# EDGAR Filing Document

**Accession Number:** 0001997350
**File Stem:** 0001997350-25-000009
**Filing Date:** 2025-11
**Character Count:** 78593
**Document Hash:** 04b7b5df8420549da3ec70e510d1d728
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001997350-25-000009.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001997350-25-000009

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20251112

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

**ITEM INFORMATION**: Regulation FD Disclosure

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42765
- **FILM NUMBER:** 251473074

**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-20251112

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K**

**___________________________________**

**CURRENT REPORT**

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

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 12, 2025**

**___________________________________**

**ACCELERANT HOLDINGS**

**(Exact Name of Registrant as Specified in its Charter)**

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Cayman Islands**<br>**(State or Other Jurisdiction of** <br>**Incorporation or Organization)** | **001-42765**<br>**(Commission File Number)** | **98-1753044**<br>**(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** | **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** | **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** |
| **1 (345) 743-4611** | **1 (345) 743-4611** | **1 (345) 743-4611** |
| **(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)** | **(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)** | **(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)** |
| **Not Applicable** | **Not Applicable** | **Not Applicable** |
| **(Former Name or Former Address, if Changed Since Last Report)** | **(Former Name or Former Address, if Changed Since Last Report)** | **(Former Name or Former Address, if Changed Since Last Report)** |

---

**___________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of Each Class** | **Trading Symbol** | **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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☒

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. ☒

    

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**Item 2.02. Results of Operations and Financial Condition**

On November 12, 2025, Accelerant Holdings (the "Company," "we," or "our") issued a press release relating to our earnings for the third quarter ended September 30, 2025 (the "Earnings Release"). We have attached a copy of the Earnings Release as Exhibit 99.1.

**Item 7.01. Regular FD Disclosure**

The Company is posting an earnings presentation to its website at https://investor.accelerant.ai/. A copy of the earnings presentation is being furnished herewith as Exhibit 99.2. The Company will use the earnings presentation during its earnings conference call tomorrow, November 13, at 8:00 a.m. Eastern Time and also may use the earnings presentation from time to time in conversations with analysts, investors and others.

The information furnished under Items 2.02 and 7.01, including Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference to such filing.

**Item 9.01. Financial Statements and Exhibits**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Earnings release issued by the Company on November 12, 2025](a9913q2025arxearningsrel.htm)</u> |
| 99.2 | <u>[Earnings presentation issued by the Company on November 12, 2025](a9923q2025arxearningspre.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**Signature**

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

Dated: November 12, 2025

---

| | |
|:---|:---|
| **ACCELERANT HOLDINGS** | **ACCELERANT HOLDINGS** |
| By: | /s/ Nancy Hasley |
|  | Nancy Hasley |
|  | *Group General Counsel* |

---

## Exhibit 99.1

![](a9913q2025arxearningsrel001.jpg)

1 Accelerant Announces Third Quarter 2025 Results ● Exchange written premium of $1.043B grew 17% year-over-year and 39% on a year to date basis ● Net loss of $1.367 billion driven by non-cash and equity-neutral profits interest distribution expenses ● Adjusted net income of $79.8 million, up 320% over the prior year ● Net loss per basic and diluted share of $6.99, adjusted earnings per diluted share of $0.38 ● Adjusted EBITDA of $105.0 million, and $66.3 million when excluding in-period investment gains (Adjusted EBITDA was up 302% year-over-year, and 164%, when excluding the investment gains) ● Additional key measures are presented below ATLANTA (November 12, 2025) – Accelerant Holdings (NYSE: ARX), a leading technology company operating a data- driven risk exchange platform for the specialty insurance market, today announced financial results for the third quarter ended September 30, 2025. "We delivered a strong third quarter, reflecting the continued momentum across our platform," said Jeff Radke, Co- Founder and CEO. "We exceeded both top- and bottom-line growth expectations, added new third-party insurers including a Lloyd's facility, and continued to bring high-quality Members to the Risk Exchange. Our technology and data capabilities are deepening our advantage, strengthening relationships across the network, and driving consistent, profitable growth across the business." "Our third quarter results underscore the scalability of our model and the quality of our earnings," said Jay Green, Accelerant's Chief Financial Officer. "Adjusted EBITDA and Adjusted Net Income each grew over 300%, which headline another quarter of strong profitability and expanding margins. Our disciplined execution and high- conversion, fee-based model continue to create durable, long-term value. We've introduced a more robust earnings presentation this quarter that will be available on our investor relations website." Third Quarter 2025 Key Results Three Months Ended September 30, Nine Months Ended September 30, (in millions, unless indicated) 2025 2024 2025 2024 Number of members 265 204 265 204 Net revenue retention 135 % 146 % 135 % 146 % Exchange written premium $1,042.9 $888.4 $3,100.4 $2,229.0 Accelerant direct written premium 68 % 79 % 74 % 86 % Third-party direct written premium 32 % 21 % 26 % 14 % Accelerant-retained exchange premium 7 % 10 % 7 % 10 % Exchange written premium growth rate 17 % 94 % 39 % 84 % Total revenues $267.4 $153.7 $664.5 $411.9 Gross loss ratio 50.1 % 51.8 % 51.2 % 52.8 % (Loss) income before income taxes $(1,357.5) $1.3 $(1,319.7) $9.0 Net (loss) income $(1,367.0) $9.4 $(1,346.1) $2.3 Non-GAAP financial measures (1) Adjusted net income (1) $79.8 $19.0 $127.5 $27.3 Adjusted EBITDA (1) $105.0 $26.1 $211.3 $66.6 Adjusted EBITDA margin (1) 39 % 17 % 32 % 16 %

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![](a9913q2025arxearningsrel002.jpg)

2 (1) The definitions of Adjusted Net Income, Adjusted EBITDA, Adjusted earnings per diluted share and Adjusted EBITDA margin can be found in the "Use of Non-GAAP Financial Measures" section of this release. A reconciliation of Adjusted Net Income, Adjusted EBITDA, and Adjusted EBITDA margin to the most directly comparable GAAP measures can be found on page 12. Conference Call Information Accelerant will host a webcast and conference call to discuss the third quarter financial results on November 13, 2025, at 8:00 a.m. ET. A live webcast of the call can be accessed on Accelerant's Investor Relations website at https://investor.accelerant.ai. To access the call via telephone in North America, please dial 800-715-9871. For callers outside the United States, please dial +1 646-307-1963. Participants should reference the conference call ID code "6232893" after dialing in. A webcast replay of the call will be available on Accelerant's website at accelerant.ai in its Investors section for one year following the call. About Accelerant Accelerant is a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers. Accelerant was founded in 2018 by a group of longtime insurance industry executives and technology experts who shared a vision of rebuilding the way risk is exchanged – so that it works better, for everyone. The Accelerant risk exchange does business across 22 different countries and more than 500 specialty insurance products. The Company generates revenue by charging fees on the Exchange Written Premium shared with risk capital partners that rely on Accelerant to source, manage, and monitor portfolios of specialty risk. There was $1.043 billion in Exchange Written Premium during the third quarter 2025. Accelerant harnesses advanced data analytics and AI to optimize risk management, align incentives across the insurance value chain, and provide transparent and efficient solutions for MGAs and Risk Capital partners globally. Forward-Looking Statements All statements in this release and in the corresponding earnings call that are not historical are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. 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 release and in the corresponding earnings call are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in our Quarterly Report on Form 10-Q under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Use of Non-GAAP Financial Measures In assessing the performance of our business, non-GAAP financial measures are used that are derived from our consolidated financial information but are not presented in our consolidated financial statements prepared in accordance with GAAP. We consider these non-GAAP financial measures to be useful metrics for management and investors to evaluate our financial performance by excluding certain items that are related to our non-core business operations and therefore are not considered to be directly attributable to our underlying operating performance.

