanwhile, we have incurred operating losses in zero tax rate jurisdictions (such as in our corporate and reinsurance entities in the Cayman Islands resulting in no income tax benefit. We have also incurred pre-tax operating losses in Belgium and other jurisdictions where we have generated cumulative operating losses; however, in each of those cases, a valuation allowance has been recorded against the corresponding deferred tax assets (entities in these two types of jurisdictions are referred to as "non-tax paying entities").

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

Taxable losses in one jurisdiction generally cannot be applied to offset earnings in another. In certain other jurisdictions, losses in one entity may not be used to offset taxable income generated by another entity in that same jurisdiction.

The composition of our ETRs among our tax-paying and non-tax paying entities, which demonstrates the non-tax paying entities' effect on the total ETR, for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** | **Three Months Ended<br>March 31, 2025** | **Three Months Ended<br>March 31, 2025** |
| ***(in millions)*** | **Tax-paying entities** | **Non-tax paying entities** | **Total** | **Tax-paying entities** | **Non-tax paying entities** | **Total** |
| Income (loss) before income taxes | $19.2 | $(17.2) | $2.0 | $49.5 | $(34.0) | $15.5 |
| Income tax expense | 6.1 |  | 6.1 | 7.7 |  | 7.7 |
| **Effective tax rate** | **31.8%** | **—** | **305.0%** | **15.6%** | **—** | **49.7%** |

---

The ETRs in tax-paying entities for the periods ended March 31, 2026 and 2025 were 31.8% and 15.6%, respectively. The increase reflects the inclusion of certain post-IPO executive compensation related non-deductible expenses for the three months ended March 31, 2026 along with certain discrete items triggered by the establishment of a new foreign subsidiary during the three months ended March 31, 2026.

***Enactment of new US tax legislation***

On July 4, 2025, the US enacted the budget reconciliation package H.R.1, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"), which includes a number of income tax provisions, among others. We are still analyzing any potential impact of the tax provisions in the OBBBA, but we do not expect these provisions to have a material impact on our results from operations.

**Segment Information**

We have three reportable segments, which align to the nature of the services we offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Exchange Services*** – Our Exchange Services segment includes the fees paid by the Accelerant 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***MGA Operations*** – Our MGA Operations segment includes the fees earned by Mission Members and Owned Members, predominantly for originating and underwriting a portfolio of insurance policies, reduced by the expenses associated with providing those services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Underwriting*** – Our Underwriting segment includes the revenue from net earned premium, investment income and the ceding commission paid to us by our third-party reinsurers and institutional investors, reduced by net incurred losses, the amortization of DAC and the general and administrative costs of operating our insurance and reinsurance companies.

Corporate functions, including holding company expenses, are included in Corporate and Other and our consolidation and eliminations adjustments for intersegment activity are shown separately from our reportable segments.

We consider the segment presentations of our Exchange Services, MGA Operations and Underwriting segments prior to elimination to be the best way to evaluate our business and how these business components would be presented if they were standalone operations. Such presentation is also representative of the results that would be generated from third parties as we build additional third-party insurance relationships through our Accelerant Risk Exchange.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The following includes the financial results of our three reportable segments for the three months ended March 31, 2026 and 2025. Corporate functions and certain other businesses and operations are included in Corporate and Other.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| ***(in millions)*** | **Exchange Services** | **MGA Operations** | **Underwriting** | **Total Segments** | **Corporate and Other** <sup>(1)</sup> | **Consolidation and elimination adjustments** | **Total** |
| **Revenues** | | | | | | | |
| Ceding commission income <sup>(2)</sup> | $— | $— | $10.0 | $10.0 | $— | $70.5 | $80.5 |
| Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Affiliated entities | 72.7 | 28.8 |  | 101.5 |  | (101.5) |  |
| &nbsp;&nbsp;Unaffiliated entities | 26.4 | 24.4 |  | 50.8 |  |  | 50.8 |
| Net earned premiums | *—* |  | 129.8 | 129.8 |  |  | 129.8 |
| Net investment income | 0.9 | 0.9 | 9.2 | 11.0 | 1.1 |  | 12.1 |
| **Operating revenues** | **100.0** | **54.1** | **149.0** | **303.1** | **1.1** | **(31.0)** | **273.2** |
| Losses and loss adjustment expenses |  |  | 81.8 | 81.8 |  |  | 81.8 |
| Amortization of deferred acquisition costs |  |  | 49.0 | 49.0 |  | (15.4) | 33.6 |
| General and administrative expenses <sup>(3) (4) (5)</sup> | 32.7 | 37.3 | 11.7 | 81.7 | 19.3 | (9.3) | 91.7 |
| **Adjusted EBITDA** | $**67.3** | $**16.8** | $**6.5** | $**90.6** | $**(18.2)** | $**(6.3)** | $**66.1** |
| Net realized gains on investments |  |  |  |  |  |  | 0.1 |
| Share-based compensation expenses <sup>(5)</sup> | Share-based compensation expenses <sup>(5)</sup> |  |  |  |  |  | (32.1) |
| Interest expenses |  |  |  |  |  |  | (2.5) |
| Depreciation and amortization |  |  |  |  |  |  | (10.0) |
| Net foreign exchange losses |  |  |  |  |  |  | (1.9) |
| Other expenses <sup>(6)</sup> |  |  |  |  |  |  | (17.7) |
| **Income before income taxes** |  |  |  |  |  |  | $**2.0** |

---

<sup>(1)</sup> Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.

<sup>(2)</sup> Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

<sup>(3)</sup> General and administrative expenses is comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(in millions)*** | **Exchange Services** | **MGA Operations** | **Underwriting** | **Total** |
| Employee compensation and benefits | $24.2 | $26.1 | $5.1 | $55.4 |
| Consulting and professional fees | 4.9 | 3.5 | 4.3 | 12.7 |
| Other administrative expenses | 3.6 | 7.7 | 2.3 | 13.6 |
| **Total general and administrative expenses** | $**32.7** | $**37.3** | $**11.7** | $**81.7** |

---

<sup>(4)</sup> The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by adjustments as components of the other consolidation and elimination adjustments.

<sup>(5)</sup> Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and excluded from the segment presentation above).

<sup>(6)</sup> Other expenses for the three months ended March 31, 2026 consist of $7.3 million of system development non-operating expenses, $4.0 million of professional costs related to corporate development, $3.7 million of Mission profits sharing expense and $2.7 million of individually insignificant costs.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| ***(in millions)*** | **Exchange Services** | **MGA Operations** | **Underwriting** | **Total Segments** | **Corporate and Other** <sup>(1)</sup> | **Consolidation and elimination adjustments** | **Total** |
| **Revenues** | | | | | | | |
| Ceding commission income <sup>(2)</sup> | $— | $— | $19.2 | $19.2 | $— | $51.5 | $70.7 |
| Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Affiliated entities | 59.0 | 31.5 |  | 90.5 |  | (90.5) |  |
| &nbsp;&nbsp;Unaffiliated entities | 11.2 | 16.9 |  | 28.1 |  |  | 28.1 |
| Net earned premiums | *—* |  | 63.0 | 63.0 |  |  | 63.0 |
| Net investment income | 0.6 | 0.9 | 10.0 | 11.5 | 0.7 |  | 12.2 |
| **Operating revenues** | **70.8** | **49.3** | **92.2** | **212.3** | **0.7** | **(39.0)** | **174.0** |
| Losses and loss adjustment expenses |  |  | 45.2 | 45.2 |  |  | 45.2 |
| Amortization of deferred acquisition costs |  |  | 24.8 | 24.8 |  | (7.7) | 17.1 |
| General and administrative expenses <sup>(3) (4) (5)</sup> | 23.8 | 31.2 | 11.5 | 66.5 | 14.5 | (8.1) | 72.9 |
| **Adjusted EBITDA** | $**47.0** | $**18.1** | $**10.7** | $**75.8** | $**(13.8)** | $**(23.2)** | $**38.8** |
| Net realized gains on investments |  |  |  |  |  |  | 2.3 |
| Net unrealized gains on investments |  |  |  |  |  |  | 1.7 |
| Share-based compensation expenses <sup>(5)</sup> | Share-based compensation expenses <sup>(5)</sup> |  |  |  |  |  | (2.4) |
| Interest expenses |  |  |  |  |  |  | (2.6) |
| Depreciation and amortization |  |  |  |  |  |  | (7.4) |
| Net foreign exchange losses |  |  |  |  |  |  | (3.1) |
| Other expenses <sup>(6)</sup> |  |  |  |  |  |  | (11.8) |
| **Income before income taxes** |  |  |  |  |  |  | $**15.5** |

---

<sup>(1)</sup> Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.

<sup>(2)</sup> Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8 to our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

<sup>(3)</sup> General and administrative expenses is comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(in millions)*** | **Exchange Services** | **MGA Operations** | **Underwriting** | **Total** |
| Employee compensation and benefits | $15.9 | $21.3 | $6.2 | $43.4 |
| Consulting and professional fees | 3.6 | 3.3 | 2.6 | 9.5 |
| Other administrative expenses | 4.3 | 6.6 | 2.7 | 13.6 |
| **Total general and administrative expenses** | $**23.8** | $**31.2** | $**11.5** | $**66.5** |

---

<sup>(4)</sup> The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by adjustments as components of the other consolidation and elimination adjustments.

<sup>(5)</sup> Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and excluded from the segment presentation above).

<sup>(6)</sup> Other expenses for the three months ended March 31, 2025 consists of $4.6 million of system development non-operating costs, $3.6 million of professional costs related to corporate development, $1.6 million of Mission profits sharing expense, and $2.0 million of individually insignificant costs.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**<u>Comparison of the Three Months Ended March 31, 2026 and 2025</u>**

***Exchange Services***

As noted above, our segment results are presented prior to elimination and, as such, a portion of Exchange Services direct commission income revenue was generated from transactions with Accelerant Underwriting, which is eliminated upon consolidation. Additionally, a portion of Exchange Services revenue is generated by activity with MGA Operations that is also eliminated upon consolidation, as further described below. The percentage of direct commission income from unaffiliated third parties continues to grow and was 27% of total direct commission income for the three months ended March 31, 2026, an increase from 16% for the three months ended March 31, 2025.

Exchange Services revenue grew by $29.2 million (or 41%) to $100.0 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. This growth is driven primarily by increases in direct commission income, supported by an increase in Members from 232 at March 31, 2025 to 296 at March 31, 2026 and Net Revenue Retention of 116% among continuing Members. As a result, Exchange Written Premium increased to $1.14 billion for the three months ended March 31, 2026 (from $985.2 million for the three months ended March 31, 2025).

Third-Party Direct Written Premium from our 18 Risk Exchange Insurers comprised 41% of total direct written premium for the three months ended March 31, 2026, an increase from 19% for the three months ended March 31, 2025. The year-over-year acceleration in Third-Party Direct Written Premium was driven primarily by the increased volume from the Accelerant Risk Exchange Insurers onboarded during 2025. Commission income is recognized in accordance with written premium when the performance obligations underlying the services have been satisfied. The increase in direct commission income from affiliated entities accounted for $13.7 million of the year-over-year growth in segment operating revenues for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Hadron, one of our Accelerant Risk Exchange Insurers which is primarily owned by Altamont Capital Partners, accounted for $122.9 million and $187.7 million of Exchange Written Premium during the three months ended March 31, 2026 and 2025, respectively. As other third-party insurers increase their participation on the Accelerant Risk Exchange, Hadron's share of Third-Party Direct Written Premium has declined throughout 2025 from 67% at March 31, 2025, to 58% at June 30, 2025, 54% at September 30, 2025, 47% at December 31, 2025, and 41% at March 31, 2026.

General and administrative expenses for the segment increased to $32.7 million for the three months ended March 31, 2026, over the prior year comparable period of $23.8 million, representing a 37% increase. These increases were largely driven by the expansion and scaling to support the growth of the Accelerant Risk Exchange, whereby revenues grew 41% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

We added to the talent and headcount of our data science, product and technology teams to expand our platform offering. We expect that these expenses will not vary directly with the size of the Exchange Written Premium once we have built the desired capabilities. We also added to our distribution, underwriting and claims teams, which are expected to grow more in line with the overall number of Members or size of the portfolio.

Adjusted EBITDA of $67.3 million for three months ended March 31, 2026 increased $20.3 million, or 43%, compared to the three months ended March 31, 2025. This growth was driven by increased Exchange Written Premium volumes which grew by $153.5 million, or 16%, for the three months ended March 31, 2026, driven by stable underlying margins and the aforementioned ramping of the Accelerant Risk Exchange Insurers onboarded during 2025, partially offset by higher year-over-year Member profit commission accruals, along with the increase in expenses noted above.

The year-over-year growth rate of 16% for the three months ended March 31, 2026 was suppressed relative to prior periods as it reflects our placement of certain Members into runoff. Specifically, at the end of the second quarter of 2025, we put a Member with below-average unit economics that had historically written $50 million to $55 million of premium per quarter on the Accelerant Risk Exchange into runoff. Excluding that Member, Exchange Written Premium grew by $204.1 million (or 22%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

The Adjusted EBITDA margin was 67% for the three months ended March 31, 2026, an increase from 66% in the prior period. This increase was driven primarily by increased direct commission income, partially offset by operating expenses.

***MGA Operations***

As noted above, our segment results are presented prior to elimination and, as such, a portion of MGA Operations direct commission income revenue was generated from transactions between Accelerant-affiliated entities, which are eliminated upon consolidation. MGA Operations direct commission income from third parties has been increasing and accounted for 46% of the segment's direct commission income for the three months ended March 31, 2026 compared to 35% for the three months ended March 31, 2025.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

MGA Operations revenue grew by $4.8 million to $54.1 million for the three months ended March 31, 2026, primarily by growth in direct commission income (an increase of $4.8 million from the three months ended March 31, 2025). As of March 31, 2026, we had 53 total Members in MGA Operations consisting of 18 Owned Members and 35 Mission Members. Direct commission income is recognized in accordance with written premium when the performance obligations underlying the services have been satisfied.

MGA Operations Adjusted EBITDA of $16.8 million for the three months ended March 31, 2026 decreased $1.3 million compared to the three months ended March 31, 2025, driven primarily by an increase of $6.1 million in general and administrative expense to support the growth of the segment, partially offset by the aforementioned increased in direct commission income of $4.8 million.

For the three months ended March 31, 2026, general and administrative expenses increased by $6.1 million to $37.3 million compared to the prior year, which was driven by the continued investment in Mission Underwriters. Specifically, Mission contributed $3.9 million of the year-over-year increase from the three months ended March 31, 2025, while Owned MGAs contributed $2.3 million of the increase, primarily due to investments in newly acquired owned MGAs.

Adjusted EBITDA margin for the segment decreased to 31% for the three months ended March 31, 2026, down from 37% for the three months ended March 31, 2025, driven by higher general and administrative expenses as the segment continues to scale its operations, partially offset by increased direct commission income.

***Underwriting***

The Underwriting segment generated revenues of $149.0 million for the three months ended March 31, 2026, representing growth of 62%, compared to revenues of $92.2 million for the three months ended March 31, 2025.

For the three months ended March 31, 2026, net earned premium increased by $66.8 million to $129.8 million due to our gross earned premium growth over the preceding year, partially offset by a decrease of $9.2 million in ceding commission income compared to the three months ended March 31, 2025.

The gross loss ratio on the gross premiums earned was 52.1% for the three months ended March 31, 2026 compared to 53.3% for the three months ended March 31, 2025. The corresponding net loss ratios (after impacts of our reinsurance programs) were 63.0% for the three months ended March 31, 2026, compared to 71.7% for the three months ended March 31, 2025. Our net loss ratio differs from the gross loss ratio due to decisions that we make regarding the amount of excess of loss reinsurance secured (since this will reduce the amount of retained premiums we have). The decision to engage such reinsurance, which, in most cases, inures to the benefit of our Risk Capital Partners, supports our management of downside risk to large losses within our financial statements. While the cost of the excess of loss reinsurance that we incur is reflected in our earned premiums, any reimbursements for such excess of loss reinsurance in the form of the ceding commissions we receive from Risk Capital Partners are not reflected in either our gross or net loss ratio.

The components of our Underwriting segment gross and net loss ratios are set forth in the tables below for the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| ***(in millions)*** | **Gross** | **Ceded - Quota Share** | **Ceded - Excess of Loss & Other** | **Net** |
| Earned premium | $782.1 | $(623.0) | $(29.3) | $129.8 |
| Losses and loss adjustment expenses | 407.3 | (327.7) | 2.2 | 81.8 |
| **Loss ratio** | **52.1%** | **52.6%** | **(7.5)%** | **63.0%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| ***(in millions)*** | **Gross** | **Ceded - Quota Share** | **Ceded - Excess of Loss & Other** | **Net** |
| Earned premium | $718.8 | $(620.4) | $(35.4) | $63.0 |
| Losses and loss adjustment expenses | 382.8 | (327.2) | (10.4) | 45.2 |
| **Loss ratio** | **53.3%** | **52.7%** | **29.4%** | **71.7%** |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

Adjusted EBITDA for the Underwriting segment was $6.5 million for the three months ended March 31, 2026, representing a decrease of $4.2 million compared to Adjusted EBITDA of $10.7 million for the three months ended March 31, 2025. This decrease was driven by lower excess

ceding commission income associated with the increase in retention over the prior year comparable period.

***Corporate and Other***

Corporate and Other includes the general and administrative expenses and investment results of our holding companies.

Adjusted EBITDA loss from Corporate and Other was $18.2 million for the three months ended March 31, 2026, representing an increase of $4.4 million as compared to the three months ended March 31, 2025. This increase was driven primarily by increased costs to support the growth.

***Consolidation and Elimination Adjustments***

As noted above, our business includes transactions that occur among our various segments. Our Accelerant-owned insurance companies within our Underwriting segment accounted for the majority of our Exchange Written Premium during the three months ended March 31, 2026 and 2025 as we built out our business model and proved the value proposition for the connection of our Members and the Accelerant Risk Exchange. We expect the amount of premium written with the Accelerant Risk Exchange Insurers to grow significantly over time. Similarly, Mission Members and Owned Members transact with our Accelerant Risk Exchange in the sourcing of business. Our equity ownership interests in Mission Members and Owned Members allow us to participate in those commissions earned that otherwise would be paid to third parties or our Independent Members. The transactions among these entities must be eliminated in consolidation as they represent transactions among entities under common control. However, there are considerable benefits to these intercompany transactions, as we retain associated economics rather than incurring costs otherwise paid to third parties, thereby lowering our expense base.

