Research Reports

Prepared Highlights

Exchange Written Premium (Q2 2025): $1.1B, +42% YoY; trailing 12 months $3.8B, +61% YoY; all organic (CEO).
Revenue (Q2 2025): $219M, +68% YoY (CFO).
Members: 248 as of June 30, 2025; added 16 new members in the quarter (CFO).
Risk Capital Partners: 98 as of Q2 2025 (CEO).
Net Revenue Retention (TTM): 151% (CFO).
Net Retention of Exchange Written Premium (TTM, Q2 2025): 6%; expected to trend toward ~10% in future quarters (CFO).
Gross Loss Ratio (Q2 2025): 50.5%, improved ~4 points vs. 54.7% in Q2 2024 (CFO).
Exchange Services Segment (Q2 2025): Revenue $86M, +60% YoY; Adj. EBITDA $56M, +38% YoY; Adj. EBITDA margin 65% (CFO).
MGA Operations Segment (Q2 2025): Revenue $58M, +77% YoY; Adj. EBITDA $24M vs. $6M in Q2 2024 (CFO).
Underwriting Segment (Q2 2025): Revenue $110M, +39% YoY; Adj. EBITDA $16M; expected to be breakeven to mildly profitable over medium term (CFO).
Adjusted EBITDA (Q2 2025): $63.5M vs. $13M in Q2 2024; H1 2025 $106M vs. $41M H1 2024 (CFO).
Adjusted Net Income (Q2 2025): $29M vs. net loss of $0.7M in Q2 2024 (CFO).
Pretax Net Income (Q2 2025): $22.3M vs. net loss of $4.3M in Q2 2024 (CFO).
Data Aggregation: 23,000 unique attributes across 95M rows of data (IR).
Claims Subrogation: Improved rates by over 200%, increasing underwriting profitability by 1% of premium for reinsurers (IR).
IPO-Related Noncash SBC: $50M in RSUs and $243M in options vesting over 4 years; $1.38B one-time settlement of pre-IPO profit interests (CFO).
Flywheel Sidecar: Upsized in June 2025 to allow institutional investor participation (IR).

Official Guidance (Q3 2025)

Exchange Written Premium: $1.01B – $1.04B, +14%–17% YoY (CFO).
Adjusted EBITDA (underlying business, excl. transaction): $41M – $51M, +58%–95% YoY (CFO).
Adjusted EBITDA (total, incl. minority interest sale gain): $66M – $81M, +154%–210% YoY; gain from minority interest sale +$25M – $30M (CFO).
Note: No GAAP reconciliation provided due to difficulty forecasting tax, FX, one-time adjustments (CFO).

Management Quotes

"The platform is singing." — (CEO)
"We improved claims subrogation rates by over 200%, increasing the underwriting profitability of the portfolio by 1% of premium for our reinsurers. That's huge." — (IR)
"It's why QBE and Tokio Marine joined the platform earlier this year." — (IR)
"Our net revenue retention of 151% for the trailing 12 months and stellar new member growth... We are really thrilled with the momentum." — (CFO)
"We have a powerful mixture of hard charging organic growth embedded in our existing members and new ones continually joining the platform." — (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Exchange Written Premium	$1.1B (Q2), $3.8B (TTM)	CEO
Revenue	$219M (Q2)	CFO
Members	248 (June 30, 2025)	CEO
Risk Capital Partners	98 (Q2)	CEO
Net Revenue Retention (TTM)	151%	CFO
Net Retention of EWP (TTM)	6%	CFO
Adj. EBITDA	$63.5M (Q2)	CFO
Adj. EBITDA Margin (Exchange Services)	65% (Q2)	CFO
Gross Loss Ratio	50.5% (Q2)	CFO
Data Attributes	23,000 unique	IR
Data Rows	95M	IR

Q&A Batch (1-5 of 8)

