v3.26.1
Segment information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment information
3. Segment information
We have three reportable segments (Exchange Services, MGA Operations, and Underwriting). Each of our reportable segments serve the specific needs of our customers based on the products and services provided and reflects the way our Chief Operating Decision Maker ("CODM") assesses performance of the business and makes decisions on the allocation of resources. Our CODM is our Chief Executive Officer.
During the first quarter of 2026, we modified our definition for Adjusted EBITDA to exclude the impact of realized and unrealized investment gains or losses. Prior period segment information has been conformed to the current period presentation.
Exchange Services
Exchange Services, which is the core of Accelerant, captures the revenue and expenses associated with the Accelerant Risk Exchange. The Accelerant Risk Exchange is the platform that houses Accelerant technology, data ingestion, and operations that serve the needs of our Members and Risk Capital Partners. Insurance companies that join the Accelerant Risk Exchange pay Accelerant a fixed-percentage volume-based fee for sourcing, managing, and monitoring the business they write. The Accelerant Risk Exchange pays fees to Members for the distribution services provided to both consolidated affiliates and third parties. We eliminate net fees and other income earned by the Exchange Services segment in consolidation to the extent such income is received from consolidated insurance companies within the Underwriting segment. Only income earned from third-party companies is not eliminated in consolidation.
MGA Operations
MGA Operations consists of our Mission Underwriters ("Mission") and Owned Members reporting units. Mission is a licensed insurance agency that functions as an MGA incubator in the US, UK and EU and represents the largest component of the segment. The Owned Members reporting unit comprises MGAs in which we have made non-controlling or controlling equity investments. Our investments in existing Members typically take the form of an initial minority stake and contractual call option for a majority stake over time. We eliminate commission income earned by MGA Operations in consolidation to the extent it is received from consolidated insurance companies within the Underwriting segment. Only commission income earned from third-party companies is not eliminated in consolidation.
Underwriting
Underwriting contains all revenue and expenses associated with the underwriting of insurance policies and assumption of reinsurance policies issued or accepted by Accelerant’s consolidated insurance and reinsurance companies. Our Underwriting segment is a strategic asset that enables access to Accelerant’s portfolio for current and prospective Risk Capital Partners. The activities of these (re)insurance companies include property and casualty insurance, policy issuance, reinsurance arrangements and the payment of commission and other acquisition costs to the Exchange Services segment.
Premium revenue is earned in exchange for the property and casualty insurance policies issued and reinsurance coverage provided. For segment presentation purposes, the commission expense paid to the wholly-owned agencies is subject to deferral as DAC for the portion of insurance policies not subject to reinsurance. DAC associated with business ceded is offset by ceding commissions received from reinsurers, which is typically more than the DAC. The DAC associated with business retained, as well as the excess ceding commissions from reinsurers, are both amortized over the related policy term. Accelerant Re also cedes premium and losses to, and receives ceding commissions from, several third-party reinsurers, including Flywheel Re. Similar to the Exchange Services and MGA Operations segments, transaction activity with our consolidated affiliates is subject to elimination (and therefore the amount of DAC, deferred ceding commissions, DAC amortization and amortization of ceding commission income in consolidation will differ from that presented within the segment results). Specifically, only commission payments and other acquisition expenses paid to third-parties are subject to deferral and amortization in consolidation.
We consider the segment presentations of Exchange Services, MGA Operations and Underwriting segments prior to elimination to be the best way to evaluate Accelerant's business and how these business components would be presented if they were stand-alone operations. As we continue to generate increasing third-party insurance premiums through the Accelerant Risk Exchange, the standalone segment results will more closely align with the consolidated results (as such third- party transactions are not subject to elimination).
The following includes the financial results of our three reportable segments for the three and six months ended June 30, 2026 and 2025. Corporate functions and certain other businesses and operations are included in Corporate and Other.
