ARX on NYSE

Accelerant Holdings

Insurance agents company based in Grand Cayman, Cayman Islands2

In its 2026 annual report the company says: “We operate a data-driven risk exchange that connects selected specialty insurance underwriters with Risk Capital Partners. Our offerings free our Members to focus on growing their businesses through their core expertise of profitable underwriting.”6 Its shares trade on NYSE under the symbol ARX.2

Price unavailable

Last updated Oct 20, 2026.

Overview

$912.9MRevenue, fiscal 20253
-$1.3BNet income, fiscal 20253

Compare with CorVel Corporation, Hagerty Insurance Agency or CRAWFORD & CO, or pick any stock.

  • TickerARX on NYSE2
  • IndustryInsurance Agents, Brokers & Service2
  • HeadquartersGrand Cayman, Cayman Islands2
  • Incorporated inCayman Islands4
  • Business addressP.O. Box 309 Ugland House, Grand Cayman, E9 Ky1-10444
  • Filer category, Emerging growth company4
  • Legal formexempt company2
  • LEI529900G48AUHCKJ6EU642
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o Maples Corporate Services Limited, PO Box 309, Ugland House, KY1-1104 Grand Cayman, Cayman Islands2
  • Registered withGeneral Registry, 3816802

To become the preeminent specialty insurance marketplace connecting underwriters and risk capital in a transparent and modern way.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-147.4%Net margin3
51.5%Revenue growth, 20253
-192.8%Return on equity3
0.17×Debt to equity3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs97¢$889.6M
  • Income tax3¢$23.3M

Out of $912.9M in revenue.3 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$445.1M

Out of $445.1M of cash from operations.3

Financial statements

Revenue3$912.9M in 2025+165% since 2023
0$250.0M$500.0M$750.0M$1.0B2023: $344.0M$344.0M20232024: $602.6M$602.6M2024+75%2025: $912.9M$912.9M2025+51%
Net income3-$1.3B in 2025+1999% since 2023
-$1.5B-$1.0B-$500.0M0$500.0M2023: -$64.1M-$64.1M20232024: $22.9M$22.9M20242025: -$1.3B-$1.3B2025
Fiscal year2022202320242025
Revenue$344.0M3$602.6M3$912.9M3
Income before tax-$43.9M3$32.0M3-$1.3B3
Income tax$20.2M3$9.1M3$23.3M3
Net income-$64.1M3$22.9M3-$1.3B3
Earnings per share-$0.293$0.163-$7.493
Earnings per share (diluted)-$0.293$0.143-$7.493
Shares (weighted, basic)165.6M shares3166.0M shares3190.3M shares3
Shares (weighted, diluted)165.6M shares3199.7M shares3190.3M shares3

Compare Accelerant Holdings with another company

Corporate structure

Accelerant Holdings sits at the top of its group. 71 entities, 10 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Accelerant Holdings

