Accelerant Holdings, a data-driven risk exchange connecting specialty insurance underwriters with risk capital, reported a net loss of $1.35 billion for the year ended December 31, 2025, compared to a net income of $22.9 million in 2024. This loss includes a $1.38 billion non-cash profits interest distribution expense related to the settlement of outstanding profits interest awards through the distribution of Class A common shares. Total revenues for 2025 increased by 51% to $913 million, up from $603 million in 2024, driven by growth in exchange written premium. Adjusted EBITDA for 2025 was $282 million, a significant increase from $113 million in 2024.
The company's exchange written premium grew by 35% to $4.19 billion in 2025, compared to $3.11 billion in 2024. Accelerant Direct Written Premium accounted for 70% of the total, while Third-Party Direct Written Premium, written directly with Risk Exchange Insurers, represented 30%. The number of members on the platform increased to 280, up from 217 in the previous year. Net revenue retention was 126%, indicating continued growth from existing members. The gross loss ratio was 51.3% for 2025, compared to 54.3% in 2024.
Strategic developments included the continued expansion of the Risk Exchange, with a focus on attracting new members and risk capital partners. The company also upsized its Flywheel Re reinsurance treaty through additional capital from new and existing institutional investors. As part of its growth strategy, Accelerant is expanding into new geographies and member types, including captive insurance companies. The company is also deepening relationships with Risk Capital Partners, aiming to increase the portion of premiums written directly by Risk Exchange Insurers.
Key operational developments included enhancements to the technology and data platform, with a focus on improving data ingestion, analytics, and AI capabilities. The company's data platform now consists of over 58 thousand unique attributes across more than 134 million rows of proprietary data. Accelerant also continues to invest in its MGA Operations segment, which includes Mission Underwriters, an MGA incubator, and Owned Members, in which Accelerant holds an equity ownership interest. As of December 31, 2025, Accelerant had 574 employees in Exchange Services, Underwriting, and Corporate, and an additional 288 employees in Mission.
Looking ahead, Accelerant expects to maintain strong revenue growth by expanding its product portfolio, growing existing members' businesses, and attracting new members. The company also intends to expand geographically, with a focus on Australia and continued expansion in Canada. Accelerant anticipates that Risk Exchange Insurers will represent the majority of its Exchange Written Premium over time, shifting its revenue model to be more fee-based. The company is also closely monitoring reforms to the UK Solvency II framework and the approach adopted by the PRA and FCA to facilitate international competitiveness.
About Accelerant Holdings
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