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![](a9913q2025arxearningsrel003.jpg)

3 Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income (Loss) and Adjusted earnings per diluted share should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to GAAP net income or net (loss) as indicators of our financial performance. Although we use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income (Loss) and Adjusted earnings per diluted share as financial measures to assess the performance of our business, such use is limited because it does not include certain material costs necessary to operate our business. Our presentation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income (Loss) and Adjusted earnings per diluted share should not be construed as indications that our future results will be unaffected by unusual or non-recurring items. These non- GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of our most directly comparable financial measures calculated in accordance with GAAP to these non-GAAP financial measures on a consolidated basis. Adjusted EBITDA and Adjusted Net Income (Loss) We define Adjusted EBITDA as GAAP net income (loss) less the impact of depreciation and amortization, interest expenses, income tax expenses and the following items: • Other expenses: Represents costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, and legal and advisory costs in connection with corporate development activities including mergers and acquisitions, capital raising activities and entity formations that support our growing business. • Nonrecurring profit interest distribution expenses resulting from the IPO: Represents non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of 65,270,453 Class A common shares of the Company held by Accelerant Holdings LP to certain officers and employees of the Company that fully vested upon the IPO. These expenses were entirely offset by a corresponding capital contribution for that distribution of shares. These expenses only occurred at one point in time and will not recur. • Share-based compensation expenses included within general and administrative expenses: Represents non-cash expense related to the fair value of share-based awards granted to employees and directors, including restricted stock units and stock options and other awards that can be settled in cash, recognized over the requisite service period for the awards. • Net foreign currency exchange gains (losses): The functional currency for each of our operating subsidiaries is generally the currency of the local operating environment. Transactions in currencies other than the local operation's functional currency are remeasured into the functional currency, and the resulting foreign exchange gains or losses are reflected in net foreign currency exchange gains (losses). Such gains and losses are generally offset by the translation of our subsidiaries who have the corresponding reinsurance- related balances within their own functional currencies, whereby such effects are translated to other comprehensive income, yielding a much lower net impact on total comprehensive income and equity. We define Adjusted Net Income (Loss) as GAAP net income (loss) less the impact of other expenses, nonrecurring profits interest distribution expenses, share-based compensation expenses, and the tax effect of the adjustments for other expenses (such measure differs from Adjusted EBITDA as it includes the effect of interest, taxes, depreciation and amortization, as well as foreign currency exchange gains (losses)). Adjusted earnings per diluted share is calculated as adjusted net income for the respective periods divided by the sum of US GAAP basis diluted shares presented herein and certain dilutive share awards which added 2,963,668 shares for the three months ended September 30, 2025. Certain of the share options and restricted stock units were excluded, as the average share price over the period was below that of the exercise prices and the effect of their inclusion would be anti- dilutive. Adjusted EBITDA Margin We define Adjusted EBITDA margin, a non-GAAP financial measure, as Adjusted EBITDA divided by total revenue. Adjusted EBITDA margin is an internal performance measure used in the management of our operations.

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![](a9913q2025arxearningsrel004.jpg)

4 The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measures is set forth in the reconciliation table accompanying this release. Contacts: Investor Relations Media Relations The Blueshirt Group Chelsea Allison Scott McCabe chelsea@heycommand.com scott@blueshirtgroup.com Accelerant investors@accelerant.ai

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![](a9913q2025arxearningsrel005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5 Accelerant Holdings Consolidated Statements of Operations (in millions, except per share amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (expressed in millions of US dollars, except share data) 2025 2024 2025 2024 Revenues Ceding commission income $92.3 $62.1 $264.6 $186.2 Direct commission income 43.4 17.2 105.7 38.9 Net earned premiums 82.1 59.3 215.7 155.5 Net investment income 10.1 11.0 35.1 27.6 Net realized gains on investments 3.5 0.1 6.2 0.5 Net unrealized gains on investments 36.0 4.0 37.2 3.2 Total revenues 267.4 153.7 664.5 411.9 Expenses Losses and loss adjustment expenses 50.8 39.7 147.3 111.6 Amortization of deferred acquisition costs 22.8 23.1 58.1 62.0 General and administrative expenses 115.8 67.3 280.2 178.0 Interest expenses 2.6 3.1 7.7 9.1 Depreciation and amortization 10.0 5.8 25.7 16.2 Profit interest distribution expenses 1,379.7 — 1,379.7 — Net foreign exchange (gains) losses (2.4) 5.4 14.9 3.6 Other expenses 45.6 8.0 70.6 22.4 Total expenses 1,624.9 152.4 1,984.2 402.9 (Loss) income before income taxes (1,357.5) 1.3 (1,319.7) 9.0 Income tax (expense) benefit (9.5) 8.1 (26.4) (6.7) Net (loss) income (1,367.0) 9.4 (1,346.1) 2.3 Adjustment for net (income) loss attributable to non-controlling interests (1.8) (1.3) (7.4) 3.9 Deemed dividend upon redemption of Class C preference shares (70.9) — (70.9) — Net (loss) income attributable to Accelerant common shareholders $(1,439.7) $8.1 $(1,424.4) $6.2 Net (loss) income attributable to Accelerant per common share: Basic $(6.99) $0.05 $(7.93) $0.04 Diluted $(6.99) $0.04 $(7.93) $0.03 Weighted-average common shares outstanding: Basic 206,064,119 166,185,094 179,624,179 165,913,933 Diluted 206,064,119 199,710,283 179,624,179 199,384,420

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![](a9913q2025arxearningsrel006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6 Accelerant Holdings Consolidated Balance Sheets (in millions, except par value) (unaudited) September 30, 2025 December 31, 2024 (expressed in millions of US dollars, except share data) Assets Investments Short-term investments available for sale, at fair value (amortized cost 2025: $64.8 and 2024: $65.0) $64.8 $64.8 Fixed maturity securities available for sale, at fair value (amortized cost 2025: $716.9 and 2024: $485.6) 721.9 479.5 Equity method investments 9.4 18.2 Other investments 81.7 45.3 Total investments 877.8 607.8 Cash, cash equivalents and restricted cash 1,675.9 1,273.0 Premiums receivable (net of allowance 2025: $2.9 and 2024: $2.4) 922.0 791.9 Ceded unearned premiums 1,868.0 1,558.4 Reinsurance recoverables on unpaid losses and LAE 1,552.9 1,069.5 Other reinsurance recoverables 527.1 364.3 Deferred acquisition costs 59.0 60.7 Goodwill and other intangible assets, net 116.5 64.0 Capitalized technology development costs, net 95.7 83.6 Other assets 164.5 221.7 Total assets $7,859.4 $6,094.9 Liabilities and shareholders' equity Unpaid losses and loss adjustment expenses $1,841.4 $1,294.4 Unearned premiums 2,167.5 1,803.2 Payables to reinsurers 1,219.5 1,109.0 Deferred ceding commissions 226.0 193.0 Funds held under reinsurance 1,132.5 746.9 Insurance balances payable 173.5 148.0 Debt 121.9 121.4 Accounts payable and other liabilities 273.3 252.0 Total liabilities 7,155.6 5,667.9 Commitments and contingencies (Note 18) Equity Redeemable preference shares Class C convertible preference shares (issued and outstanding 2024: 5,556,546) — 104.4 Shareholders' equity Convertible preference shares: Class A (issued and outstanding 2024: 20,955,497) — 236.7 Class B (issued and outstanding 2024: 12,569,691) — 145.1 Common shares (par value $0.000001 per share, issued and outstanding 2025: Class A - 114,578,616; Class B - 107,241,428 and 2024: 166,185,094) — — Additional paid-in capital 2,213.9 124.8 Accumulated other comprehensive loss (1.5) (19.5) Accumulated deficit (1,536.3) (182.8) Total Accelerant shareholders' equity 676.1 304.3 Non-controlling interests 27.7 18.3 Total equity 703.8 427.0 Total liabilities and equity $7,859.4 $6,094.9