  • GLAZER CAPITAL, LLC Filed SCHEDULE 13G on Accelerant Holdings, latest Sep 30, 2026
  • Capital World Investors Filed SCHEDULE 13G/A on Accelerant Holdings, latest May 14, 2026 (2 filings since Nov 13, 2025)
  • ACP Accelerant Holdings, L.P. Filed SCHEDULE 13G on Accelerant Holdings, latest Nov 14, 2025
  • Christopher Lee-Smith Filed SCHEDULE 13G on Accelerant Holdings, latest Nov 14, 2025
  • Francis James Oneill Filed SCHEDULE 13G on Accelerant Holdings, latest Nov 14, 2025
  • Jeffrey L. Radke Filed SCHEDULE 13G on Accelerant Holdings, latest Nov 14, 2025
  • Accelerant Holdings Grand Cayman, Cayman Islands
    • Accelerant Agency (UK) Limited Subsidiary · United Kingdom
    • Accelerant Agency Canada Ltd. Subsidiary · Canada
    • Accelerant Agency Limited Subsidiary · Ireland
    • Accelerant Canada Holdings, Inc. Subsidiary · Canada
    • Accelerant Canada Services, Inc. Subsidiary · Canada
    • Accelerant Distribution Holdings Limited Subsidiary · Malta
    • Accelerant Holdings UK Ltd. Subsidiary · United Kingdom
    • Accelerant Insurance Company of Canada Subsidiary · Canada
    • Accelerant Insurance Europe SA Subsidiary · Belgium
    • Accelerant Insurance UK Limited Subsidiary · United Kingdom
    • Accelerant Malta Holdings Limited Subsidiary · Malta
    • Accelerant Services (Ireland) Limited Subsidiary · Ireland
    • Accelerant Services (Malta) Limited Subsidiary · Malta
    • Accelerant Services Bermuda Ltd. Subsidiary · Bermuda
    • Accelerant Services UK Limited Subsidiary · United Kingdom
    • Accelerant Underwriting Holdings Limited Subsidiary · Bermuda
    • Accelerant Underwriting Holdings UK Limited Subsidiary · United Kingdom
    • ARB Acquisition Co. Ltd. Subsidiary · Malta
    • Ayax (UK) Acquisition Co. Ltd Subsidiary · United Kingdom
    • Ayax Specialty S.L. Subsidiary · Spain
    • Capital Markets Underwriting Limited Subsidiary · United Kingdom
    • Certass Limited Subsidiary · United Kingdom
    • Certass TA Limited Subsidiary · United Kingdom
    • Corniche Acquisition Co. Ltd. Subsidiary · United Kingdom
    • Corniche Underwriting (EU) Limited Subsidiary · Ireland
    • and 45 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Accelerant Holdings reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$164.5M3 Dec 31, 2025$117.1M3 Dec 31, 2024+40.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.7B3 Dec 31, 2025$1.2B3 Dec 31, 2024+40.0%
Debt securities available for sale$712.0M3 Dec 31, 2025$544.3M3 Dec 31, 2024+30.8%
Stakes in other companies (equity method)$10.4M3 Dec 31, 2025$18.2M3 Dec 31, 2024−42.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$63.1M3 Dec 31, 2025$30.9M3 Dec 31, 2024+104.2%
Intangible assets, net (excluding goodwill)$52.0M3 Dec 31, 2025$33.1M3 Dec 31, 2024+57.1%
Accumulated amortization$15.3M3 Dec 31, 2025$9.5M3 Dec 31, 2024+61.1%

Properties, in its own words

We currently lease small office spaces in certain locations including Atlanta, New York City, Colorado Springs, Bermuda, Grand Cayman, Brussels, Dublin, London and Malta, including a lease with a co-working company providing access to multiple locations across the U.S. Substantially all of our employees work remotely. We maintain our corporate headquarters in the Cayman Islands. As we expand, we believe suitable additional or substitute space will be leased as and when needed.

Item 2 of the 10-K filed Mar 18, 2026.6

Leadership

Who has led Accelerant Holdings, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Linda Huber2026–now

