Our Vision To become the preeminent specialty insurance marketplace connecting underwriters and risk capital in a transparent and modern way. We operate a data-driven risk exchange that connects selected specialty insurance underwriters (the “Sellers” on our platform) with risk capital partners (the “Buyers” on our platform). Our Risk Exchange reduces information asymmetries and operational barriers present in the traditional insurance value chain by leveraging proprietary technology to share actionable high-fidelity data and insights with platform participants. The Accelerant Risk Exchange simplifies the traditional insurance value chain, which is fragmented, costly, and inflexible. Legacy technology, excessive intermediation, and misaligned incentives cause data leakage, high costs, and wasted resources for participants. Our technology powered platform addresses these issues by connecting specialty underwriters, typically MGAs (our “Members”), and risk capital partners, including insurers, reinsurers, and institutional investors (our “risk capital partners”). On the “supply side” of our Risk Exchange, we deliver a full service offering to our Members that includes insights and analytics, distribution management, operational resources, and the commitment of stable underwriting capacity. Our offerings free our Members to focus on growing their businesses through their core expertise of profitable underwriting. On the “demand side” of our Risk Exchange, we offer risk capital partners an attractive, validated, and diversified portfolio of specialty insurance premium that may otherwise be difficult to access elsewhere. Risk capital partners who provide capacity through our Risk Exchange pay us recurring fees to source, manage, and monitor risks on their behalf. The Risk Exchange portfolio’s strong returns to date promote confidence from these risk capital partners in the quality of the portfolio’s risk exposure, leading to better pricing and faster execution for our Members, which, in turn, empowers our Members to focus on profitable underwriting performance and growth. By harnessing our proprietary technology, access to data, and industry experience, we believe we have created the future marketplace of the specialty insurance industry. As of March 31, 2025, we had 232 Members and 96 risk capital partners on our platform and we have grown Exchange Written Premium at a 217% compounded annual growth rate since inception. As we mature and continue to scale our business, we expect our annual growth rate to moderate. Our Risk Exchange is designed to be simpler, easier, and faster than legacy models for transferring risk. Inaccurate and incomplete underlying policy data plagues the traditional insurance value chain and prevents underwriters from deriving meaningful and actionable information. Our purpose-built Risk Exchange is underpinned by proprietary technology that ingests Member policy data and third-party data from disparate and complex data environments and pools it into a single, digestible dataset with over 21 thousand unique attributes and over 79 million rows of data as of March 31, 2025. This information enables automated portfolio monitoring and delivers actionable insights to underwriters and capital providers across the Risk Exchange, helping us drive lower-than-average loss ratios compared to the broader industry, optimized pricing, and accelerated growth. --- We believe that our Members’ success makes us the destination of choice for the industry’s best specialty underwriters. We deliver distribution management and operational, actuarial, regulatory, and stable capital support to our Members, and our holistic offering promotes our Members’ growth and better underwriting performance. On average, our Members grow gross premiums written through the Risk Exchange by 52% in their first two years, or at an annual rate of 39% on a weighted-average basis at low-to-mid 50-percentage loss ratios, on average. For the three months ended March 31, 2025 and the years ended December 31, 2024 and 2023, our gross loss ratio was 53%, 54% and 51%, respectively. We received an independent third-party Net Promoter Score of 89 (out of 100) from our Members (based on a survey result), which we believe will attract a robust pipeline of potential future Members. We focus on MGAs with strong underwriting track records and specialty underwriting expertise who predominately underwrite low-limit, low-hazard, specialty commercial risks. We conduct a thorough diligence process when selecting new Members for our Risk Exchange. We carefully construct the Risk Exchange portfolio to maximize diversification and predictability. Our Members had a weighted-average gross written loss ratio of approximately 50% for business written through the Risk Exchange in underwriting year 2024, and the majority of Members’ weighted-average gross loss ratios for underwriting year 2024 are within eight points of the weighted average, creating a low-volatility portfolio. Since our inception, we have declined approximately 90% of prospective new Members (representing self-reported