Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Name | PricewaterhouseCoopers LLP |
| Auditor Location | New York, New York |
| Auditor Firm ID | 238 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Available-for-sale investments, amortized cost | $ 707.1 | $ 550.6 |
| Premiums receivable, allowance for expected credit losses | $ 4.6 | $ 2.4 |
| Class C convertible preference shares , issued (in shares) | 5,556,546 | |
| Class C convertible preference shares , outstanding (in shares) | 5,556,546 | |
| Preferred stock, shares issued (in shares) | 0 | |
| Preferred stock, shares outstanding (in shares) | 0 | |
| Common stock, par value (in dollars per share) | $ 0.0000011951862 | $ 0.0000011951862 |
| Common stock, shares, issued (in shares) | 166,185,094 | |
| Common stock, shares, outstanding (in shares) | 166,185,094 | |
| Short-term investments | ||
| Available-for-sale investments, amortized cost | $ 41.5 | $ 65.0 |
| Fixed maturity securities | ||
| Available-for-sale investments, amortized cost | $ 665.6 | $ 485.6 |
| Class A convertible preference shares | ||
| Preferred stock, shares issued (in shares) | 20,955,497 | |
| Preferred stock, shares outstanding (in shares) | 20,955,497 | |
| Class B convertible preference shares | ||
| Preferred stock, shares issued (in shares) | 12,569,691 | |
| Preferred stock, shares outstanding (in shares) | 12,569,691 | |
| Class A Common Shares | ||
| Common stock, shares, issued (in shares) | 114,580,918 | |
| Common stock, shares, outstanding (in shares) | 114,580,918 | |
| Class B Common Shares | ||
| Preferred stock, shares issued (in shares) | 12,569,691 | |
| Preferred stock, shares outstanding (in shares) | 12,569,691 | |
| Common stock, shares, issued (in shares) | 107,241,428 | |
| Common stock, shares, outstanding (in shares) | 107,241,428 |
Consolidated Statements of Operations - USD ($) $ in Millions |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Revenues | |||||||||
| Ceding commission income | $ 356.8 | $ 249.5 | $ 164.2 | ||||||
| Direct commission income | 162.0 | 66.7 | 37.6 | ||||||
| Net earned premiums | 298.1 | 226.6 | 105.1 | ||||||
| Net investment income | 48.7 | 38.9 | 19.3 | ||||||
| Net realized gains on investments | 7.9 | 1.9 | 0.5 | ||||||
| Net unrealized gains on investments | 39.4 | 19.0 | 17.3 | ||||||
| Total revenues | 912.9 | 602.6 | 344.0 | ||||||
| Expenses | |||||||||
| Losses and loss adjustment expenses | 204.0 | 167.3 | 80.3 | ||||||
| Amortization of deferred acquisition costs | 80.3 | 81.4 | 49.9 | ||||||
| General and administrative expenses | [1] | 400.4 | 249.3 | 182.5 | |||||
| Interest expenses | 10.9 | 12.1 | 10.9 | ||||||
| Depreciation and amortization | 35.2 | 26.6 | 14.5 | ||||||
| Profits interest distribution expenses | [2] | 1,379.7 | 0.0 | 0.0 | |||||
| Net foreign exchange losses (gains) | 20.2 | (5.1) | 3.5 | ||||||
| Other expenses | 104.1 | 39.0 | 46.3 | ||||||
| Total expenses | 2,234.8 | 570.6 | 387.9 | ||||||
| Loss before income taxes | (1,321.9) | 32.0 | (43.9) | ||||||
| Income tax expense | (23.3) | (9.1) | (20.2) | ||||||
| Net (loss) income | [3] | (1,345.2) | 22.9 | (64.1) | |||||
| Adjustment for net (income) loss attributable to non-controlling interests | (8.9) | 4.3 | 15.3 | ||||||
| Deemed dividend upon redemption of Class C preference shares | (70.9) | 0.0 | 0.0 | ||||||
| Net income attributable to Accelerant common shareholders, diluted | (1,425.0) | 27.2 | (48.8) | ||||||
| Net income attributable to Accelerant common shareholders, basic | $ (1,425.0) | $ 27.2 | $ (48.8) | ||||||
| Net (loss) income attributable to Accelerant per common share: | |||||||||
| Basic (in usd per share) | $ (7.49) | $ 0.16 | $ (0.29) | ||||||
| Diluted (in usd per share) | $ (7.49) | $ 0.14 | $ (0.29) | ||||||
| Weighted-average common shares outstanding: | |||||||||
| Weighted-average common shares outstanding - basic (in shares) | 190,260,158 | 165,982,094 | 165,604,641 | ||||||
| Weighted-average common shares outstanding - diluted | 190,260,158 | 199,663,694 | 165,604,641 | ||||||
| |||||||||
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Jul. 25, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-based compensation expense | $ 53.6 | $ 8.4 | $ 4.8 | |
| Profits Interest Award | Class A Common Shares | ||||
| Issuance of stock through share-based compensation plans (in shares) | 65,270,453 | 65,270,453 | ||
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Statement of Comprehensive Income [Abstract] | |||||
| Net (loss) income | [1] | $ (1,345.2) | $ 22.9 | $ (64.1) | |
| Other comprehensive income (loss), net of tax | |||||
| Foreign currency translation adjustments | 12.4 | (4.9) | 1.8 | ||
| Unrealized gains (losses) on fixed maturity securities: | |||||
| Unrealized gains (losses) on fixed maturity securities | 6.5 | (5.8) | 1.1 | ||
| Reclassification adjustments for losses recognized in net income | 3.8 | 0.1 | 0.3 | ||
| Other comprehensive income (loss), net of tax | [1] | 22.7 | (10.6) | 3.2 | |
| Total comprehensive (loss) income | (1,322.5) | 12.3 | (60.9) | ||
| Adjustment for comprehensive (income) loss attributable to non-controlling interests | (9.9) | 2.9 | 15.5 | ||
| Comprehensive (loss) income attributable to Accelerant | $ (1,332.4) | $ 15.2 | $ (45.4) | ||
| |||||
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions |
Total |
Class B convertible preference shares |
Total Accelerant shareholders' equity |
Common Stock
Class A convertible preference shares
|
Common Stock
Class B convertible preference shares
|
Additional paid-in capital |
Accumulated other comprehensive (loss) income |
Accumulated deficit |