Chief operating officer

  1. Matthew David Sternberg2025–now
Board members and other officers (16)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ARB Acquisition Co. Ltd. Malta5
  • Accelerant Agency (UK) Limited UK5
  • Accelerant Agency Canada Ltd. Canada5
  • Accelerant Agency Limited Ireland5
  • Accelerant Canada Holdings, Inc. Canada5
  • Accelerant Canada Services, Inc. Canada5
  • Accelerant Distribution Holdings Limited Malta5
  • Accelerant Holdings UK Ltd. UK5
  • Accelerant Insurance Company of Canada Canada5
  • Accelerant Insurance Europe SA Belgium5
  • Accelerant Insurance UK Limited UK5
  • Accelerant Malta Holdings Limited Malta5
  • Accelerant Services (Ireland) Limited Ireland5
  • Accelerant Services (Malta) Limited Malta5
  • Accelerant Services Bermuda Ltd. Bermuda5
  • Accelerant Services UK Limited UK5
  • Accelerant Underwriting Holdings Limited Bermuda5
  • Accelerant Underwriting Holdings UK Limited UK5
  • Ayax (UK) Acquisition Co. Ltd UK5
  • Ayax Specialty S.L. Spain5
  • Capital Markets Underwriting Limited UK5
  • Certass Limited UK5
  • Certass TA Limited UK5
  • Corniche Acquisition Co. Ltd. UK5
All 70 listed subsidiaries
  • Corniche Underwriting (EU) Limited Ireland5
  • Corniche Underwriting Ltd UK5
  • Euna Acquisition Co. Ltd. UK5
  • Euna Underwriting Ltd UK5
  • Everest RM Acquisition Co. Ltd. Malta5
  • Ignite Specialty Risk Limited UK5
  • Ionios New Agency A.E. Greece5
  • Kovrilo Limited UK5
  • LRMS Acquisition Co. Ltd. Malta5
  • LRMS Europe Ltd. Ireland5
  • LRMS Insurance Services Limited UK5
  • Lumara Insurance Limited UK5
  • M2 Acquisition Co. Ltd. Malta5
  • M2 Insurance Agents SA Greece5
  • Mission Holdings Europe Ltd. Malta5
  • Mission Services Ireland Limited Ireland5
  • Mission UK Series 1 Limited UK5
  • Mission UK Series 10 Limited UK5
  • Mission UK Series 12 Limited UK5
  • Mission UK Series 3 Limited UK5
  • Mission UK Series 4 Limited UK5
  • Mission UK Series 9 Limited UK5
  • Mission Underwriting Europe Limited Ireland5
  • Mission Underwriting Ireland Limited Ireland5
  • Mission Underwriting Services Limited UK5
  • Mission Underwriting UK Limited UK5
  • Mission Underwriting UK Limited t/a Ignite UK5
  • N.B.S. UK Holdings Limited UK5
  • NBS Commercial Limited Ireland5
  • NBS Underwriting Limited UK5
  • Now Agents Insurance Agents Société Anonyme Greece5
  • Omega Acquisition Co Ltd. Canada5
  • Rev Risk Management (Europe) Limited Ireland5
  • RiskAlliance Acquisition Co. Ltd. UK5
  • S.E. Consultants Limited UK5
  • SSR Acquisition Co. Ltd. Malta5
  • Secure S.A. Greece5
  • Servicios Profesionales de Suscripción de Riesgos Iberia S.L. Spain5
  • UBI Acquisition Co. Ltd. UK5
  • UBI Courtage Limited Ireland5
  • UBI Services SAS France5
  • Ventis Specialty Limited UK5
  • Verde Acquisition Co. Ltd. UK5
  • Verde Risk Management Limited UK5
  • Warranty Services Limited UK5
  • Yarran Specialty Limited UK5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 23, 20268-K Other events27
  2. Aug 14, 20268-K Entered a material agreement28
  3. Aug 13, 20268-K Results of operations; Other events29
  4. May 29, 20268-K Regulation FD disclosure30
  5. May 13, 20268-K Results of operations; Regulation FD disclosure31
  6. May 12, 20268-K Shareholder vote32
  7. Mar 18, 20268-K Results of operations; Executive or director change; Regulation FD disclosure33
  8. Feb 27, 20268-K Results of operations; Regulation FD disclosure34
  9. Feb 27, 20268-K Other events35
  10. Nov 12, 20258-K Results of operations; Regulation FD disclosure36
  11. Aug 28, 20258-K Results of operations37
  12. Jul 23, 2025New chief executive Jeffrey L. Radke becomes CEO11
  13. Oct 6, 2021Founded Accelerant Holdings is founded2

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.38 a share, on Nov 12, 2025.38

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results29
  2. May 13, 2026Reported quarterly or annual results31
  3. Mar 18, 2026Reported quarterly or annual results33
  4. Feb 27, 2026Reported quarterly or annual results34
  5. Nov 12, 2025Reported quarterly or annual results36
  6. Aug 28, 2025Reported quarterly or annual results37

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

154 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 11 major events, 69 insider forms, 7 large holders, 62 other. The latest 20:

  1. Sep 30, 2026SCHEDULE 13G EDGAR
  2. Sep 23, 20268-K EDGAR
  3. Aug 25, 20264 EDGAR
  4. Aug 21, 2026144 EDGAR
  5. Aug 14, 20264 EDGAR
  6. Aug 14, 2026DEFA14A EDGAR
  7. Aug 14, 20268-K EDGAR
  8. Aug 14, 2026DEFA14A EDGAR
  9. Aug 13, 202610-Q EDGAR
  10. Aug 13, 2026144 EDGAR
  11. Aug 13, 2026DEFA14A EDGAR
  12. Aug 13, 2026DEFA14A EDGAR
  13. Aug 13, 20268-K EDGAR
  14. Aug 12, 20264 EDGAR
  15. Aug 11, 20264 EDGAR
  16. Aug 10, 2026144 EDGAR
  17. Aug 10, 2026144 EDGAR
  18. Aug 4, 20264 EDGAR
  19. Aug 3, 2026144 EDGAR
  20. Jul 29, 20264 EDGAR