The impacts to our financial statements can be observed in the consolidation and elimination adjustments column within our presentation of segments above. The following represents an explanation of the various components of activity for the three months ended March 31, 2026 and 2025.

*Impacts to direct commission income for Exchange Services and MGA Operations*

Revenue generated from transactions between Accelerant-affiliated entities (including from Underwriting to Exchange Services and Exchange Services to MGA Operations) was $101.5 million for the three months ended March 31, 2026, compared to $90.5 million for the three months ended March 31, 2025. These amounts were eliminated, reflected by a corresponding offsetting entry in the consolidation and elimination adjustments column above. We present the segment results on a standalone basis, as if they were transactions with third parties, to assess their individual performance as well as to derive insight on the results we expect in the future as more business is sourced from the Accelerant Risk Exchange Insurers.

*Impacts to ceding commission income and amortization of deferred acquisition costs*

The operating results of our Underwriting segment presented above include the full commissions paid to Exchange Services in the form of deferred acquisition costs. These costs are required to be capitalized and then amortized over the related policy term. Ceding commissions received from third-party reinsurers are first offset against the deferred acquisition costs for the business ceded, with any resulting excess ceding commissions amortized over the corresponding policy term as ceding commission income. These two factors result in the Underwriting segment incurring higher amortization of DAC expense and lower ceding commission income due to the presentation of the segment's operating results on a standalone basis. Commissions paid to affiliates are eliminated, resulting in lower consolidated deferred acquisition costs. These eliminations increased the amount of ceding commission income (adjustments to increase ceding commission income by $70.5 million for the three months ended March 31, 2026, compared to $51.5 million for the three months ended March 31, 2025, while the amortization of deferred acquisition costs were decreased by $15.4 million for the three months ended March 31, 2026, compared to $7.7 million for the three months ended March 31, 2025.

*Impacts to general and administrative expenses*

There are costs eliminated in consolidation which consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by adjustments as components of the other consolidation and elimination adjustments. These eliminations were $9.3 million for the three months ended March 31, 2026, compared to $8.1 million for the three months ended March 31, 2025.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**Liquidity and Capital Resources**

***General***

Liquidity is a measure of a company's ability to generate cash flows sufficient to meet short-term and long-term cash requirements of its business operations. Accelerant Holdings' insurance and reinsurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled and licensed to conduct business. Refer to the section titled "Regulation" in our 2025 Annual Report on Form 10-K for more information. Generally, regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and LAE, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations, and annual and other report filings. In general, such regulation is for the protection of policyholders rather than shareholders. Accelerant Holdings supports its liquidity needs with available liquid cash resources and short duration, high quality fixed income portfolios.

***Sources and uses of funds***

Accelerant Holdings is a holding company with no substantial operations of its own and its assets consist primarily of its investments in subsidiaries. Its cash needs primarily consist of the payment of corporate expenses, interest payments on senior notes and strategic investment opportunities (i.e., into MGA Operations). We may receive cash through (1) issuance of mezzanine equity, permanent equity or debt securities, (2) loans from banks, (3) corporate service fees from our Exchange Services, MGA Operations and Underwriting segments, (4) payments from subsidiaries pursuant to our consolidated tax allocation agreements, and (5) dividends from subsidiaries within the Exchange Services, MGA Operations and Underwriting segments. We may use the proceeds from these sources to support business growth, invest in Member MGAs and Mission Underwriters, pay taxes, and for other business purposes.

The Exchange Services and MGA Operations segments generate cash from net commission income from the services provided to both affiliates and third parties.

Cash generated by our insurance and reinsurance operating subsidiaries is used primarily to settle loss and LAE, reinsurance premiums, acquisition costs, interest expense, taxes, and general and administrative expenses. The underwriting segment generates liquidity, as premiums are received in advance of the time that losses are paid.

We file a consolidated federal income tax return for our US subsidiaries, and under our corporate tax allocation agreement, each participant is charged or refunded taxes according to the amount that the participant would have paid or received had it filed on a separate return basis with the Internal Revenue Service.

As of March 31, 2026, we had $2.52 billion in investments, cash, cash equivalents and restricted cash, compared to $2.61 billion as of December 31, 2025. As of March 31, 2026 we had $448.2 million within current accounts and money-market accounts of non-regulated entities, primarily our agencies servicing the Accelerant Risk Exchange and holding companies, included within the total cash and investments, compared to $523.8 million as of December 31, 2025.

**Financial Condition**

***Equity***

As of March 31, 2026 and December 31, 2025 total equity was $719.9 million and $726.4 million, respectively. The change as of March 31, 2026 compared to December 31, 2025 was due to total comprehensive loss of $15.2 million, repurchased and withheld shares of $13.8 million, dividends and other transactions with non-controlling interests of $6.3 million, partially offset by the increase to additional paid-in capital from non-cash share-based compensation of $28.8 million.

***Cash, Cash Equivalents and Restricted Cash***

As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents balances of $1.54 billion and $1.80 billion, respectively. We have historically held a significant portion of our invested assets in cash equivalents (money market funds) to maintain adequate liquidity to fund ongoing large reinsurance disbursements, as money market yields have approximated those available on fixed maturity investments.

As of March 31, 2026, we had restricted cash and cash equivalents balances of $84.4 million. Cash and cash equivalents are comprised of amounts in interest-bearing deposit accounts with financial institutions insured by the FDIC up to $250 thousand per account. Restricted cash and cash equivalents are comprised of cash and money market funds that have been contributed toward trusts. Generally, our cash and cash equivalents in interest-bearing deposit accounts may exceed FDIC insurance limits exposing us to credit risk in the event of default by the financial institutions. We believe the risk of loss from such an event of default is minimal, however, we periodically review the financial stability of these institutions.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Investment Portfolio***

Our invested assets consist of fixed maturity securities, short-term investments, equity method investments, equity securities, and other investments. As of March 31, 2026, our investments were comprised of $687.4 million of fixed maturity securities, $202.8 million of short-term investments, $84.2 million of other investments, and $11.8 million of equity method investments.

Our investment portfolio has consistently maintained high credit quality and short duration investments that are positioned for capital preservation. We primarily invest in liquid, short- and medium-term securities, and investment-grade fixed income, bond fund investment vehicles with low duration and volatility with the primary objectives of matching assets with liabilities and covering near-term obligations. We limit our exposure to alternative investments. As of March 31, 2026, our cash and fixed income and short-term investments portfolio represented 96% of our total portfolio. 91% of our fixed income and short-term investments carried an S&P fixed income rating of A or higher, the balance of which was rated BBB or higher, and maintained a duration of 2.3 years.

The following table summarizes the components of our total investments and cash, cash equivalents and restricted cash as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| ***(in millions)*** | **Fair value** | **% of total** | **Fair value** | **% of total** |
| Fixed maturity securities | 687.4 | 27% | 670.4 | 26% |
| Short-term investments | 202.8 | 8% | 41.6 | 2% |
| Equity method investments | 11.8 | —% | 10.4 | —% |
| Other investments | 84.2 | 3% | 84.0 | 3% |
| Cash, cash equivalents and restricted cash | 1536.5 | 62% | 1799.3 | 69% |
| **Total investments and cash, cash equivalents and restricted cash** | $**2522.7** | **100%** | $**2605.7** | **100%** |

---

*Fixed maturity securities and Short-term investments*

At March 31, 2026 and December 31, 2025, the fair values of fixed maturity and short-term investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| ***(in millions)*** | **Fair value** | **% of total** | **Fair value** | **% of total** |
| Corporate | $262.6 | 29% | $246.9 | 35% |
| US government and agency | 282.6 | 32% | 124.5 | 17% |
| Non-US government and agency | 257.0 | 29% | 248.1 | 35% |
| Residential mortgage-backed | 52.6 | 6% | 55.6 | 8% |
| Commercial mortgage-backed | 14.9 | 2% | 15.0 | 2% |
| Other asset-backed securities | 20.5 | 2% | 21.9 | 3% |
| **Total fixed maturity and short-term investments** | $**890.2** | **100%** | $**712.0** | **100%** |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The following table summarizes the credit quality of fixed maturity and short-term investments as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(in millions)*** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Rating** | **Fair value** | **% of total** | **Fair value** | **% of total** |
| AAA | $200.8 | 23% | $184.6 | 26% |
| AA | 320.8 | 36% | 313.9 | 44% |
| A | 285.9 | 32% | 134.1 | 19% |
| BBB | 82.7 | 9% | 79.4 | 11% |
| **Total fixed maturity and short-term investments** | $**890.2** | **100%** | $**712.0** | **100%** |

---

The amortized cost and fair values of fixed maturity and short-term investments by contractual maturity were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ***(in millions)*** | **Amortized cost** | **Fair value** | **% of total** | **Amortized cost** | **Fair value** | **% of total** |
| Due in one year or less | $250.5 | $250.4 | 28% | $99.7 | $100.0 | 14% |
| Due after one year through five years | 493.1 | 489.3 | 55% | 452.3 | 456.2 | 64% |
| Due after five years through ten years | 62.9 | 61.7 | 7% | 62.5 | 62.8 | 9% |
| Due after ten years | 0.8 | 0.8 | —% | 0.5 | 0.5 | —% |
| Residential mortgage-backed | 52.7 | 52.6 | 6% | 55.5 | 55.6 | 8% |
| Commercial mortgage-backed | 14.7 | 14.9 | 2% | 14.8 | 15.0 | 2% |
| Other asset-backed securities | 20.4 | 20.5 | 2% | 21.8 | 21.9 | 3% |
| **Total** | $**895.1** | $**890.2** | **100%** | $**707.1** | $**712.0** | **100%** |

---

**Cash Flows**

Our most significant source of cash inflow is from premiums received from our insureds, which, for most policies, we receive at the beginning of the coverage period. Our most significant cash outflow is for claims that arise when a policyholder incurs an insured loss. Because the payment of claims occurs after the receipt of the premium, with the potential for a multi-year timeline, we invest the cash in various investment securities that earn interest and dividends. We also use cash to pay commissions to brokers, as well as to pay for ongoing operating expenses such as salaries, consulting services and taxes. As described under "Reinsurance" below, we use reinsurance to manage the risk that we take on our policies. We cede, or pay out, part of the premiums we receive to our reinsurers and collect cash back when losses subject to our reinsurance coverage are paid.

Our cash flows for the three months ended March 31, 2026 and 2025 were:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(in millions)*** | **2026** | **2025** |
| Cash, cash equivalents and restricted cash provided by (used in): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $(21.4) | $91.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | (211.6) | (89.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | (19.2) | (2.3) |
| Effect of foreign currency rate change on cash, cash equivalents and restricted cash | (10.6) | 17.9 |
| **Net change in cash, cash equivalents, and restricted cash** | $**(262.8)** | $**17.7** |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Operating Activities***

We believe that claim payments will be sufficiently supported by annual positive cash flows from operating activities. However, should operating cash flows be insufficient to fund claim payment obligations, we would use alternative internal funding sources from cash and cash equivalent balances, liquidation of portfolio investments and potential external sources, such as credit facilities. Our fixed maturities portfolio is weighted towards conservative, high-quality securities. Management expects that, if necessary, the full value of cash, cash equivalents, short-term and fixed income investments could be available in two to three business days under normal market conditions.

Net cash used in operating activities for the three months ended March 31, 2026 was $21.4 million compared to net cash provided by operating activities of $91.8 million for the three months ended March 31, 2025. Our operating cashflows for the first quarter of 2026 were principally reduced by underwriting related cash flow timing with which we paid outstanding balances with our reinsurance and other counterparties that were recorded as liabilities as of December 31, 2025. The timing of such payments had been delayed in connection with certain reinsurance set-up activities as of December 31, 2025.

***Investing Activities***

Our portfolio is weighted towards conservative, high-quality securities as well as cash and cash equivalent investments, such as money market funds. We also hold investments in alternative securities that typically report on a consistent lag basis whereby their valuation may change in response to future financial performance of the investees.

For the three months ended March 31, 2026, net cash used in investing activities was $211.6 million, which is primarily related to net changes in our short-term investments and purchases of fixed maturity securities.

For the three months ended March 31, 2025, net cash used in investing activities was $89.7 million, which is primarily related to purchases of fixed maturity securities, partially offset by sales and maturities of fixed maturity investments.

***Financing Activities***

Net cash used in financing activities for the three months ended March 31, 2026 was $19.2 million and primarily related to the $12.2 million cash component of the acquisition of common shares, $4.9 million related to the acquisition of non-controlling interests in subsidiaries, $1.3 million related to dividends paid to non-controlling interests, and $0.8 million related to the repayment of debt obligations.

Net cash used in financing activities for the three months ended March 31, 2025 of $2.3 million was due to dividends paid to non-controlling interests.

**Supplemental Non-Cash Activity Information** 

Refer to the notes to the cash flow statement presented in our interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for information related to significant non-cash investing and financing activities for the three months ended March 31, 2026 and 2025.

**Reinsurance**

As part of our strategy to engage with Risk Capital Partners, we offer quota share reinsurance contracts to these partners. We also purchase excess of loss reinsurance contracts for the business that we retain to further limit our exposure to potential large losses. Our reinsurance is primarily contracted under quota-share reinsurance treaties and excess of loss treaties. In quota-share reinsurance, the reinsurer agrees to assume a specified percentage of the ceding company's losses arising out of a defined class of business in exchange for a corresponding percentage of premiums, net of a ceding commission. In excess of loss reinsurance, the reinsurer agrees to assume all or a portion of the ceding company's losses, in excess of a specified amount. In excess of loss reinsurance, the premium payable to the reinsurer is negotiated by the parties based on their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company's losses.

We employ disciplined and principles-based reserving practices with effective controls and oversight. We actively manage risk through reinsurance, partnering primarily with reinsurers that maintain "A-" or better A.M. Best financial strength ratings, possess a history of strong credit quality or that fully collateralize their recoverables, all of which ensures high-quality recoverable assets and minimizes counterparty risk. We believe our high-quality balance sheet provides the foundation for consistently delivering financial performance and returns.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

Credit risk exists with reinsurance ceded to the extent that any reinsurer is unable to meet the obligation assumed under the reinsurance agreements. An allowance is established for amounts deemed uncollectible. We evaluate the financial condition of our reinsurers and monitor concentration of credit risk arising from our exposure to individual reinsurers. To further reduce credit exposure to reinsurance recoverables balances, we have received letters of credit from certain reinsurers that are not authorized as reinsurers under US state insurance regulations.

Of the total reinsurance recoverables on paid and unpaid losses and LAE outstanding as of March 31, 2026, 54% were with reinsurers having an A.M. Best rating of "A-" (excellent) or better, and we require reinsurance recoverables with reinsurers that have an A.M. Best rating below "A-" or are not rated by A.M. Best to be subject to collateral arrangements through a combination of letters of credit, funds withheld arrangements or trust agreements. We consider such collateral arrangements, credit ratings assigned to reinsurers by A.M. Best and other historical default rate information in estimating the credit valuation allowance for reinsurance recoverables. The credit valuation allowance was $0.6 million as of both March 31, 2026 and December 31, 2025.

We cede a significant portion of our insurance business to our unconsolidated collateralized reinsurance sidecar vehicle, Flywheel Re. Flywheel Re is a Cayman Islands special purpose reinsurance company that provides committed multi-year collateralized quota share capacity, capitalized by long-term institutional investors.

**Contractual Obligations and Commitments**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| ***Payment Due by Period ($ millions)*** | **Total** | **Less than one year** | **1-3 years** | **3-5 years** | **After 5 years** |
| Senior unsecured debt due 2029 <sup>(1)</sup>  | 151.2 | $12.4 | $27.7 | $111.1 | $— |
| Long-term unfunded investment commitments <sup>(2)</sup> | 7.0 | 7.0 |  |  |  |
| Estimated claims and claim-related commitments <sup>(3)</sup> | 2129.2 | 456.5 | 893.4 | 402.8 | 376.5 |
| **Total** | $**2287.4** | $**475.9** | $**921.1** | $**513.9** | $**376.5** |

---

<sup>(1)</sup> Amounts presented include estimated interest payments.

<sup>(2)</sup> We have invested in limited partnership agreements and can be called to fulfill the obligations at any time.

<sup>(3)</sup> Estimated timing of claim payments are based on historical payment patterns and exclude reinsurance recoveries. Claims payments do not have a contractual maturity and, as such, the amount and timing of associated cash flows may vary significantly from the amounts presented.

***Regulated deposits and restricted assets***

Certain companies in the Group are required to maintain assets on deposit with various regulatory authorities to support our insurance and reinsurance operations. Securities on deposit for regulatory and other purposes were $5.7 million and $5.2 million as of March 31, 2026 and December 31, 2025, respectively, which are included in "Fixed maturity securities available for sale, at fair value" in the condensed consolidated balance sheets.

In addition, we have pledged cash and cash equivalents of $82.3 million, short-term investments of $1.0 million and fixed maturity securities of $25.6 million as of March 31, 2026 in favor of certain ceding companies to collateralize obligations. As of December 31, 2025, we had pledged cash and cash equivalents of $83.1 million, short-term investments of $0.9 million and fixed maturity securities of $25.8 million in favor of certain ceding companies to collateralize obligations.

***Reserves for losses and loss adjustment expenses***

Reserves for losses and LAE represent our estimated indemnity cost and related adjustment expenses necessary to administer and settle claims. Our estimates are based upon individual case estimates for reported claims set by our claims specialists, adjusted with actuarial estimates for any further expected development on reported claims and for losses that have been incurred, but not yet reported. Actual losses and settlement expenses paid may deviate, perhaps substantially, from the reserve estimates reflected in our consolidated financial statements. Similarly, the timing for payment of our estimated losses is not fixed and is not determinable on an individual or aggregate basis due to the uncertainty inherent in the process of estimating such payments.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Reinsurance recoverables***

Reinsurance recoverables on reserves for losses and LAE are reported separately as assets, instead of being netted with the related liabilities, since reinsurance does not discharge us of our liability to policyholders. The method for determining reinsurance recoverables for unpaid losses and LAE involves reviewing actuarial estimates of gross unpaid losses and LAE to determine our ability to cede unpaid losses and loss adjustment expenses under our existing reinsurance contracts.