Non-controlling interests |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning balance at Dec. 31, 2022 | [1] | $ 0.0 | ||||||||||||||||
| Ending balance at Dec. 31, 2023 | [1] | 0.0 | ||||||||||||||||
| Balance at beginning of period at Dec. 31, 2022 | [1] | $ 354.5 | $ 236.7 | $ 144.4 | $ 145.5 | $ (10.9) | $ (161.2) | $ (4.5) | ||||||||||
| Balance at beginning of period at Dec. 31, 2022 | [1] | 350.0 | ||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
| Net (loss) income | [1] | (64.1) | (48.8) | (48.8) | (15.3) | |||||||||||||
| Other comprehensive (loss) income | [1] | 3.2 | 3.4 | 3.4 | (0.2) | |||||||||||||
| Issuance of convertible preference shares and Issuance of Class A common shares, net of issuance costs | 0.7 | [1] | $ 0.7 | 0.7 | [1] | 0.7 | [1] | |||||||||||
| Share-based compensation | [1] | 4.8 | 4.8 | 4.8 | ||||||||||||||
| Dividends paid to and other transactions with non-controlling interests | [1] | (7.9) | (4.1) | (4.1) | (3.8) | |||||||||||||
| Balance at end of period at Dec. 31, 2023 | [1] | 310.5 | 236.7 | 145.1 | 146.2 | (7.5) | (210.0) | (23.8) | ||||||||||
| Balance at end of period at Dec. 31, 2023 | [1] | 286.7 | ||||||||||||||||
| Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||
| Issuance of convertible preference shares and contingently issuable detachable warrants | [1] | 104.4 | ||||||||||||||||
| Ending balance at Dec. 31, 2024 | [1] | 104.4 | ||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
| Net (loss) income | [1] | 22.9 | 27.2 | 27.2 | (4.3) | |||||||||||||
| Other comprehensive (loss) income | [1] | (10.6) | (12.0) | (12.0) | 1.4 | |||||||||||||
| Issuance of convertible preference shares and contingently issuable detachable warrants | [1] | 10.1 | 10.1 | |||||||||||||||
| Issuance of convertible preference shares and contingently issuable detachable warrants | [1] | 114.5 | ||||||||||||||||
| Share-based compensation | [1] | 8.4 | 8.4 | 8.4 | ||||||||||||||
| Acquisition of non-controlling interests in previously consolidated variable interest entities | [1],[2] | 0.0 | (39.9) | (39.9) | 39.9 | |||||||||||||
| Dividends paid to and other transactions with non-controlling interests | [1] | 5.1 | 5.1 | |||||||||||||||
| Balance at end of period at Dec. 31, 2024 | [1] | 304.3 | $ 236.7 | 145.1 | 124.8 | (19.5) | (182.8) | 18.3 | ||||||||||
| Balance at end of period at Dec. 31, 2024 | [1] | 427.0 | ||||||||||||||||
| Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||
| Deemed dividend for Class C preference shares redemption | [1] | 70.9 | ||||||||||||||||
| Redemption of Class C convertible preference shares | [1] | (175.3) | ||||||||||||||||
| Ending balance at Dec. 31, 2025 | [1] | 0.0 | ||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
| Net (loss) income | [1] | (1,345.2) | (1,354.1) | (1,354.1) | 8.9 | |||||||||||||
| Other comprehensive (loss) income | [1] | 22.7 | 21.7 | 21.7 | 1.0 | |||||||||||||
| Issuance of convertible preference shares and Issuance of Class A common shares, net of issuance costs | [1] | 376.0 | 376.0 | 376.0 | ||||||||||||||
| Deemed dividend for Class C preference shares redemption | [1] | 0.0 | (70.9) | (70.9) | ||||||||||||||
| Conversion of Class A and B convertible preference shares (in shares) | [1] | (236.7) | ||||||||||||||||
| Conversion of Class A and B convertible preference shares | [1] | 0.0 | (145.1) | 381.8 | ||||||||||||||
| Accelerant Holdings LP contribution for profits interest distribution | [1] | 1,379.7 | 1,379.7 | 1,379.7 | ||||||||||||||
| Share-based compensation | [1],[3] | 43.1 | 43.1 | 43.1 | ||||||||||||||
| Dividends paid to and other transactions with non-controlling interests | [1] | (1.6) | (2.1) | (2.1) | 0.5 | |||||||||||||
| Balance at end of period at Dec. 31, 2025 | [1] | $ 697.7 | $ 0.0 | $ 0.0 | $ 2,232.4 | $ 2.2 | $ (1,536.9) | $ 28.7 | ||||||||||
| Balance at end of period at Dec. 31, 2025 | [1] | $ 726.4 | ||||||||||||||||
| ||||||||||||||||||
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jul. 25, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Shares issued in connection with the IPO (less than) | [1] | $ 376.0 | $ 0.7 | |||
| Share-based compensation expense | $ 53.6 | $ 8.4 | $ 4.8 | |||
| Class A Common Shares | ||||||
| Shares issued in connection with the IPO (less than) | $ 1.0 | |||||
| Class B Common Shares | ||||||
| Shares issued in connection with the IPO (less than) | $ 1.0 | |||||
| ||||||
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Cash flows from operating activities | |||||||||||
| Net (loss) income | [1] | $ (1,345.2) | $ 22.9 | $ (64.1) | |||||||
| Non-cash revenues, expenses, gains and losses included in net (loss) income: | |||||||||||
| Profits interest distribution expenses | [2] | 1,379.7 | 0.0 | 0.0 | |||||||
| Net realized gains on investments | (7.9) | (1.9) | (0.5) | ||||||||
| Net unrealized gains on investments | (39.4) | (19.0) | (17.3) | ||||||||
| Earnings from equity method investments | (1.8) | (2.3) | (2.9) | ||||||||
| Share-based compensation expenses | [3] | 43.1 | 8.4 | 4.8 | |||||||
| Depreciation and amortization | 35.2 | 26.6 | 14.5 | ||||||||
| Deferred income tax (benefit) expense | (32.0) | (40.9) | 0.3 | ||||||||
| Net gain on commutation | 0.0 | 0.0 | (4.8) | ||||||||
| Net foreign exchange losses (gains) | 20.2 | (5.1) | 3.5 | ||||||||
| Net accretion of discount on fixed maturity securities and short-term investments | (7.6) | (5.7) | (0.5) | ||||||||
| Other, net | 3.0 | 1.6 | 0.8 | ||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Premiums receivable | (258.6) | (319.0) | (221.8) | ||||||||
| Ceded unearned premiums | (225.9) | (648.3) | (285.7) | ||||||||
| Reinsurance recoverables on unpaid losses and LAE | (589.3) | (471.0) | (252.9) | ||||||||