The 154 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

32 open-market trades by officers, directors and large owners since October 2021: 7 buys and 25 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 21, 2026Meriwether Karen SueDirectorSale542$19.62$10.6KForm 4
Aug 13, 2026Hasley NancyDirectorSale20,489$19.56$400.8KForm 4
Aug 11, 2026ONeill Francis JamesCo-Founder, Chief U/W OfficerSale89,219$12.41$1.1MForm 4
Aug 10, 2026ONeill Francis JamesCo-Founder, Chief U/W OfficerSale63,616$12.07$767.8KForm 4
Aug 10, 2026RADKE JEFFREY LCo-Founder, CEOSale80,000$12.09$967.2KForm 4
Aug 3, 2026RADKE JEFFREY LCo-Founder, CEOSale80,000$12.06$964.8KForm 4
Jul 28, 2026ONeill Francis JamesCo-Founder, Chief U/W OfficerSale104,647$14.56$1.5MForm 4
Jul 27, 2026ONeill Francis JamesCo-Founder, Chief U/W OfficerSale110,467$14.63$1.6MForm 4
Jul 27, 2026RADKE JEFFREY LCo-Founder, CEOSale95,223$14.60$1.4MForm 4
Jul 27, 2026Sternberg Matthew DavidCOO, Risk ExchangeSale17,568$14.64$257.2KForm 4
Jul 20, 2026RADKE JEFFREY LCo-Founder, CEOSale80,000$13.51$1.1MForm 4
Jul 17, 2026RADKE JEFFREY LCo-Founder, CEOSale14,777$14.30$211.3KForm 4
Jul 15, 2026ONeill Francis JamesCo-Founder, Chief U/W OfficerSale82,767$12.71$1.1MForm 4
Jul 14, 2026ONeill Francis JamesCo-Founder, Chief U/W OfficerSale83,119$12.84$1.1MForm 4
Jul 13, 2026RADKE JEFFREY LCo-Founder, CEOSale80,000$13.18$1.1MForm 4
Jul 6, 2026RADKE JEFFREY LCo-Founder, CEOSale80,000$13.33$1.1MForm 4
Jun 29, 2026RADKE JEFFREY LCo-Founder, CEOSale80,000$12.87$1.0MForm 4
Jun 26, 2026ONeill Francis JamesCo-Founder, Chief U/W OfficerSale73,500$13.18$968.7KForm 4
Jun 25, 2026ONeill Francis JamesCo-Founder, Chief U/W OfficerSale73,500$13.06$959.9KForm 4
Jun 23, 2026Hasley NancyDirectorSale35,000$13.11$458.9KForm 4

All 32 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jeff Radke57$1.1M$81.4M45
2025Jay Green$531.7K$31.6M45
2025Christopher Lee-Smith58$965.8K$27.9M45
2024Chief Executive Officer$1.1M$3.1M45
2024Head of Distribution$632.2K$1.4M45

SEC filer profile

How Accelerant Holdings is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAccelerant Holdings1
  • CIK0001997350
  • Employer ID (EIN)98-17530446
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inCayman Islands6
  • Fiscal year endsDecember 311
  • Industry code (SIC)6411 Insurance Agents, Brokers & Service1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business addressP.O. Box 309 Ugland House, Grand Cayman, E9 KY1-10441
  • Mailing address1209 Orange Street, C/O The Corporation Trust Company, Wilmington, DE 198011
  • Phone(302) 658-75811
  • Shares outstanding116,757,858 Common Class A shares; 105,402,146 Common Class B shares as of Mar 12, 20266
  • Public float$0 as of Jun 30, 20253
  • AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceOct 20, 20231
  • Filings154 in all: 4 (50), 144 (20), 3 (17), 8-K (11), DRS/A (7), DRSLTR (7), UPLOAD (7), SCHEDULE 13G (6)1
    All 25 form types

    DEFA14A (5), 10-Q (4), F-N (3), 3/A (2), CORRESP (2), S-1/A (2), 10-K (1), 424B4 (1), 8-A12B (1), CERT (1), DEF 14A (1), DRS (1), EFFECT (1), S-1 (1), S-1MEF (1), S-8 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 18, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Mar 30, 2026
    Latest 8-K (8-K) Sep 23, 2026