***Debt***

We have a credit agreement that consists of senior unsecured syndicated US dollar denominated loan facility with a September 2029 maturity date, as well as a $50 million revolving credit facility (all of which was unutilized and available as of March 31, 2026). Each borrowing under the revolving credit facility may have a maturity of one, three or six months, at our election, but may not extend beyond the credit agreement's maturity date. Such borrowings may be repaid early.

The senior unsecured debt represents an unsecured obligation and includes a delayed draw term loan ("DDTL") feature that allows us to withdraw predefined amounts. We may withdraw up to an additional $75 million upon request, subject to the agreement of the lenders.

Partial quarterly repayments of the aggregate principal amount are required until the maturity date as reflected in the table above. Interest payments on the senior notes are due at the end of each period, being a certain month or quarter during which the applicable interest rate has been reset. The interest rate is subject to a sliding scale based on our consolidated senior debt to capitalization ratio and varies between a 3.4% and 4.0% spread in addition to the Secured Overnight Financing Rate ("SOFR"). Interest is calculated based on a 360-day year of twelve 30-day months. Interest expense for the three months ended March 31, 2026 and 2025 was $2.5 million and $2.6 million, respectively.

Subject to conditions of optional prepayment, we may voluntarily prepay the senior unsecured debt at any time and from time to time, prior to the maturity date without penalty. Any prepayment, in whole or in part, shall include any accrued and unpaid interest thereon to, but excluding, the prepayment date. Any amounts we prepay may not be reborrowed.

The senior notes contain certain restrictive and maintenance covenants customary for facilities of this type, including restrictions on minimum consolidated net worth, maximum leverage levels and a minimum interest coverage ratio. As of March 31, 2026, we were in compliance with all such covenants.

***Capital maintenance agreements***

We have capital maintenance agreements with our insurance subsidiaries that obligate us to make capital contributions to our rated insurance and reinsurance subsidiaries to maintain surplus above our minimum regulatory and rating agency capital targets. These requirements are set by our Board of Directors. During the three months ended March 31, 2026, we made capital contributions of $48.0 million to Accelerant Re. I.I. (Puerto Rico), and $10.7 million to Accelerant Insurance UK Limited.

**Ratings**

Ratings by independent agencies are an important factor in establishing the competitive position of insurance companies and reinsurance companies and are important to our ability attract Members and third-party capital providers. Rating organizations continually review the financial positions of insurers and reinsurers. These ratings reflect the rating agency's views regarding balance sheet strength, operating performance, business profile and enterprise risk management. It is not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold our shares. Our insurance and reinsurance operating subsidiaries are assigned financial strength ratings by A.M. Best as follows:

---

| | | |
|:---|:---|:---|
| | **Rating** | **Outlook** |
| Accelerant Insurance Europe SA | "A-" (Excellent) | Stable |
| Accelerant Specialty Insurance Company | "A-" (Excellent) | Stable |
| Accelerant National Insurance Company | "A-" (Excellent) | Stable |
| Accelerant Re (Cayman) Ltd. | "A-" (Excellent) | Stable |
| Accelerant Insurance UK Limited | "A-" (Excellent) | Stable |
| Accelerant Insurance Company of Canada | "A-" (Excellent) | Stable |
| Accelerant Re. I.I. (Puerto Rico) | "A-" (Excellent) | Stable |

---

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

These ratings reflect A.M. Best's opinion of the ability of Accelerant Holdings and respective subsidiaries to pay claims and are not evaluations directed to security holders. A.M. Best maintains a letter-scale rating system ranging from "A++" (Superior) to "F" (in liquidation). "A–" is the fourth highest of 16 financial strength ratings assigned by A.M. Best, as last updated in June 2025. These ratings are subject to periodic review and may be revised downward or revoked at the sole discretion of A.M. Best.

**Off-Balance Sheet Arrangements**

We do not have any off-balance sheet arrangements, as defined by applicable regulations of the SEC, which are reasonably likely to have a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

**Critical Accounting Policies and Estimates**

Our consolidated financial statements are prepared in conformity with US GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on our historical experience and on various other assumptions that we believe are reasonable after weighing up all relevant information. Actual results may differ from those estimates.

The accounting policies listed below involve significant estimates, and therefore are critical in understanding our financial performance and operational results. For additional information, refer to Note 2 to our audited consolidated financial statements included in our 2025 Annual Report.

***Unpaid Loss and Loss Adjustment Expenses***

We record loss reserves for our unpaid loss and LAE, which involves significant judgment and complex estimation processes. It represents management's best estimate of the unpaid portion of ultimate costs, of all reported and unreported loss incurred through the balance sheet date and is based upon the assumption that past developments are an appropriate indicator of future events among other factors. The reserves are based on individual claims, case reserves and other reserves estimates reported, as well as actuarial estimates of ultimate losses.

Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. The unpaid losses and LAE are presented on an undiscounted basis.

The process of establishing unpaid losses and LAE can be complex and is subject to considerable uncertainty, as it requires the use of informed estimates and judgments based on circumstances known at the date of accrual. These estimates and judgments are based on numerous factors and may be revised as additional experience and other data become available and are reviewed and as new or improved methodologies are developed. The adequacy of the reserves may be impacted by future trends in claims severity, frequency, payment patterns and other factors. These variables are affected by both external and internal events, including but not limited to, changes in the economic cycle, inflation, natural or human-made catastrophes and legislative changes.

The main risks and uncertainties are associated with limited historical data and new and evolving estimation processes. As such, we supplement our analysis using a combination of third-party data provided by Members and industry benchmark data as the basis for the selection of expected reporting patterns. We expect to continuously increase the use of our own data and experience as we accumulate such information over time. In addition, we incorporate our estimates of future trends in various factors such as loss frequency and severity in the evaluation process.

We review loss reserves in-depth every six months or more frequently depending on the facts and circumstances, with a high-level actual versus expected ("AvE") analysis done in between the in-depth reviews. During in-depth reviews, all estimates are reviewed and adjusted as our own experience develops and market conditions change. During the high level AvE analysis we make changes for any material developments over the period (e.g., large losses, catastrophic events or significant market changes).

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

Total IBNR reserves are determined by subtracting payments and case reserves implied from the ultimate loss and LAE estimates. Ultimate loss and LAE are estimated utilizing generally accepted actuarial loss reserving methods. Our reserving methods include the Chain Ladder, Bornheutter-Ferguson and Initial Expected Loss Ratio methods. Reportable catastrophe losses are analyzed and reserved separately using a frequency and severity approach. The underlying premise of the Chain Ladder method is that future claims are best estimated using past development pattern, whereas the Bornheutter-Ferguson method employs a combination of past claims development and prior estimates of ultimate losses based on expected loss ratio. The methods all involve aggregating paid and case-incurred loss data by underwriting year and development month, segmented into Members and products or lines of business as deemed appropriate and material. The ultimate loss selections for each year tend to be based upon the Chain Ladder results for the older years and the Bornheutter-Ferguson method for the most recent years.

Because we have limited data to assess our own claims experience given the recently formed nature of the business, we use industry and peer-group data, in addition to our own data, as a basis for selecting our expected paid and reporting patterns.

Inflation rates in all major economic regions and the imposition (or threatened imposition) of tariffs add to the uncertainty of the future claim cost. Actuarial models base future emergence on historic experience, with adjustments for current trends, and the appropriateness of these assumptions has therefore involved more uncertainty in recent periods. We expect there will be impacts to the timing of loss emergence and ultimate loss ratios for certain underwritten coverages. The industry is experiencing new issues, including a backlog of civil court cases in most states, the extension of certain statutes of limitations and the impact on insureds from a significant reduction in economic activity. Our recorded reserves include consideration of these factors, but legislative, regulatory, or judicial actions could result in loss reserve deficiencies and reduce earnings in future periods.

The two categories of our loss reserves include case reserves and IBNR reserves. Our gross reserves for losses and LAE at March 31, 2026 and December 31, 2025 were $2.13 billion and $2.01 billion, 63% and 62% of which relates to IBNR, respectively. Our reserves for losses and loss adjustment expenses, net of reinsurance, at March 31, 2026 and December 31, 2025 were $270.7 million and $323.1 million, 54% and 54% of which relates to IBNR, respectively.

The following table summarizes our reserves for unpaid losses and loss adjustment expenses, on a gross basis and net of reinsurance, as of March 31, 2026 and December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ***(in millions)*** | **Gross** | **% of Total** | **Net** | **% of Total** | **Gross** | **% of Total** | **Net** | **% of Total** |
| Case reserves | $797.5 | 37% | $123.8 | 46% | $760.8 | 38% | $149.9 | 46% |
| IBNR | 1331.7 | 63% | 146.9 | 54% | 1244.6 | 62% | 173.2 | 54% |
| **Total** | $**2129.2** | **100%** | $**270.7** | **100%** | $**2005.4** | **100%** | $**323.1** | **100%** |

---

Case reserves are established for the individual claims that have been reported to us. Based on the information available and the status of the claims, case reserves are established by TPAs, who have the authority of handling smaller claims (typically up to $250 thousand per claim) or our claims teams, for large losses, through standard claim handling practices and professional judgment. As mentioned above, the estimates may be refined, and the ultimate value of claims liability may be adjusted either upward or downward as more information becomes available.

In case of catastrophes or other large losses, the additional IBNR in relation to those claims is estimated by the joint work of the claims, portfolio management, and actuarial teams, and those estimates are used in the final estimates provided to the finance team for recognition within our financial statements. Our internal threshold for catastrophe losses is $10 million of gross losses. We have had ten such events since inception: European flooding (July 2021), Storm Arwen (2021), Storm Eunice (February 2022), Hurricane Ian (September 2022), US winter storms (January 2024), Hurricane Helene (September 2024), California wildfires (January 2025), Storm Éowyn (January 2025), Missouri Tornados (May 2025) and Winter Storm Fern (January 2026). In aggregate, these events led to approximately $17 million of net incurred losses. While we write insurance products in each of these potentially impacted areas, we also maintain significant reinsurance coverage such that our net exposure is limited. Overall, our gross claims are expected to be $187 million which leads to the net expected amount of $17 million. In addition to our quota share cover, for the 2025 and prior treaty years, our US property catastrophe excess of loss retention for a modelled gross occurrence is expected to significantly reduce our net exposure to insignificant levels as part of our business model to limit our exposure to insurance risk.

In addition to the assumptions used in our data and reserves methodology, we used the following estimates to determine our unpaid loss and LAE: development patterns where we use Members' experience and/or applicable industry information; inflation assumptions for each class of business and territory; rate changes as provided by Members and underwriting changes as evidence leading to the rate changes; business mix changes for various Members; large loss load calculated from historic average performance or similar class of business; and selected loss ratio that is representative.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

The tables below represent the aggregated impact from potential deviations from our recorded net loss and LAE reserves as of March 31, 2026 and December 31, 2025:

Sensitivity factors are applied to our most recent underwriting year, and we believe these potential changes will not have a material impact on our liquidity. An increase in the gross loss of 3% in the most recent underwriting year would equate to an increase in the net loss and LAE reserve of $6.4 million.

---

| | | | |
|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| ***Sensitivity (in millions)*** | **Sensitivity for Ultimate Loss and LAE Sensitivity Factor** | **Net Loss and LAE Reserve** | **Increase/(Decrease) in Net Loss and LAE Reserve** |
| Increase | +3% | $277.1 | $6.4 |
| Increase | +2% | 275.0 | 4.3 |
| Increase | +1% | 272.8 | 2.1 |
| Actual (Base Case) | 0% | 270.7 |  |
| Decrease | -1% | 268.6 | (2.1) |
| Decrease | -2% | 266.4 | (4.3) |
| Decrease | -3% | 264.3 | (6.4) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ***Sensitivity (in millions)*** | **Sensitivity for Ultimate Loss and LAE Sensitivity Factor** | **Net Loss and LAE Reserve** | **Increase/(Decrease) in Net Loss and LAE Reserve** |
| Increase | +3% | $330.7 | $7.6 |
| Increase | +2% | 328.2 | 5.1 |
| Increase | +1% | 325.6 | 2.5 |
| Actual (Base Case) | 0% | 323.1 |  |
| Decrease | -1% | 320.6 | (2.5) |
| Decrease | -2% | 318.0 | (5.1) |
| Decrease | -3% | 315.5 | (7.6) |

---

***Reinsurance Recoverable on Unpaid Losses***

In our Underwriting segment, we cede a large proportion of our GWP under various reinsurance contracts. These reinsurance agreements transfer portions of the underlying risk of the business that we underwrite and a share of premium to reinsurers, but they do not release or diminish our obligation to pay claims covered by the insurance policies. We are still primarily liable to the insured whether or not the reinsurer is able to meet its contractual obligations.

The quantum of ceded loss recoveries from our reinsurers are subject to uncertainty as our calculation of such amounts rely on similar estimates and methodologies as are used in estimating our gross loss reserves.

Additionally, there is a risk that one or more of our reinsurers may be unwilling or unable to pay their share of reinsurance recoverables. This risk is mitigated by placing our reinsurance with a diverse panel of reinsurers that are all either rated "A-" or better by A.M. Best or provide collateral to us to maximize the probability that reinsurance recoverables will be realized. We regularly monitor the financial condition of our reinsurers and we generally have special termination rights in our reinsurance treaties in the event of deterioration in the reinsurers' credit worthiness, generally if the A.M. Best rating falls below "A-" or there is a reduction in the capital and surplus of the reinsurer of more than 20% of their prior year end capital and surplus. Despite these arrangements, there is a risk that a reduction in one or more reinsurers' ability or willingness to pay our reinsurance recoverables could have a materially negative impact on our liquidity.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Impacts of Loss Ratio Estimates and Actual Loss Experience on Sliding Scale Commissions Impacting our Ceding Commission Income***

We cede a significant portion of our premiums written to reinsurance companies. The ceding commissions are offset against DAC related to the insurance contracts subject to such reinsurance. Any excess ceding commissions over the related DAC are subject to deferral over the insurance premiums earning period. Certain of our reinsurance arrangements are subject to sliding scale commission amounts pursuant to the agreements with various reinsurers based on the actual loss experience of covered insurance contracts.

The contractual ceding commission amounts are expressed as a percentage of the underlying premiums by type of insurance policy. Further, the amount of ceding commissions may vary based on the volume of ceded premium and the loss ratio. As that loss ratio changes from the original expected contractual amount, the amount of ceding commission inversely changes (such that adverse experience in the subject loss ratio will result in a reduction in ceding commissions and conversely, any favorable experience in the subject loss ratio will result in an increase in ceding commissions).

The change in ceding commissions will result in a change to the deferred ceding commission liability to the extent that the underlying premiums are unearned and, conversely, will result in a direct change to income to the extent that the underlying premium has been earned. As such, the sliding scale commissions act as a substantive participation in the underlying loss experience of the underlying insurance contracts.

Our typical reinsurance treaties' commissions vary based on the volume of ceded premium and the ratio of ceded loss to ceded premium. As that ratio decreases, the amount of commission increases. As of March 31, 2026, the average commission we receive is 50% of ceded premium at a 40% gross loss ratio and a minimum of 34% of ceded premium at gross loss ratios of 67% and above. The adjustment between the points is largely linear. We expect commissions of 43% of ceded premium at a gross loss ratio of 50%. There were no significant adverse adjustments to reinsurance commissions due to prior year claims experience during the three months ended March 31, 2026.

Our process for calculating changes in ceding commissions from our reinsurers is linked to the results of our actuarial reserving process for loss and loss adjustment expense reserves, which is updated each reporting period. On a quarterly basis, our actuaries produce an actuarial central estimate of the gross and net loss reserves for all contracts bound as of the evaluation date. The calculations also include estimates of loss-sensitive contingent terms such as sliding scale ceding commissions. Calculations are done on a contract-by-contract basis and reflect the most recent premium and loss information available at the evaluation date.

***Valuation Allowance on Deferred Income Taxes***

Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of assets and liabilities used in the various jurisdictional tax returns. We recognize deferred tax assets to the extent we believe it is probable that future profits will be available to utilize these tax benefits. As of March 31, 2026, we had net deferred tax assets of $78.3 million.

A valuation allowance is set up for the portion of the asset that is more likely than not unrealizable, which reduces the total deferred tax asset to only the amount that we expect to realize. This allowance is assessed at each balance sheet date and is based on all available information including significant judgments related to the likely timing and level of forecasted taxable profits based on assumptions about future macroeconomic and Company-specific conditions and the associated future tax planning strategies. We subject the forecasts to stresses of key assumptions and evaluate the effect on tax attribute utilization. In performing our assessment of recoverability, we consider tax laws governing the utilization of net operating losses, capital losses and tax credit carryforwards in each applicable jurisdiction. The tax laws are subject to change, resulting in incremental uncertainty in our assessment of recoverability, along with the future tax planning strategies. If the actual taxable income in future periods differ from our forecast, it could impact our financial position in either a materially positive or negative way. As of March 31, 2026, our valuation allowance was $47.2 million. We intend to evaluate the realizability of our deferred tax asset quarterly through the assessment of the need for such a valuation allowance.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in credit spreads, interest rates, equity markets prices, foreign currency exchange rates, and other relevant market rates and prices.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

***Credit Risk***

Credit risk is the potential loss resulting from adverse changes in an issuer's ability to repay its debt obligations. We have exposure to credit risk as a holder of fixed-maturity securities. We manage this credit risk through diversification in terms of instruments by issuer, geographic region and related industry. At March 31, 2026, approximately 88% of our fixed maturity investment portfolio was rated "A" or better and approximately 100% was classified as investment-grade.

***Interest Rate Risk***

Interest rate risk is the risk that we will incur economic losses due to adverse changes in interest rates. The primary market risk to the investment portfolio is interest rate risk associated with investments in fixed-maturity securities. Changes in interest rates have a direct effect on the market valuation of these securities. When market interest rates rise, the fair value of our fixed-maturity securities decreases. Conversely, as interest rates fall, the fair value of our fixed-maturity securities increases. We manage this interest rate risk by investing in securities with varied maturity dates and by matching the duration of our investment portfolio to the duration of our loss and LAE reserves. Expressed in years, duration is the weighted average payment period of cash flows, where the weighting is based on the present value of the cash flows. We set duration targets for our fixed-maturity investment portfolios after consideration of the estimated duration of our liabilities and other factors. The effective weighted-average duration of the portfolio was 2.9 years as of March 31, 2026.

