Accelerant Holdings, a services and data platform for the specialty insurance market, has reported total revenues of $912.9 million for full year 2025, a 51.5% increase from $602.6 million in 2024.
For the year, exchange written premium amounted to $4.19 billion, up 34.8% from $3.11 billion the previous year. Third-party direct written premium accounted for 30% of exchange written premium volume, up from 16%.
Accelerant posted a net loss of $1.35 billion in 2025, compared to net income of $22.9 million in 2024, while adjusted net income rose to $178.7 million from $66.7 million.
Adjusted EBITDA stood at $281.8 million, a 149.4% increase from $113 million.
For the fourth quarter of 2025, total revenues were $248.4 million, up 30.3% from $190.7 million in Q4’24.
Exchange written premium reached $1.09 billion, a 24% increase from $879.4 million. Third-party direct written premium accounted for 40% of exchange written premium volume, up from 21% in the prior year quarter.
The company posted net income of $1 million in Q4’25, versus net income of $20.6 million in Q4’24. Adjusted net income increased to $51.2 million from $39.4 million.
Adjusted EBITDA was $70.5 million, a 51.9% increase from $46.4 million.
Accelerant also revealed that its Board of Directors authorised a share repurchase programme of up to $200 million of Class A common shares.
For its Q1’26 and full year 2026 outlook, Accelerant expects exchange written premium of between $1.07 billion and $1.13 billion for the first quarter and at least $5.1 billion for the full year. Third-party direct written premium is expected to be between $450 million and $470 million in Q1 and at least $2.2 billion for the full year, while adjusted EBITDA is projected at $64 million to $66 million in Q1 and at least $275 million for FY’26.
Jeff Radke, Co-Founder and CEO of Accelerant, said, “We closed out 2025 with a fantastic quarter, meeting or exceeding our expectations across our key operating metrics and continuing to expand the reach of the Accelerant Risk Exchange.
“The value of our technology and AI-driven platform is resonating within the specialty market, as reflected in the increasing share of business placed with third-party insurers. As we deepen our data advantage and strengthen alignment between Members and risk capital, we believe our momentum will continue into 2026 and beyond.”
Jay Green, Accelerant’s Chief Financial Officer, said, “Our fourth quarter results reflect continued strong Exchange Written Premium growth, underpinned by growth in Third-Party Direct Written Premium and operating leverage.
“Exchange Written Premium grew 24% year-over-year at expanding margins, driving a 52% increase in Adjusted EBITDA to $71 million. Third-party insurers accounted for 40% of that Accelerant Risk Exchange premium in the quarter, underscoring the continued shift toward a more capital-efficient model.
“Our 2026 outlook reflects continued momentum across the Accelerant Risk Exchange, with Exchange Written Premium expected to grow more than 20% year-over-year as third-party capital participation continues to expand.
“We expect that premium growth to drive attractive fee-based segment Adjusted EBITDA growth in 2026, as we continue to prioritise scaling the capital-light areas of our business.”
Green has notified the Board of his intention to resign as Chief Financial Officer to pursue personal interests, with Linda Huber set to succeed him, effective 31st March 2026.
Commenting on the CFO Transition, Radke said, “We respect Jay’s decision to step away from the business and pursue personal priorities. On behalf of the Board and the entire team, I want to thank Jay for his leadership and dedication. We wish him all the best in the future.
“We are excited to welcome Linda Huber to the Accelerant team. Linda is a very accomplished public company finance executive, having previously held CFO positions at numerous financial information and analytics firms. She will play a key role in our subsequent chapters of growth as a publicly-traded company.”
