Accelerant Holdings Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||||||||
| (in millions) | Quoted prices in active markets for identical assets Level 1 | Significant other observable Level 2 | Significant unobservable inputs Level 3 | Estimated fair value | |||||||||||||||||||
| Fixed maturity and short-term investments measured at fair value: | |||||||||||||||||||||||
| Corporate | $ | — | $ | 246.9 | $ | — | $ | 246.9 | |||||||||||||||
| US government and agency | — | 124.5 | — | 124.5 | |||||||||||||||||||
| Non-US government and agency | — | 248.1 | — | 248.1 | |||||||||||||||||||
| Residential mortgage-backed | — | 55.6 | — | 55.6 | |||||||||||||||||||
| Commercial mortgage-backed | — | 15.0 | — | 15.0 | |||||||||||||||||||
| Other asset-backed securities | — | 21.9 | — | 21.9 | |||||||||||||||||||
| Total fixed maturity and short-term investments | $ | — | $ | 712.0 | $ | — | $ | 712.0 | |||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| (in millions) | Quoted prices in active markets for identical assets Level 1 | Significant other observable Level 2 | Significant unobservable inputs Level 3 | Estimated fair value | |||||||||||||||||||
| Fixed maturity and short-term investments measured at fair value: | |||||||||||||||||||||||
| Corporate | $ | — | $ | 174.0 | $ | — | $ | 174.0 | |||||||||||||||
| US government and agency | — | 128.2 | — | 128.2 | |||||||||||||||||||
| Non-US government and agency | — | 158.6 | — | 158.6 | |||||||||||||||||||
| Residential mortgage-backed | — | 43.0 | — | 43.0 | |||||||||||||||||||
| Commercial mortgage-backed | — | 18.4 | — | 18.4 | |||||||||||||||||||
| Other asset-backed securities | — | 22.1 | — | 22.1 | |||||||||||||||||||
| Total fixed maturity and short-term investments | $ | — | $ | 544.3 | $ | — | $ | 544.3 | |||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||
| (in millions) | Quoted prices in active markets for identical assets Level 1 | Significant other observable Level 2 | Significant unobservable inputs Level 3 | Estimated fair value | |||||||||||||||||||
| Assets measured at fair value: | |||||||||||||||||||||||
| Other investments: | |||||||||||||||||||||||
| MGAs and TPAs | $ | — | $ | — | $ | 59.9 | $ | 59.9 | |||||||||||||||
| Venture funds | — | — | 24.1 | 24.1 | |||||||||||||||||||
| Total | $ | — | $ | — | $ | 84.0 | $ | 84.0 | |||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| (in millions) | Quoted prices in active markets for identical assets Level 1 | Significant other observable Level 2 | Significant unobservable inputs Level 3 | Estimated fair value | |||||||||||||||||||
| Assets measured at fair value: | |||||||||||||||||||||||
| Other investments: | |||||||||||||||||||||||
| MGAs | $ | — | $ | — | $ | 26.2 | $ | 26.2 | |||||||||||||||
| Venture funds | — | — | 19.1 | 19.1 | |||||||||||||||||||
| Total | $ | — | $ | — | $ | 45.3 | $ | 45.3 | |||||||||||||||
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.