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![](a9913q2025arxearningsrel007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7 Accelerant Holdings Consolidated Statements of Cash Flows (in millions) (unaudited) Nine Months Ended September 30, (expressed in millions of US dollars) 2025 2024 Cash flows from operating activities Net (loss) income $(1,346.1) $2.3 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Non-cash revenues, expenses, gains and losses included in net income: Profits interest distribution expenses 1,379.7 — Net realized gains on investments (6.2) (0.5) Net unrealized gains on investments (37.2) (3.2) Earnings from equity method investments (1.5) (1.7) Share-based compensation expenses 22.6 6.3 Depreciation and amortization 25.7 16.2 Deferred income tax benefit (11.8) (35.6) Net foreign exchange losses 14.9 3.6 Net accretion of discount on fixed maturity securities and short-term investments (5.9) (3.9) Other, net 2.8 1.0 Changes in operating assets and liabilities: Premiums receivable (102.7) (212.7) Ceded unearned premiums (280.6) (481.1) Reinsurance recoverables on unpaid losses and LAE (460.5) (314.8) Other reinsurance recoverables (152.8) (39.0) Deferred acquisition costs 1.9 (10.2) Unpaid losses and loss adjustment expenses 483.6 340.1 Unearned premiums 292.1 489.6 Payables to reinsurers 86.3 505.2 Deferred ceding commissions 48.7 64.9 Funds held under reinsurance 383.1 164.7 Insurance balances payable 23.4 13.3 Other assets, accounts payable and other liabilities 23.7 39.4 Net cash provided by operating activities 383.2 543.9 Cash flows from investing activities Proceeds from sales of: Equity securities — 115.2 Fixed maturity securities 150.8 21.6 Equity method investments 1.1 — Other investments 3.6 0.3 Maturities of fixed maturity securities 40.0 14.8 Payments for purchases of: Fixed maturity securities (397.9) (313.5) Equity method investments (0.8) (4.1) Net change in short-term investments 4.9 (39.4) Purchases of subsidiaries, net of cash acquired (9.9) — Capitalized technology development expenditures (29.8) (25.3) Other, net (0.3) (0.8) Net cash used in investing activities (238.3) (231.2) Cash flows from financing activities Redemption of Class C convertible preference shares (175.3) — Issuance of common shares, net of issuance costs 392.0 — Credit facility borrowings 5.0 — Credit facility repayment (5.0) — Issuance of debt, net of issuance costs — 49.7 Payment of debt — (50.4) Dividends paid to non-controlling interests (7.2) (2.7) Net cash provided by (used in) financing activities 209.5 (3.4) Net increase in cash, cash equivalents and restricted cash 354.4 309.3 Effect of foreign currency rate changes on cash, cash equivalents and restricted cash 48.5 0.3 Cash, cash equivalents and restricted cash at beginning of period 1,273.0 775.4 Cash, cash equivalents and restricted cash at end of period $1,675.9 $1,085.0

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![](a9913q2025arxearningsrel008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;8 Accelerant Holdings Financial Information by Segment (in millions) (unaudited) Three Months Ended September 30, 2025 (in millions) Exchange Services MGA Operations Underwriting Total Segments Corporate and Other Consolidati on and elimination adjustments Total Revenues Ceding commission income $— $— $29.0 $29.0 $— $63.3 $92.3 Direct commission income Affiliated entities 61.1 28.5 — 89.6 — (89.6) — Unaffiliated entities 22.8 20.6 — 43.4 — — 43.4 Net earned premiums — — 82.1 82.1 — — 82.1 Net investment income 1.1 1.0 6.1 8.2 1.9 — 10.1 Net realized gains on investments — 3.1 0.4 3.5 — — 3.5 Net unrealized gains on investments — 27.6 — 27.6 8.4 — 36.0 Segment revenues 85.0 80.8 117.6 283.4 10.3 (26.3) 267.4 Losses and loss adjustment expenses — — 50.8 50.8 — — 50.8 Amortization of deferred acquisition costs — — 34.9 34.9 — (12.1) 22.8 General and administrative expenses 25.8 35.4 14.3 75.5 23.6 (10.3) 88.8 Adjusted EBITDA $59.2 $45.4 $17.6 $122.2 $(13.3) $(3.9) 105.0 Interest expenses (2.6) Depreciation and amortization (10.0) Profits interest distribution expenses (1,379.7) Share-based compensation expenses (27.0) Net foreign exchange gains 2.4 Other expenses (45.6) Loss before income taxes $(1,357.5)

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![](a9913q2025arxearningsrel009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;9 Accelerant Holdings Financial Information by Segment (continued) (in millions) (unaudited) Three Months Ended September 30, 2024 (in millions) Exchange Services MGA Operations Underwriting Total Segments Corporate and Other Consolidatio n and elimination adjustments Total Revenues Ceding commission income $— $— $15.4 $15.4 $— $46.7 $62.1 Direct commission income Affiliated entities 55.5 32.3 — 87.8 — (87.8) — Unaffiliated entities 7.7 9.5 — 17.2 — — 17.2 Net earned premiums — — 59.3 59.3 — — 59.3 Net investment income 0.4 1.1 8.9 10.4 0.6 — 11.0 Net realized gains on investments — — 0.1 0.1 — — 0.1 Net unrealized gains on investments — — — — 4.0 — 4.0 Segment revenues 63.6 42.9 83.7 190.2 4.6 (41.1) 153.7 Losses and loss adjustment expenses — — 39.7 39.7 — — 39.7 Amortization of deferred acquisition costs — — 30.1 30.1 — (7.0) 23.1 General and administrative expenses 18.0 25.2 31.5 74.7 6.7 (16.6) 64.8 Adjusted EBITDA $45.6 $17.7 $(17.6) $45.7 $(2.1) $(17.5) $26.1 Interest expenses (3.1) Depreciation and amortization (5.8) Share-based compensation expenses (2.5) Net foreign exchange losses (5.4) Other expenses (8.0) Income before income taxes $1.3