Financial information by segment:
Three Months Ended June 30, 2026
(in millions)Exchange ServicesMGA OperationsUnderwritingTotal Segments
Corporate and Other (1)
Consolidation and elimination adjustmentsTotal
Revenues
Ceding commission income (2)
$— $— $1.1 $1.1 $— $74.0 $75.1 
Direct commission income
Affiliated entities56.5 31.4 — 87.9 — (87.9)— 
Unaffiliated entities54.6 37.9 — 92.5 — — 92.5 
Net earned premiums— — 129.1 129.1 — — 129.1 
Net investment income0.7 0.8 3.7 5.2 2.0 — 7.2 
Operating revenues (3)
111.8 70.1 133.9 315.8 2.0 (13.9)303.9 
Losses and loss adjustment expenses— — 71.7 71.7 — — 71.7 
Amortization of deferred acquisition costs— — 48.4 48.4 — (13.6)34.8 
General and administrative expenses (4) (5) (6)
37.8 39.8 11.9 89.5 22.6 (7.8)104.3 
Adjusted EBITDA$74.0 $30.3 $1.9 $106.2 $(20.6)$7.5 93.1 
Net realized gains on investments26.0 
Net unrealized gains on investments27.0 
Share-based compensation expenses (6)
(25.2)
Interest expenses(2.4)
Depreciation and amortization (10.4)
Net foreign exchange gains6.1 
Other expenses (7)
(26.8)
Income before income taxes$87.4 
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.
(2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8.
(3) Total segment revenues reconciles to consolidated revenues by adding the corporate and other, consolidation and elimination adjustments, and net realized and unrealized gains on investments presented within this disclosure.
(4) General and administrative expenses are composed of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:
(in millions)Exchange ServicesMGA OperationsUnderwritingTotal
Employee compensation and benefits$29.5 $29.4 $6.6 $65.5 
Consulting and professional fees3.9 3.0 1.3 8.2 
Other administrative expenses4.4 7.4 4.0 15.8 
Total general and administrative expenses$37.8 $39.8 $11.9 $89.5 
(5) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments.
(6) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations.
(7) Other expenses for the three months ended June 30, 2026 consist of $5.0 million of professional costs related to corporate development, $7.2 million of system development non-operating costs, $13.1 million of Mission profits sharing expense (including $10.0 million of buy-out expenses of existing interests) and $1.5 million of other individually insignificant costs.
Three Months Ended June 30, 2025
(in millions)Exchange ServicesMGA OperationsUnderwritingTotal Segments
Corporate and Other (1)
Consolidation and elimination adjustmentsTotal
Revenues
Ceding commission income (2)
$— $— $29.6 $29.6 $— $72.0 $101.6 
Direct commission income
Affiliated entities69.0 39.0 — 108.0 — (108.0)— 
Unaffiliated entities15.6 18.6 — 34.2 — — 34.2 
Net earned premiums— — 70.6 70.6 — — 70.6 
Net investment income1.1 0.9 9.7 11.7 1.1 — 12.8 
Operating revenues (3)
85.7 58.5 109.9 254.1 1.1 (36.0)219.2 
Losses and loss adjustment expenses— — 51.3 51.3 — — 51.3 
Amortization of deferred acquisition costs— — 27.9 27.9 — (9.7)18.2 
General and administrative expenses (4) (5) (6)
30.0 33.8 14.8 78.6 16.4 (8.9)86.1 
Adjusted EBITDA$55.7 $24.7 $15.9 $96.3 $(15.3)$(17.4)$63.6 
Net realized gains on investments0.4 
Net unrealized losses on investments(0.5)
Share-based compensation expenses (6)
(3.0)
Interest expenses(2.5)
Depreciation and amortization (8.3)
Net foreign exchange losses(14.2)
Other expenses (7)
(13.2)
Income before income taxes$22.3 
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.
(2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8.
(3) Total segment revenues reconciles to consolidated revenues by adding the corporate and other, consolidation and elimination adjustments, and net realized and unrealized gains on investments presented within this disclosure.
(4) General and administrative expenses are composed of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:
(in millions)Exchange ServicesMGA OperationsUnderwritingTotal
Employee compensation and benefits$19.6 $23.9 $6.9 $50.4 
Consulting and professional fees5.5 5.1 3.1 13.7 
Other administrative expenses4.9 4.8 4.8 14.5 
Total general and administrative expenses$30.0 $33.8 $14.8 $78.6 
(5) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments.
