Accelerant Holdings

Listed Company

ARXCIK 0001997350NYSEEmerging GrowthInsurance Agents, Brokers & ServiceE9CAFY ends Dec 31

Period

FY 2025

Revenue

$912.90M

Net Income

$-1.35B

Total Assets

$8.26B

Equity

$697.70M

Shares Out

166.19M

Op. Cash Flow

$445.10M

Business

Accelerant Holdings is a foreign private issuer in Insurance Agents, Brokers & Service, headquartered in Canada. Shares trade on NYSE under the ticker ARX.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Ceding commission income	357	250	164
Direct commission income	162	67	38
Net earned premiums	298	227	105
Net investment income	49	39	19
Net realized gains on investments	8	2	500,000
Net unrealized gains on investments	39	19	17
Total revenues	913	603	344
Losses and loss adjustment expenses	204	167	80
Amortization of deferred acquisition costs	80	81	50
General and administrative expenses	400	249	183
Interest expenses	11	12	11
Depreciation and amortization	35	27	15
Profits interest distribution expenses	1,380	0	0
Net foreign exchange losses (gains)	20	−5	4
Other expenses	104	39	46
Total expenses	2,235	571	388
Loss before income taxes	−1,322	32	−44
Income tax expense	−23	−9	−20
Net (loss) income	−1,345	23	−64
Adjustment for net (income) loss attributable to non-controlling interests	−9	4	15
Deemed dividend upon redemption of Class C preference shares	−71	0	0
Net income attributable to Accelerant common shareholders, diluted	−1,425	27	−49
Net income attributable to Accelerant common shareholders, basic	−1,425	27	−49
Basic (in usd per share)	−7.49	0.16	−0.29
Diluted (in usd per share)	−7.49	0.14	−0.29
Weighted-average common shares outstanding - basic (in shares)	190	166	166
Weighted-average common shares outstanding - diluted	190	200	166

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Available for sale investments, at fair value	712	544	—	—
Equity method investments	10	18	—	—
Other investments	84	45	—	—
Total investments	806	608	—	—
Cash, cash equivalents and restricted cash	1,799	1,273	775	484
Premiums receivable (net of allowance 2025: $4.6 and 2024: $2.4)	1,078	792	—	—
Ceded unearned premiums	1,812	1,558	—	—
Total reinsurance recoverables on unpaid losses and LAE	1,682	1,070	606	333
Other reinsurance recoverables	594	364	—	—
Deferred acquisition costs	77	61	53	27
Goodwill and other intangible assets, net	115	64	—	—
Capitalized technology development costs, net	101	84	69	44
Other assets	198	222	—	—
Total assets	8,263	6,095	—	—
Total unpaid losses and LAE	2,005	1,294	773	415
Unearned premiums	2,163	1,803	—	—
Payables to reinsurers	1,221	1,109	—	—
Deferred ceding commissions	233	193	120	85
Funds held under reinsurance	1,200	747	—	—
Debt	121	121	—	—
Accounts payable and other liabilities	594	400	—	—
Total liabilities	7,537	5,668	—	—
Commitments and contingencies (Note 19)	—	—	—	—
Class C convertible preference shares (issued and outstanding 2024: 5,556,546)	0	104	0	0
Common shares (par value $0.000001 per share, issued and outstanding 2025: Class A - 114,580,918; Class B - 107,241,428 and 2024: 166,185,094)	0	0	—	—
Additional paid-in capital	2,232	125	—	—
Accumulated other comprehensive income (loss)	2	−20	—	—
Accumulated deficit	−1,537	−183	—	—
Total Accelerant shareholders' equity	698	304	—	—
Non-controlling interests	29	18	—	—
Total equity	726	427	287	350
Total liabilities and equity	8,263	6,095	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Earnings from equity method investments	−2	−2	−3
Share-based compensation expenses	43	8	5
Deferred income tax (benefit) expense	−32	−41	300,000
Net gain on commutation	0	0	−5
Net accretion of discount on fixed maturity securities and short-term investments	−8	−6	−500,000
Other, net	3	2	800,000
Premiums receivable	−259	−319	−222
Ceded unearned premiums	−226	−648	−286
Reinsurance recoverables on unpaid losses and LAE	−589	−471	−253
Other reinsurance recoverables	−219	8	−162
Deferred acquisition costs	−16	−8	−19
Unpaid losses and loss adjustment expenses	645	540	327
Unearned premiums	287	675	377
Payables to reinsurers	87	636	215
Deferred ceding commissions	56	68	33
Funds held under reinsurance	451	203	303
Other assets, accounts payable and other liabilities	180	117	43
Net cash provided by operating activities	445	786	290
Equity securities	0	115	89
Fixed maturity securities	306	84	42
Equity method investments	1	0	—
Other investments	4	300,000	0
Maturities of fixed maturity securities	50	19	11
Equity securities	0	0	−47
Fixed maturity securities	−509	−501	−74
Equity method investments	−2	−4	−900,000
Net change in short-term investments	29	−57	−700,000
Purchases of subsidiaries, net of cash acquired	−10	−500,000	3
Capitalized technology development expenditures	−41	−34	−33
Other, net	−500,000	−2	−1
Net cash used in investing activities	−174	−380	−13
Issuance of common shares, net of issuance costs	392	0	0
Redemption of Class C convertible preference shares	−175	0	—
Issuance of convertible preference shares, net of issuance costs	0	115	700,000
Credit facility borrowings	5	0	0
Credit facility repayment	−5	0	0
Issuance of debt, net of issuance costs	0	50	20
Payment of debt	−800,000	−50	−2
Acquisition of non-controlling interests in subsidiaries	−2	0	−6
Dividends paid to non-controlling interests	−8	−4	−3
Net cash provided by financing activities	206	110	10
Net increase in cash, cash equivalents and restricted cash	477	516	288
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash	49	−18	4
Interest on debt paid	10	11	10
Income taxes paid	59	46	20

Filings

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