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&nbsp;&nbsp;&nbsp;&nbsp;10 Accelerant Holdings Financial Information by Segment (continued) (in millions) (unaudited) Nine Months Ended September 30, 2025 (in millions) Exchange Services MGA Operations Underwriting Total Segments Corporate and Other Consolidatio n and elimination adjustments Total Revenues Ceding commission income $— $— $77.8 $77.8 $— $186.8 $264.6 Direct commission income Affiliated entities 189.1 99.0 — 288.1 — (288.1) — Unaffiliated entities 49.6 56.1 — 105.7 — — 105.7 Net earned premiums — — 215.7 215.7 — — 215.7 Net investment income 2.8 2.8 25.8 31.4 3.7 — 35.1 Net realized gains on investments — 5.2 1.0 6.2 — — 6.2 Net unrealized gains on investments — 27.1 — 27.1 10.1 — 37.2 Segment revenues 241.5 190.2 320.3 752.0 13.8 (101.3) 664.5 Losses and loss adjustment expenses — — 147.3 147.3 — — 147.3 Amortization of deferred acquisition costs — — 87.6 87.6 — (29.5) 58.1 General and administrative expenses 79.6 100.4 40.6 220.6 54.5 (27.3) 247.8 Adjusted EBITDA $161.9 $89.8 $44.8 $296.5 $(40.7) $(44.5) $211.3 Interest expenses (7.7) Depreciation and amortization (25.7) Profits interest distribution expenses (1,379.7) Share-based compensation expenses (32.4) Net foreign exchange losses (14.9) Other expenses (70.6) Loss before income taxes $(1,319.7)

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&nbsp;&nbsp;&nbsp;&nbsp;11 Accelerant Holdings Financial Information by Segment (continued) (in millions) (unaudited) Nine Months Ended September 30, 2024 (in millions) Exchange Services MGA Operations Underwriting Total Segments Corporate and Other Consolidatio n and elimination adjustments Total Revenues Ceding commission income $— $— $65.0 $65.0 $— $121.2 $186.2 Direct commission income Affiliated entities 143.4 76.6 — 220.0 — (220.0) — Unaffiliated entities 14.8 24.1 — 38.9 — — 38.9 Net earned premiums — — 155.5 155.5 — — 155.5 Net investment income 0.7 2.9 23.3 26.9 0.7 — 27.6 Net realized gains on investments — — 0.5 0.5 — — 0.5 Net unrealized (losses) gains on investments — — (0.8) (0.8) 4.0 — 3.2 Segment revenues 158.9 103.6 243.5 506.0 4.7 (98.8) 411.9 Losses and loss adjustment expenses — — 111.6 111.6 — — 111.6 Amortization of deferred acquisition costs — — 77.4 77.4 — (15.4) 62.0 General and administrative expenses 45.7 76.6 70.2 192.5 20.6 (41.4) 171.7 Adjusted EBITDA $113.2 $27.0 $(15.7) $124.5 $(15.9) $(42.0) $66.6 Interest expenses (9.1) Depreciation and amortization (16.2) Share-based compensation expenses (6.3) Net foreign exchange losses (3.6) Other expenses (22.4) Income before income taxes $9.0

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&nbsp;&nbsp;&nbsp;&nbsp;12 Accelerant Holdings Reconciliation of GAAP to Non-GAAP Financial Results (in millions) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 Net income (loss) $(1,367.0) $9.4 $(1,346.1) $2.3 Adjustments: Profits interest distribution expenses 1,379.7 — 1,379.7 — Share-based compensation expenses 27.0 2.5 32.4 6.3 Other expenses 45.6 8.0 70.6 22.4 Tax effect of adjustments to net income (loss) (1) (5.5) (0.9) (9.1) (3.7) Adjusted net income $79.8 $19.0 $127.5 $27.3 Adjustments: Add back tax effect of adjustments to net income (loss) 5.5 0.9 9.1 3.7 Income tax expense (benefit) 9.5 (8.1) 26.4 6.7 Interest expenses 2.6 3.1 7.7 9.1 Depreciation and amortization 10.0 5.8 25.7 16.2 Net foreign exchange (gains) losses (2.4) 5.4 14.9 3.6 Adjusted EBITDA $105.0 $26.1 $211.3 $66.6 Total revenues 267.4 153.7 664.5 411.9 Adjusted EBITDA margin 39 % 17 % 32 % 16 % (1) The tax effect of other expenses adjustments to net income (loss) for each period presented were calculated using the statutory tax rates for each of our legal entities where the expenses were incurred, including certain non-taxing jurisdictions. The statutory tax rates used in the calculations were adjusted in instances where our legal entities have applied full valuation allowances to their respective deferred tax assets of unutilized NOLs. As such, the tax effect for the respective years varies based on the jurisdictional mix of where the expenses were incurred in each year.

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## Exhibit 99.2

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Accelerant: The Global Specialty Insurance Risk Exchange November 2025

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2 Legal Disclaimer Forward-Looking Statements: This presentation by Accelerant Holdings (the "Company," "we," "us") contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve substantial risks and uncertainties and that reflect the Company's current expectations and projections with respect to, among other things, its plans, objectives, and business. These forward looking statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. For more detail on the risk factors that may affect the Company's results, see the section entitled ''Risk Factors'' in our most recent registration statement on Form S-1 and quarterly reports on 10-Q filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward- looking statements. Given these factors, as well as other variables that may affect the Company's operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this presentation relate only to events as of the date hereof. We do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable as of their respective dates, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. Non-GAAP Financial Measures We present Adjusted EBITDA and Adjusted EBITDA margin as supplemental measures of performance that are neither required by, nor presented in accordance with, accounting principles generally accepted in the United States of America ("GAAP"). Adjusted EBITDA and Adjusted EBITDA margin should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to GAAP net income or net loss as indicators of our financial performance. Although we use Adjusted EBITDA and Adjusted EBITDA margin as financial measures to assess the performance of our business, such use is limited because it does not include certain material costs necessary to operate our business. Our presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed as indications that our future results will be unaffected by unusual or nonrecurring items. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures reported by other companies, because other companies may not calculate non-GAAP financial measures in the same manner as we do, thus limiting its usefulness as a comparative measure. Because of these limitations, non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP financial measures on a supplemental basis. You should review the reconciliations of these non-GAAP measures to the most directly comparable GAAP measure included as an appendix to this presentation and not rely on any single financial measure to evaluate our business.

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3 Our Vision To become the preeminent specialty insurance marketplace

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3rd Quarter Update

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5 Third Quarter Highlights Healthy topline growth paired with strong profitability • $1,043M Exchange Written Premium (+17% y/y) & $267M of revenue (+74% y/y) • $105M adj. EBITDA (+302% y/y, 39% margin) – includes +$39M irregular investment gains, $66M without gains • 50% gross loss ratio Financial Operational • Onboarded new premier risk exchange insurers (incl. Lloyd's facility, Incline, MS Transverse, Ozark) since last earnings call, cancelled 1 that operationally wasn't ramping • 265 Members (+17 since last quarter) – as expected, running off one Member ($167M LTM 3Q'25 premium) with far below average ARX unit economics. Member wrote ~$50-55M per quarter previously, $12M in 3Q'25 • Ingested unique attributes jumped from 23k to 57k – ingested large swaths of 3rd party data for training our models Other • $336M third-party written premium (32% of EWP vs. 27% in 2Q'25), and Hadron mixed down from 58% to 54% • Owned Member (ARU) won Insurance Insider's MGA of the Year award Notes: Please see the Appendix for reconciliations of non-GAAP items.