Q1 — Unidentified Analyst

Topic: Hadron保费贡献、占比趋势及第三方伙伴增长
Key points:
- Hadron在2Q25承保Exchange Written Premium 1.7亿美元，属较小部分；Accelerant不持有Hadron股权。
- 预计Hadron占总第三方保费比例将随时间下降，其他第三方保险公司增速更快。
- 整体增长受限于高质量MGA的获取速度，而非单一伙伴依赖。
Mgmt stance: 中性偏积极 – 强调渠道多样化，未因Hadron集中度而担忧，且Arm’s length交易条款有利。

Q2 — Robert Cox

Topic: 第三方保险公司构成（前载型 vs 混合型）及大额业务经济性
Key points:
- 中期第三方保险将包含混合型（hybrid fronts）和其他类型，保持风险资本多样性（第三方保险公司、专业再保险、机构投资者三足鼎立）。
- 随业务向复杂/大额（如工人赔偿）迁移，take rate在专业险种变化不大；进入大众市场险种时take rate将明显下降。
- OpEx利润率在不同险种间预期无差异。
Mgmt stance: 中性 – 清晰说明未来方向及take rate变化逻辑，未给出具体时间表。

Q3 — Jeffrey Lee Radke

Topic: 再保险交易对净留存影响及损失率
Key points:
- 再保险交易使净留存降至6%的平台保费，因更多业务被分配给第三方再保险/机构投资者。
- 长期预期留存接近10%。
- Underwriting segment年半年总损失率51.5%，Q2净损失率约73%（来自Jay补充）。
Mgmt stance: 中性 – 解释季度波动源于市场机会，长期目标保持不变。

Q4 — Hristian Gets

Q&A Batch (6-8 of 8)

Q6 — Andrew Scott Kligerman

Topic: 调整后EBITDA利润率驱动因素及展望；第三方直接保费趋势；Hadron混合前端比例
Key points:
- 当季调整后EBITDA利润率约27%（Jay更正为年初至今，分析师提及季度同比从较低水平升至29%）。Exchange Services利润率65%，MGA Operations利润率40%（受Mission及自有成员超预期表现驱动），Underwriting利润率约15%。
- 第三方直接书面保费同比增27%，保留部分为6%（管理层预期长期趋势向10%）。长期希望平衡三大保费来源（约各1/3，但非严格，风险交换险企可稍大，不应长期维持70%-75%）。
- Hadron相关：混合前端公司出现在法定备案中代表通过Accelerant自保公司将风险交换组合导向专业再保险公司及机构投资者（后者需前端载体），管理团队视其为资本高效途径，未给出具体当前比例。
Mgmt stance: 中性偏积极——通过主动降低Underwriting板块收入提升整体利润率，长期保留率指引明确但短期因交易波动不承诺具体季度数值。

Q7 — Charles Gregory Peters

Topic: 成员股权交易对汇率保费的影响；毛损失率变动
Key points:
- 少数股权交易不影响Exchanage费率保费（该成员继续增长）。公司出售其持有少数股权中的一部分，大部分为第三方出售，因此主要实现重估收益，非大幅减持，交易已于当季完成，Q3将披露细节。管理层预期此类交易为一次性事件。
- 综合损失率：上季度54%（含欧洲后账本额外准备金提取），本季度50.5%，同比改善。管理层认为54%并非突出问题，50.5%更优，差异主要源于历史准备金调整。
Mgmt stance: 中性偏积极——股权交易为成员有利的一次性事件；损失率改善且不严重。

Q8 — Matthew Casey O'Neill

Topic: 增长驱动因素（2025下半年及2026展望）；季节性
Key points:
- 业务核心驱动为Exchange书面保费，收入随之而来（Underwriting净收入被主动压低，Exchange Services与MGA Ops收入正相关于总保费）。增长算法：新成员增加 + 现有成员成长。
- OpEx可控，重点投资长期平台（技术、数据、成为顶级专业保险风险交易所）。收费率稳定可预测。
- 无显著季节性（业务类别中无季节性生产或损失活动）。
Mgmt stance: 乐观——聚焦成员与保费增长，OpEx可控，长期战略清晰；季节性影响不存在。