Accelerant: The Global Specialty Insurance Risk Exchange (05/13/2026 00

Published: 2026-05-13 16:55:18 ET ARX

Published on 05/13/2026 at 04:55 pm EDT

Accelerant: The Global Specialty Insurance Risk Exchange

May 2026

Our Vision

To become the preeminent specialty insurance marketplace

3

1st Ǫuarter 2026 Update

Financial

$1,13GM Exchange Written Premium (+16% y/y(1)) and $273M of Operating Revenue (+57% y/y)

$66M Adjusted EBITDA (+70% y/y), 24% margin

$60M Fee-based Adjusted EBITDA(2) (+112% y/y)

52% gross loss ratio

Operational

• +16 new Members in the quarter bringing total to 2G6 Members (28% y/y growth) and continued strong pipeline

Finished the quarter with G6 Risk Capital Partners

Training our models on 156 million rows of proprietary data spanning 62 thousand unique attributes - our data and models improve loss ratios + growth and should compound in value over time

Other

$462M third-party written premium (41% of Exchange Written Premium vs. 1G% in 1Ǫ '25 and 40% in 4Ǫ'25)

Hadron's mix of third-party written premium decreased from 47% in 4Ǫ '25 to 41% in 1Ǫ '26

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Notes: Please see the Appendix for reconciliations of non-GAAP items

Exchange Written Premium +22% y/y growth excluding terminated Canadian Member with subpar unit economics

Fee-based Adjusted EBITDA represents consolidated Adjusted EBITDA less Underwriting Segment Adjusted EBITDA

1Ǫ '25 4Ǫ '25 1Ǫ '26 Commentary

Premium ($M)

Exchange

Retention

Net Revenue

Member Count

Supply Side

$G85 157%

232

Gross Loss Ratio

Demand Side

53%

3rd Party %

1G%

$1,0G0 126%

280

51%

40%

+1G% y/y growth

$1,13G

+22% y/y growth excluding terminated Canadian Member

116% 122% net revenue retention excluding terminated Canadian Member

2G6

+1G in the quarter driven by new independent Members - Member count grew 28% y/y

52%

Strong gross loss ratio performance as portfolio continues to perform as expected

41%

Continued ramping of onboarded third-party risk exchange insurers. $275M was written with non-Hadron risk exchange insurers

ARX Net Retained %(1)

8%

Operating Revenue

Financials

($M)

$174

Adjusted EBITDA

$3G

Adjusted Net Income

$17

G%

$245

$67

$46

10%

$273

$66

$38

Retention in line with expectations

+57% y/y growth driven by organic growth and premium earning through

24% adjusted EBITDA margin (vs. 22% prior year)

Fee-based adjusted EBITDA(2) grew 112% y/y to $G0 million

$0.17 adjusted earnings per diluted share

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Notes: Please see the Appendix for reconciliations of non-GAAP items.

Net retained is calculated on a trailing twelve-month basis

Fee-based Adjusted EBITDA represents consolidated Adjusted EBITDA less Underwriting Segment Adjusted EBITDA

Disclaimer

Accelerant Holdings published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 20:54 UTC.