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6 How We Performed in Q3 Strong execution across all of our KPIs Supply Side Demand Side Q3 '24 Q2 '25 Q3 '25 Commentary ARX Net Retained % 10% 6% 7% Financials ($M) Revenue Adj. EBITDA $154 $219 $267 $26 $64 $105 Retention decline driven by increased cessions to risk capital partners and more third-party direct written premium +49% y/y growth without $39M of irregular investment gains driven by organic growth and premium earning through. +74% y/y including irregular gains 29% margin without $39M irregular investment gains from topline growth and emerging operating leverage (vs. 17% prior year). 39% margin including gains Adj. Net Income $0.38 adjusted earnings per share (diluted)$19 $29 $80 Exchange Premium ($M) $888 $1,072 $1,043 +17% y/y growth driven by renewal cycles of two Members 3rd Party % 21% 27% 32% Continued ramping of onboarded third-party risk exchange insurers – $156M from non-Hadron pre-existing partners Gross Loss Ratio 52% 51% 50% Strong gross loss ratio performance as portfolio continues to perform as expected Net Revenue Retention 146% 151% 135% Existing Members grew $1.0B of LTM Exchange Written Premium y/y Member Count 204 248 265 +17 in the quarter driven by new independent Members – Member count grew 30% y/y Notes: Please see the Appendix for reconciliations of non-GAAP items.

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7 Last Twelve Months Highlights Last Year (LTM 3Q'24) Grew volume on our exchange 42% year-over-year (all organic) $2.8B Exchange Written Premium $4.0B Exchange Written Premium Today (LTM 3Q'25) Increased number of Members by +61 year-over-year 204 Members 265 Members Wrote more premium with third party insurers 14% Third-Party Written 25% Third-Party Written Premium shared with risk capital partners 90% % of Exchange Written Premium 93% % of Exchange Written Premium From topline growth and emerging operating leverage 17% Adj. EBITDA Margin 30% Adj. EBITDA Margin Accelerated our profitability 194% year-over-year $88M Adj. EBITDA $258M Adj. EBITDA Maintained healthy profitability for our risk capital partners 52% Gross Loss Ratio 53% Gross Loss Ratio Notes: Please see the Appendix for reconciliations of non-GAAP items. 7

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

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

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10 Our Risk Exchange How We Measure Success and Why Key Performance Indicators: • Exchange Written Premium – All the premium written through the exchange. Our core topline figure precipitating our financial outcomes • Net Revenue Retention – Same-set Member trailing twelve month growth year-over-year. Measures our core organic growth engine • Member Count (and growth) – Number of Members we support. Leading indicator of growth as existing Members ramp and new ones join Key Performance Indicators: • Gross Loss Ratio – Measures the profitability our portfolio correlates directly to the financial return our risk capital partners receive • 3rd Party Written Mix – % of Exchange Written Premium written with insurance companies not owned by ARX. Lowers ARX capital needs • Accelerant Net Retained – % of Exchange Written Premium retained by ARX. The lower our net retention, the lower our capital needs Demand Side (Risk Capital Partners)Supply Side (Members)

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427 526 492 511 535 130 440 695 983 1,177235 407 572 641 193 666 814 375 640 173 264 557 1,201 1,787 3,108 3,980 2020 2021 2022 2023 2024 LTM 3Q'25 Exchange Written Premium ($M) by Member Cohort 2020 & Prior 2021 2022 2023 2024 2025 11 Supply Side: Existing Members Drive Embedded Growth How We Grow + New Member Additions (+17 in 3Q'25) + Net Revenue Retention (same-set Members y/y growth +135%): + Member Growth – Existing Product: Our Members are able to grow volumes on existing products because they have the support and capacity they need to focus on their distribution partners + Member Growth – New Product: In the last 12 months, existing Members have moved over or launched 90 new products to the Risk Exchange + Pricing: Rate was up globally +4% year-to-date Strong embedded organic growth with 80%+ driven by volume vs. rate historically (1) 1. 2023 cohort includes Member put into run-off starting in 3Q'25

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1,015 1,596 2,854 3,681 FY2022 FY2023 FY2024 LTM 3Q'25 Exchange Premium Shared with Risk Capital Partners ($M) 12 Demand Side: Risk Capital Partners Executing on our plan to increase third-party premiums Three Types of Risk Capital Partners… …With an Increasing Share Written via Third-Party… …and More Shared with Risk Capital Partners Traditional Reinsurers Institutional Investors Risk Exchange Insurers • AM Best-rated reinsurers standing behind Accelerant and 3P carriers in exchange for a fee (ceding commission) to Accelerant • Yield-oriented investors contributing capital to the Flywheel vehicles and other, 3rd- party collateralized reinsurers Ex: Flywheel I/II • AM Best-rated 3rd party insurance companies focused on writing primary policies and may maintain a majority of the risk 0% 10% 16% 25% FY2022 FY2023 FY2024 LTM 3Q'25 Third-Party Direct Written Premium Total risk capital partners moved to 92 in 3Q'25 – rationalized some reinsurers that collectively wrote <3% of LTM 3Q'25 Exchange Written Premium

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13 Demand Side: How We Scale Third Party Expect FY26 third-party premium to be 42% of $5.0B exchange written premium $1.8B Under contract and flowing with existing third-party risk exchange insurers +$0.1B +$0.2B $2.0B $2.1B Products under contract and should start flowing soon with existing third-party risk exchange insurers To be put under contract from pipeline of $500M+ in calendar year premium with new or existing third- party risk exchange insurers

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Third Party Risk Exchange InsurersRisk Exchange Insurer Lifecycle (15 signed up through 3Q'25) Demand Side: How We Work with Risk Exchange Insurers Onboarding third-party insurers takes time, but ramps quickly once complete 14 Visibility of timeline gives us confidence in future ramping of existing and new risk exchange insurers Intro, Diligence & Contracting • Get to know ARX & the value of our offering to their enterprise • Negotiate and sign ARX contracts 123 170 180 61 121 156184 291 336 1Q'25 2Q'25 3Q'25 Third-Party Direct Written Premium ($M) Hadron Other Third Party 67% 58% 54% 33% 42% 46% 1Q'25 2Q'25 3Q'25 % of Third-Party Direct Written Premium Hadron Other Third Party • Since our last announcement, we've onboarded 4 new partners that set us up well moving into 2026: a Lloyd's facility, Ozark, Incline and MS Transverse • Other non-Hadron third party insurers premiums written have grown 2.5x since 1Q'25 and are expected to continue growing rapidly • Hadron's mix of third-party premium declined this quarter and is expected to continue trending down. Hadron's fronting fee (excl. premium taxes) was 5.5% in LTM 3Q'25 Portfolio Curation & Licensing • Agree on sub-portfolio and sign individual program agreements • Acquire regulator approvals Insurance Portfolio Construction Reinsurance Implementation & Growth • Operationalize ARX Member & ARX Insurer systems to connect flows • Over time, add products to further diversify sub-portfolio Onboarding Readiness • Runs alongside onboarding to ensure operational readiness Capital Efficiency • Early in the lifecycle, some fronting carriers may cede to Accelerant Re for operational simplicity Direct Cession Transition • Over time, most ARX insurers who begin the relationship ceding to Accelerant Re transition to ceding directly to risk capital partners Months 0-9 Months 19+ Months 10-18