(6) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations.
(7) Other expenses for the three months ended June 30, 2025 consist of $6.1 million of professional costs related to corporate development activities, $3.6 million system development non-operating costs, $4.4 million of Mission profits sharing expense, as offset by a net reduction of $0.9 million of other individually insignificant costs.
Six Months Ended June 30, 2026
(in millions)Exchange ServicesMGA OperationsUnderwritingTotal Segments
Corporate and Other (1)
Consolidation and elimination adjustmentsTotal
Revenues
Ceding commission income (2)
$— $— $11.1 $11.1 $— $144.5 $155.6 
Direct commission income
Affiliated entities129.2 60.2 — 189.4 — (189.4)— 
Unaffiliated entities81.0 62.3 — 143.3 — — 143.3 
Net earned premiums— — 258.9 258.9 — — 258.9 
Net investment income1.6 1.7 12.9 16.2 3.1 — 19.3 
Operating revenues (3)
211.8 124.2 282.9 618.9 3.1 (44.9)577.1 
Losses and loss adjustment expenses— — 153.5 153.5 — — 153.5 
Amortization of deferred acquisition costs— — 97.4 97.4 — (29.0)68.4 
General and administrative expenses (4) (5) (6)
70.5 77.1 23.6 171.2 41.9 (17.1)196.0 
Adjusted EBITDA$141.3 $47.1 $8.4 $196.8 $(38.8)$1.2 $159.2 
Net realized gains on investments26.1 
Net unrealized gains on investments27.0 
Share-based compensation expenses (6)
(57.3)
Interest expenses(4.9)
Depreciation and amortization (20.4)
Net foreign exchange gains4.2 
Other expenses (7)
(44.5)
Income before income taxes$89.4 
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.
(2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8.
(3) Total segment revenues reconciles to consolidated revenues by adding the corporate and other, consolidation and elimination adjustments, and net realized and unrealized gains on investments presented within this disclosure.
(4) General and administrative expenses are composed of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:
(in millions)Exchange ServicesMGA OperationsUnderwritingTotal
Employee compensation and benefits$53.7 $55.5 $11.7 $120.9 
Consulting and professional fees8.8 6.5 5.6 20.9 
Other administrative expenses8.0 15.1 6.3 29.4 
Total general and administrative expenses$70.5 $77.1 $23.6 $171.2 
(5) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments.
(6) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and are excluded from the segment presentation above).
(7) Other expenses for the six months ended June 30, 2026 consist of $14.5 million of system development non-operating expenses, $9.0 million of professional costs related to corporate development, $16.8 million of Mission profits sharing expense (including $10.0 million of buy-out expenses of existing interests) and $4.2 million of individually insignificant costs.
Six Months Ended June 30, 2025
(in millions)Exchange ServicesMGA OperationsUnderwritingTotal Segments
Corporate and Other (1)
Consolidation and elimination adjustmentsTotal
Revenues
Ceding commission income (2)
$— $— $48.8 $48.8 $— $123.5 $172.3 
Direct commission income
Affiliated entities128.0 70.5 — 198.5 — (198.5)— 
Unaffiliated entities26.8 35.5 — 62.3 — — 62.3 
Net earned premiums— — 133.6 133.6 — — 133.6 
Net investment income1.7 1.8 19.7 23.2 1.8 — 25.0 
Operating revenues (3)
156.5 107.8 202.1 466.4 1.8 (75.0)393.2 
Losses and loss adjustment expenses— — 96.5 96.5 — — 96.5 
Amortization of deferred acquisition costs— — 52.7 52.7 — (17.4)35.3 
General and administrative expenses (4) (5) (6)
53.8 65.0 26.3 145.1 30.9 (17.0)159.0 
Adjusted EBITDA$102.7 $42.8 $26.6 $172.1 $(29.1)$(40.6)$102.4 
Net realized gains on investments2.7 
Net unrealized gains on investments1.2 
Share-based compensation expenses (6)
(5.4)
Interest expenses(5.1)
Depreciation and amortization (15.7)
Net foreign exchange losses(17.3)
Other expenses (7)
(25.0)
Income before income taxes$37.8 
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment.