| Other reinsurance recoverables | (219.3) | 7.5 | (162.0) | ||||||||
| Deferred acquisition costs | (15.7) | (8.2) | (19.3) | ||||||||
| Unpaid losses and loss adjustment expenses | 645.3 | 540.3 | 326.7 | ||||||||
| Unearned premiums | 287.3 | 674.8 | 377.0 | ||||||||
| Payables to reinsurers | 87.1 | 636.4 | 215.2 | ||||||||
| Deferred ceding commissions | 55.5 | 68.4 | 32.6 | ||||||||
| Funds held under reinsurance | 451.0 | 203.0 | 303.4 | ||||||||
| Other assets, accounts payable and other liabilities | 180.4 | 117.2 | 43.0 | ||||||||
| Net cash provided by operating activities | 445.1 | 785.7 | 290.0 | ||||||||
| Proceeds from sales of: | |||||||||||
| Equity securities | 0.0 | 114.8 | 88.6 | ||||||||
| Fixed maturity securities | 306.1 | 84.3 | 41.5 | ||||||||
| Equity method investments | 1.1 | 0.0 | |||||||||
| Other investments | 3.6 | 0.3 | 0.0 | ||||||||
| Maturities of fixed maturity securities | 49.8 | 18.6 | 10.7 | ||||||||
| Payments for purchases of: | |||||||||||
| Equity securities | 0.0 | 0.0 | (46.9) | ||||||||
| Fixed maturity securities | (509.3) | (500.7) | (73.8) | ||||||||
| Equity method investments | (1.6) | (4.3) | (0.9) | ||||||||
| Net change in short-term investments | 28.5 | (56.5) | (0.7) | ||||||||
| Purchases of subsidiaries, net of cash acquired | (9.9) | (0.5) | 2.8 | ||||||||
| Capitalized technology development expenditures | (41.4) | (34.4) | (32.6) | ||||||||
| Other, net | (0.5) | (1.7) | (1.3) | ||||||||
| Net cash used in investing activities | (173.6) | (380.1) | (12.6) | ||||||||
| Cash flows from financing activities | |||||||||||
| Issuance of common shares, net of issuance costs | [4] | 392.0 | 0.0 | 0.0 | |||||||
| Redemption of Class C convertible preference shares | [4] | (175.3) | 0.0 | ||||||||
| Issuance of convertible preference shares, net of issuance costs | [4] | 0.0 | 114.5 | 0.7 | |||||||
| Credit facility borrowings | 5.0 | 0.0 | 0.0 | ||||||||
| Credit facility repayment | (5.0) | 0.0 | 0.0 | ||||||||
| Issuance of debt, net of issuance costs | 0.0 | 49.7 | 20.0 | ||||||||
| Payment of debt | (0.8) | (50.4) | (2.0) | ||||||||
| Acquisition of non-controlling interests in subsidiaries | (2.1) | 0.0 | (5.5) | ||||||||
| Dividends paid to non-controlling interests | (8.0) | (3.5) | (2.9) | ||||||||
| Net cash provided by financing activities | 205.8 | 110.3 | 10.3 | ||||||||
| Net increase in cash, cash equivalents and restricted cash | 477.3 | 515.9 | 287.7 | ||||||||
| Effect of foreign currency rate changes on cash, cash equivalents and restricted cash | 49.0 | (18.3) | 4.1 | ||||||||
| Cash, cash equivalents and restricted cash at beginning of year | 1,273.0 | 775.4 | 483.6 | ||||||||
| Cash, cash equivalents and restricted cash at end of year | 1,799.3 | 1,273.0 | 775.4 | ||||||||
| Supplemental cash flows information | |||||||||||
| Interest on debt paid | 10.0 | 11.1 | 10.1 | ||||||||
| Income taxes paid | 59.1 | 45.5 | 20.2 | ||||||||
| Reconciliation to Consolidated Balance Sheets: | |||||||||||
| Cash and cash equivalents | 1,716.2 | 1,225.7 | 775.4 | ||||||||
| Restricted cash and cash equivalents | 83.1 | 47.3 | 0.0 | ||||||||
| Total cash, cash equivalents and restricted cash | $ 1,799.3 | $ 1,273.0 | $ 775.4 | ||||||||
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Consolidated Statements of Cash Flows (Parenthetical) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Mission Underwriting Holdings LLC | |
| Fair value of shares issued in business acquisition | $ 7.0 |
| Class A convertible preference shares | |
| Convertible preference shares | 236.7 |
| Class B convertible preference shares | |
| Convertible preference shares | $ 145.1 |
Nature of business and basis of presentation |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Nature of business and basis of presentation | 1. Nature of business and basis of presentation Nature of business Accelerant Holdings, together with its subsidiary companies ("Accelerant", "we", "us", "our" or the "Company"), connects selected specialty insurance underwriters ("Members") with Risk Capital Partners through its data-driven risk exchange (the “Risk Exchange”). We together with our Risk Capital Partners, provides property and casualty insurance to policyholders via its network of Members, which are typically MGAs. We focus on small-to-medium sized commercial clients primarily in the United States ("US"), Europe ("EU"), Canada and the United Kingdom ("UK"). The Company is the primary operating holding company of the Accelerant group of companies (the "Group"). Basis of presentation The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements are presented in US Dollars and all amounts are in millions, except for the number of shares, per share amounts and the number of securities. Certain prior year comparative information has been reclassified to conform to the current presentation. Initial Public Offering ("IPO") We completed our IPO in July 2025. Refer to Note 16 and 21 for additional information regarding the related net proceeds, equity impact, use of proceeds and expenses associated with the Accelerant Holdings LP distribution and our equity award plans. Common and preference share subdivision In connection with preparing for its IPO, our Board of Directors approved amendments to our authorized share capital, which were subsequently approved by our shareholders and became effective in July 2025. Pursuant to these amendments: •an 83.6690-for-1 share subdivision of our common and preference shares was approved; and •the authorized number of common shares and preference shares was increased to 252,652,430 and 39,089,474, respectively. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to such share subdivision.