We had available for sale fixed maturity securities with a fair value of $687.4 million and $670.4 million at March 31, 2026 and December 31, 2025, respectively, that were subject to interest rate risk. The table below illustrates the sensitivity of the fair value of our fixed maturity securities to selected hypothetical changes in interest rates as of March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| ***(in millions)*** | **Fair Value** | **Estimated Change in Fair Value** | **Fair Value** | **Estimated Change in Fair Value** |
| 200 basis point increase | $647.9 | $(39.5) | $631.4 | $(39.0) |
| 100 basis point increase | 667.7 | (19.7) | 650.9 | (19.5) |
| No change | 687.4 |  | 670.4 |  |
| 100 basis point decrease | 707.1 | 19.7 | 689.9 | 19.5 |
| 200 basis point decrease | 726.9 | 39.5 | 709.4 | 39.0 |

---

Changes in interest rates will have an immediate effect on comprehensive income and shareholders' equity but will not ordinarily have an immediate effect on net income. Actual results may differ from the hypothetical change in market rates assumed in this disclosure. This sensitivity analysis does not reflect the results of any action that we may take to mitigate such hypothetical losses in fair value.

***Equity Risk***

Equity risk represents the potential economic losses due to adverse changes in equity security prices. Our equity securities consist of interests in highly rated, highly liquid, investment funds. We manage equity price risk of our equity portfolio primarily through asset allocation techniques, and fund selection within a given portfolio.

***Foreign Currency Exchange Risk***

Foreign currency exchange-rate risk is the risk that we will incur losses on a US dollar basis due to adverse changes in foreign currency exchange rates. In the ordinary course of business, we hold non-US dollar denominated assets and liabilities, which are valued using period-end exchange rates. Non-US dollar denominated foreign revenues and expenses are valued using average exchange rates over the period. We have the following exposures to foreign currency risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction Risk*: The functional currency for most of our subsidiaries is the US dollar. Within these entities, any fluctuations in foreign currency exchange rates relative to the US dollar has a direct impact on the valuation of our assets and liabilities denominated in other currencies. All changes in foreign exchange rates, except for non-US dollar fixed maturities and available for sale securities, are recognized in our consolidated statements of operations. Changes in foreign exchange rates relating to non-US dollar fixed maturities and available for sale securities are recorded in accumulated other comprehensive income in shareholders' equity. Our subsidiaries with non-US dollar functional currencies are also exposed to fluctuations in foreign currency exchange rates relative to their own functional currency.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Translation Risk*: We have net investments in certain European, British, and Canadian subsidiaries whose functional currencies are the Euro, British Pound and Canadian dollar, respectively. The foreign exchange gain or loss resulting from the translation of their financial statements from their respective functional currency into US dollars is recorded in the cumulative translation adjustment account, which is a component of accumulated other comprehensive income in shareholders' equity.

Our foreign currency policy is to broadly manage, where possible, our foreign currency risk by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to match our liabilities under (re)insurance policies that are payable in foreign currencies with assets that are denominated in such currencies, subject to regulatory constraints.

To the extent our foreign currency exposure is not matched, we may experience foreign exchange losses or gains, which would be reflected in our consolidated results of operations and financial condition. We continue to assess additional hedging strategies and instruments that could further reduce our exposure to foreign currency exchange-rate volatility.

The following table summarizes the estimated effects of a hypothetical 10% increase and decrease in the value of the US dollar against select foreign currencies would have had on the carrying value of our net assets as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| ***(in millions)*** | **10% increase** | **10% decrease** | **10% increase** | **10% decrease** |
| British Pound to US Dollar | $9.1 | $(9.1) | $1.5 | $(1.5) |
| Euro to US Dollar | (8.8) | 8.8 | (2.5) | 2.5 |
| Canadian Dollar to US Dollar | 2.5 | (2.5) | 2.4 | (2.4) |

---

The overall impact for the three months ended March 31, 2026 is reduced due to offsetting impacts to the Consolidated Statement of Operations from the remeasurement of transactions in currencies other than the local operation's functional currency and from foreign exchange gains recognized in other comprehensive income related to foreign currency translation adjustments.

**Item 4. Controls and Procedures**

Accelerant Holdings' management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Accelerant Holdings' disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15(d)-15(e) under the Securities Exchange Act of 1934, as amended, as of March 31, 2026. Based on this evaluation, Accelerant Holdings' Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026.

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f)) that have occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

Other than in the ordinary course of our business operations, we are not currently party to any civil or government investigation. We do not expect that the ultimate outcome of any of the currently ongoing legal proceedings, individually or collectively, would have a material adverse effect on our business, financial condition, results of operations, or prospects. However, the results of litigation and arbitration are inherently unpredictable, and the possibility exists that the ultimate resolution of matters to which we are or could become subject could result in a material adverse effect on our business, financial condition, results of operations or prospects.

**Item 1A. Risk Factors**

There have been no material changes to our risk factors that we believe are material to our business, results of operations and financial condition, from the risk factors previously disclosed in the section entitled "Risk Factors" in our 2025 Annual Report.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Purchases of Equity Securities by the Issuer or an Affiliated Purchaser**

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 "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 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.

The following table provides information about our repurchase of our Class A Common Shares during the three months ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total number of shares purchased** | **Average price paid per share** | **Total Number of Shares Purchased<br>as Part of Publicly Announced<br>Plans or Programs** | **Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan or Program** <br>**(in millions)** <sup>(1)</sup> |
| January 1 - January 31, 2026 |  |  |  |  |
| February 1 - February 28, 2026 |  |  |  |  |
| March 1 - March 31, 2026 | 828333 | $13.11 | 828333 | 189.1 |
| **Total** | **828333** | $**13.11** | **828333** | $**189.1** |

---

<sup>(1)</sup> Under the $200 million Share Repurchase Plan announced on March 18, 2026, which expires on December 31, 2028.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**Item 5. Other Information**

*Rule 10b5-1 Trading Arrangements*

During the three months ended March 31, 2026, none of the Company's directors or officers adopted, modified or terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 24, 2026, Jeff Radke, Chief Executive Officer, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on June 21, 2027, relating to the sale of the lesser of (1) 4,160,000 Class A common shares, or (2) a number of Class A common shares of the Company sufficient to generate $45.0 million in gross proceeds, exclusive of commissions. Assuming such shares are sold at an average price of $13.36 (the closing price on May 11, 2026), sales under the trading arrangement would represent approximately 11.8% of the shares beneficially owned by Mr. Radke as of the date of this Quarterly Report and the maximum number of shares that can be sold under the plan will not exceed 14.6% of such ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 18, 2026, Frank O'Neill, Chief Underwriting Officer, terminated a Rule 10b5-1 Trading Plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act that he had previously entered into on December 8, 2025. On March 23, 2026, Mr. O'Neill entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on September 24, 2026, relating to the sale of the lesser of (1) 1,600,730 Class A common shares, or (2) a number of Class A common shares of the Company sufficient to generate $12.33 million in gross proceeds, exclusive of commissions. Assuming such shares are sold at an average price of $13.36 (the closing price on May 11, 2026), sales under the trading arrangement would represent approximately 12.8% of the shares beneficially owned by Mr. O'Neill as of the date of this Quarterly Report and the maximum number of shares that can be sold under the plan will not exceed 22.1% of such ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 23, 2026, Christopher Lee-Smith, Head of Distribution, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on April 1, 2027, relating to the sale of up to 1,767,000 Class A common shares of the Company, which represents approximately 10% of the shares beneficially owned by Mr. Lee-Smith's as of the date of this Quarterly Report.

The Company encourages the use of Rule 10b5-1 plans to facilitate long-term financial, tax and liquidity planning by executives.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

 **Item 6. Exhibits**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
| **Exhibit Number** | **Exhibit Description** | **Form** | **Date of Filing** | **Exhibit Number** |<br>**Filed Herewith** |
| 10.1+ | <u>[Employment Agreement, by and between Linda S. Huber and Accelerant Holdings, dated March 18, 2026 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on March 18, 2026).](https://www.sec.gov/Archives/edgar/data/1997350/000119312526113962/d80009dex101.htm)</u> | 8-K | 3/18/2026 | 10.1 |  |
| 10.2+ | <u>[Restrictive Covenant Agreement, by and between Linda S. Huber and Accelerant Holdings, dated March 18, 2026 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed on March 18, 2026).](https://www.sec.gov/Archives/edgar/data/1997350/000119312526113962/d80009dex102.htm)</u> | 8-K | 3/18/2026 | 10.2 |  |
| 10.3+ | <u>[Separation Agreement, by and between Jay Green and Accelerant Holdings, dated March 18, 2026 (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed on March 18, 2026).](https://www.sec.gov/Archives/edgar/data/1997350/000119312526113962/d80009dex103.htm)</u> | 8-K | 3/18/2026 | 10.3 |  |
| 10.4+ | <u>[Accelerant Holdings Restricted Share Unit Notice and Award Agreement (Time-Based, Effective March 18, 2026).](exhibit104accelerantformof.htm)</u> |  |  |  | X |
| 10.5+ | <u>[Accelerant Holdings Performance Share Unit Notice and Award Agreement (Performance-Based, Effective March 18, 2026).](exhibit105accelerant_psuxa.htm)</u> |  |  |  | X |
| 10.6+ | <u>[Accelerant Holdings Restricted Share Unit Notice and Award Agreement (Time-Based, Non-Employee Director Form, Effective May 12, 2026).](exhibit106accelerantformof.htm)</u> |  |  |  | X |
| 19.1 | <u>[Accelerant Holdings Insider Trading Policy](insidertradingpolicyeffe.htm)[.](insidertradingpolicyeffe.htm)</u> |  |  |  | X |
| 31.1 | <u>[Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex311sox302certificationfo.htm)</u> |  |  |  | X |
| 31.2 | <u>[Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex312sox302certificationfo.htm)</u> |  |  |  | X |
| 32.1\* | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex321sox906certificationfo.htm)</u> |  |  |  |  |
| 32.2\* | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex322sox906certificationfo.htm)</u> |  |  |  |  |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |  |  |  | X |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents. |  |  |  | X |
| 104 | Cover Page Interactive Data File (embedded within the Exhibit 101 Inline XBRL document). |  |  |  |  |

---

\* Furnished herewith. <br> + Denotes management contract or compensatory plan or arrangement.

------

<u>[**Table of Contents**](#i234648921c1f488a9d7238f6faaacf7b_13)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on May 13, 2026.

---

| | |
|:---|:---|
| **Accelerant Holdings** | **Accelerant Holdings** |
| By: | /s/ Jeff Radke |
| Name: | Jeff Radke |
| Title: | Chief Executive Officer (Principal Executive Officer)  |
| By: | /s/ Linda S. Huber |
| Name: | Linda S. Huber |
| Title: | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 10.4

**ACCELERANT HOLDINGS**

**ACCELERANT SHARE INCENTIVE PLAN**

**<br>Restricted Share Unit Award Notice**

**(Time-Based Vesting)**

**[Name of Recipient]**

You have been awarded a restricted share unit award (the "<u>Award</u>") with respect to Common Shares of Accelerant Holdings, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "<u>Company</u>"), pursuant to the terms and conditions of the Accelerant Share Incentive Plan (the "<u>Plan</u>") and the Restricted Share Unit Award Agreement (together with this Award Notice, the "<u>Agreement</u>"). Copies of the Plan and the Restricted Share Unit Award Agreement are attached hereto. Capitalized terms not defined herein shall have the meanings specified in the Plan or the Agreement.

---

| | |
|:---|:---|
| <u>Restricted Share Units</u>: | You have been awarded a restricted share unit award with respect to [____] Common Shares, par value $0.0000011951862 per share, subject to adjustment as provided in the Plan. |
| <u>Grant Date</u>: | [_________] |
| <u>Vesting Schedule</u>: | Except as otherwise provided in the Plan, the Agreement or any other agreement between you and the Company or any of its Subsidiaries in effect as of the Grant Date, the Award shall vest with respect to twenty-five percent (25%) of the Common Shares subject to the Award on the one-year anniversary of the Grant Date and in six and one-quarter percent (6-1/4%) installments thereafter on the first day of each of the twelve (12) calendar quarters beginning after such anniversary, if, and only if, you are, and have been, continuously (except for any absence for vacation, leave, etc. in accordance with the Company's or its Subsidiaries' policies): (i) employed by the Company or any of its Subsidiaries; (ii) serving as a Non-Employee Director; or (iii) providing services to the Company or any of its Subsidiaries as an advisor or consultant, in each case, from the date of this Agreement through and including the applicable vesting date. |

---

------

---

| |
|:---|
| <br>ACCELERANT HOLDINGS  |
| By: ______________________________ |
| Name: |
| Title: |

---

<u>Acknowledgment, Acceptance and Agreement</u>:

By signing below and returning this Award Notice to Accelerant Holdings (or, if permitted through the Company's third-party stock plan administrator, by electronically accepting this Award Notice), I hereby accept the Award granted to me and acknowledge and agree to be bound by the terms and conditions of this Award Notice, the Agreement and the Plan.

__________________________________ Date: [_____________] <br> Holder <br>

**ACCELERANT HOLDINGS**

**ACCELERANT SHARE INCENTIVE PLAN**

**RESTRICTED SHARE UNIT AWARD AGREEMENT**

Accelerant Holdings, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "<u>Company</u>"), hereby grants to the individual (the "<u>Holder</u>") named in the award notice attached hereto (the "<u>Award Notice</u>") as of the date set forth in the Award Notice (the "<u>Grant Date</u>"), pursuant to the provisions of the Accelerant Share Incentive Plan (the "<u>Plan</u>"), a restricted share unit award (the "<u>Award</u>") with respect to the number of Common Shares of the Company, par value $0.0000011951862 per share ("<u>Shares</u>"), set forth in the Award Notice, upon and subject to the restrictions, terms and conditions set forth in the Plan and this agreement (the "<u>Agreement</u>"). Capitalized terms not defined herein shall have the meanings specified in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Acceptance of Agreement</u>. The Award shall be null and void unless the Holder accepts this Agreement by executing the Award Notice in the space provided therefor and returning an original execution copy of the Award Notice to the Company or electronically accepting this Agreement within the Holder's stock plan account with the Company's stock plan administrator according to the procedures then in effect.

------

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as a Shareholder</u>. The Holder shall not be entitled to any privileges of ownership with respect to the Shares subject to the Award unless and until, and only to the extent, such Shares become vested pursuant to <u>Section 3</u> hereof and the Holder becomes a shareholder of record with respect to such Shares. As of each date on which the Company pays a cash dividend to record owners of Shares (a "<u>Dividend Date</u>"), the Holder shall have no entitlement to receive such cash dividend, and the number of Shares subject to the Award shall increase by (i) the product of the total number of Shares subject to the Award immediately prior to such Dividend Date multiplied by the dollar amount of the cash dividend paid per Share by the Company on such Dividend Date, divided by (ii) the Fair Market Value of a Share on such Dividend Date. Any such additional Shares shall be subject to the same vesting conditions and payment terms set forth herein as the Shares to which they relate**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restriction Period and Vesting</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;3.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Service-Based Vesting Condition</u>. Except as otherwise provided in this <u>Section 3</u>, the Award shall vest in accordance with the vesting schedule set forth in the Award Notice. The period of time prior to the full vesting of the Award shall be referred to herein as the "<u>Restriction Period</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;3.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment by the Company without Cause</u>. If the Holder's employment with the Company and/or a Subsidiary terminates prior to the end of the Restriction Period by reason of a termination by the Company without Cause, then the Holder shall vest, as of such termination of employment, in the portion of the Award that was scheduled to vest on or prior to the 12-month anniversary of such termination of employment and the portion of the Award which is unvested as of, and which does not vest in accordance with this <u>Section 3.2(a),</u> shall be immediately and automatically forfeited by the Holder and cancelled by the Company; provided, however, the vesting set forth in this Section shall be subject to the Holder's execution and non-revocation of the Company's standard release of claims, which may include, to the maximum extent permitted by applicable law, restrictive covenants in favor of the Company (including, without limitation, restrictive covenants relating to non-competition, non-solicitation, non-disparagement and confidentiality) (the "Release"), with the Release to become effective no later than 60 days following such termination.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment Due to Death or Due to Disability</u>. If the Holder's employment with the Company and/or a Subsidiary terminates prior to the end of the Restriction Period by reason of the Holder's death or Disability, then the Holder shall vest, as of such termination of employment, in the portion of the Award which was unvested as of such termination of employment.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment Due to Retirement</u>. Subject to <u>Section 6.15</u> of this Agreement, if the Holder's employment with the Company and/or a Subsidiary terminates prior to the end of the Restriction Period by reason of the Holder's Retirement, then the Holder shall vest, as of such Retirement, in the portion of the Award which

