ARX · Accelerant Holdings

Accelerant Holdings reported a mixed first quarter for 2026, with strong top-line growth and expanding adjusted EBITDA margins, but a GAAP net loss due to higher expenses and tax provisions. Exchange Written Premium reached $1.14 billion, up 16% year-over-year, driven by organic member growth (296 members, up from 232) and a continued shift toward third-party risk capital partners. Third-party direct written premium accounted for 41% of total exchange premium, up from 19% a year ago, reflecting the company's strategy to become more capital-light. Operating revenues (non-GAAP) grew 57% to $273 million, while adjusted EBITDA surged 70% to $66 million, with margin improving to 24% from 22%. However, GAAP net loss was $4.1 million versus net income of $7.8 million in the prior year, primarily due to a $6.1 million income tax expense (compared to $7.7 million in the prior year) and higher general and administrative expenses ($123.8 million vs. $75.3 million), which included share-based compensation and other non-core costs. Management highlighted strong performance across all six KPIs and expressed confidence in the business model's embedded growth. The company provided Q2 2026 guidance for Exchange Written Premium of $1.27-$1.32 billion and Adjusted EBITDA of $60-$66 million, and full-year 2026 guidance for Exchange Written Premium of at least $5.2 billion and Adjusted EBITDA of at least $285 million. Additionally, the company repurchased 828,333 Class A common shares for $11 million during the quarter. The presentation also noted the election of two new independent board members, David Talach and Simon Wainwright, at the annual general meeting.