|
Summary of significant accounting policies |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of significant accounting policies | 2. Summary of significant accounting policies Principles of consolidation The consolidated financial statements include all the controlled subsidiaries, generally through a greater than 50% ownership of voting rights and voting interests ("VOE"), and variable interest entities ("VIEs") of which we are the primary beneficiary. Non-controlling interests consist of equity that is not attributable directly or indirectly to us. Equity investments in entities that are not consolidated in which we have significant influence over the operating and financial policies are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated in consolidation. Variable interest entities VIEs are required to be consolidated by the entity deemed to be the primary beneficiary which is defined as the investor that has the power to direct the activities of the VIE and will absorb a portion of the VIEs expected losses or residual returns that could potentially be significant to the VIE. To determine whether we have a variable interest in a VIE, we analyze whether we are the primary beneficiary of the VIE by considering: •the VIE's purpose and design, including the risks the VIE intended to pass through to its variable interest holders; •the VIE's capital structure; •the terms between the VIE and its variable interest holders and other parties involved with the VIE; •which variable interest holders have the power to direct the activities of the VIE, including those that most significantly impact the VIE's economic performance; •which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE, particularly those that could potentially be significant to the VIE; and •any relevant related party relationships. We reassess our determination of whether we are the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially change our assessment (i.e., reconsideration events). Foreign operations remeasurement and translation The functional currency for each of our operating subsidiaries is generally the currency of the local operating environment. Transactions in currencies other than the local operation’s functional currency are remeasured into the functional currency and the resulting foreign exchange gains or losses are reflected in our consolidated statements of operations. Functional currency assets and liabilities are translated into our reporting currency, US dollars, using period end exchange rates and the related translation adjustments are recorded as a separate component of other comprehensive (loss) income within shareholders’ equity. Amounts included in our consolidated statements of operations are translated using the applicable exchange rates existing during the annual period. Business combinations The acquisition method of accounting is used to account for all business combinations. The consideration transferred for the acquisition of an entity is comprised of the: •fair values of the assets transferred; •liabilities incurred to the former owners of the acquired business; •equity interests issued; •fair value of any asset or liability resulting from additional consideration arrangements; and •fair value of any pre-existing equity interest (non-controlling interest upon consolidation) in the subsidiary. Identifiable assets acquired (including intangible assets) and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. We recognize any non-controlling interests in the acquired entity at fair value. Acquisition-related costs are expensed as incurred. Goodwill for business combinations is recorded as the excess of the consideration transferred, over the fair value of the net identifiable assets acquired. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires us to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates reflected in our consolidated financial statements include, but are not limited to, unpaid losses and loss adjustment expenses ("LAE"), reinsurance recoverables on unpaid losses and LAE, direct and ceding commission income subject to sliding scale adjustments based on actual and expected loss ratios of the underlying insurance policies, valuation allowance on deferred income taxes, fair values of investments, valuation allowance for expected credit losses, recoverability of goodwill and other intangible assets, and useful economic lives of intangible assets. Premiums Premiums are generally recorded as written upon inception of the policy, less cancellations. Premiums written are based on contract and policy terms. Premiums are primarily earned in proportion to the amount of insurance protection provided over the term of the insurance contract. Unearned premiums represent the portion of premiums written applicable to the unexpired term of the related policy. A premium deficiency occurs if the sum of anticipated losses and loss adjustment expenses and DAC exceed the sum of anticipated investment income and unearned premiums. A premium deficiency is recorded by charging any deferred acquisition costs to expenses to the extent required to eliminate the deficiency. If the premium deficiency exceeds deferred acquisition costs, then a liability is accrued for the excess deficiency. We did not have a premium deficiency for the years ended December 31, 2025, 2024 and 2023. Deferred policy acquisition costs Policy acquisition costs represent the costs directly related to the successful acquisition of new and renewal insurance contracts. The costs are deferred and amortized over the same period in which the related premiums are earned. The costs principally consist of commissions, brokerage, premium tax expenses and direct agency costs. The amounts presented within our consolidated balance sheets pertain to the DAC associated with the retained portion of insurance policies we issue, as the acquisition costs associated with the ceded portion of the insurance policies are offset by ceding commissions received from our reinsurance providers. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income, including investment income. Unrecoverable deferred policy acquisition costs are expensed in the period identified. Ceding commission income We cede a significant portion of our premiums written to reinsurance companies. This generates ceding commissions which are recorded as a reimbursement for (and reduction of) the pro-rata share of the acquisition costs related to the insurance contracts subject to reinsurance. Ceding commissions that are more than the proportionate amount of the DAC of the business ceded are deferred and amortized over the same period in which the related premium is earned. The amortization of the excess deferred ceding commissions is recorded as a component of "Ceding commission income" within our consolidated statements of operations. Certain ceding commissions are subject to sliding scale adjustments based on the actual loss experience of covered insurance contracts. Any adjustments made to projected loss experience will result in an adjustment to deferred ceding commissions to the extent that there are remaining unearned premiums and directly to the income statement when the associated premiums have been earned. Accordingly, in all cases, we adjust ceding commissions as of the reporting date for our best estimate of loss experience for reinsured insurance contracts. Total ceding commission income earned was $356.8 million, $249.5 million and $164.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. Direct commission income We operate our Risk Exchange, our own insurance agencies (that place insurance coverage through a network of MGAs, including independent, partially owned and wholly owned MGAs) and (re)insurance companies. The Risk Exchange generates revenue primarily through commission paid by affiliated and third-party insurance carriers for various agency services and fees paid by third-party reinsurance brokers for placement services. Our insurance agencies operate through a network of MGAs and third-party claim administrators ("TPAs") that execute various activities on behalf of the Risk Exchange in return for commissions. Transactions among third-parties are reflected in our financial statements, while commissions and other amounts paid by and among wholly-owned entities are eliminated in consolidation. Direct commission income paid by third parties to our businesses within the Exchange Services and MGA Operations segments on premiums that are otherwise not assumed by Accelerant Underwriting are recognized as direct commission income in our consolidated statements of operations, to the extent that the underlying services and performance obligations to which they relate have been performed. The Exchange Services and MGA Operations segments recognize revenue as direct commission income on a net basis, with its commission income offset by the commission expense paid to MGAs, reflecting that Exchange Services acts in an agency capacity on behalf of the insurance companies in connection with its performance obligations for underwriting, binding, and placement of insurance coverage. Exchange Services also acts in a principal capacity for the post-placement obligations such as supporting the adjudication of large claims through management of various third-party administrators which perform claims handling and settlement services. We estimate the stand-alone selling price for each separate performance obligation and allocates the total commission income between the performance obligations. The commissions allocated to the performance obligation of underwriting, binding and placement of insurance coverage are earned upon the effective date of the insurance policy, while the corresponding price allocated to post-placement obligations are recognized over time as the performance obligations are fulfilled on a straight-line basis. Commissions paid by third-party insurance carriers are also subject to certain contractual clauses that give rise to variable consideration as follows: •the commissions received are subject to adjustment based on the loss experience in the underlying policies; and •the commissions are also subject to return if there are cancellations of the underlying policies. Commission revenue is only recognized to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. A commission refund liability is estimated for the potential return of commissions. General and administrative expenses General and administrative expenses primarily consist of salaries, employee benefits and other general operating expenses and are expensed as incurred. Other expenses Other expenses represent costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, Mission profit sharing expenses, legal and advisory costs in connection with corporate development activities including mergers and acquisitions, capital raising activities and entity formation costs that support our growing business. Refer to Note 20 for additional information regarding our Mission profit sharing awards. Income taxes The provision for income tax recognized in our consolidated statements of operations consists of current and deferred tax. The calculation of current and deferred tax is based on tax rates and tax laws which have been enacted in the reporting period. The deferred tax assets and liabilities result from temporary differences between the amounts recorded in our consolidated financial statements and the tax basis of assets and liabilities used in the various jurisdictional tax returns. Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future taxable income. This is assessed based on forecasted future operating results, adjusted for significant non-taxable income and expenses, and specific limits on the use of any unused tax losses or credits. A valuation allowance against deferred tax assets is recorded, if it is more likely than not, that all, or some portion of, the benefits related to these deferred tax assets will not be realized. Deferred tax liabilities are generally recognized in full, with limited exceptions. Potential tax implications of repatriation from our unremitted earnings that are indefinitely reinvested are driven by facts at the time of distribution. Therefore, it is not practicable to estimate the income tax liabilities that might be incurred if such earnings were remitted. We review all tax positions and determine whether our position is more likely than not to be sustained, upon examination by regulatory authorities. Recognized income tax positions are measured at the largest amount, which has a greater than 50 percent likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We classify all interest and penalties (if any) related to uncertain tax positions as income tax expense. We did not incur any interest and penalties related to uncertain tax positions, for the years ended December 31, 2025, 2024 and 2023. We did not have any unrecognized tax benefits associated with any uncertain tax positions as of December 31, 2025 and 2024. Cash, cash equivalents and restricted cash Cash consists primarily of cash on hand and bank deposits. Cash equivalents are short-term, highly liquid investments that mature within three months from the date of acquisition and are stated at amortized cost, which approximates fair value. Our restricted cash balances are held in segregated accounts and are legally restricted as to withdrawal or usage. Investments Short-term investments consist of investments with a maturity greater than three months and less than one year from the date of purchase and are carried at fair value. Investments in fixed maturity securities consist of bonds with a maturity of greater than one year from the date of purchase. The amortized cost basis of fixed maturity securities is adjusted for the amortization of premiums and accretion of discounts. This amortization or accretion is included in periodic income in our consolidated statements of operations. Our investments in fixed maturity securities are considered available-for-sale and are carried at fair value. Changes in the fair value of available-for-sale investments are recognized as a separate component of shareholders’ equity (other comprehensive income (loss)) until realized. Fair value of these investments is estimated using prices obtained from third-party pricing services, where available. We held equity securities in 2023 that consisted of interests in investment funds that primarily invest in debt securities. Equity securities were measured at fair value with changes in fair value recognized in "Net unrealized gains on investments" in our consolidated statements of operations. Dividends on equity securities and other investments were included in "Net investment income" on the ex-dividend date in our consolidated statements of operations. Realized gains and losses on disposition of investments are based on specific identification of investments sold on the trade date. Interest, dividend income and amortization of fixed maturity market premiums and discounts related to these securities are recorded in "Net investment income," net of investment management and custody fees, in our consolidated statements of operations. We have certain unconsolidated investments where we have significant influence over the operating and financial policies of the investee. We account for these investments under the equity method, whereby we record our proportionate share of income or loss from such investments in our results for the period in "Net investment income" in our consolidated statements of operations. Any decline in value of equity method investments we consider to be other-than temporary is charged to income in the period in which it is determined. Other investments include investments in limited partnership and private equity investments in operating entities, as well as associated warrants to acquire additional ownership interests, whereby we elected the measurement alternative to carry such investments at cost, less any impairment and to mark to fair value when observable prices in identical or similar investment from the same issuer occur. We recorded $39.4 million, $19.8 million and $12.1 million of income related to these investments for the years ended December 31, 2025, 2024 and 2023, respectively. We have elected to classify distributions received from equity method investees using the cumulative earnings approach where distributions received are considered returns on investment and are classified as cash inflows from operating activities unless the amount of cumulative distributions received exceed cumulative earnings and are thereby determined to be returns of investment (that would then be classified as cash inflows from investing activities). Any distribution from investments accounted for under the measurement alternative are classified as investing activities. Fair value measurement Fair value is defined as the price that would be received upon selling an asset or the price paid to transfer a liability on the measurement date, in the principal or most advantageous market for the asset or liability, in an orderly transaction between willing market participants. A three-tier hierarchy is established as a basis for considering such assumptions, and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are: •Level 1: Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices in active markets for identical assets and liabilities; •Level 2: Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets and liabilities that are actively traded. This also includes pricing models for which the inputs are corroborated by market data; and •Level 3: Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. The valuation of Level 3 assets and liabilities requires the greatest degree of judgment. These measurements may be made when there is little, if any, market activity for the asset or liability. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment. In making the assessment, we consider factors specific to the asset. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety. We perform valuations for financial reporting purposes. Valuation techniques are selected based on the characteristics of each instrument, with the overall objective of maximizing the use of market-based information. We use prices from independent pricing vendors to determine fair value estimates of investment funds, which are based on quoted prices in an active market and are disclosed as Level 1. Our internal price validation procedures and review of fair value methodology documentation provided by independent pricing vendors has not historically resulted in adjustments to the prices obtained from the pricing service. The independent pricing services used by our vendors obtain actual transaction prices for securities that have quoted prices in active markets. We derive the fair value of fixed maturity securities principally from market price data for identical assets from exchange or dealer markets and from market observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals and are disclosed as Level 2. Rights to acquire equity interests, including warrants, are disclosed as Level 3 due to the use of significant unobservable inputs. We use valuation techniques that rely on internally developed models and reported values from investment managers rather than quoted prices or observable market data. The market for these investments is illiquid and there is no active market. Premiums receivable Premiums receivable include insurance premiums that are both amounts currently due and not yet due from policyholders as well as amounts due from agents. The balance is reported net of a valuation allowance for expected credit losses. Such allowance is based upon ongoing review of amounts outstanding, the length of collection periods, the creditworthiness of the insured and other relevant factors. Amounts deemed to be uncollectible are written off against the allowance. As of December 31, 2025 and 2024, we had valuation allowance for expected credit losses of $4.6 million and $2.4 million, respectively. Goodwill and other intangible assets Goodwill represents the excess of acquisition costs over the net fair value of identifiable assets acquired and liabilities assumed in a business combination at the date of acquisition. Goodwill is allocated to reporting units based on the expected benefit from the business combination. Goodwill is deemed to have an indefinite life and is not amortized, but rather is tested at least annually for impairment. If the goodwill asset is determined to be impaired, it is written down in the period in which the determination is made. We perform our annual goodwill impairment assessment as of October 1 each year, or more frequently if indicators of impairment exist. For goodwill impairment testing, we have the option to first assess qualitative factors to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of the reporting unit is greater than the carrying amount. If our assessment indicates less than a 50 percent probability that the fair value of a reporting unit is greater than the carrying value or otherwise we elect to bypass the qualitative assessment, we quantitatively estimate the reporting unit’s fair value. If the carrying value of the reporting unit exceeds its estimated fair value, we recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. We determine the fair value of the reporting units using the income approach or the market approach. Under the income approach, we estimate the fair value of a reporting unit based on the present value of estimated future cash flows. We prepare cash flow projections based on our estimates of revenue growth rates and operating margins, taking into consideration the historical performance and the current macroeconomic industry and market conditions. Under the market approach, we estimate fair value based on market multiples of earnings, derived from comparable publicly traded companies, with similar characteristics as the reporting unit. Other intangible assets include finite-lived intangible assets that relate to customer relationships and trademarks. Finite-lived intangible assets are recognized at fair value on the acquisition date and amortized over their estimated useful lives. Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives, generally to fifteen years, and are reviewed for impairment when events and circumstances indicate that their carrying value may not be recoverable. Estimated useful lives of finite-lived intangible assets are required to be reassessed on at least an annual basis. Other indefinite-lived intangible assets relate to insurance licenses and are not amortized. We test such assets for impairment annually as of October 1 or more frequently when events and circumstances indicate that their carrying value may not be recoverable. Capitalized technology development costs We develop internal-use software and implement cloud-computing arrangement software. We capitalize certain of those costs based on the nature of the development activities being performed, including coding, software installation, testing and significant upgrades or enhancements to existing software that result in additional functionality. Costs capitalized to develop internal-use software are amortized using the straight-line method over the estimated useful life, which we generally estimate to be five years, beginning when the software is substantially complete and ready for its intended use. Costs capitalized to implement cloud computing arrangements, are amortized over the term of the hosting arrangement using the straight-line method. Costs associated with activities not described above are expensed as incurred. We periodically assess the useful life of the applicable capitalized software and potential impairment indicators when there is risk such costs may not be recoverable. Unpaid losses and loss adjustment expenses Our reserves for losses and LAE include estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported ("IBNR"). It represents our best estimate of the unpaid portion of ultimate costs, of all reported and unreported loss incurred through the balance sheet date and is based upon the assumption that past developments are an appropriate indicator of future events amongst other factors. The reserves are based on individual claims, case reserves and other reserves estimates reported, as well as our actuarial estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Ultimate losses may vary materially from the amounts provided in our consolidated financial statements. These estimates are reviewed regularly and as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in our consolidated statements of operations in the period in which they become known and we account for them as changes in estimates. The unpaid losses and LAE are presented on an undiscounted basis. The process of establishing unpaid losses and LAE can be complex and is subject to considerable uncertainty, as it requires the use of informed estimates and judgments based on circumstances known at the date of accrual. Our estimates and judgments are based on numerous factors and may be revised as additional experience and other data become available and are reviewed and as new or improved methodologies are developed. The adequacy of the reserves may be impacted by future trends in claims severity, frequency, payment patterns and other factors. These variables are affected by both external and internal events, including but not limited to, changes in the economic cycle, inflation, natural or human-made catastrophes and legislative changes. Total IBNR reserves are determined by subtracting payments and case reserves implied from the ultimate loss and LAE estimates. Ultimate loss and LAE are estimated utilizing generally accepted actuarial loss reserving methods. The reserving methods we employ include the Chain Ladder, Bornheutter-Ferguson and Initial Expected Loss Ratio methods. Reportable catastrophe losses are analyzed and reserved separately using a frequency and severity approach. The methods all involve aggregating paid and case-incurred loss data by underwriting year and development month, segmented into MGAs and products or lines of business as deemed appropriate and material. Our ultimate loss selections for each year tend to be based upon the Chain Ladder results for the older years and the Bornheutter-Ferguson method for the most recent years. Because we have limited data to assess our own claims experience given the recently formed nature of our business, we use industry and peer-group data, in addition to our own data, as a basis for selecting our expected paid and reporting patterns. The recorded reserves represent our best estimate of ultimate liabilities, based on currently known facts, current law, current technology, and reasonable assumptions where facts are not known. Due to the significant uncertainties and related judgments, there can be no assurance that future favorable or unfavorable loss development, which may be material, will not occur. Reinsurance recoverables and payables Our insurance companies use reinsurance to mitigate exposure to losses arising from direct insurance policies, limit liability on specific risks and catastrophes and to stabilize loss experience. We also utilize reinsurance to manage capital (both regulatory and operational) and solvency and as a mechanism to pool risks to maximize diversity of the portfolio. We purchase various types of reinsurance, including excess of loss contracts (that protect against losses above stipulated amounts) together with quota share contracts (to provide cover for adverse losses on a total portfolio basis). Certain of these reinsurance contracts include risk limiting features, such as loss limits, sliding scale commissions and reinstatement provisions. Risk tolerance is set based on a low probability of exceeding loss limitations. We closely monitor our exposures against the available reinsurance to ensure adequate protection. The impact of the sliding scale commission adjustments following adverse loss experience (resulting in a return of ceding commission to the reinsurers and therefore an offset to the benefit of reinsured losses) could be material to us. Premiums ceded under prospective reinsurance agreements are recognized as a reduction in revenues over the period the reinsurance coverage is provided in proportion to the risks to which the premiums relate. Amounts applicable to reinsurance ceded for unearned premiums are reported as Ceded unearned premiums in our consolidated balance sheet. Certain reinsurance contracts we purchase are retroactive (and take the form of a loss portfolio transfer), whereby the reinsurer agrees to reimburse us because of past insurable events. When a reinsurance contract does not transfer significant insurance risk, we account for the premium paid (net of any amount of premium that will be retained by the reinsurer) as a deposit asset in reinsurance recoverables within our consolidated balance sheets. The amount of the initial deposit asset is adjusted in subsequent reporting periods by calculating an effective yield on the deposit based on actual and expected future payments. Such adjustments are reported as interest income within "Net investment income" in our consolidated statements of operations. Reinsuring loss exposures does not relieve our obligation to policyholders in the event of nonperformance by the reinsurers, thus a credit and / or dispute exposure exists to the extent that any reinsurer is unable to meet the obligation assumed in the reinsurance agreements. To mitigate this exposure to reinsurer insolvencies, we evaluate the financial condition of our reinsurers and typically hold collateral in the form of funds withheld, trusts and letters of credit, as security under the reinsurance agreements. Amounts recoverable from and payable to reinsurers are estimated in a manner consistent with the claim liability associated with the insured business. Reinsurance premiums, commissions, and expense reimbursements related to reinsured business are accounted for on a basis consistent with the basis used in accounting for the original policies issued and the terms of the reinsurance contracts. We assess our reinsurance assets for recoverability on a regular basis. If there is objective evidence that the reinsurance asset is not recoverable due to reinsurer insolvency, a contractual dispute, or other reasons, we reduce the carrying amount of the reinsurance asset to our recoverable amount and recognizes that loss in our consolidated statements of operations. We may periodically enter commutation agreements with our reinsurers. Such agreements result in the termination of all or part of a reinsurance agreement whereby we would assume the obligation to insure the previous loss reserves subject to the reinsurance agreement in exchange for cash or other consideration. Upon execution of a commutation agreement, we reassume the risk of liabilities for losses previously ceded to the reinsurer, while the reinsurer is generally released of our obligations under the commuted (legally extinguished) portions of the reinsurance agreement. Our insurance subsidiaries that originally ceded the insurance business account for a commutation by eliminating their existing reinsurance recoverable and recognizing a gain or loss for the difference between the consideration received and the previously recognized reinsurance recoverable. Flywheel Re: We have entered into a quota share agreement, where we cede certain insured risks to Flywheel Re Ltd. ("Flywheel Re"). Flywheel Re is a Class C Insurer licensed in the Cayman Islands and is a special purpose reinsurance company that provides multi-year collateralized quota share capacity to Accelerant, backed by long-term institutional investors. Flywheel Re is not consolidated in our consolidated financial statements because we i) do not have the power over the activities that most significantly impact Flywheel Re's economic performance, and ii) it is wholly-owned by third-party investors. Each investor group in Flywheel Re purchased preferred shares in a segregated portfolio owned solely by such investor group. The purchase price of the preferred shares was then pledged as collateral to Accelerant Re (Cayman) Ltd. ("Accelerant Re"), the cedent to Flywheel Re under each applicable reinsurance agreement. Accelerant Re cedes premium and losses in accordance with the terms of the applicable reinsurance agreement, to Flywheel Re and all investors are obligated to accept such premium and losses over the course of underwriting years. Our reinsurance arrangements with Flywheel Re have been contracted on an arm's-length basis. Funds held under reinsurance Certain of our reinsurance contracts provide for an arrangement where, rather than making a cash payment or transferring investments for ceded premiums written, we hold the related amounts as assets to collateralize the reinsurer's obligations and establish corresponding funds held under reinsurance liabilities. Concentrations of credit risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. Cash and cash equivalents are held with financial institutions of high quality. For equity securities and fixed maturity securities, we manage our credit risk through diversification in terms of instruments by issuer, geographic region and related industry. The ceding of insurance through our reinsurance partners does not legally discharge us from our primary liability for the full amount of the policy coverage. We will be required to pay the loss and bear the collection risk if the reinsurer fails to meet its obligations under the reinsurance agreement. To minimize exposure to significant losses from reinsurance insolvencies, we evaluate the financial condition of our reinsurers and monitor both individual, and concentrations