------

was unvested as of such Retirement, subject to the Holder's execution and non-revocation of the Release, with such Release to become effective no later than 60 days following such termination.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment Other Than Due to Death, by the Company without Cause or due to Disability or by the Holder due to Retirement</u>. If the Holder's employment with the Company and/or a Subsidiary terminates prior to the end of the Restriction Period for any reason other than death or termination by the Company without Cause or due to Disability or due to Retirement (if applicable), then, except as otherwise provided in Section 3.3(b), the Award shall be immediately and automatically forfeited by the Holder and cancelled by 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;3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Award Not Assumed</u>. In the event of a Change in Control prior to the end of the Restriction Period pursuant to which the Award is not effectively assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Board or Committee, with appropriate adjustments to the number and kind of Shares, in each case, that preserve the value of the Shares subject to the Award and other material terms and conditions of the outstanding Award as in effect immediately prior to the Change in Control), the Award shall vest in its entirety as of the date of the Change in Control.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Award Assumed</u>. In the event of a Change in Control prior to the end of the Restriction Period pursuant to which the Award is effectively assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Board or Committee, with appropriate adjustments to the number and kind of Shares, in each case, that preserve the value of the Shares subject to the Award and other material terms and conditions of the outstanding Award as in effect immediately prior to the Change in Control) and (i) the Holder remains continuously employed through the end of the Restriction Period or (ii) the Company terminates the Holder's employment without Cause or the Holder resigns for Good Reason within twenty-four (24) months following such Change in Control, in any such case, the Award shall become fully vested as of the end of the Restriction Period or, if earlier, the Holder's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cause</u>. For purposes of this Award, (i) "<u>Cause</u>" shall have the meaning assigned to such term in any written employment or similar agreement between the Company or any of its Subsidiaries and the Holder in effect on the Grant Date or (ii) if the Holder is not party to an employment or similar agreement in effect on the Grant Date which defines "Cause," then "<u>Cause</u>" shall mean: (v) 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 the Holder or at the Holder's direction with respect to, and materially and adversely affecting the business affairs of, the Company or any of its Subsidiaries, (w) 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, (x) substantial and repeated failure or refusal to perform duties of the office held by the Holder as reasonably directed by the Company (other than any such failure resulting from the Holder's incapacity due to death, disability, injury or illness), and such failure is not cured in all material respects within thirty (30) days after the Holder receives written notice thereof from the Company that specifically identifies the manner in which it believes the Holder has not substantially performed the Holder's duties, (y) 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 (z) any material breach of any material written policy of the Company or its Subsidiaries which is applicable to the Holder and provided to the Holder or any restrictive covenant agreement between the Holder and the Company or any of its Subsidiaries, and such material breach is not cured in all material respects within thirty (30) days after the Holder receives written notice thereof from the Company that specifically identifies the manner in which it believes the Holder has committed such breach.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disability</u>. For purposes of this Award, "<u>Disability</u>" means the disability of the Holder caused by any physical or mental injury, illness or incapacity as a result of which the Holder is, or is reasonably expected to be, unable to effectively perform the essential functions of the Holder's duties for a substantially continuous period of more than 120 days or for any 180 days (whether or not continuous) within a 365 day period, as determined by the Committee in good faith.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Good Reason</u>. For purposes of this Award, (i) "<u>Good Reason</u>" shall have the meaning assigned to such term in any written employment or similar agreement between the Company or any of its Subsidiaries and the Holder in effect on the Grant Date or (ii) if the Holder is not party to an employment or similar agreement in effect on the Grant Date which defines "Good Reason," then "Good Reason" shall mean the Holder's voluntary termination following, without the Holder's consent, (x) a material reduction in the Holder's base salary, or (y) the relocation of the Holder's primary place of employment by more than fifty (50) miles. In order to resign for Good Reason, the Holder must provide written notice of the event giving rise to Good Reason to the Company's Chief Executive Officer (or, in the event the Holder is subject to Section 16 of the Exchange Act, the Board) within thirty (30) days after the condition arises, allow the Company thirty (30) days to cure such condition, and if the Company fails to cure the condition within such period, the Holder's resignation from all positions the Holder then held with the Company must be effective not later than thirty (30) days after the end of the Company's cure period.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Retirement</u>. For purposes of this Award, "<u>Retirement</u>" shall mean the Holder's voluntary retirement from employment with the Company, at a time when the Company does not have a right to terminate the Holder for Cause, upon six (6) months' written notice to the Company of retirement (the "Notice of Retirement") and which is accepted by the Company, that is provided upon or after the Holder's attaining a minimum of sixty-five (65) "points" as determined upon the date of Notice of Retirement, composed of the Holder's age upon the date of Notice of Retirement with a minimum age of sixty (60) years, plus the Holder's Years of Service upon the date of Notice of Retirement with a minimum of two (2) Years of Service.

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Years of Service</u>. For purposes of this Award, "<u>Years of Service</u>" shall mean the total consecutive and continuous service with the Company, a Subsidiary or a predecessor entity of the Company or its Subsidiary, as an employee, Non-Employee Director, consultant or advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance or Delivery of Shares</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;4.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Generally</u>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 6.14</u> and except as otherwise provided for herein, within sixty (60) days after the vesting of the Award, the Company shall issue or deliver, subject to the conditions of this Agreement, the vested Shares to the Holder. Such issuance or delivery shall be evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to such issuance or delivery, except as otherwise provided in <u>Section 6</u>. Prior to the issuance to the Holder of the Shares subject to the Award, the Holder shall have no direct or secured claim in any specific assets of the Company or in such Shares, and will have the status of a general unsecured creditor of 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;4.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Puerto Rico Subsidiary</u>. This provision shall apply only if the Holder is a member of Accelerant Risk Exchange, LLC (the "<u>Puerto Rico Subsidiary</u>"). Notwithstanding Section 4.1 to the contrary, in the event that the Company and the Puerto Rico Subsidiary determine, in their sole discretion, (A) that there are sufficient earnings and profits available for distribution that were generated by the Puerto Rico Subsidiary from export services income covered by its tax decree issued under the Puerto Rico Incentives Code, Act 60-2019 ("Incentives Code"), and (B) the Puerto Rico Subsidiary has satisfied all other applicable requirements under the laws of Puerto Rico, including the Incentives Code and the Puerto Rico Internal Revenue Code of 2011, Act 1-2011 ("PR-Code"), the Award will be settled by declaration of a dividend from such earnings and profits declared in respect of Holder's preferred units in the Puerto Rico Subsidiary in such manner that qualifies as a dividend in accordance with the Incentives Code and the PR-Code. The Holder acknowledges that any such dividend paid by the Puerto Rico Subsidiary, which may be in the form of cash, Shares, or other property, fully satisfies the settlement obligations of the Company hereunder to the extent such dividend is of equivalent value of the Shares otherwise to be delivered (as determined in good faith by the Committee). For the avoidance of doubt, any such dividend must be paid no later than the latest permissible date hereunder that the Award would have been settled had the Award been settled in Shares as if this Section 4.2 were not part of 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;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Restrictions and Investment Representation</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;5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Transferability of Award</u>. The Award may not be transferred by the Holder other than by will or the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company. Except to the extent permitted by the foregoing sentence, the Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award, the Award and all rights hereunder shall immediately become null and void.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Representation</u>. The Holder hereby covenants that (a) any sale of any Shares acquired upon the vesting of the Award shall be made either pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws and (b) the Holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance of the Shares and, in connection therewith, shall execute any documents which the Committee shall in its sole discretion deem necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Terms and Conditions of Award</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;6.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Taxes</u>. (a) As a condition precedent to the delivery to the Holder of any Shares upon vesting of the Award, the Holder shall, upon request by the Company, pay to the Company such amount of cash as the Company may be required, under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (or such higher withholding amount elected by the Holder) (the "<u>Required Tax Payments</u>") with respect to the Award. If the Holder shall fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to the Holder or withhold 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Company (or, in the case of the Holder is subject to Section 16 of the Exchange Act, the Board or the authorized committee thereof) determines otherwise prior to the applicable vesting event, the Holder's obligation to advance the Required Tax Payments shall be satisfied by the Company withholding from the Shares otherwise to be delivered to the Holder pursuant to the Award, a number of whole Shares having a Fair Market Value, determined as of the date the obligation to withhold or pay taxes first arises in connection with the Award, equal to the Required Tax Payments. Shares to be withheld may not have a Fair Market Value in excess of the minimum amount of the Required Tax Payments (or, if approved by the Company (or, in the case of the Holder is subject to Section 16 of the Exchange Act, the Board or the authorized committee thereof), such higher rate that will not cause adverse accounting consequences). Any fraction of a share which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Holder. No Shares shall be delivered until the Required Tax Payments have been satisfied in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Applicable Law</u>. The Award is subject to the condition that if the listing, registration or qualification of the Shares subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of Shares hereunder, the Shares subject to the Award shall not be delivered, in whole or in part, unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval or other action.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Personal Data</u>. The Company may process the Holder'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's People Operations at peopleoperationsteam@accelins.com; and (ii) this Agreement. The Holder understands and acknowledges that the Company, the Holder's employer and the Company's other affiliates hold certain personal information regarding the Holder for the purpose of managing, operating and administering this Agreement and the Plan, and giving effect to this Agreement and any other related agreements under the Plan, including (without limitation) any Data. The Holder further understands and acknowledges that the Company and/or its affiliates will share and transfer Data among themselves as necessary for the purpose of implementation, administration and management of the Holder's receipt of the Award and participation in this Agreement and the Plan and that the Company and/or any affiliate may each further transfer Data to any third party assisting the Company in the implementation, administration and management of this Agreement, including the Holder's direct employer, the trustees of any employee benefit trust, registrars, brokers, advisers and third-party administrators to or of the Plan, for the purposes set out in this Section 6.3. The Holder understands and acknowledges that the recipients of Data may be located in the United States or elsewhere. For purposes of this Agreement, "<u>Data</u>" means the Holder's name, home address, telephone number, date of birth, social insurance number, salary, nationality, job title, bank details, any Shares, options to purchase Shares, or directorships held in the Company and details of all Shares, options to purchase Shares or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Holder's favor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Confers No Rights to Continued Employment or Continued Participation in the Plan</u>. In no event shall the granting of the Award or its acceptance by the Holder, or any provision of the Agreement or the Plan, give or be deemed to give the Holder any right to continued employment by the Company, any Subsidiary or any affiliate of the Company or affect in any manner the right of the Company, any Subsidiary or any affiliate of the Company to terminate the employment of any person at any time. The grant of the Award does not confer on the Holder any right to receive any further awards under the Plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Decisions of Board or Committee</u>. The Board or the Committee shall have the right to resolve all questions which may arise in connection with the Award. Any interpretation, determination or other action made or taken by the Board or the Committee regarding the Plan or this Agreement shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the death of the Holder, acquire any rights hereunder in accordance with this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, by email to LegalNotices@accelins.com or by mail to Accelerant US Services Company, LLC, 400 Northridge Rd., Suite 800, Sandy Springs, GA 30350, Attention: US General Counsel, and if to the Holder, to the last known mailing address of the Holder contained in the records of the Company. All notices, requests or other

------

communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the United States mails or (d) by express courier service. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon receipt by the party entitled thereto if by United States mail or express courier service; <u>provided</u>, <u>however</u>, that if a notice, request or other communication sent to the Company is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of 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;6.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement, the Award and all determinations made and actions taken pursuant hereto and thereto, to the extent not governed by the laws of the United States, shall be governed by the laws of Delaware and construed in accordance therewith without giving effect to principles of conflicts of 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;6.9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement Subject to the Plan</u>. This Agreement is subject to the provisions of the Plan and shall be interpreted in accordance therewith. In the event that the provisions of this Agreement and the Plan conflict, the Plan shall control. The Holder hereby acknowledges receipt of a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Holder with respect to the subject matter hereof, and may not be modified adversely to the Holder's interest except by means of a writing signed by the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Partial Invalidity</u>. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment and Waiver</u>. The Company may amend the provisions of this Agreement at any time; <u>provided</u> that an amendment that would materially and adversely affect the Holder's rights under this Agreement shall be subject to the written consent of the Holder. No course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of 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;6.13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. The Award Notice may be executed in two counterparts, each of which shall be deemed an original and both of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance With Section 409A of the Code</u>. This Award is intended to be exempt from or comply with Section 409A of the Code, and shall be interpreted and construed accordingly, and each payment hereunder shall be considered a separate payment for purposes of Section 409A of the Code. To the extent this Agreement provides for the Award to become vested and be settled upon the Holder's termination of employment, the applicable Shares shall be transferred to the Holder or his or her beneficiary upon the Holder's "separation from service," within the meaning of Section 409A of the Code; provided that if the Holder is a

------

"specified employee," within the meaning of Section 409A of the Code, then to the extent the Award constitutes nonqualified deferred compensation, within the meaning of Section 409A of the Code, such Shares shall be transferred to the Holder or his or her beneficiary upon the earlier to occur of (i) the six-month anniversary of such separation from service and (ii) the date of the Holder's death. In the event the Award vests under Section 3.3(a) but settlement upon a Change in Control would not be permitted under Section 409A of the Code, the Award shall vest in accordance with Section 3.3(a) and shall be settled upon the earlier to occur of the end of the Restriction Period and the Holder's termination of employment, to the extent required to comply with Section 409A of the Code. Further, to the extent this Award constitutes nonqualified deferred compensation, within the meaning of Section 409A of the Code, and the period to consider the Release overlaps two taxable years, then the settlement of the Award shall occur in the later of the two taxable years, to the extent required to comply with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance With Section 457A of the Code</u>. This Award is intended to be exempt from Section 457A of the Code, and shall be interpreted and construed accordingly. Accordingly, if the Holder is subject to Section 457A of the Code, then the Holder shall not be eligible for the Retirement vesting set forth in <u>Section 3.2(c)</u> of 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;6.16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Clawback</u>. The Award and any Shares delivered pursuant to the Award are subject to forfeiture, 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 the Company's Dodd-Frank Clawback Policy, or as otherwise required by law or applicable listing standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Protected Rights</u>. Nothing in this Agreement or otherwise is intended to, or does, prohibit the Holder from (i) filing a charge or complaint with, providing truthful information to, or cooperating with an investigation being conducted by a governmental agency (such as the U.S. Equal Employment Opportunity Commission, another fair employment practices agency, the U.S. National Labor Relations Board, the U.S. Department of Labor, or the U.S. Securities and Exchange Commission (the "<u>SEC</u>")); (ii) engaging in other legally-protected activities; (iii) giving truthful testimony or making statements under oath in response to a subpoena or other valid legal process or in any legal proceeding; (iv) otherwise making truthful statements as required by law or valid legal process; or (v) disclosing a trade secret in confidence to a governmental official, directly or indirectly, or to an attorney, if the disclosure is made solely for the purpose of reporting or investigating a suspected violation of law. Accordingly, the Holder shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In the event the Holder files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Holder may disclose the trade secret(s) of the Company to the Holder's attorney and use the trade secret information in the court proceeding, if the Holder (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant

------

to court order. In accordance with applicable law, and notwithstanding any other provision of the Plan or this Agreement, nothing in the Plan, this Agreement or any policies or agreements of the Company or any affiliate applicable to the Holder (i) impedes the Holder's right to communicate with the SEC or any other governmental agency about possible violations of federal securities or other laws or regulations or (ii) requires the Holder to provide any prior notice to the Company or its affiliates or obtain their prior approval before engaging in any such communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Provisions</u>. In addition to the provisions set out in this Agreement and the Plan, the following terms shall apply in relation to the Holder and the Award:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The rights and obligations of the Holder under the terms of his or her office or employment with the Company or any Subsidiary or affiliate shall not be affected by the Holder's participation under the Plan.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The value of any benefit realized under the Plan by the Holder shall not be taken into account in determining any pension or similar entitlements.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Holder shall have no rights to compensation or damages on account of any loss in respect of the Award or the Plan where such loss arises (or is claimed to arise), in whole or in part, from termination of office or employment or service with, or notice to terminate office or employment or service given by or to, the Company or any of its Subsidiaries or affiliates. This exclusion of liability shall apply however termination of office or employment or service, or the giving of notice, is caused, and however compensation or damages are claimed. This exclusion of liability shall apply however the change of status of the Company or any of its Subsidiaries or affiliates, or the transfer of the relevant business, is caused, and however compensation or damages are claimed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Appendix for Non-U.S. Countries</u>. Notwithstanding any provisions in this Agreement, the Award shall be subject to any special terms and conditions set forth in any appendix to this Agreement for the relevant Holder's country (the "<u>Appendix</u>"). Moreover, if a Holder relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Holder, to the extent the Company determines that the application of such terms and conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan. The Appendix constitutes part of 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;6.20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Board or Committee reserves the right to impose other requirements on a Holder's participation in the Plan, on the Award and on any Shares acquired under the Plan, to the extent the Committee determines it is necessary or advisable in order to comply with local law or regulation or facilitate the administration of the Plan, and to require a Holder to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

## Exhibit 10.5

**ACCELERANT HOLDINGS**

**ACCELERANT SHARE INCENTIVE PLAN**

**<br>Performance Share Unit Award Notice**

**[_____]**

You have been awarded a performance share unit award (the "<u>Award</u>") with respect to Common Shares of Accelerant Holdings, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "<u>Company</u>"), pursuant to the terms and conditions of the Accelerant Share Incentive Plan (the "<u>Plan</u>") and the Performance Share Unit Award Agreement (together with this Award Notice, the "<u>Agreement</u>"). Copies of the Plan and the Performance Share Unit Award Agreement are attached hereto. Capitalized terms not defined herein shall have the meanings specified in the Plan or the Agreement.

