Accelerant Holdings, a services and data platform for the specialty insurance market, reported full-year 2025 total revenue of $912.9 million, a 51.5% increase from $602.6 million in 2024.
Exchange premiums for the year reached US$4.19 billion, an increase of 34.8% from US$3.11 billion in the previous year. Third-party direct premiums accounted for 30% of the total exchange premiums, up from 16%.
Accelerant reported a net loss of $1.35 billion in 2025, compared with net income of $22.9 million in 2024, with adjusted net income rising to $178.7 million from $66.7 million.
Adjusted EBITDA was US$281.8 million, an increase of 149.4% from US$113 million.
Total revenue in the fourth quarter of 2025 was $248.4 million, an increase of 30.3% from $190.7 million in the fourth quarter of 2024.
Premiums written on the exchange reached US$1.09 billion, an increase of 24% from US$879.4 million. Directly underwritten premiums by third parties accounted for 40% of premiums written on the exchange, up from 21% in the same period last year.
The company reported net income of $1.0 million in 4Q25, compared with net income of $20.6 million in 4Q24. Adjusted net income increased to $51.2 million from $39.4 million.
Adjusted EBITDA was US$70.5 million, an increase of 51.9% from US$46.4 million.
Accelerant also disclosed that its board of directors approved a repurchase program of up to $200 million in Class A common stock.
For the first quarter of ’26 and full year 2026 outlook, Accelerant expects exchange premiums in the range of $1.07 billion to $1.13 billion in the first quarter and at least $5.1 billion for the full year. Third-party direct written premiums are expected to be in the range of $450 million to $470 million in the first quarter and at least $2.2 billion for the full year, while adjusted EBITDA is expected to be $64 million to $66 million in the first quarter and at least $275 million in FY26.
Jeff Radke, co-founder and CEO of Accelerant, said: “We ended 2025 with an excellent quarter, meeting or exceeding our expectations on key operating metrics and continuing to expand the coverage of Accelerant Risk Exchange.
“The value of our technology and AI-driven platform is resonating in the specialty market, reflected in growing share of business with third-party insurers. As we deepen our data advantage and enhance alignment between members and risk capital, we believe our momentum will continue into 2026 and beyond.”
Jay Green, chief financial officer of Accelerant, said: “Our fourth quarter results reflect continued strong growth in exchange premiums, driven by increases in third-party direct premiums and operating leverage.
“Exchange premiums increased 24% year-over-year and margins expanded, driving Adjusted EBITDA up 52% to $71 million. Third-party insurers accounted for 40% of Accelerant Risk Exchange premiums in the quarter, underscoring the ongoing shift toward a more capital-efficient model.
“Our outlook for 2026 reflects Accelerant Risk Exchange’s continued growth momentum, with exchange premiums expected to grow by more than 20% year-over-year as third-party capital participation continues to expand.
“As we continue to prioritize expanding the capital-light areas of our business, we expect premium growth to drive attractive fee-based adjusted EBITDA growth in 2026.”
Green has informed the Board of Directors that he intends to resign as Chief Financial Officer to pursue his personal interests and that Linda Huber will succeed him, effective March 31, 2026.
Commenting on the CFO transition, Radke said: “We respect Jay’s decision to leave the company and pursue personal priorities. On behalf of the Board and the entire team, I would like to thank Jay for his leadership and dedication. We wish him the best in the future.”
“We are pleased to welcome Linda Huber to the Accelerant team. Linda is a highly accomplished public company financial executive, having previously served as CFO at a number of financial information and analytics companies. She will play a key role in our continued growth as a public company.”
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