of, credit risk. Refer to Note 8 for more information on how we manage credit risk related to our reinsurance recoverables. Segment information Accelerant's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer ("CEO"). The CODM has authority and executive oversight over operating decisions and resource allocations such as significant business strategy decisions, capital expenditures, the budget and forecasting processes and all new material ventures and contracts. Additionally, the CODM drives the execution of these activities and reviews operating results to assess performance and makes resource allocation decisions. Each segment has a segment manager who reports directly to the CODM. Adjusted EBITDA, a non-GAAP financial measure, is the primary measure of segment profit and loss reviewed by the CODM and is intended to measure the performance of segments, which the CODM utilizes to allocate our resources. We define Adjusted EBITDA as net (loss) income adjusted to remove the impact of interest, income taxes, depreciation, amortization, net foreign currency exchange (losses) gains and other expenses. We believe the exclusion of the impact of interest, income taxes, depreciation, amortization, net foreign currency exchange (losses) gains and other expenses is pertinent to understanding Accelerant's performance attributable to our core operating activities, as well as comparability to prior periods and peers. Segment Adjusted EBITDA also excludes certain costs that are not allocated to segments because they are separately managed at the consolidated corporate level. The unallocated costs primarily include general and administrative expenses such as those incurred in the legal and accounting functions. Refer to Note 3 for segment information. Convertible preference shares We previously issued convertible preference shares (all of which were converted or redeemed at the time of the IPO) that were evaluated for features that may have resulted in their characterization as permanent equity, temporary equity (often referred to as “mezzanine equity”), or a liability. We previously recorded the Class A and Class B preference shares at their respective fair values on the dates of issuance, net of issuance costs, within permanent equity. Such convertible preference shares were subject to actual liquidation or deemed liquidation events, such as an initial public offering of our common shares, or a sale of the Company. Our Class A and Class B shares were recorded as a component of permanent equity because, while they were subject to redemption on the occurrence of any such liquidation events, all of the holders of our equally or more subordinated equity instruments were also entitled to receive the same form of consideration (for example, cash or shares) upon the occurrence of the event that gave rise to the redemption (that is, all classes of shares subordinate to the Class A and Class B preference shares were also entitled to be redeemed). Our Class C preference shares were issued with contingently issuable detachable warrants that would have only become exercisable on the non-occurrence of an initial public offering or other liquidation event within two years of issuance of the Class C preference shares. Such warrants were equity-linked instruments and were considered issued for accounting purposes. We recorded the Class C preference shares and contingently issuable detachable warrants at their relative fair values on the date of issuance, net of issuance costs, within temporary equity and additional paid in capital, respectively. The Class C preference shares were previously recorded in temporary equity as they contained redemption rights that were contingent upon the occurrence of actual liquidation or deemed liquidation events of the Company, such as an initial public offering, or a sale that were not solely within our control. At issuance, we deemed the Class C preference shares probable of conversion to common shares when considering both the expected timing and nature of events giving rise to the redemption or conversion rights of the holders of such Class C preference shares at the date of issuance. However, in July 2025 since the IPO occurred and the condition for redemption was met, we recognized the redemption value immediately as a deemed dividend and an increase in the value of the Class C preference shares, as well as a corresponding reduction to additional paid in capital and earnings per share. The Class C preference shares were then subject to cash settlement in July 2025. There was no adjustment to the previous amounts recorded for warrants in additional paid in capitalContingent liabilities We record contingent liability provisions when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. With respect to legal matters, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. Earnings per share Our basic earnings per share is based on the weighted average number of common shares outstanding and excludes potentially dilutive securities. Our diluted earnings per share is based on the weighted average number of common and common share equivalents outstanding calculated using the if-converted method for all potentially dilutive convertible securities. When the effect of dilutive securities would be anti-dilutive, we exclude these securities from the calculation of diluted earnings per share. Share-based compensation Our share-based compensation arrangements include restricted share units, employee share purchase plan awards, liability-classified awards and stock option awards. Equity-classified awards Share-based compensation cost is measured at grant-date fair value and recognized over the requisite service period, with forfeitures recognized as they occur. Equity-classified awards are not subsequently remeasured (while liability-classified awards, as discussed below, are remeasured at fair value each reporting period until settlement). Share-based compensation expense for our equity-classified awards is included as a component of general and administrative expenses in our consolidated statements of operations. Share options: We calculated the fair value of share options we issued using a weighted-average of values derived using the Hull-White valuation method for those options granted prior to our IPO. We utilized a Black-Scholes model for options granted upon our IPO. Use of such option-pricing models required us to make several assumptions, including estimated equity volatility and expected term to exercise. We evaluated all assumptions used in the valuation of the share option awards as of each grant date. We estimated volatility based upon comparison to certain publicly traded companies and determined an expected option term for each hypothetical scenario based on contractual term and exercise probability assumptions, as we do not have sufficient historical data to develop an estimate based upon participant behavior. We have used a risk-free interest rate equal to the U.S. treasury bond yield with an equivalent period as the expected option term. Restricted Stock Units ("RSUs"): RSUs are service awards that typically vest over four years. These awards are share-settled and are recorded as an expense over the four year vesting period included within general and administrative expense within the consolidated statements of operations, with a corresponding amount recorded in additional paid-in capital within the consolidated balance sheets. The fair value of these awards is measured using the closing price of our common shares on the grant date with the related expense recognized over the ensuing service period. Employee Share Purchase Plan ("ESPP"): We have established an ESPP whereby eligible employees may purchase Accelerant shares at a 15.0% discount to the lower of the market price on the first day of the offering period or the purchase date. Employee participation is subject to plan limits, including a maximum payroll contribution of 15.0% of the employee's base salary and an annual purchase limit of $25,000 of grant-date fair market value per employee. The 15.0% discount will be expensed as compensation cost. The first period of the plan commenced with a January 1, 2026 offer to purchase shares and therefore, there was no compensation expense in 2025. Liability-classified awards We have issued share-based compensation awards to certain employees that are liability-classified, subject to both service and performance vesting conditions. We determine the fair value of such awards using an earnings multiple approach, with the related changes in value recognized as a component of general and administrative expenses in our consolidated statements of operations. Recent accounting pronouncements Recently adopted accounting pronouncements Income Tax: In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740) — Improvements to Income Tax Disclosures, to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s ETR reconciliation as well as information on income taxes paid, which includes the following: •Disclosure, on an annual basis, of specific categories in the rate reconciliation; •Disclosure, on an annual basis, of additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate); •Disclosure, on an annual basis, of the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; •Disclosure, on an annual basis, of the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received); •Disclosure of income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; •Disclosure of income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign; •Elimination of the requirement to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made; and •Elimination of the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. We adopted ASU 2023-09 on a prospective basis in our annual financial statements for the year ended December 31, 2025, as permitted by the standard. Refer to Note 10 for our expanded income tax disclosures. Future application of accounting standards Internal-Use Software In September 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) — Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The standard amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for all entities for annual periods beginning after December 15, 2027. The standard can be applied on a prospective basis, a retrospective basis or a modified basis for in-process projects. We are assessing the impact of this standard. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses, requiring new interim and annual disclosures that provide transparency about the components of expenses included in the income statement and enhance an investor’s ability to forecast future performance. The standard requires disclosure of: •The amounts of employee compensation, depreciation, intangible asset amortization, and certain other costs included in each relevant expense caption as well as the inclusion of certain amounts already required to be disclosed under existing US GAAP in the same disclosure; •A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and •The total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. This standard will not have any impact to the amounts recorded within our consolidated financial statements, but will result in expanded disclosures. We are assessing the impact of this standard.
