Accelerant Holdings — Second Quarter 2026 Earnings Summary

Financial Performance

• Exchange Written Premium (EWP) reached $1.32 billion for the quarter, a 23% year-over-year increase from $1.07 billion in Q2 2025; trailing twelve-month EWP totaled $4.6 billion.
• Total revenues were $356.9 million for the quarter, up from $219.1 million in the prior year period.
• Pre-tax income was $87.4 million compared to $22.3 million in Q2 2025; net income was $80.0 million versus $13.1 million in the prior year.
• Net income per diluted share was $0.36 for the quarter.
• Adjusted net income was $70.0 million, a 165% increase from $26.4 million in Q2 2025; adjusted net income per diluted share was $0.32, up 146% from $0.13.
• Adjusted EBITDA was $93.1 million, an increase from $63.6 million in the prior year period.
• Adjusted EBITDA margin was 30.6% (calculated as $93.1 million / $303.9 million operating revenues), up from 29.0% in Q2 2025.
• Operating revenues (excluding investment gains/losses) were $303.9 million, a 56% increase from $219.2 million in Q2 2025.
• Gross loss ratio was 52.0% for the quarter, compared to 50.5% in Q2 2025.
• Third-party direct written premium accounted for 47% of EWP volume in Q2 2026, up from 27% in the prior year.
• Accelerant retained exchange premium was 13% of EWP in Q2 2026, up from 6% in the prior year.
• Debt stood at $120.1 million as of June 30, 2026, down from $121.3 million as of December 31, 2025.
• Cash, cash equivalents, and restricted cash were $1,656.3 million as of June 30, 2026, down from $1,799.3 million at year-end 2025.
• The company repurchased 4,725,968 Class A common shares for $66 million during the quarter, with approximately $123 million remaining in authorization.

Guidance and Future Outlook

• Accelerant will not provide guidance for the third quarter or full year 2026 due to the pending acquisition by Thoma Bravo.
• The company announced a definitive agreement to be acquired by Thoma Bravo, which will result in the company becoming a private entity.

Business Segments and Product Lines

• Exchange Services: Generated $111.8 million in operating revenues and $74.0 million in Adjusted EBITDA for Q2 2026.
• MGA Operations: Generated $70.1 million in operating revenues and $30.3 million in Adjusted EBITDA for Q2 2026.
• Underwriting: Generated $133.9 million in operating revenues and $1.9 million in Adjusted EBITDA for Q2 2026.
• The company introduced "ARC," a front door data AI agent that recognizes, classifies, and structures data upon arrival.
• Accelerant facilitated the formation of a new third-party insurance company.
• Enhanced partnership agreements were announced with three existing Accelerant Risk Exchange Insurers.
• New value-added services for Members included AI office hours and the Accelerant Talent Portal.
• The company operates across 22 different countries and approximately 700 specialty insurance products.

Market and Competitive Landscape

• The number of members grew to 314 in Q2 2026 from 248 in the prior year period.
• Net revenue retention was 111% for the quarter, down from 151% in Q2 2025.
• The company positions its data-driven platform as the "rails on which specialty insurance runs" following the partnership with Thoma Bravo.

Risks and Challenges

• The press release notes that forward-looking statements involve substantial risks and uncertainties, including those detailed in the company's Form 10-K under "Risk Factors."
• Actual results may differ materially from forward-looking statements due to known and unknown risks beyond the company's control.

Management Commentary and Tone

• Jeff Radke, Chairman and CEO, expressed pride in the team's accomplishments and stated that the partnership with Thoma Bravo will position the platform with "expertise, and vast financial and strategic resources."
• Radke described the quarter as "great financially, operationally, and strategically," citing strong growth in EWP, third-party premium, and adjusted EBITDA.
• Linda S. Huber, CFO, highlighted the "attractive growth and durability" of the business, noting the 56% increase in fee-based operating revenue and 91% increase in adjusted EBITDA compared to Q2 2025.

Other Key Points

• The earnings conference call originally scheduled for August 13, 2026, was cancelled following the announcement of the Thoma Bravo agreement.
• Accelerant updated its non-GAAP financial measure definitions in Q1 2026 to exclude the impact of net realized and unrealized investment gains or losses; prior year figures were recast to reflect this change.
• Net realized and unrealized investment gains were $53.0 million in Q2 2026, compared to a net loss of $0.1 million in Q2 2025.
• Share-based compensation expenses for the quarter were $25.2 million.
• The company reported a net decrease in cash, cash equivalents, and restricted cash of $129.4 million for the six months ended June 30, 2026.