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Third Quarter Financial Highlights Quarterly ($M) Last Twelve Months ($M) Exchange Premium Revenue Adj. EBITDA Exchange Premium Revenue Adj. EBITDA Adj. Net Income Q3 '24 Q2 '25 Q3 '25 Commentary $888 $1,072 $1,043 $154 $219 $268 $26 $64 $105 $517 $742 $855 $88 $179 $258 $34 $108 $169 Adj. Net Income $19 $29 $80 +17% y/y growth driven by renewal cycles of two Members +49% y/y growth without $39M of irregular investment gains driven by organic growth and premium earning through. +74% y/y including irregular gains 29% margin without $39M irregular investment gains from topline growth and emerging operating leverage (vs. 17% prior year). 39% margin including gains +42% y/y driven by all organic growth including +135% net revenue retention and ramping of 61 Members added since last year +58% y/y without $39M of irregular investment gains driven by organic growth and premium earning through. +66% including irregular gains 27% margin without $39M of irregular investment gains vs. 17% in the prior year driven by operating leverage and growth in third-party. 30% margin including gains $2,808 $3,825 $3,980 15 $0.38 adjusted earnings per share (diluted) $0.96 adjusted earnings per share (diluted) Notes: Please see the Appendix for reconciliations of non-GAAP items.

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Third Quarter Financial Highlights Notes: Please see the Appendix for reconciliations of non-GAAP items. Exchange Services ($M) Underwriting ($M) Revenue Adj. EBITDA Revenue Q3 '24 Q2 '25 Q3 '25 Commentary $64 $86 $85 $46 $56 $59 $43 $58 $81 $(18) $16 $18 $18 $24 $45 +34% y/y – driven by growth in Exchange Written Premium and take rate ticking up from 7.1% to 8.0% y/y 70% margin as we continue to invest in building out the platform +18% y/y growth without $30M irregular investment gain driven by premium growth. +88% y/y including irregular investment gain 30% margin without $30M irregular investment gain as Mission platform continues to mature. 56% margin including irregular investment gain 15% margin – driven by strong 50.1% gross loss ratio performance and movement of G&A into corporate as we write more third-party business $84 $110 $118 MGA Operations ($M) Revenue Adj. EBITDA Adj. EBITDA Includes $9M irregular investment gain$(2) $(15) $(13) 16 Corporate ($M) Adj. EBITDA +41% y/y – driven by net written premium growth and earning through of historically written premium

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17 Guidance Exchange Premium Third Party % Q4'25 FY2026 $1.06-1.1B $5.0B $415-430M $2.1B Adj. EBITDA $57-62M $269M Expected to be at least

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Accelerant Overview

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Who We Are 1,201 1,787 3,108 3,980 219 344 603 855 (39) 36 113 258 2022 2023 2024 LTM 3Q'25 Financials ($M) Exchange Written Premium Revenue Adj. EBITDA Premium Growth 116% 49% 74% 42% Revenue Growth 118% 57% 75% 66% Adj. EBITDA Margin -18% 10% 19% 30% Members (Typically MGAs) Risk Capital Partners (Insurers, Reinsurers, Institutional Investors) Capacity Risk Capital Risk Data, Analytics, & AI Digital Platform Expert Service Model Two-sided platform connecting specialty underwriters with long-term risk capital 8% Exchange Services fixed % fee of premium Our Founding Theses: Disaggregated specialist underwriters (MGAs, MGUs, etc.) will outcompete monolithic insurance companies Modern technology will power superior control and influence of underwriting and unlock accelerating economies of scale Large swaths of risk capital want access to a diversified portfolio of low-limit, low-volatility specialty risk, but can't do it themselves 1 2 3 Notes: Please see the Appendix for reconciliations of non-GAAP items. 19

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Who We Are Two-sided platform connecting specialty underwriters with long-term risk capital 265 Members 92 Risk Capital Partners $252B Serviceable Addressable Market +42% LTM 3Q'25 Exchange Written Premium Growth (All Organic) $4.0B LTM 3Q'25 Exchange Written Premium Founded in 2018, our two-sided platform continues to scale rapidly, organically… • For our Members (typically MGAs, MGUs, or program administrators), we endeavor to be the best partner in the world. We provide (a) the long-term insurance capacity they need to issue policies, (b) a modern data & analytics platform to drive superior underwriting, and (c) discounts or optimizations on shared Member services • For our risk capital partners (insurers, reinsurers, and institutional investors), we deliver a diversified portfolio of low-limit, low- volatility specialty risk that they may struggle to access and/or appropriately manage on their own 20

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21 Accelerant's Market Opportunity We support MGAs as they continue to take share in an attractive, growing market US Commercial P&C premiums continue to grow, led by strong expansion in E&S, our core market… …within this growth, US MGAs continue to take share, a trend Accelerant is built to support and capitalize on <$10k, 95% $56 $66 $83 $98 $116 $130 $331 $345 $391 $436 $465 $489 2019 2020 2021 2022 2023 2024 US Commercial P&C Direct Premiums ($B)(1) E&S Commercial P&C 13.7% 13.6% 14.3% 16.7% 17.0% 18.8% 2019 2020 2021 2022 2023 2024 US MGA Premiums as % of Commercial P&C(2) Notes: 1. Source: U.S. Department of the Treasury, A.M. Best; CAGR shown for the period 2019 to 2024 2. Source: Conning press releases E&S CAGR(1) 18% P&C CAGR(1) 8% $45 $47 $56 $73 $79 $92MGA DWP ($B)

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80 90 100 110 120 130 140 150 4Q 14 2Q 15 4Q 15 2Q 16 4Q 16 2Q 17 4Q 17 2Q 18 4Q 18 2Q 19 4Q 19 2Q 20 4Q 20 2Q 21 4Q 21 2Q 22 4Q 22 2Q 23 4Q 23 2Q 24 4Q 24 2Q 25 N or m al ize d C um ul at ive R at e C ha ng e US Cumulative Quarterly Rate Increases by Account Size Small Medium Large Note: Rate change data from Council of Insurance Agents & Brokers 22 View on the Rate Cycle Accelerant relatively less exposed to rate cycle than P&C generally Accelerant primarily writes very low premium policies… …which are typically more insulated from rate cycles "Small" accounts are defined here as broker commissions <$25k. 95% of Accelerant policies have premium <$10k 0% 20% 40% 60% 80% 100% Percentage of Total Policies by Policy Size <$10k, 95%

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k 23 Proprietary and Differentiated Technology, Data, and Analytics Weather Data Crime Data Fire Data Financial Data Socio-demographic Data MGA Policy Admin Systems TPA Claims Systems MGA Financial Systems Risk Capital Partners Member MGA's Relationship Directors Accelerant Employees AI & Data Platform Digital Platform Data pipelines include validations and transformations AI & Data Pipelines Data-driven decisions delivered faster with accelerating economies of scale 1.6k+ Unique mappings or integrations 125M+ Rows of proprietary data 57k+ Unique attributes Building proprietary models trained on our unique data to drive profitable underwriting growth