Securities registered for trading

ClassSymbolExchange
Class A common shares, $0.0000011951862 par value per shareARXNew York Stock Exchange

From the cover page of the 10-K filed Mar 18, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Accelerant Holdings names in Item 1A of its 10-K filed Mar 18, 2026: 71 risks under these headings, as written.6

  • Risks Related to Our Business and Industry
  • Risks Related to Our Risk Exchange and Our Members
  • Our Risk Exchange has a limited operating history, which makes it difficult to evaluate its prospects, potential for expansion to new Members and product offerings, as well as the future prospects of our overall business. Any expansion efforts that are unsuccessful may materially adversely affect our business, results of operations, financial condition and prospects.
  • The addition of any products to our portfolio that may result in a higher loss ratio may be less attractive for our Members and Risk Capital Partners, and may materially adversely affect our business, results of operations, financial condition and prospects.
  • A decline in our financial strength rating may adversely affect the volume of business we can write.
  • Certain Members may choose to leave our Risk Exchange after their contractual commitments have expired, which would adversely affect our results of operations and our ability to offer attractive risk opportunities to our Risk Capital Partners.
  • If we are unable to continue enhancing our technology-based solutions at a pace that allows us to remain attractive to our Members, or continue to gain internal efficiencies and effective internal controls that promote the utility of the analytics we provide to Members, our operating results, relationships with our Members and growth could be adversely affected.
  • The rapid development and implementation of artificial intelligence applications and technologies poses business, regulatory and safety risks to our business, results of operation, financial condition and prospects.
  • If our Members do not provide the data they are contractually obligated to provide or the data provided by our Members is inaccurate or incomplete, our Risk Exchange and participating Risk Capital Partners may be unable to accurately price the risk transferred through our Risk Exchange.
  • If our Members do not maintain consistency in the level of skill and expertise they demonstrate, or adhere to the underwriting guidelines of our Risk Exchange, our Members may experience higher loss ratios and our reputation and relationships with insurance carriers, reinsurers, other Members, other Risk Capital partners, and brokers could be harmed.
  • We have generated net losses in the past and may incur losses in the future.
  • Our current market share and profitability may decrease as a result of disintermediation within the insurance industry, including increased competition from insurance companies, technology companies, and participants in the financial services industry, as well as the shift away from traditional insurance markets.
The other 61 risks
  • Our MGA incubator, Mission Underwriters, depends on our ability to identify and partner with specialty underwriting talent, and if we do not identify the correct partners to participate in the Mission platform, or if our competitors attract this underwriting talent instead, it could affect the returns on our equity ownership interests in these Mission entities and accordingly our business, results of operations, financial condition, prospects and reputation.
  • Our ability to add new Members to our Risk Exchange may slow over time, which would limit our growth and materially adversely affect our business, results of operations, financial condition, and prospects.
  • Our holding of Member and Risk Capital Partner funds exposes us to complex fiduciary regulations and the potential for losses.
  • If new regulations are enacted that affect the ability of our Members to operate, it could materially adversely affect our business, results of operations, financial condition and prospects.
  • Risks Related to Our Risk Capital Partners
  • We have expanded rapidly in recent years, and we may not be able to continue to attract Risk Capital Partners at the same rate or of the same quality to facilitate similar growth in the future or continue maintaining a capital-efficient model.
  • We may not be able to continue to attract institutional investors to Flywheel Re, or those investors may insist in the future on terms that are less economically attractive to us.
  • Certain Risk Capital Partners may look to directly interact with our Members outside of the arrangements dictated by our Risk Exchange or pursue other disintermediation strategies, including leaving our Risk Exchange entirely, which could materially adversely affect our business, results of operations, financial condition and prospects.
  • Our business, and therefore our financial condition and results of operations, may be adversely affected by a reduction in insurer and reinsurer capacity.
  • The failure of Risk Capital Partners to pay claims in an accurate and timely fashion could materially and adversely affect our business, results of operations, financial condition and prospects.
  • We may lose Risk Capital Partners as a result of consolidation within the insurance and reinsurance industries.
  • Changes in reinsurance regulation could limit the availability of risk capital in the future.
  • U.S.-based activities of our Members or ceding companies on the Risk Exchange may be attributed to a non-U.S. Risk Capital Partner for tax purposes in certain circumstances, and our ability to grow the Risk Exchange may be limited as a result.
