Accelerant Hits Stride with 112% EBITDA Growth, Shrugging Off GAAP Loss

ATLANTA, GA – May 13, 2026 – Accelerant Holdings (NYSE: ARX) showcased powerful momentum in its first-quarter 2026 financial results, posting triple-digit growth in key profitability metrics that underscore the rapid adoption of its technology-driven insurance marketplace. The company reported a staggering 112% year-over-year increase in Adjusted EBITDA, fueled by a 52% surge in operating revenue, signaling strong execution of its capital-light strategy.

However, the impressive operational performance stood in sharp contrast to the company's bottom line under Generally Accepted Accounting Principles (GAAP), which registered a net loss of $4.1 million for the quarter. This divergence highlights the unique financial profile of the burgeoning insurtech, which is focused on building a scalable, fee-based ecosystem for the specialty insurance sector.

“We had an excellent first quarter. We delivered strong performance against all six of our KPIs, reflecting the ongoing momentum across our business,” said Jeff Radke, Chairman and CEO of Accelerant. “We are well on our way to making Accelerant the rails on which specialty insurance runs.”

The Capital-Light Paradox: Unpacking the Financials

For investors and market analysts, the story of Accelerant's first quarter lies in the gap between its GAAP results and its non-GAAP operational metrics. The reported $4.1 million GAAP net loss, a reversal from a $7.8 million net income in the same period last year, was primarily driven by a significant increase in general and administrative expenses. These costs rose to $123.8 million from $75.3 million year-over-year, an increase that includes $32.1 million in non-cash share-based compensation expenses.

To provide what it views as a clearer picture of its underlying health, Accelerant emphasizes non-GAAP figures like Adjusted EBITDA and Adjusted Net Income. Adjusted EBITDA, which excludes items like share-based compensation, depreciation, and interest, soared to $66.1 million from $38.8 million a year ago. Similarly, Adjusted Net Income more than doubled, reaching $37.7 million, or $0.17 per diluted share, compared to $17.3 million, or $0.08 per share, in the first quarter of 2025.

This discrepancy is not new for the company, which went public in July 2025. Its full-year 2025 results included a massive GAAP net loss of $1.35 billion, almost entirely due to a one-time, non-cash expense of $1.38 billion related to the settlement of profits interest awards during its IPO. Management argues that non-GAAP metrics strip out such non-operational noise, offering a more consistent view of the core business performance. Reinforcing this focus, Accelerant updated its non-GAAP definitions this quarter to also exclude the impact of net realized and unrealized investment gains or losses, aiming to further reduce volatility in its reported operational results.

Fueling the Exchange: Growth in Premiums and Partnerships

The engine behind Accelerant's robust adjusted earnings is its core platform, the Accelerant Risk Exchange. The platform connects specialty insurance underwriters, known as Managing General Agents (MGAs), with a diverse pool of risk capital providers. Accelerant generates fees from this matchmaking process, creating a scalable, high-margin revenue stream.

For the fourth consecutive quarter, Exchange Written Premium surpassed the $1 billion mark, growing 16% year-over-year to $1.14 billion. This consistent volume demonstrates the platform's growing influence and utility within the specialty market. “Our first quarter financial results are further proof in the underlying growth embedded in our business model,” stated Linda S. Huber, Accelerant’s Chief Financial Officer. She highlighted the growth in fee-based revenue as a key indicator of the company’s success in expanding its capital-light operations.

A crucial metric underscoring this strategic shift is the increasing share of premiums written by third-party capital partners. In the first quarter, 41% of the direct written premium on the exchange was sourced from third parties, a dramatic increase from just 19% in the prior-year period. This shows that Accelerant is successfully attracting more outside capital to its platform, allowing it to grow revenue and market presence without proportionally increasing the risk on its own balance sheet. The network itself is also expanding, with the number of MGA members on the exchange growing to 296 from 232 a year ago.

Technology at the Helm

Accelerant positions itself as a data and technology company first, and its performance suggests its tools are delivering tangible benefits. The company leverages advanced data analytics and what it calls “increasingly autonomous underwriting tools” to help its MGA members better select and price specialty risks. The goal is to create a more transparent and efficient value chain for all participants.

One indicator of the effectiveness of this technology-driven approach may be the company's gross loss ratio—the ratio of losses incurred to premiums earned. This metric saw a modest but positive improvement, declining to 52.1% from 53.3% in the prior-year quarter. In an industry where small improvements in loss ratios can have a significant impact on profitability, this trend suggests that Accelerant's data-centric risk management is yielding results, making its platform more attractive to both underwriters and the capital partners who bear the ultimate risk.

Bolstering Governance for Future Growth

As Accelerant continues its expansion as a public company, it is also strengthening its strategic oversight. The company announced the election of two new independent members to its Board of Directors: David Talach and Simon Wainwright. Their appointments bring a wealth of relevant experience in data analytics, finance, and global insurance operations.

David Talach previously served as a Senior Vice President of Finance at Verisk Analytics, a leading data analytics and risk assessment firm, giving him deep insight into leveraging data within the insurance ecosystem. Simon Wainwright brings decades of international operational leadership, having served as CEO of Liberty Mutual International and in senior roles at other major global insurers. This combination of expertise in data, finance, and large-scale insurance operations signals a strategic focus on disciplined growth and global expansion.

These additions to the board, coupled with the strong operational momentum in its core exchange business, position Accelerant to continue its pursuit of fundamentally reshaping the infrastructure of the specialty insurance market.