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Experienced Team Leading the Revolution From Within Diverse team marrying modern software with long-earned insurance expertise Steve Strauss US CUO Former: SCOR, W.R. Berkley Ryan Schiller Head of Strategy Former: Altamont Dave Gronski Head of Analytics Former: Argo, Munich Re Jack Buckley Chief Actuary Former: Argo, Beach & Associates Kenny Holms Chief Data Science & AI Officer Former: Acrisure, Argo Former: Qlik, IBM Jay Green CFO Former: Goldman Sachs, Swiss Re Matt Sternberg COO, Risk Exchange Former: BCG, Goldman Sachs Rich Koehler US Chief Business Officer Former: Aon, Guy Carpenter, Hamilton Chris Lee-Smith Co-Founder & Head of Distribution Former: Argo, Aon, Willis Towers Watson Hugh Burgess Chief Portfolio Officer Former: Allianz, Vindati Frank O'Neill Co-Founder & Group CUO Former: Swiss Re, Liberty Group Former: Brit Insurance, Liberty Group Chelsea Perkins Global Head of Claims Matt Chmiel Head of Product Design Former: Kinaxis Pete Horst CTO Joe Bickley VP Product Mgmt. Former: Veeva, Qlik Kathy Hickey Chief Product Officer Former: Qlik, CA Technologies Stefan Walther Chief Data Officer Former: i2x, Qlik Jeff Radke Co-Founder & CEO Former: Argo, PXRE, Guy Carpenter Nancy Hasley General Counsel Former: Sidley 24

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25 How We Make Money Risk Capital Pays us to source, manage, and monitor specialty risk Notes: Based on LTM Q3'25 financials; does not include consolidation adjustments of ~$132M 1. Calculated as MGA Operations direct commission income, net investment income , net realized gains on investments, and net unrealized losses on investments excluding irregular investment gain of $30M in 3Q'25 divided by Exchange Written Premium attributable to Mission Members and Owned Members. 2. Calculated as Exchange Services direct commission income divided by Exchange Written Premium. 3. Calculated as net earned premium and the amortization of deferred excess ceding commission income, reduced by net losses and the amortization of DAC, plus net investment income and net realized gains and unrealized gains (losses) on investments expressed as a percentage of total Underwriting gross earned premium, excluding operating expenses. 4. Premiums written but not incepted yet are not recorded in Exchange Written Premium until they incept. Independent Members Mission Members Owned Members $2,796M 42% Y/Y $445M 16% Y/Y $739M 61% Y/Y 17% MGA Operations Net Commission (1) 8% Exchange Services Take Rate (2) Exchange Written Premium $3,980M 42% Y/Y 3% Underwriting Fees & Net Results (3) Accelerant Underwriting $3,410M Third Party Non-Accelerant Underwriting $995M 151% Y/Y $605M Third-Party Risk Capital Partners $3,112M$390M $605M $35M Written But Not Incepted (4) Commissions Net Retention $298M 7% of total

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26 How We Make Money LTM Q3'25 8% Take Rate (2) $4.0B Total Exchange Written Premium $302M Direct Commission Income (2) 17% Net Commission (3) $1.2B Exchange Written Premium from Mission & Owned Members $206M Revenue excl. irregular gain(3) 3% Fees & Net Underwriting Result (4) $3.0B Gross Earned Premium $100M Fees & Net Underwriting Result Exchange Services MGA Operations Underwriting Notes: Based on Q3'25 financials 1. Does not include consolidation adjustments of ~$132M 2. Calculated as Exchange Services direct commission income divided by Exchange Written Premium (rounded from 7.6%). 3. Calculated as MGA Operations direct commission income, net investment income , net realized gains on investments, and net unrealized losses on investments excluding irregular investment gain of $30M in 3Q'25 divided by Exchange Written Premium attributable to Mission Members and Owned Members (rounded from 17.2%). 4. Calculated as net earned premium and the amortization of deferred excess ceding commission income, reduced by net losses and the amortization of DAC, plus net investment income and net realized gains and unrealized gains (losses) on investments expressed as a percentage of total Underwriting gross earned premium, excluding operating expenses (rounded from 3.3%).

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427 526 492 511 535 130 440 695 983 1,177235 407 572 641 193 666 814 375 640 173 264 557 1,201 1,787 3,108 3,980 2020 2021 2022 2023 2024 LTM 3Q'25 Exchange Written Premium ($M) by Member Cohort 2020 & Prior 2021 2022 2023 2024 2025 27 Members: Future Growth Driven by New & Existing Members Member 1, 7% Member 2, 6% Member 3, 4% Member 4, 4% Member 5, 3% Members 6-10, 10% Members 11-20, 15% All Other Members, 51% LTM 3Q'25 Exchange Written Premium by Member Member mix increasingly diversifying As expected, running off $167M LTM premium Member with subpar unit economics Why Members Choose Accelerant "The only success is shared success" Modern technology making their portfolios more profitable Long-term capacity unlocking their time and expertise Discounts and preferred vendors on Membership- wide shared services (1) 1. 2023 cohort includes Member put into run-off starting in 3Q'25 Strong embedded organic growth with 80%+ driven by volume vs. rate historically

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1,015 1,596 2,854 3,681 FY2022 FY2023 FY2024 LTM 3Q'25 28 Risk Capital Partners: Growing With Us 92 Risk Capital Partners Supported on Platform Third-Party Reinsurers Institutional Investors Risk Exchange Insurers 72 5 15 Benefitting from Differentiated Value Proposition Reduced overhead expenses Carefully managed, globally diversified portfolio  Scalable, otherwise difficult-to-access portfolio Data transparency and real-time monitoring into risk Reinsurance and alternative capital expertise Partner 1 (Flywheel A), 13% Partner 2, 10% Partner 3, 7% Partner 4, 5% Partner 5, 4% All Others, 61% Largest Ultimate Risk Takers % of LTM 3Q'25 Exchange Written Premium Tenure w/ ARX A.M. Best Partner 1 4 years n/a Top 15 largest asset manager Partner 2 5+ years A+ Large European reinsurer Partner 3 1 year n/a Large asset manager Partner 4 3 years A Large Asia-Pacific reinsurer Partner 5 5+ years A+ Large European reinsurer Total risk capital partners moved to 92 in 3Q'25 – rationalized some reinsurers that collectively wrote < 3% of LTM 3Q'25 Exchange Written Premium Executing on our plan to increase third-party premiums Exchange Premium Shared with Risk Capital Partners ($M)

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29 Strong Embedded Organic Growth: +42% LTM Year-Over-Year 62 101 155 217 265 2021 2022 2023 2024 3Q'25 557 1,201 1,787 3,108 3,980 2021 2022 2023 2024 LTM 3Q'25 (7) (39) 36 113 258 2021 2022 2023 2024 LTM 3Q'25 # of Members Exchange Written Premium Revenue Adj. EBITDA $ in millions $ in millions $ in millions 101 219 344 603 855 2021 2022 2023 2024 LTM 3Q'25 117% 57% 75%YoY Growth 66% -18% 10% 19%Margin % 30%116% 49% 74%YoY Growth 42%63% 53% 40%YoY Growth 30% 39Irregular investment gains Governor on our growth has been how many high-quality Members we onboard