---

| | |
|:---|:---|
| <u>Performance Share Units</u>: | You have been awarded a performance share unit award with respect to [____] Common Shares (the "<u>Target Award</u>"), par value $0.0000011951862 per share, subject to adjustment as provided in the Plan. The number of Shares that may actually vest and be earned under this Award ranges from 0 to [____] Shares (250% of the Target Award), depending on performance, as further described below. |
| <u>Grant Date</u>: | March 18, 2026 (the "<u>Grant Date</u>") |

---

------

---

| | | |
|:---|:---|:---|
| <u>Performance Years</u>: | Except as otherwise provided in the Plan, the Agreement or any other agreement between you and the Company or any of its Subsidiaries in effect as of the Grant Date, the Award shall be measured in three (3) separate annual tranches, each representing one-third (1/3) of the Target Award ([____] Shares per Performance Tranche at target) (each, a "<u>Performance Tranche</u>"), based on the achievement of the Performance Goals set forth below for each of the calendar years 2026, 2027 and 2028 (each, a "<u>Performance Year</u>"), in each case subject to satisfaction of the continued service requirement described herein, if, and only if, you are, and have been, continuously (except for any absence for vacation or leave in accordance with the Company's or its Subsidiaries' policies) employed by the Company or any of its Subsidiaries from the date of this Agreement through and including the Vesting Date (as defined below) or as otherwise provided in the Agreement. | Except as otherwise provided in the Plan, the Agreement or any other agreement between you and the Company or any of its Subsidiaries in effect as of the Grant Date, the Award shall be measured in three (3) separate annual tranches, each representing one-third (1/3) of the Target Award ([____] Shares per Performance Tranche at target) (each, a "<u>Performance Tranche</u>"), based on the achievement of the Performance Goals set forth below for each of the calendar years 2026, 2027 and 2028 (each, a "<u>Performance Year</u>"), in each case subject to satisfaction of the continued service requirement described herein, if, and only if, you are, and have been, continuously (except for any absence for vacation or leave in accordance with the Company's or its Subsidiaries' policies) employed by the Company or any of its Subsidiaries from the date of this Agreement through and including the Vesting Date (as defined below) or as otherwise provided in the Agreement. |
| Performance Goals: | Subject to the terms of the Agreement and the Plan and any other agreement between you and the Company or any of its Subsidiaries in effect as of the Grant Date, each Performance Tranche shall be earned based on the achievement of two equally-weighted performance metrics (each weighted 50%): (i) Exchange Written Premium Growth Rate (the "EWP Metric") and (ii) Fee Based Adjusted EBITDA Growth Rate (the "AEBITDA Metric"; and together with the EWP Metric, the "Performance Metrics"), measured annually for each Performance Year.<br>For each Performance Year, each Performance Metric shall be assessed independently at the Threshold, Target, or Maximum levels set forth in the tables below. The percentage of each Performance Tranche that is earned with respect to each Performance Metric shall be determined as follows:  | Subject to the terms of the Agreement and the Plan and any other agreement between you and the Company or any of its Subsidiaries in effect as of the Grant Date, each Performance Tranche shall be earned based on the achievement of two equally-weighted performance metrics (each weighted 50%): (i) Exchange Written Premium Growth Rate (the "EWP Metric") and (ii) Fee Based Adjusted EBITDA Growth Rate (the "AEBITDA Metric"; and together with the EWP Metric, the "Performance Metrics"), measured annually for each Performance Year.<br>For each Performance Year, each Performance Metric shall be assessed independently at the Threshold, Target, or Maximum levels set forth in the tables below. The percentage of each Performance Tranche that is earned with respect to each Performance Metric shall be determined as follows:  |
| Performance Goals: | **Performance Metric performance** | **% of Performance Tranche vesting** |
| Performance Goals: | Below Threshold | 0% |
| Performance Goals: | Threshold | 50% |
| Performance Goals: | Target | 100% |
| Performance Goals: | Maximum and above | 250% |

---

------

---

| | |
|:---|:---|
| | Performance between Threshold and Target, and between Target and Maximum, shall be linearly interpolated. Because each Performance Metric is equally weighted at 50% of each Performance Tranche, the maximum number of Shares that may be earned per Performance Tranche is [____] Shares (250% of the [____] target Shares per tranche). The Award will vest with respect to whole Shares only. Any portion of a Performance Tranche that is not earned based on performance for the applicable Performance Year shall be automatically forfeited. The payout of the Award (following the Vesting Date) will be determined by averaging the number of Shares earned for each of the three Performance Tranches. <br>The Performance Metrics for each Performance Year shall be determined as set forth in a memorandum provided to you by the Company (the "<u>Memorandum</u>").<br>The Committee may, in its sole discretion and without needing to obtain your consent or the consent of any third party, make such adjustments to the Threshold, Target, and Maximum performance levels set forth in the Memorandum as it determines appropriate to reflect any extraordinary, non-recurring items, capital transactions, or other events that the Committee determines, in good faith, should be taken into account in measuring the applicable Performance Metric for a given Performance Year. For the avoidance of doubt, the Committee shall have sole authority to determine the extent to which Performance Metrics are, or have been, satisfied. |
| <u>Vesting</u>: | Except as otherwise set forth in the Agreement in connection with automatic performance determinations as a result of specified terminations of employment or a Change in Control, the Award shall vest in its entirety on the date that the Committee certifies the level of achievement of the applicable Performance Goals for the final Performance Year (the "<u>Vesting Date</u>"), which certification, except as otherwise provided in the Agreement, shall occur as soon as practicable following completion of the annual financial audit for such Performance Year, subject to continued service through each such Vesting Date. |

---

---

| |
|:---|
| ACCELERANT HOLDINGS  |
| By: ______________________________ |
| Name: |
| Title: |

---

------

<u>Acknowledgment, Acceptance and Agreement</u>:

By signing below and returning this Award Notice to Accelerant Holdings (or, if permitted through the Company's third-party stock plan administrator, by electronically accepting this Award Notice), I hereby accept the Award granted to me and acknowledge and agree to be bound by the terms and conditions of this Award Notice, the Agreement and the Plan.

__________________________________ Date: _____________ <br> Holder <br>

**ACCELERANT HOLDINGS**

**ACCELERANT SHARE INCENTIVE PLAN**

**PERFORMANCE SHARE UNIT AWARD AGREEMENT**

Accelerant Holdings, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "<u>Company</u>"), hereby grants to the individual (the "<u>Holder</u>") named in the award notice attached hereto (the "<u>Award Notice</u>") as of the date set forth in the Award Notice (the "<u>Grant Date</u>"), pursuant to the provisions of the Accelerant Share Incentive Plan (the "<u>Plan</u>"), a performance share unit award (the "<u>Award</u>") with respect to the number of Common Shares of the Company, par value $0.0000011951862 per share ("<u>Shares</u>"), set forth in the Award Notice, upon and subject to the restrictions, terms and conditions set forth in the Plan and this agreement (the "<u>Agreement</u>"). Capitalized terms not defined herein shall have the meanings specified in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Acceptance of Agreement</u>. The Award shall be null and void unless the Holder accepts this Agreement by executing the Award Notice in the space provided therefor and returning an original execution copy of the Award Notice to the Company or electronically accepting this Agreement within the Holder's stock plan account with the Company's stock plan administrator according to the procedures then in effect.

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as a Shareholder</u>. The Holder shall not be entitled to any privileges of ownership with respect to the Shares subject to the Award unless and until, and only to the extent, such Shares become vested pursuant to <u>Section 3</u> hereof and the Holder becomes a shareholder of record with respect to such Shares. As of each date on which the Company pays a cash dividend to record owners of Shares (a "<u>Dividend Date</u>"), the Holder shall have no entitlement to receive such cash dividend, and the number of Shares subject to the Award shall increase by (i) the product of the total number of Shares subject to the Award immediately prior to such Dividend Date multiplied by the dollar amount of the cash dividend paid per Share by the Company on such Dividend Date, divided by (ii) the Fair Market Value of a Share on such

------

Dividend Date. Any such additional Shares shall be subject to the same vesting conditions and payment terms set forth herein as the Shares to which they relate**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restriction Period and Vesting</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;3.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting Criteria</u>. Except as otherwise provided in this <u>Section 3</u>, the Award shall vest in accordance with, and subject to satisfaction of the vesting criteria set forth, in the Award Notice. The period of time from the Grant Date through the date on which final vesting of the Award may occur (if the applicable performance criteria is fully satisfied and assuming employment does not terminate) shall be referred to herein as the "<u>Restriction Period</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;3.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment by the Company without Cause or due to Death or Disability</u>. If the Holder's employment with the Company and/or a Subsidiary terminates prior to the end of the Restriction Period by reason of a termination by the Company without Cause or due to the Holder's death or Disability (such a termination, an "<u>Early Termination</u>"), then the Award shall vest as of such Early Termination, and payment with respect to such vested portion of the Award will be calculated, as follows: (i) any prior Performance Year shall be calculated based on actual results for such Performance Year, and (ii) the Performance Year in which the Early Termination occurs shall be calculated either based on expected performance for such full year (taking into account performance through the date of Early Termination) or shall be deemed to be at Target, as determined by the Company in its sole discretion, with the vesting for such Performance Year to be pro-rated based on the date of the Early Termination, and the Award settled no later than December 31 of the Performance Year in which the Early Termination occurs, subject (if applicable, as determined by the Committee) to the Holder's execution and non-revocation of the Company's standard release of claims, which may include, to the maximum extent permitted by applicable law, restrictive covenants in favor of the Company (including, without limitation, restrictive covenants relating to non-competition, non-solicitation, non-disparagement and confidentiality) (the "<u>Release</u>"), with the Release to become effective no later than 60 days following the Early Termination (and if such 60-day period extends later than December 31 of such Performance Year, failure for the Release to become irrevocably effective shall result in a disgorgement of amounts paid under this Agreement). For the avoidance of doubt, no amount of the Award shall vest with respect to any Performance Year which has not yet commenced as of the Early Termination. To the extent the Award, or any portion thereof, does not vest as provided above in connection with an Early Termination, it shall be automatically forfeited on the date the Company determines the Award (or any portion thereof) has not vested.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment Other Than Due to Death or by the Company without Cause or due to Disability</u>. If the Holder's employment with the Company and/or a Subsidiary terminates prior to the end of the Restriction Period for any reason other than death or termination by the Company without Cause or due to Disability, then the Award shall be immediately and automatically forfeited by the Holder and cancelled by 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;3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Award Not Assumed</u>. In the event of a Change in Control <u>prior</u> to the end of the Restriction Period pursuant to which the Award is not effectively assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Board or Committee, with appropriate adjustments to the number and kind of Shares, in each case, that preserve the value of the Shares subject to the Award and other material terms and conditions of the outstanding Award as in effect immediately prior to the Change in Control), the Award shall vest in its entirety as of the date of the Change in Control.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Award Assumed</u>. In the event of a Change in Control prior to the end of the Restriction Period pursuant to which the Award is effectively assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Board or Committee, with appropriate adjustments to the number and kind of Shares, in each case, that preserve the value of the Shares subject to the Award and other material terms and conditions of the outstanding Award as in effect immediately prior to the Change in Control) and (i) the Holder remains continuously employed through the end of the Restriction Period or (ii) the Company terminates the Holder's employment without Cause or the Holder resigns for Good Reason within twenty-four (24) months following such Change in Control, in any such case, the Award shall become fully vested as of the end of the Restriction Period or, if earlier, the Holder's termination of employment.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Measurement</u>. In the event the Award vests due to a Change in Control prior to the end of the Restriction Period pursuant to Section 3.3(a) or 3.3(b) hereof, deemed performance shall be determined as follows: (i) any Performance Year prior to the Change in Control shall be calculated based on actual results for such Performance Year, (ii) the Performance Year in which the Change in Control occurs shall be calculated either based on actual performance for such full year (or a portion thereof, and taking into account performance through the date of the Change in Control) or shall be deemed to be at Target, as determined by the Committee in its sole discretion and (iii) performance for any future Performance Year which has not yet commenced as of the Change in Control shall be deemed to be at Target. Any portion of the Award that does not vest in connection with a Change in Control shall automatically be forfeited effective upon the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cause</u>. For purposes of this Award, (i) "<u>Cause</u>" shall have the meaning assigned to such term in any written employment or similar agreement between the Company or any of its Subsidiaries and the Holder in effect on the Grant Date or (ii) if the Holder is not party to an employment or similar agreement in effect on the Grant Date which defines "Cause," then "<u>Cause</u>" shall mean: (v) 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 the Holder or at the Holder's direction with respect to, and materially and adversely affecting the business affairs of, the Company or any of its Subsidiaries, (w) 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, (x) substantial and repeated failure or refusal to perform duties of the office held by the Holder as reasonably directed by the Company (other than any such failure resulting from the Holder's incapacity due to death, disability, injury or illness), and such failure is not cured in all material respects within thirty (30) days after the Holder receives written notice thereof from the Company that specifically identifies the manner in which it believes the Holder has not substantially performed the Holder's duties, (y) 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 (z) any material breach of any material written policy of the Company or its Subsidiaries which is applicable to the Holder and provided to the Holder or any restrictive covenant agreement between the Holder and the Company or any of its Subsidiaries, and such material breach is not cured in all material respects within thirty (30) days after the Holder receives written notice thereof from the Company that specifically identifies the manner in which it believes the Holder has committed such breach.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disability</u>. For purposes of this Award, "<u>Disability</u>" means the disability of the Holder caused by any physical or mental injury, illness or incapacity as a result of which the Holder is, or is reasonably expected to be, unable to effectively perform the essential functions of the Holder's duties for a substantially continuous period of more than 120 days or for any 180 days (whether or not continuous) within a 365 day period, as determined by the Committee in good faith.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Good Reason</u>. For purposes of this Award, (i) "<u>Good Reason</u>" shall have the meaning assigned to such term in any written employment or similar agreement between the Company or any of its Subsidiaries and the Holder in effect on the Grant Date or (ii) if the Holder is not party to an employment or similar agreement in effect on the Grant Date which defines "Good Reason," then "Good Reason" shall mean the Holder's voluntary termination following, without the Holder's consent, (x) a material reduction in the Holder's base salary, or (y) the relocation of the Holder's primary place of employment by more than fifty (50) miles. In order to resign for Good Reason, the Holder must provide written notice of the event giving rise to Good Reason to the Company's Chief Executive Officer (or, in the event the Holder is subject to Section 16 of the Exchange Act, the Board) within thirty (30) days after the condition arises, allow the Company thirty (30) days to cure such condition, and if the Company fails to cure the condition within such period, the Holder's resignation from all positions the Holder then held with the Company must be effective not later than thirty (30) days after the end of the Company's cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance or Delivery of Shares</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;4.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Generally</u>. Subject to <u>Section 6.14 and 6.15</u> and except as otherwise provided for herein, within sixty (60) days after the vesting of the Award, the Company shall issue or deliver, subject to the conditions of this Agreement, the vested Shares to the Holder. Such issuance or delivery shall be evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to such issuance or delivery, except as otherwise provided in <u>Section 6</u>. Prior to the issuance to the Holder of the Shares

------

subject to the Award, the Holder shall have no direct or secured claim in any specific assets of the Company or in such Shares, and will have the status of a general unsecured creditor of 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;4.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Puerto Rico Subsidiary</u>. This provision shall apply only if the Holder is a member of Accelerant Risk Exchange, LLC (the "<u>Puerto Rico Subsidiary</u>"). Notwithstanding Section 4.1 to the contrary, in the event that the Company and the Puerto Rico Subsidiary determine, in their sole discretion, (A) that there are sufficient earnings and profits available for distribution that were generated by the Puerto Rico Subsidiary from export services income covered by its tax decree issued under the Puerto Rico Incentives Code, Act 60-2019 ("Incentives Code"), and (B) the Puerto Rico Subsidiary has satisfied all other applicable requirements under the laws of Puerto Rico, including the Incentives Code and the Puerto Rico Internal Revenue Code of 2011, Act 1-2011 ("PR-Code"), the Award will be settled by declaration of a dividend from such earnings and profits declared in respect of Holder's preferred units in the Puerto Rico Subsidiary in such manner that qualifies as a dividend in accordance with the Incentives Code and the PR-Code. The Holder acknowledges that any such dividend paid by the Puerto Rico Subsidiary, which may be in the form of cash, Shares, or other property, fully satisfies the settlement obligations of the Company hereunder to the extent such dividend is of equivalent value of the Shares otherwise to be delivered (as determined in good faith by the Committee). For the avoidance of doubt, any such dividend must be paid no later than the latest permissible date hereunder that the Award would have been settled had the Award been settled in Shares as if this Section 4.2 were not part of 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;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Restrictions and Investment Representation</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;5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Transferability of Award</u>. The Award may not be transferred by the Holder other than by will or the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company. Except to the extent permitted by the foregoing sentence, the Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award, the Award and all rights hereunder shall immediately become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Representation</u>. The Holder hereby covenants that (a) any sale of any Shares acquired upon the vesting of the Award shall be made either pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws and (b) the Holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance of the Shares and, in connection therewith, shall execute any documents which the Committee shall in its sole discretion deem necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Terms and Conditions of Award</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;6.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Taxes</u>. (a) As a condition precedent to the delivery to the Holder of any Shares upon vesting of the Award, the Holder shall, upon request by the Company, pay to the Company such amount of cash as the Company may be required, under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (or such higher withholding amount elected by the Holder) (the "<u>Required Tax Payments</u>") with respect to the Award. If the Holder shall fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to the Holder or withhold Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Company (or, in the case of the Holder is subject to Section 16 of the Exchange Act, the Board or the authorized committee thereof) determines otherwise prior to the applicable vesting event, the Holder's obligation to advance the Required Tax Payments shall be satisfied by the Company withholding from the Shares otherwise to be delivered to the Holder pursuant to the Award, a number of whole Shares having a Fair Market Value, determined as of the date the obligation to withhold or pay taxes first arises in connection with the Award, equal to the Required Tax Payments. Shares to be withheld may not have a Fair Market Value in excess of the minimum amount of the Required Tax Payments (or, if approved by the Company (or, in the case of the Holder is subject to Section 16 of the Exchange Act, the Board or the authorized committee thereof), such higher rate that will not cause adverse accounting consequences). Any fraction of a share which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Holder. No Shares shall be delivered until the Required Tax Payments have been satisfied in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Applicable Law</u>. The Award is subject to the condition that if the listing, registration or qualification of the Shares subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of Shares hereunder, the Shares subject to the Award shall not be delivered, in whole or in part, unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval or other action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Personal Data</u>. The Company may process the Holder'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's People Operations at peopleoperationsteam@accelins.com; and (ii) this Agreement. The Holder understands and acknowledges that the Company, the Holder's employer and the Company's other affiliates hold certain personal information regarding the Holder for the purpose of managing, operating and administering this Agreement and the Plan, and giving effect to this Agreement and any other related agreements under the Plan, including (without limitation) any Data. The Holder further understands and acknowledges that the Company and/or its affiliates will share and transfer Data among themselves as necessary for the purpose of implementation, administration and management of the Holder's receipt of the Award and participation in this Agreement and the

------

Plan and that the Company and/or any affiliate may each further transfer Data to any third party assisting the Company in the implementation, administration and management of this Agreement, including the Holder's direct employer, the trustees of any employee benefit trust, registrars, brokers, advisers and third-party administrators to or of the Plan, for the purposes set out in this Section 6.3. The Holder understands and acknowledges that the recipients of Data may be located in the United States or elsewhere. For purposes of this Agreement, "<u>Data</u>" means the Holder's name, home address, telephone number, date of birth, social insurance number, salary, nationality, job title, bank details, any Shares, options to purchase Shares, or directorships held in the Company and details of all Shares, options to purchase Shares or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Holder's favor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Confers No Rights to Continued Employment or Continued Participation in the Plan</u>. In no event shall the granting of the Award or its acceptance by the Holder, or any provision of the Agreement or the Plan, give or be deemed to give the Holder any right to continued employment by the Company, any Subsidiary or any affiliate of the Company or affect in any manner the right of the Company, any Subsidiary or any affiliate of the Company to terminate the employment of any person at any time. The grant of the Award does not confer on the Holder any right to receive any further awards under the Plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Decisions of Board or Committee</u>. The Board or the Committee shall have the right to resolve all questions which may arise in connection with the Award. Any interpretation, determination or other action made or taken by the Board or the Committee regarding the Plan or this Agreement shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the death of the Holder, acquire any rights hereunder in accordance with this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, by email to LegalNotices@accelins.com or by mail to Accelerant US Services Company, LLC, 400 Northridge Rd., Suite 800, Sandy Springs, GA 30350, Attention: US General Counsel, and if to the Holder, to the last known mailing address of the Holder contained in the records of the Company. All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the United States mails or (d) by express courier service. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon receipt by the party entitled thereto if by United States mail or express courier service; <u>provided</u>, <u>however</u>, that if a notice, request or other communication sent to the Company is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of 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;6.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement, the Award and all determinations made and actions taken pursuant hereto and thereto, to the extent not governed by the laws of the