(2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 8.
(3) Total segment revenues reconciles to consolidated revenues by adding the corporate and other, consolidation and elimination adjustments, and net realized and unrealized gains on investments presented within this disclosure.
(4) General and administrative expenses are composed of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:
(in millions)Exchange ServicesMGA OperationsUnderwritingTotal
Employee compensation and benefits$35.5 $45.2 $13.1 $93.8 
Consulting and professional fees9.1 8.4 5.7 23.2 
Other administrative expenses9.2 11.4 7.5 28.1 
Total general and administrative expenses$53.8 $65.0 $26.3 $145.1 
(5) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments.
(6) Share-based compensation expenses are included in "General and administrative expenses" within the condensed consolidated statements of operations (and are excluded from the segment presentation above).
(7) Other expenses for the six months ended June 30, 2025 consist of $8.2 million of system development non-operating costs, $9.7 million of professional costs related to corporate development, $6.0 million of Mission profits sharing expense, and $1.1 million of individually insignificant costs.
The following table presents our total assets by reportable segments:
(in millions)June 30, 2026December 31, 2025
Exchange Services$1,156.0 $903.9 
MGA Operations528.1 479.2 
Underwriting7,823.2 7,307.2 
Corporate and eliminations(564.0)(427.2)
Total$8,943.3 $8,263.1 
As of June 30, 2026, our equity method investments (as further detailed in Note 4) consisted of $6.3 million held by the MGA Operations segment and $6.7 million within Corporate and Other. As of December 31, 2025, our equity method investments consisted of $5.4 million held by the MGA Operations segment and $5.0 million within Corporate and Other. In addition, expenditures for additions to long-lived assets are not material and are not reported to our CODM.
All our revenues from external customers were attributable to various geographic locations outside of the Cayman Islands, based on where the insurance policies or services were sold. There were no reportable major customers that accounted for 10% or more of our consolidated revenue for the three and six months ended June 30, 2026 and 2025.
The following table presents our revenues by geography:
Three Months Ended June 30, 2026
(in millions)North AmericaUK and EUTotal
Ceding commission income (1)
$67.3 $7.8 $75.1 
Direct commission income74.5 18.0 92.5 
Net earned premiums56.8 72.3 129.1 
Net investment income6.6 0.6 7.2 
Net realized gains (losses) on investments26.3 (0.3)26.0 
Net unrealized gains on investments27.0 — 27.0 
Total revenues$258.5 $98.4 $356.9 
Three Months Ended June 30, 2025
(in millions)North AmericaUK and EUTotal
Ceding commission income (1)
$77.7 $23.9 $101.6 
Direct commission income18.3 15.9 34.2 
Net earned premiums26.8 43.8 70.6 
Net investment income7.8 5.0 12.8 
Net realized gains on investments0.2 0.2 0.4 
Net unrealized losses on investments(0.5)— (0.5)
Total revenues$130.3 $88.8 $219.1 
Six Months Ended June 30, 2026
(in millions)North AmericaUK and EUTotal
Ceding commission income (1)
$128.7 $26.9 $155.6 
Direct commission income108.4 34.9 143.3 
Net earned premiums125.4 133.5 258.9 
Net investment income13.3 6.0 19.3 
Net realized gains (losses) on investments26.4 (0.3)26.1 
Net unrealized gains on investments27.0 — 27.0 
Total revenues$429.2 $201.0 $630.2 
Six Months Ended June 30, 2025
(in millions)North AmericaUK and EUTotal
Ceding commission income (1)
$126.7 $45.6 $172.3 
Direct commission income32.3 30.0 62.3 
Net earned premiums41.9 91.7 133.6 
Net investment income15.2 9.8 25.0 
Net realized gains on investments0.4 2.3 2.7 
Net unrealized gains on investments1.2 — 1.2 
Total revenues$217.7 $179.4 $397.1 
(1) For further information on the impacts of sliding scale commission adjustments on our ceding commission income for the three and six months ended June 30, 2026 and 2025 resulting from the loss experience of covered insurance contracts, refer to Note 8.