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(7) (39) 36 113 258 26 60 103 149 2069 1 30 2021 2022 2023 2024 LTM 3Q'25 49 102 123 223 305 2021 2022 2023 2024 LTM 3Q'25 30 Key Financial Highlights Consolidating Adjustments (Net of Corp. & Other) 1. Represents segmental financials, i.e., financials by segment as written, before exchange services / MGA operations adjusted on earned basis similar to underwriting segment and before impact of corporate , intercompany transactions and other consolidating adjustments. 2. Adj. EBITDA and Adj. EBITDA margin are non-GAAP measures. Refer to the appendix for reconciliation to GAAP. Adj. EBITDA ($M) (2) Revenue ($M) Adj. EBITDA Margin Adj. EBITDA Margin 70 9919 132 543215 52 Adj. EBITDA Margin Exchange Services (1) ConsolidatedMGA Operations (1) Underwriting (1) 2021 2022 2023 2024 YoY Growth 108% 21% 75% 71%76% 81% 71% 118% 57% 19% 75%YoY Growth 10% 130% 87% 11% 28%15% 34%YoY Growth 29% 177% 63% 69%YoY Growth 2021 2022 2023 2024 68% 45% LTM 3Q'25 134 LTM 3Q'25 30% 55 66% Gross Loss Ratio 56% 51%56% 54% 53% 57% 63% 37% Irregular investment gains 45 123 201 341 418 2021 2022 2023 2024 LTM 3Q'25 101 219 344 603 855 2021 2022 2023 2024 LTM 3Q'25 37 76 87 158 206 2021 2022 2023 2024 LTM 3Q'25 4 7 23 43 77 9 1 30 2021 2022 2023 2024 LTM 3Q'25 (27) (81) (3) (21) 40

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Appendix

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32 Reconciliation of Non-GAAP Financial Measures $ in millions, unless otherwise noted 2022 2023 2024 LTM 3Q'25 Commentary Net income (loss) $(95.6) $(64.1) $22.9 $(1,325.5) Adjustments: Profits interest distribution expenses - - - 1,379.7 Share-based compensation expenses - 4.8 8.4 34.5 Other expenses: Professional costs - corp. development & capital raise 19.1 16.2 13.1 51.3 System development non-operating costs 11.4 22.9 14.7 16.3 Mission profit interests expenses - - 7.0 15.4 Miscellaneous other expenses 3.1 7.2 4.2 4.2 Total other expenses 33.6 46.3 39.0 87.2 Tax effect of adjustments to net income (loss) (3.0) (5.1) (3.6) (6.9) Adjusted net income (loss) (65.0) (18.1) 66.7 169.0 Adjustments: Add back tax effect of adjustments to net income (loss) 3.0 5.1 3.6 6.9 Income tax expense 11.3 20.2 9.1 28.8 Interest expenses 4.2 10.9 12.1 10.7 Depreciation and amortization 5.8 14.5 26.6 36.1 Net foreign exchange losses (gains) 1.4 3.5 (5.1) 6.2 Adjusted EBITDA $(39.3) $36.1 $113.0 $257.7 Total revenues 219.0 344.0 602.6 855.2 Adjusted EBITDA margin (18)% 10% 19% 30% Adjusted net income (loss) per common share – diluted $(0.38) $(0.11) $0.33 $0.96 Weighted-average common shares outstanding – diluted (1) 165,604,641 165,604,641 199,663,694 176,949,535 • Non-cash, equity neutral settlement of all outstanding profit interest awards in predecessor LP by distributing 65.3 million Class A shares to officers & employees just before IPO • Primarily legal, advisory, and IPO-related costs in connection with corporate development activity, including M&A. $42.4M related to strategic transactions and $8.9M to Mission. • Primarily global ERP system and integrated financial reporting systems – most notably in achieving SOX compliance • Deferred compensation related to profitable Mission series • Includes severance costs and irrecoverable VAT expenses 1. Adjusted earnings per diluted share is calculated as adjusted net income for the respective periods divided by the sum of US GAAP basis diluted shares presented herein and certain dilutive share awards which added 712,741 shares for the trailing twelve months ended September 30, 2025. Certain of the share options and restricted stock units were excluded, as their average share price over the period was below that of the exercise prices and the effect of their inclusion would be anti-dilutive. For the three and nine months ended September 30, 2025, adjusted earnings per diluted share included 2,963,668 and 2,243,862 of certain dilutive share awards and restricted share units. For the years ended December 31, 2024, 2023, and 2022, there were no applicable restrictive stock units factored into the calculation.

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33 Segmental Income Statement YTD Q3 2025 $ in millions Exchange Services MGA Operations Underwriting Total Segments Corporate and Other Consolidation and elimination adjustments Total Ceding commission income $- $- $77.8 $77.8 $- $186.8 $264.6 Direct commission income: Affiliated entities 189.1 99.0 - 288.1 - (288.1) - Unaffiliated entities 49.6 56.1 - 105.7 - - 105.7 Net earned premiums - - 215.7 215.7 - - 215.7 Net investment income 2.8 2.8 25.8 31.4 3.7 - 35.1 Net realized gains on investments - 5.2 1.0 6.2 - - 6.2 Net unrealized losses on investments - 27.1 - 27.1 10.1 - 37.2 Segment revenues 241.5 190.2 320.3 752.0 13.8 (101.3) 664.5 Losses and loss adjustment expenses - - 147.3 147.3 - - 147.3 Amortization of deferred acquisition costs - - 87.6 87.6 - (29.5) 58.1 General and administrative expenses (1) 79.6 100.4 40.6 220.6 54.5 (27.3) 247.8 Adjusted EBITDA $161.9 $89.8 $44.8 $296.5 $(40.7) $(44.5) $211.3 QTD Q3 2025 $ in millions Exchange Services MGA Operations Underwriting Total Segments Corporate and Other Consolidation and elimination adjustments Total Ceding commission income $- $- $29.0 $29.0 $- $63.3 $92.3 Direct commission income: Affiliated entities 61.1 28.5 - 89.6 - (89.6) - Unaffiliated entities 22.8 20.6 - 43.4 - - 43.4 Net earned premiums - - 82.1 82.1 - - 82.1 Net investment income 1.1 1.0 6.1 8.2 1.9 - 10.1 Net realized gains on investments - 3.1 0.4 3.5 - - 3.5 Net unrealized losses on investments - 27.6 - 27.6 8.4 - 36.0 Segment revenues 85.0 80.8 117.6 283.4 10.3 (26.3) 267.4 Losses and loss adjustment expenses - - 50.8 50.8 - - 50.8 Amortization of deferred acquisition costs - - 34.9 34.9 - (12.1) 22.8 General and administrative expenses (1) 25.8 35.4 14.3 75.5 23.6 (10.3) 88.8 Adjusted EBITDA $59.2 $45.4 $17.6 $122.2 $(13.3) $(3.9) $105.0 1. Share-based compensation expenses are included in the "General and administrative expenses" within the condensed consolidated statements of operations.

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34 Loss Ratio $ in millions Gross Ceded – Quota Share Ceded – XOL & Other Net Loss Ratio Earned Premium 782.7 (675.0) (25.6) 82.1 Losses and LAE 392.2 (339.9) (1.5) 50.8 Loss Ratio 50.1% 50.4% 5.9% 61.9% 3Q'25 Gross-to-Net Loss Ratio Reconciliation $ in millions Gross Ceded – Quota Share Ceded – XOL & Other Net Loss Ratio Earned Premium 2,284.8 (1,980.9) (88.2) 215.7 Losses and LAE 1,170.4 (1,023.3) 0.2 147.3 Loss Ratio 51.2% 51.7% (0.2)% 68.3% YTD 3Q'25 Gross-to-Net Loss Ratio Reconciliation Notes: "XOL" represents excess of loss reinsurance. Gross loss ratio reflects underlying performance for our risk capital partners

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

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