------

United States, shall be governed by the laws of Delaware and construed in accordance therewith without giving effect to principles of conflicts of 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;6.9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement Subject to the Plan</u>. This Agreement is subject to the provisions of the Plan and shall be interpreted in accordance therewith. In the event that the provisions of this Agreement and the Plan conflict, the Plan shall control. The Holder hereby acknowledges receipt of a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Holder with respect to the subject matter hereof, and may not be modified adversely to the Holder's interest except by means of a writing signed by the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Partial Invalidity</u>. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment and Waiver</u>. The Company may amend the provisions of this Agreement at any time; <u>provided</u> that an amendment that would materially and adversely affect the Holder's rights under this Agreement shall be subject to the written consent of the Holder. No course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of 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;6.13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. The Award Notice may be executed in two counterparts, each of which shall be deemed an original and both of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance With Section 409A of the Code</u>. This Award is intended to be exempt from or comply with Section 409A of the Code, and shall be interpreted and construed accordingly, and each payment hereunder shall be considered a separate payment for purposes of Section 409A of the Code. To the extent this Agreement provides for the payment of nonqualified deferred compensation as a result of the Holder's termination of employment, the applicable Shares shall be transferred to the Holder or his or her beneficiary upon the Holder's "separation from service," within the meaning of Section 409A of the Code; provided that if the Holder is a "specified employee," within the meaning of Section 409A of the Code, then to the extent the Award constitutes nonqualified deferred compensation, within the meaning of Section 409A of the Code, such Shares shall be transferred to the Holder or his or her beneficiary upon the earlier to occur of (i) the six-month anniversary of such separation from service and (ii) the date of the Holder's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Clawback</u>. The Award and any Shares delivered pursuant to the Award are subject to forfeiture, 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 the Company's Dodd-Frank Clawback Policy, or as otherwise required by law or applicable listing standards.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Protected Rights</u>. Nothing in this Agreement or otherwise is intended to, or does, prohibit the Holder from (i) filing a charge or complaint with, providing truthful information to, or cooperating with an investigation being conducted by a governmental agency (such as the U.S. Equal Employment Opportunity Commission, another fair employment practices agency, the U.S. National Labor Relations Board, the U.S. Department of Labor, or the U.S. Securities and Exchange Commission (the "<u>SEC</u>")); (ii) engaging in other legally-protected activities; (iii) giving truthful testimony or making statements under oath in response to a subpoena or other valid legal process or in any legal proceeding; (iv) otherwise making truthful statements as required by law or valid legal process; or (v) disclosing a trade secret in confidence to a governmental official, directly or indirectly, or to an attorney, if the disclosure is made solely for the purpose of reporting or investigating a suspected violation of law. Accordingly, the Holder shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In the event the Holder files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Holder may disclose the trade secret(s) of the Company to the Holder's attorney and use the trade secret information in the court proceeding, if the Holder (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order. In accordance with applicable law, and notwithstanding any other provision of the Plan or this Agreement, nothing in the Plan, this Agreement or any policies or agreements of the Company or any affiliate applicable to the Holder (i) impedes the Holder's right to communicate with the SEC or any other governmental agency about possible violations of federal securities or other laws or regulations or (ii) requires the Holder to provide any prior notice to the Company or its affiliates or obtain their prior approval before engaging in any such communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Provisions</u>. In addition to the provisions set out in this Agreement and the Plan, the following terms shall apply in relation to the Holder and the Award:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The rights and obligations of the Holder under the terms of his or her office or employment with the Company or any Subsidiary or affiliate shall not be affected by the Holder's participation under the Plan.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The value of any benefit realized under the Plan by the Holder shall not be taken into account in determining any pension or similar entitlements.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Holder shall have no rights to compensation or damages on account of any loss in respect of the Award or the Plan where such loss arises (or is claimed to arise), in whole or in part, from termination of office or employment or service with, or notice to terminate office or employment or service given by or to, the Company or any of its Subsidiaries or affiliates. This exclusion of liability shall apply however termination of office or employment or service, or the giving of notice, is caused, and however compensation or damages are claimed. This exclusion of liability shall apply however the change of status of the Company or any of its

------

Subsidiaries or affiliates, or the transfer of the relevant business, is caused, and however compensation or damages are claimed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Appendix for Non-U.S. Countries</u>. Notwithstanding any provisions in this Agreement, the Award shall be subject to any special terms and conditions set forth in any appendix to this Agreement for the relevant Holder's country (the "<u>Appendix</u>"). Moreover, if a Holder relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Holder, to the extent the Company determines that the application of such terms and conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan. The Appendix constitutes part of 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;6.19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Board or Committee reserves the right to impose other requirements on a Holder's participation in the Plan, on the Award and on any Shares acquired under the Plan, to the extent the Committee determines it is necessary or advisable in order to comply with local law or regulation or facilitate the administration of the Plan, and to require a Holder to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

## Exhibit 10.6

**ACCELERANT HOLDINGS**

**ACCELERANT SHARE INCENTIVE PLAN**

**<br>Restricted Share Unit Award Notice**

**(Time-Based Vesting)**

**[Name of Recipient]**

You have been awarded a restricted share unit award (the "<u>Award</u>") with respect to Common Shares of Accelerant Holdings, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "<u>Company</u>"), pursuant to the terms and conditions of the Accelerant Share Incentive Plan (the "<u>Plan</u>") and the Restricted Share Unit Award Agreement (together with this Award Notice, the "<u>Agreement</u>"). Copies of the Plan and the Restricted Share Unit Award Agreement are attached hereto. Capitalized terms not defined herein shall have the meanings specified in the Plan or the Agreement.

---

| | |
|:---|:---|
| <u>Restricted Share Units</u>: | You have been awarded a restricted share unit award with respect to [____] Common Shares, par value $0.0000011951862 per share, subject to adjustment as provided in the Plan. |
| <u>Grant Date</u>: | [_________] |

---

------

---

| | |
|:---|:---|
| <u>Vesting Schedule</u>: | [Annual award vesting:] Except as otherwise provided in the Plan, the Agreement or any other agreement between you and the Company in effect as of the Grant Date, the Award shall vest 100% on the one-year anniversary of the Grant Date, if, and only if, you are, and have been, continuously serving as a Non-Employee Director through the vesting date[; provided, however, if (i) you cease to be a Non-Employee Director due to the expiration of your term of office at the Company's Annual Meeting of Shareholders to be held in May 20[__] and (ii) the date of such meeting is before the one-year anniversary of the Grant Date, the Award will vest on the date of such meeting].<br>[One-time award vesting:] Except as otherwise provided in the Plan, the Agreement or any other agreement between you and the Company in effect as of the Grant Date, the Award shall vest with respect to one-third (1/3) of the Common Shares subject to the Award on each of the first, second and third anniversaries of the Grant Date; provided however, if (i) you cease to be a Non-Employee Director due to the expiration of your term of office at the Company's Annual Meeting of Shareholders to be held in May 20[__] and (ii) the date of such meeting is before the three-year anniversary of the Grant Date, the final one-third (1/3) of the Award will vest on the date of such meeting.] |

---

---

| |
|:---|
| <br>ACCELERANT HOLDINGS  |
| By: ______________________________ |
| Name: |
| Title: |

---

<u>Acknowledgment, Acceptance and Agreement</u>:

By signing below and returning this Award Notice to Accelerant Holdings (or, if permitted through the Company's third-party stock plan administrator, by electronically accepting this Award Notice), I hereby accept the Award granted to me and acknowledge and agree to be bound by the terms and conditions of this Award Notice, the Agreement and the Plan.

__________________________________ Date: _____________ <br> Holder <br>

------

**ACCELERANT HOLDINGS**

**ACCELERANT SHARE INCENTIVE PLAN**

**RESTRICTED SHARE UNIT AWARD AGREEMENT**

Accelerant Holdings, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "<u>Company</u>"), hereby grants to the individual (the "<u>Holder</u>") named in the award notice attached hereto (the "<u>Award Notice</u>") as of the date set forth in the Award Notice (the "<u>Grant Date</u>"), pursuant to the provisions of the Accelerant Share Incentive Plan (the "<u>Plan</u>"), a restricted share unit award (the "<u>Award</u>") with respect to the number of Common Shares of the Company, par value $0.0000011951862 per share ("<u>Shares</u>"), set forth in the Award Notice, upon and subject to the restrictions, terms and conditions set forth in the Plan and this agreement (the "<u>Agreement</u>"). Capitalized terms not defined herein shall have the meanings specified in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Acceptance of Agreement</u>. The Award shall be null and void unless the Holder accepts this Agreement by executing the Award Notice in the space provided therefor and returning an original execution copy of the Award Notice to the Company or electronically accepting this Agreement within the Holder's stock plan account with the Company's stock plan administrator according to the procedures then in effect.

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as a Shareholder</u>. The Holder shall not be entitled to any privileges of ownership with respect to the Shares subject to the Award unless and until, and only to the extent, such Shares become vested pursuant to <u>Section 3</u> hereof and the Holder becomes a shareholder of record with respect to such Shares. As of each date on which the Company pays a cash dividend to record owners of Shares (a "<u>Dividend Date</u>"), the Holder shall have no entitlement to receive such cash dividend, and the number of Shares subject to the Award shall increase by (i) the product of the total number of Shares subject to the Award immediately prior to such Dividend Date multiplied by the dollar amount of the cash dividend paid per Share by the Company on such Dividend Date, divided by (ii) the Fair Market Value of a Share on such Dividend Date. Any such additional Shares shall be subject to the same vesting conditions and payment terms set forth herein as the Shares to which they relate**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restriction Period and Vesting</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;3.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Service-Based Vesting Condition</u>. Except as otherwise provided in this <u>Section 3</u>, the Award shall vest in accordance with the vesting schedule set forth in the Award Notice. The period of time prior to the full vesting of the Award shall be referred to herein as the "<u>Restriction Period</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;3.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Service</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Service Due to Death or Disability</u>. If the Holder's service as a Non-Employee Director terminates prior to the end of the Restriction Period by reason of the Holder's death or Disability, then the Award shall become fully vested as of the date of such termination of service. For purposes of this Award, "<u>Disability</u>" means the disability of the Holder caused by any physical or mental injury, illness or incapacity as a result of which the Holder is, or is reasonably expected to be, unable to effectively perform the essential functions of the Holder's duties for a substantially continuous period of more than 120 days or for any 180 days (whether or not continuous) within a 365 day period, as determined by the Committee in good faith.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment Other Than Due to Death or Disability</u>. If the Holder's service as a Non-Employee Director terminates prior to the end of the Restriction Period for any reason other than death or due to Disability or in connection with a Change in Control as contemplated in <u>Section 3.3(b)</u>, then the Award shall be immediately and automatically forfeited by the Holder and cancelled by the Company to the extent unvested (after accounting for any vesting acceleration per the terms of the Vesting Schedule set forth in the Award Notice) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Award Not Assumed</u>. In the event of a Change in Control prior to the end of the Restriction Period pursuant to which the Award is not effectively assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Board or Committee, with appropriate adjustments to the number and kind of Shares, in each case, that preserve the value of the Shares subject to the Award and other material terms and conditions of the outstanding Award as in effect immediately prior to the Change in Control), the Award shall vest in its entirety as of the date of the Change in Control.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Award Assumed</u>. In the event of a Change in Control prior to the end of the Restriction Period pursuant to which the Award is effectively assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Board or Committee, with appropriate adjustments to the number and kind of Shares, in each case, that preserve the value of the Shares subject to the Award and other material terms and conditions of the outstanding Award as in effect immediately prior to the Change in Control) and the Holder ceases to serve as a Non-Employee Director in connection with such Change in Control, then the Award shall become fully vested as of the date of such termination of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance or Delivery of Shares</u>. Subject to <u>Section 6.14</u> and except as otherwise provided for herein, within sixty (60) days after the vesting of the Award, the Company shall issue or deliver, subject to the conditions of this Agreement, the vested Shares to the Holder. Such issuance or delivery shall be evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to such issuance or delivery. Prior to the issuance to the Holder of the Shares subject to the Award, the Holder shall have no direct or secured claim in any specific assets of the Company or in such Shares, and will have the status of a general unsecured creditor of 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;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Restrictions and Investment Representation</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;5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Transferability of Award</u>. The Award may not be transferred by the Holder other than by will or the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company. Except to the extent permitted by the foregoing sentence, the Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award, the Award and all rights hereunder shall immediately become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Representation</u>. The Holder hereby covenants that (a) any sale of any Shares acquired upon the vesting of the Award shall be made either pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws and (b) the Holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance of the Shares and, in connection therewith, shall execute any documents which the Committee shall in its sole discretion deem necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Terms and Conditions of Award</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;6.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Taxes</u>. (a) To the extent the Holder is subject to withholding taxes, as a condition precedent to the delivery to the Holder of any Shares upon vesting of the Award, the Holder shall, upon request by the Company, pay to the Company such amount of cash as the Company may be required, under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (or such higher withholding amount elected by the Holder) (the "<u>Required Tax Payments</u>") with respect to the Award. If the Holder shall fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to the Holder or withhold 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Company (or, in the case of the Holder is subject to Section 16 of the Exchange Act, the Board or the authorized committee thereof) determines otherwise prior to the applicable vesting event, the Holder's obligation to advance the Required Tax Payments shall be satisfied by the Company withholding from the Shares otherwise to be delivered to the Holder pursuant to the Award, a number of whole Shares having a Fair Market Value, determined as of the date the obligation to withhold or pay taxes first arises in connection with the Award, equal to the Required Tax Payments. Shares to be withheld may not have a Fair Market Value in excess of the minimum amount of the Required Tax Payments (or, if approved by the Company (or, in the case of the Holder is subject to Section 16 of the Exchange Act, the Board or the authorized committee thereof), such higher rate that will not cause adverse accounting consequences). Any fraction of a share which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Holder. No Shares shall be delivered until the Required Tax Payments have been satisfied in full.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Applicable Law</u>. The Award is subject to the condition that if the listing, registration or qualification of the Shares subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of Shares hereunder, the Shares subject to the Award shall not be delivered, in whole or in part, unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval or other action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Personal Data</u>. The Company may process the Holder'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's People Operations at peopleoperationsteam@accelins.com; and (ii) this Agreement. The Holder understands and acknowledges that the Company, the Holder's employer and the Company's other affiliates hold certain personal information regarding the Holder for the purpose of managing and administering this Agreement, including (without limitation) any Data. The Holder 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 Holder's receipt of the Award and participation in this Agreement and that the Company and/or any affiliate may each further transfer Data to any third party assisting the Company in the implementation, administration and management of this Agreement. The Holder understands and acknowledges that the recipients of Data may be located in the United States or elsewhere. For purposes of this Agreement, "<u>Data</u>" means the Holder's name, home address, telephone number, date of birth, social insurance number, salary, nationality, job title, any Shares, options to purchase Shares, or directorships held in the Company and details of all Shares, options to purchase Shares or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Holder's favor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Confers No Rights to Continued Service or Continued Participation in the Plan</u>. In no event shall the granting of the Award or its acceptance by the Holder, or any provision of the Agreement or the Plan, give or be deemed to give the Holder any right to continued service with the Company, any Subsidiary or any affiliate of the Company. The grant of the Award does not confer on the Holder any right to receive any further awards under the Plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Decisions of Board or Committee</u>. The Board or the Committee shall have the right to resolve all questions which may arise in connection with the Award. Any interpretation, determination or other action made or taken by the Board or the Committee regarding the Plan or this Agreement shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the death of the Holder, acquire any rights hereunder in accordance with this Agreement or the Plan.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, by email to LegalNotices@accelins.com or by mail to Accelerant US Services Company, LLC, 400 Northridge Rd., Suite 800, Sandy Springs, GA 30350, Attention: US General Counsel, and if to the Holder, to the last known mailing address of the Holder contained in the records of the Company. All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the United States mails or (d) by express courier service. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon receipt by the party entitled thereto if by United States mail or express courier service; <u>provided</u>, <u>however</u>, that if a notice, request or other communication sent to the Company is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of 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;6.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement, the Award and all determinations made and actions taken pursuant hereto and thereto, to the extent not governed by the laws of the United States, shall be governed by the laws of Delaware and construed in accordance therewith without giving effect to principles of conflicts of 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;6.9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement Subject to the Plan</u>. This Agreement is subject to the provisions of the Plan and shall be interpreted in accordance therewith. In the event that the provisions of this Agreement and the Plan conflict, the Plan shall control. The Holder hereby acknowledges receipt of a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Holder with respect to the subject matter hereof, and may not be modified adversely to the Holder's interest except by means of a writing signed by the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Partial Invalidity</u>. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment and Waiver</u>. The Company may amend the provisions of this Agreement at any time; <u>provided</u> that an amendment that would materially and adversely affect the Holder's rights under this Agreement shall be subject to the written consent of the Holder. No course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of 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;6.13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. The Award Notice may be executed in two counterparts, each of which shall be deemed an original and both of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance With Section 409A of the Code</u>. This Award is intended to be exempt from or comply with Section 409A of the Code, and shall be interpreted and construed

------

accordingly, and each payment hereunder shall be considered a separate payment for purposes of Section 409A of the Code. To the extent this Agreement provides for the Award to be settled upon, or in connection with, the Holder's termination of service, the applicable Shares shall be transferred to the Holder or his or her beneficiary upon the Holder's "separation from service," within the meaning of Section 409A of the Code; provided that if the Holder is a "specified employee," within the meaning of Section 409A of the Code, then to the extent the Award constitutes nonqualified deferred compensation, within the meaning of Section 409A of the Code, such Shares shall be transferred to the Holder or his or her beneficiary upon the earlier to occur of (i) the six-month anniversary of such separation from service and (ii) the date of the Holder's death.

