Accelerant Holdings reported a Q3 2025 earnings per share of $0.38, surpassing the consensus estimate of $0.22 by $0.16 or 73%. Total revenue reached $267.4 million, a 2.6% increase over the $260.58 million forecast, driven by a 17% year‑over‑year rise in exchange‑written premium to $1.043 billion and a 42% increase in trailing‑12‑month premium. The company posted a net loss of $1.367 billion, largely attributable to non‑cash, equity‑neutral profits‑interest distribution expenses related to its IPO, a one‑time charge that does not affect operating performance.
Accelerant’s net revenue retention rate climbed to 135%, underscoring the strength of its risk‑exchange platform. The quarter added 61 new members, bringing the total to 265, and the mix of third‑party premium shifted from 79% in Q2 to 32% in Q3, reflecting a broader base of direct‑to‑member business. Exchange‑written premium grew 17% YoY, a deceleration from the 30% growth in Q2, but management noted that excluding two atypical members would have produced a 29% YoY increase.
Adjusted EBITDA rose to $105.0 million, a 300% jump from $26.1 million a year earlier, and the margin expanded to 39% from 17% in Q3 2024. The sharp improvement reflects disciplined cost management, higher pricing power in the data‑driven marketplace, and the scaling of the platform’s high‑margin services. CEO Jeff Radke highlighted that “our technology and data capabilities are deepening our advantage, strengthening relationships across the network and driving consistent, profitable growth across the business.”
Management guided for Q4 2025 exchange‑rated premium between $1.06 billion and $1.10 billion, and forecast a full‑year 2026 exchange‑rated premium of $5 billion with adjusted EBITDA of $269 million. CFO Jay Green emphasized the company’s focus on scalability, quality of earnings, and expanding margins, signaling confidence in sustaining growth while maintaining profitability. The guidance indicates a steady demand outlook and a continued emphasis on operational efficiency.
Investors responded positively to the results, with the market recognizing the company’s ability to beat both revenue and earnings expectations while maintaining a strong margin trajectory. The combination of a robust net revenue retention rate, significant member growth, and a clear forward‑looking outlook positions Accelerant to capitalize on its expanding market reach and data‑driven platform advantages.
The Q3 2025 earnings demonstrate Accelerant’s continued momentum in the specialty insurance exchange space, with strong top‑line growth, margin expansion, and a clear path to higher profitability in the coming year.
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