premiums of $18 billion in aggregate) that we believe did not fit within our model, reflecting our selective invitation of only the best MGAs to join our Risk Exchange. Our commitment to selecting the best Members, optimizing Member performance and providing full data transparency has attracted a growing and diverse set of high-quality risk capital partners. We started with two risk capital partners in 2019, growing the number to 28 in 2020, 46 in 2021, 60 in 2022, 66 in 2023, and 96 in 2024. These risk capital partners include insurance and reinsurance companies, as well as institutional investors contributing capital to Flywheel Re, a reinsurance sidecar, who are attracted to the uncorrelated, attractive return profile of the risk that they can access through the Risk Exchange. Reinsurance companies and institutional investors in Flywheel Re access the Risk Exchange by reinsuring business from Accelerant Underwriting. Starting in 2023, five third-party insurance companies joined our platform and began accessing the Risk Exchange directly. In 2024, eight more third-party insurance companies joined, and over time we believe that the majority of our Risk Exchange premium will be written by new and existing third-party insurance company partners. The depth and breadth of risk capital partners supports our operational flexibility and our growing Member base. It also allows us to maintain a capital light model. The Risk Exchange is our fee-based core business. At opposite ends of the Risk Exchange, we operate our MGA Operations and Underwriting segments, further enhancing our value proposition. Our MGA Operations segment includes our MGA incubator, Mission Underwriters, which has supported the formation of 31 MGAs (our “Mission Members”). Mission Underwriters expands our addressable market to include underwriters presently employed by traditional insurance companies looking to form their own MGAs. In addition to Mission Members, the MGA Operations segment also captures the financial contributions of 16 Members in which we own an equity ownership interest (our “Owned Members”). Our selective equity participation allows us to make attractive investments in, and further align with, Members, enabling us to capture some of the value we help create. In nearly every instance (with only two exceptions), the MGAs in which we have invested were already Members at the time of our investment. On average, our investment in a Member has taken place nine months after the MGA became a Member. In total, we own an equity ownership interest, either directly or through Mission, in 47 of our 232 Members, and we expect our Owned Members and Mission Members in aggregate to remain a minority portion of our total Members. For the trailing twelve months ended March 31, 2025, these Members contributed $1.03 billion, in Exchange Written Premium, or 29% of our total Exchange Written Premium for that period. Our Underwriting segment captures the portion of the Risk Exchange portfolio written by Accelerant Underwriting and the corresponding underwriting profit realized on retained business. We have historically targeted to reinsure 90% of premiums written and reinsured by Accelerant Underwriting through the Risk Exchange to risk capital partners, with Accelerant retaining approximately 10%. We expect this retained portion of Risk Exchange premium in the aggregate to decrease over time. We view our Underwriting segment as a strategic asset and source of operational flexibility that we use to broaden the risk capital pool, align incentives with current and prospective risk capital partners and expedite the onboarding of new Members and the launch of new products. As of December 31, 2019, we had 12 Members, writing 60 products across seven countries, and two risk capital partners. As of March 31, 2025, we have grown our platform to 232 Members, writing over 500 specialty insurance products across 22 countries, on behalf of 96 risk capital partners. Since the launch of our platform, only one Member has elected to leave the Risk Exchange based on mutual agreement. In all, we have experienced less than a 1% churn rate in the period from inception of the Risk Exchange through March 31, 2025. We have grown total Exchange Written Premium to $3.5 billion for the trailing twelve months ended March 31, 2025, while achieving a gross loss ratio of 53% for the three months ended March 31, 2025, 54% for 2024 and 51% for 2023. We have grown our revenues by 57% from $219 million for the year ended December 31, 2022 to $344 million for the year ended December 31, 2023, by 75% from $344 million for the year ended December 31, 2023 to $603 million for the year ended December 31, 2024, and by 39% from $128 million for the three months ended March 31, 2024 to $178 million for the three months ended March 31, 2025. Our Organic Revenue Growth Rate over the same periods was 57%, 75%, and 38%, respectively. In 2022 and 2023, we incurred net losses of $96 million and $64 million, respectively, reflecting increased investment into our business. Accelerant Holdings is located in Grand Cayman.