  • Risks Related to Underwriting Activities
  • We may be unable to purchase third-party reinsurance in amounts we desire on commercially acceptable terms or on terms that adequately protect us, and may not have sufficient third-party reinsurance coverage provided by Risk Capital Partners accessing our Risk Exchange, in each case, and this potential inability may cause us to retain more risk than we expect or have forecasted, which may materially and adversely affect our business, results of operations and financial condition.
  • Unexpected changes in the interpretation of the coverage or provisions of the policies we underwrite, including loss limitations and exclusions, could have a material adverse effect on our business, results of operations and financial condition.
  • The movement in our individual Member commission structures could materially affect the commissions retained on written premiums.
  • The failure of any of the loss limitation methods we employ could have a material adverse effect on our financial condition and results of operations.
  • Our losses and loss expense reserves may be inadequate to cover our actual losses, which could have a material adverse effect on our business, results of operations and financial condition.
  • Our reinsurers may not reimburse us for claims on a timely basis, or at all, which may materially and adversely affect our business, results of operations and financial condition.
  • Severe weather conditions, including the effects of climate change and catastrophes, as well as man-made events, such as terrorism, may adversely affect our business, results of operations and financial condition.
  • General Risks
  • We have experienced rapid growth in recent years, and our recent growth rates may not be indicative of our future growth. As our costs increase, we may not be able to generate sufficient revenue to achieve, and if achieved, maintain, profitability.
  • We are subject to economic and reputational harm if companies with which we do business (including our Members and our Risk Capital Partners) engage in negligent, grossly negligent, misleading or fraudulent behavior and damage to our reputation could have a material adverse effect on our business.
  • Our business may face significant competitive pressures in the future.
  • We rely on third parties to perform key functions of our business operations enabling our provision of services to our Members and Risk Capital Partners. These third parties may act in ways that could harm our business.
  • There is ongoing litigation relating to COVID-19 being brought against participants in the insurance industry, and as we approach the end of statutory defined periods in which claims can be brought, our potential loss exposure becomes more clear, yet may result in significant losses.
  • Pandemics or other outbreaks of contagious diseases and the measures to mitigate their spread could materially adversely affect our business, results of operation and financial condition and those of our Members and Risk Capital Partners.
  • Our international operations expose us to various international risks, including exchange rate fluctuations, that could adversely affect our business.
  • Adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity, and the resurgence of tariffs could result in the sale of fewer policies than expected or an increase in the frequency of claims and premium defaults, and even the falsification of claims or a combination of these effects, which, in turn, could affect our growth and profitability.
  • The occurrence of prolonged or severe social or political unrest may adversely affect our business, results of operations and financial condition.
  • Geopolitical risks create uncertainty that may adversely affect our business, results of operations and financial condition.
  • We maintain cash, cash equivalents and investments at financial institutions and are exposed to credit risk in the event of default by such financial institutions.
  • Performance of our investment portfolio is subject to a variety of investment risks that may adversely affect our financial results and our financial condition.
  • We could be forced to sell investments to meet our liquidity requirements.
  • Our inability to successfully recover from a disaster or other business continuity problem, should we suffer from such an event, could cause material financial loss, loss of human capital, regulatory actions, reputational harm or legal liability.
  • We depend on the ability of certain of our subsidiaries to transfer funds to us to meet our obligations, and the ability of our insurance company subsidiaries to pay dividends to us is restricted by law.
  • We may not be able to raise sufficient funding to our working capital needs and maintain regulatory compliance or consummate potential future acquisitions. Additional financing may not be available on acceptable terms, or at all. Failure to obtain additional capital may force us to limit or terminate our operations.
  • If we cannot maintain the valuable aspects of our culture as we grow, our business may be harmed.
  • Risks Related to Our Technology and Intellectual Property
  • If we are unable to leverage our information systems to enhance the information benefits available to our Members and Risk Capital Partners through our Risk Exchange, our results may be adversely affected.
  • Our future success depends on our ability to continue to develop and implement technology, and to maintain the confidentiality of this technology.
  • Loss of key vendor relationships or failure of a vendor to protect our data, confidential and proprietary information could adversely affect our operations.