## Exhibit 19.1

![](insidertradingpolicyeffe001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;INSIDER TRADING POLICY 1 Confidential INSIDER TRADING POLICY of ACCELERANT HOLDINGS As amended by the Board of Directors, effective March 18, 2026 This Policy confirms procedures which all directors, officers and employees of Accelerant Holdings (the "Company") and its subsidiaries must follow with respect to transactions in the Company's securities including its shares, common stock, options to purchase shares, preferred shares, preferred stock, bonds and other debt securities, convertible debentures, warrants and any other types of securities the Company may issue, as well as derivative securities not issued by the Company such as exchange-traded put or call options or swaps relating to securities of the Company (collectively referred to in this Policy as "Company Securities"). The Company will not trade in Company Securities in violation of applicable securities laws or stock exchange listing standards. This Policy is subject to modification from time to time as the Board deems necessary or advisable. Anyone subject to this Policy is encouraged to ask questions and seek any follow-up information that they may require with respect to the matters set forth in this policy. This Policy shall be interpreted by the Company's Legal Department and as such please direct all questions to the Company's internal legal counsel. It is illegal for any person, either personally or on behalf of others, to trade in securities on the basis of material, nonpublic information. It is also illegal to communicate (or "tip") material, nonpublic information to others who may trade in securities on the basis of that information. These illegal activities are commonly referred to as "insider trading." General Statement The Company's policy, applicable to all directors, officers and employees, prohibits trading, and tipping others who may trade, when you are in possession of material, nonpublic information. Under the Company's insider trading policy, each director, officer and employee of the Company is forbidden from: (i) trading in securities of Company when he or she is in possession of material, nonpublic information; (ii) having others trade for such person in such securities while he or she is in possession of material, nonpublic information; (iii) communicating (or "tipping") to others confidential or nonpublic information concerning the Company or other companies; or

------

![](insidertradingpolicyeffe002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;INSIDER TRADING POLICY 2 Confidential (iv) making an election to acquire securities of the Company pursuant to a Company employee benefit plan or arrangement ("Plan"), increasing or decreasing the amount of securities of the Company to be acquired through such Plan, or making a discretionary change as to the securities of the Company held through a Plan, when in possession of material nonpublic information. Notwithstanding the prohibition in (iv) above, an director, officer or employee may exercise stock options granted under a Plan with cash (i.e., no cashless exercise) at any time provided that any stock option exercise is not followed or accompanied by a sale of the securities to any party, other than the Company, underlying such stock option. While the general Company insider trading policy referred to and summarized above also applies to you, as a director, officer or employee, the Board of Directors believes it is appropriate that your transactions in the Company's securities be subject to certain additional restrictions in order to reduce the risk of securities law violations. This Policy contain a discussion of insider trading and describe the special trading restrictions applicable to you and members of your immediate family (as defined herein). You must read and retain this Policy and, upon request by the Company, acknowledge your understanding of this Policy on an annual basis. 1. Prohibition Against Trading on Material Nonpublic Information During the course of your service at the Company, you may become aware of material nonpublic information. It is difficult to describe exhaustively what constitutes "material" information, but you should assume that any information, positive or negative, which might be of significance to an investor, as part of the total mix of available information, in determining whether to purchase, sell or hold Company Securities would be material. Information may be significant for this purpose even if it would not alone determine the investor's decision. Examples of "material" information include:  internal financial information which departs in any way from what the market would expect  changes in premiums, commissions, sales, earnings or dividends  significant insurance or reinsurance losses, including, without limitation catastrophe losses  an important financing transaction  share subdivisions, stock splits or other transactions relating to Company Securities  mergers, tender offers or acquisitions of other companies, or major purchases or sales of assets  major management changes  sales or purchases by the Company of its own securities

------

![](insidertradingpolicyeffe003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;INSIDER TRADING POLICY 3 Confidential  major litigation or regulatory developments  significant process or product developments  gain or loss of a major customer or supplier  major transactions with other companies or entities, such as joint ventures or licensing agreements  the extent to which external events, including but not limited to pandemics, have had or will have a material impact on the Company's operating results  a major cybersecurity incident  a Member departure from our Risk Exchange  changes to our panel of risk capital partners. Note that this list is merely illustrative and not exhaustive. "Inside" information could be material because of its expected effect on the price of the Company's securities, the securities of another company, or the securities of several companies. Moreover, the resulting prohibition against the misuse of "inside" information includes not only restrictions on trading in the Company's securities but restrictions on trading in the securities of other companies affected by the inside information. "Nonpublic" information is any information that has not yet been disclosed generally to the marketplace. Information received about a company under circumstances that indicate that it is not yet in general circulation should be considered nonpublic. As a rule, you should be able to point to some fact to show that the information is generally available; for example, disclosure within a report filed by the Company with the U.S. Securities and Exchange Commission, issuance of a press release by the Company or announcement of the information in The Wall Street Journal or other news publication. Even after the Company has released information to the press or the information has been reported, at least one full Trading Day must elapse before you trade in Company Securities and the trade must occur during a Trading Window (see, Section 3). For purposes of this Policy, a "Trading Day" shall mean any day on which the New York Stock Exchange is open for trading. For example, subject to the Trading Window restriction, if the Company issues a press release containing material information at 6:00 p.m. on a Tuesday, and the New York Stock Exchange is open for trading on Wednesday, persons subject to this Policy shall not be permitted to trade in Company Securities until Thursday. If the Company issues a press release containing material information at 6:00 p.m. on a Friday, and the New York Stock Exchange is open for trading on Monday, persons subject to this Policy shall not be permitted to trade in Company Securities until Tuesday. If you are aware of material nonpublic information regarding the Company you are prohibited from trading in Company Securities, unless such trade is made pursuant to a properly qualified, adopted and submitted Rule 10b5-1 trading plan. Rule 10b5-1 trading plans are

------

![](insidertradingpolicyeffe004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;INSIDER TRADING POLICY 4 Confidential discussed in Section 2 and Exhibit A of this Policy. You also are prohibited from giving "tips" on material nonpublic information, that is directly or indirectly disclosing such information to any other person, including family members and relatives, so that they may trade in Company Securities. Furthermore, if you are aware of material nonpublic information regarding the Company, you are prohibited from gifting Company Securities. Additionally, if you learn material nonpublic information about another company with which the Company does business, such as a supplier, customer or joint venture partner, or you learn that the Company is planning a major transaction with another company (such as an acquisition), you must not trade in the securities of the other company until such information has been made public for at least one full Trading Day. The policy against trading securities when in possession of material nonpublic information applies to all employees and directors of the Company as well as members of their immediate family. For purposes of this Policy, "immediate family" means a person's spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in- law, and anyone (other than domestic employees) who shares such person's home. It also applies to former employees and directors and their family members. In addition, you and your family members may not, under any circumstances, trade options for, or sell "short," Company Securities. 2. Rule 10b5-1 Trading Plans Rule 10b5-1 under the Securities Exchange Act of 1934 (the "Exchange Act") provides an affirmative defense against a claim of insider trading if an insider's trades are made pursuant to a written plan that was adopted in good faith at a time when the insider was not aware of material nonpublic information. All insiders entering into a Rule 10b5-1 trading plan must act in good faith in respect to that plan. It is the Company's policy that employees and directors may make trades pursuant to a Rule 10b5-1 plan adopted in good faith provided that, without limitation (i) such plan meets the requirements of Rule 10b5-1, as summarized in Exhibit A, (ii) such plan was adopted at a time when the employee or director would otherwise have been able to trade under Section 3 of this Policy, (iii) employees and directors include a representation in their Rule 10b5-1 plans that at the time of adoption or modification of the plan they are not aware of any material nonpublic information and are adopting the plan in good faith and (iv) adoption of the plan is approved in writing by a member of the Company's Legal Department. You may not enter into more than one 10b5-1 plan at any time. Once the plan is adopted, the insider must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. Note that trades made pursuant to Rule 10b5-1 plans by executive officers and directors must still be reported to the Company's General Counsel pursuant to the second paragraph of Section 4 below. Additionally, insiders must report any modification or termination of a Rule 10b5-1 plan to the Company's General Counsel on the date of such modification or termination. Following the adoption or modification of a Rule 10b5-1 plan, the first trade may not take place until after the expiration of the applicable cooling off period: (1) for the Company's executive officers and directors, the later of (i) 90 days after adoption of the plan or (ii) two business days following disclosure of the Company's financial results in a Form 10-Q or 10-K for the completed fiscal period in which the plan was adopted, and (2) for all other insiders, 30 days after adoption of the plan.

------

![](insidertradingpolicyeffe005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;INSIDER TRADING POLICY 5 Confidential Only one active plan is permitted, unless an exception is approved in advance by the Company's General Counsel, after evaluating whether any such additional plan would be permitted under Rule 10b5-1. In addition, only one single-trade plan is permitted within any consecutive 12-month period. Trades made pursuant to Rule 10b5-1 plans are subject to any applicable reporting requirements of Section 16 of the Securities Exchange Act and Rule 144 of the Securities Act of 1933, as amended, and you are responsible for ensuring that any required filings are timely made. 3. Trading Windows/Blackouts for Non-Rule 10b5-1 Trades to All Directors, Officer and Employees You, your spouse and members of your immediate family may only purchase or sell securities of the Company, including under a Company Plan except as discussed below, during four "trading windows" that occur each year. If you are a director or "Section 16 Officer" you must also pre-clear your intent to trade with the Company's Legal Department. The four trading windows consist of the periods that begin on, and include, the second full Trading Day after the day that a press release disclosing quarterly or annual earnings is issued by the Company and ends on the close of business on the 16th Trading Day prior to the end of each calendar quarter (i.e., no trading would be permitted during the last 15 Trading Days of each calendar quarter) ("Trading Window"). For purposes of determining the start of the Trading Window: (a) if the earnings release is published before the New York Stock Exchange core trading session ("Market Hours") on a Trading Day, that day is the first full Trading Day and (b) if the earnings release is published after Market Hours on a Trading Day, the next Trading Day is the first full Trading Day. The periods when the Trading Window is closed are referred to as "blackout" periods. Notwithstanding the foregoing, if the Company releases its annual earnings after the close of the Trading Window in March, the Company's General Counsel, in consultation with the Chief Financial Officer and Chief Executive Officer, may determine to open a Trading Window for no more than two Trading Days during what would otherwise be a blackout period, provided that no such officer is aware of any material nonpublic information when such Trading Window is authorized. In accordance with the procedure for exceptions described below, in certain circumstances an exception may be given by the General Counsel to allow a trade to occur during a blackout period, provided that the person to whom the exception is granted is not aware of material nonpublic information. You may not purchase or sell any Company securities during a trading window if the Company imposes a blackout on trades during such period because of material, nonpublic developments. Although you may not know the specifics of the development, if you engaged in a trade before such development was disclosed to the public, you might expose yourself and the Company to a charge of insider trading that could be costly and difficult to refute. In addition, a trade by you during such development could result in significant adverse publicity for the Company.

------

![](insidertradingpolicyeffe006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;INSIDER TRADING POLICY 6 Confidential From time to time, upon prior notice to the persons affected, the Company may impose event-specific special blackout periods during which all employees, or some or all Company executive officers and directors are prohibited from trading in or gifting Company Securities. The trading restrictions set forth in this Section 3 do not apply to any trades or gifts made pursuant to properly qualified, adopted and submitted Rule 10b5-1 trading plans. 4. Pre-clearance; Reporting Trades In addition to complying with the prohibition on trading during scheduled and event- specific special blackout periods, the Company's executive officers and directors must first obtain pre-clearance from the Company's General Counsel before engaging in any transaction in Company Securities, including gifts. A request for pre-clearance should be submitted to the General Counsel at least 48 hours in advance of the proposed transaction. If a proposed transaction receives pre-clearance, the pre-cleared trade must be effected within 48 hours of receipt of pre- clearance. If the person becomes aware of material nonpublic information before the trade is executed, the pre-clearance is void and the trade must not be completed. Transactions not effected within the time limit become subject to pre-clearance again. If a person seeks pre- clearance and permission to engage in the transaction is denied, then he or she should refrain from initiating any transaction in Company Securities, and should not inform any other person of the restriction. We require that all executive officers and directors submit to the Company's General Counsel a copy of any trade order or confirmation relating to the purchase, sale or gift of Company Securities on the date of any such transaction. This information is necessary to enable us to monitor trading by executive officers and directors and ensure that all such trades are properly reported. Your adherence to this Policy is vital to your protection as well as the Company's. 5. Hedging Transactions Hedging transactions may insulate you from upside or downside price movement in Company Securities which can result in the perception that you no longer have the same interests as the Company's other shareholders. Accordingly, you and your family members may not enter into hedging or monetization transactions or similar arrangements with respect to Company Securities, including the purchase or sale of puts or calls or the use of any other derivative instruments. 6. Margin Accounts and Pledging Securities held in a margin account or pledged as collateral for a loan may be sold without your consent by the broker if you fail to meet a margin call or by the lender in foreclosure if you default on the loan. A margin or foreclosure sale that occurs when you are aware of material nonpublic information may, under some circumstances, result in unlawful insider trading. Because of this, you may not hold Company Securities in a margin account nor pledge Company Securities as collateral for a loan, unless specifically approved in writing by the Company's Group General Counsel. 7. Short-Swing Trading/Control Stock/Section 16 Reports

------

![](insidertradingpolicyeffe007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;INSIDER TRADING POLICY 7 Confidential Officers and directors subject to the reporting obligations under Section 16 of the Exchange Act should take care not to violate the prohibition on short-swing trading (Section 16(b) of the Exchange Act) and the restrictions on sales by control persons (Rule 144 under the Securities Act of 1933, as amended), and should file all appropriate Section 16(a) reports (Forms 3, 4 and 5), which are enumerated and described in the Company's Section 16 Compliance Program, and any notices of sale required by Rule 144. 8. Duration of Policy's Applicability This Policy continues to apply to your transactions in Company Securities or the securities of other public companies engaged in business transactions with the Company even after your employment or directorship with the Company has terminated. If you are in possession of material nonpublic information when your relationship with the Company concludes, you may not trade in Company Securities or the securities of such other company until the information has been publicly disseminated or is no longer material. 9. Interpretation and Exceptions; Amendment The Company's General Counsel will have the authority to interpret this Policy. Further, while the Company has endeavored to anticipate likely scenarios and events in crafting this Policy, the Company's General Counsel may make exceptions to this Policy in his or her discretion. The Board may modify or amend this Policy at any time.\* \* \* THESE ARE VERY SERIOUS MATTERS. INSIDER TRADING IS ILLEGAL AND CAN RESULT IN JAIL SENTENCES AS WELL AS CIVIL PENALTIES, INCLUDING TREBLE DAMAGES. EMPLOYEES WHO VIOLATE THIS POLICY MAY BE SUBJECT TO DISCIPLINARY ACTION BY THE COMPANY, INCLUDING DISMISSAL FOR CAUSE.

------

![](insidertradingpolicyeffe008.jpg)

INSIDER TRADING POLICY 8 Confidential ACKNOWLEDGMENT The undersigned acknowledges that he/she has read this Insider Trading Policy and agrees to comply with the restrictions and procedures contained herein. ________________________________ ____/_____/_____ Signature Date _________________________________ Name (Please Print)

------

![](insidertradingpolicyeffe009.jpg)

INSIDER TRADING POLICY 9 Confidential Exhibit A Guidelines for Rule 10b5-1 Trading Plans Capitalized terms not defined herein have the meanings ascribed to them in the Company's Insider Trading Policy To be effective, a Rule 10b5-1 trading plan must: 1. Include representations certifying that (a) you are not aware of material non-public information at the time of adoption and (b) you are entering into the plan in good faith, and not as part of a plan or scheme to shield trades that would otherwise be considered violations of the insider trading laws; 2. Specify the beginning and end dates for the Rule 10b5-1 trading plan; 3. Specify either (a) the amount and price of the Company securities to be purchased or sold and the dates for such purchases or sales or (b) a formula that determines the amount and price of the Company securities to be purchased or sold and the dates for such purchases or sales; 4. Be established only during an open Trading Window and when you are not otherwise subject to a blackout period; 5. Be put in place only at a broker acceptable to the Company's General Counsel; 6. Be reviewed by the Company's General Counsel before the Rule 10b5-1 trading plan is put in place; 7. Be subsequently modified only during an open Trading Window and with approval from the Company's General Counsel; 8. If modified, meet all requirements of a newly adopted plan, as if adopted on the date of modification; 9. If terminated before the end of its term and a new plan is put into place, be implemented only during a Trading Window unless an exception is otherwise approved in advance by the Company's General Counsel; 10. Comply with the following "cooling-off" periods: a. For the Company's directors and Section 16 officers, provide that no trade under a Rule 10b5-1 trading plan may occur until the later of (i) 90 days after the adoption of the plan or (ii) two business days after the filing of the Company's Form 10-Q (or Form 10-K for any plan executed during the fourth fiscal quarter) for the fiscal quarter in which the plan was adopted, up to a maximum of 120 days after adoption of the plan; or

------

![](insidertradingpolicyeffe010.jpg)

INSIDER TRADING POLICY 10 Confidential b. For other insiders, provide that no trade may occur until 30 days after adoption of the Rule 10b5-1 trading plan; 11. Be the sole outstanding Rule 10b5-1 trading plan for such insider, unless an exception is approved in advance by the Company's General Counsel, after evaluating whether any such additional plan would be permitted by Rule 10b5-1; and 12. Be, if such Rule 10b5-1 trading plan is a single-trade plan, the sole single-trade plan within any consecutive 12-month period. Additionally, the Company requires that you act in good faith with respect to the Rule 10b5-1 plan for the entire duration of the plan.

------

## Exhibit 31.1

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jeff Radke, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of Accelerant Holdings;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph omitted pursuant to Rule 13a-14;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 13, 2026 | By: | /s/ Jeff Radke |
|  |  | **Jeff Radke** |
|  |  | **Chief Executive Officer** |

---

## Exhibit 31.2

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Linda Huber, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of Accelerant Holdings;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph omitted pursuant to Rule 13a-14;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 13, 2026 | By: | /s/ Linda S. Huber |
|  |  | **Linda S. Huber** |
|  |  | **Chief Financial Officer** |

---

## Exhibit 32.1

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Accelerant Holdings (the "Company") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 13, 2026 | By: | /s/ Jeff Radke |
|  |  | **Jeff Radke** |
|  |  | **Chief Executive Officer** |

---

## Exhibit 32.2

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Accelerant Holdings (the "Company") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 13, 2026 | By: | /s/ Linda S. Huber |
|  |  | **Linda S. Huber** |
|  |  | **Chief Financial Officer** |

---

<br>