  • Failure to obtain, maintain, protect, defend, or enforce our intellectual property rights, or allegations that we have infringed, misappropriated or otherwise violated the intellectual property rights of others, could harm our reputation, ability to compete effectively, business, and financial condition.
  • Our employees could take excessive risks, which could negatively affect our financial condition and business.
  • Future acquisitions or investments contain inherent strategic, execution, and compliance risks that could disrupt our business and harm its financial condition.
  • Our business and operations could suffer in the event of a system or information security failure or in the event that we are the target of a cyberattack.
  • Risks Related to Legal and Regulatory Requirements
  • Our businesses are subject to significant governmental regulation, changes in which could reduce our profitability, limit our growth, or increase competition.
  • As we continue to grow our Member base, we anticipate expanding into new geographies that could give rise to additional regulatory, risk and other issues, which may materially affect our business, results of operations, financial condition and prospects.
  • Our insurance and reinsurance company subsidiaries and agency subsidiaries are subject to extensive regulation, which may adversely affect our ability to operate and achieve our business objectives. In addition, if we fail to comply with these regulations, we may be subject to penalties, including fines and suspensions, which may adversely affect our results of operations and financial condition.
  • We are subject to a number of, and may in the future be subject to, E&O claims as well as other contingencies and legal proceedings which, if resolved unfavorably to us, could have an adverse effect on our results of operations.
  • Proposed tort reform legislation, if enacted, could decrease demand for casualty insurance, thereby reducing our commission revenues.
  • Because we are a holding company and some of our operations are conducted by our insurance subsidiaries, our ability to achieve liquidity at the holding company, including the ability to pay dividends and service our debt obligations, to a limited extent, depends, in part, on our ability to obtain cash dividends or other permitted payments from our insurance subsidiaries.
  • Regulations affecting insurance carriers with which we place business impact how we conduct our operations.
  • We may face increasing scrutiny and evolving expectations from investors, customers, regulators and other stakeholders regarding environmental, social and governance matters.
  • Economic substance legislation of the Cayman Islands and other recently-enacted legislation and regulations may adversely impact us or our operations.
  • Anti-Money Laundering Matters
  • Our amended and restated memorandum and articles of association provide that the courts of the Cayman Islands will be the exclusive forum for certain disputes between us and our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for complaints against us or our directors, officers or employees.
  • Risks Related to Taxation
  • We are subject to taxation in multiple jurisdictions. As a result, any adverse development in the tax laws of any of these jurisdictions or any disagreement with our tax positions could have a material adverse effect on our business, results of operations, financial condition, and prospects. In addition, there is tax risk associated with the reporting of cross-border arrangements among us and our subsidiaries.
  • Accelerant and certain of our non-U.S. subsidiaries may be subject to U.S. federal income taxation which could have a material adverse effect on our business, results of operations, financial condition, and prospects.
  • U.S. tax-exempt organizations that own our Class A common shares may recognize unrelated business taxable income (“UBTI”).
  • As of December 31, 2025 we had net deferred tax assets of $78 million, net of a valuation allowance of $46 million, which may become devalued if either Accelerant does not generate sufficient future taxable income or applicable corporate tax rates are reduced (or applicable tax laws otherwise change).
  • Changes in tax laws or policy or interpretations of such laws could materially reduce our earnings, affect our operations, increase our tax liability and adversely affect our cash flows.
  • Our UK and non-UK operations may be affected by changes in UK tax law.
  • There is U.S. federal income tax risk associated with reinsurance transactions, intercompany transactions and distributions between U.S. companies and their non-U.S. affiliates.
  • Our annual effective income tax rate can change materially as a result of changes in our mix of U.S. and non-U.S. earnings and other factors, including changes in U.S. and foreign tax laws and changes made by regulatory authorities.

Legal proceedings

Other than in the ordinary course of our business operations, we are not currently party to any civil or government investigation. We do not expect that the ultimate outcome of any of the currently ongoing legal proceedings, individually or collectively, would have a material adverse effect on our business, financial condition, results of operations, or prospects. However, the results of litigation and arbitration are inherently unpredictable, and the possibility exists that the ultimate resolution of matters to which we are or could become subject could result in a material adverse effect on our business, financial condition, results of operations or prospects.

The opening of Item 3, Legal Proceedings.6

Sources

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