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment information | 3. Segment information We have three reportable segments (Exchange Services, MGA Operations, and Underwriting). Each of our reportable segments serves the specific needs of our customers based on the products and services provided and reflects the way our CODM assesses performance of the business and makes decisions on the allocation of resources. Our CODM is our Chief Executive Officer. Exchange Services Exchange Services, which is the core of Accelerant, captures the revenue and expenses associated with the Risk Exchange. The Risk Exchange is the platform that houses Accelerant technology, data ingestion, and operations that serve the needs of Members and Risk Capital Partners. Insurance companies that join the Risk Exchange pay Accelerant a fixed-percentage volume-based fee for sourcing, managing, and monitoring the business they write. The Risk Exchange pays fees to Members for the distribution services provided to both consolidated affiliates and third parties. We eliminate net fees and other income earned by the Exchange Services segment in consolidation to the extent such income is received from consolidated insurance companies within the Underwriting segment. Only income earned from third-party companies is not eliminated in consolidation. MGA Operations MGA Operations consists of our Mission Underwriters ("Mission") and Owned Members reporting units. Mission is a licensed insurance agency that functions as an MGA incubator in the US, UK and EU and represents the largest component of the segment. Mission was previously a consolidated variable interest entity ("VIE") until we acquired all the outstanding common equity interests in Mission on May 1, 2024, at which point it became a wholly-owned subsidiary (and a voting interest entity, or "VOE"). The Owned Members reporting unit comprises MGAs in which we have made non-controlling or controlling equity investments. Our investments in existing Members typically take the form of an initial minority stake and contractual call option for a majority stake over time. We eliminate commission income earned by MGA Operations in consolidation to the extent it is received from consolidated insurance companies within the Underwriting segment. Only commission income earned from third-party companies is not eliminated in consolidation. Underwriting Underwriting contains all revenue and expenses associated with the underwriting of insurance policies and assumption of reinsurance policies issued or accepted by Accelerant’s consolidated insurance and reinsurance companies. Our Underwriting segment is a strategic asset that enables access to Accelerant’s portfolio for current and prospective Risk Capital Partners. The activities of these (re)insurance companies include property and casualty insurance, policy issuance, reinsurance arrangements and the payment of commission and other acquisition costs to the Exchange Services segment. Premium revenue is earned in exchange for the property and casualty insurance policies issued and reinsurance coverage provided. For segment presentation purposes, the commission expense paid to the wholly-owned agencies is subject to deferral as DAC for the portion of insurance policies not subject to reinsurance. DAC associated with business ceded is offset by ceding commissions received from reinsurers, which is typically more than the DAC. The DAC associated with business retained, as well as the excess ceding commissions from reinsurers, are both amortized over the related policy term. Accelerant Re also cedes premium and losses to, and receives ceding commissions from, several third-party reinsurers, including Flywheel Re. Similar to the Exchange Services and MGA Operations segments, transaction activity with our consolidated affiliates is subject to elimination (and therefore the amount of DAC, deferred ceding commissions, DAC amortization and amortization of ceding commission income in consolidation will differ from that presented within the segment results). Specifically, only commission payments and other acquisition expenses paid to third parties are subject to deferral and amortization in consolidation. We consider the segment presentations of Exchange Services, MGA Operations and Underwriting segments prior to elimination to be the best way to evaluate Accelerant's business and how these business components would be presented if they were stand-alone operations. As we continue to generate increasing third-party insurance premiums through our Risk Exchange, the standalone segment results will more closely align with the consolidated results (as such third party transactions are not be subject to elimination). The following includes the financial results of our three reportable segments for the years ended December 31, 2025, 2024 and 2023. Corporate functions and certain other businesses and operations are included in Corporate and Other.
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment. (2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 9. (3) General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:
(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments. (5) Share-based compensation expenses are included in "General and administrative expenses" within the consolidated statements of operations (and excluded from the segment presentation above). (6) Other expenses for the year ended December 31, 2025 consist of a $25.0 million termination fee for our former management services agreement contract with Altamont Capital, $20.0 million of system development non-operating expenses, $27.7 million of professional costs related to corporate development and capital raise activities (including $5.0 million specifically related to our IPO that were not eligible for capitalization as issuance costs), $27.6 million of Mission profits sharing expense (including $15.8 million related to the agreement to settle and terminate a portion of the outstanding profit sharing arrangements) and $3.8 million of individually insignificant costs.
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment. (2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 9. (3) General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:
(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments. (5) Share-based compensation expenses are included in "General and administrative expenses" within the consolidated statements of operations (and excluded from the segment presentation above). (6) Other expenses for the year ended December 31, 2024 consists of $14.7 million of system development non-operating costs, $13.1 million of professional costs related to corporate development and capital raise activities, $7.0 million of Mission profits sharing expense, and $4.2 million of individually insignificant costs.
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment. (2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 9. (3) General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other expenses. The composition of such amounts by each reportable segment was as follows:
(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments. (5) Share-based compensation expenses are included in "General and administrative expenses" within the consolidated statements of operations (and excluded from the segment presentation above). (6) Other expenses for the year ended December 31, 2023 consists of $22.9 million of system development non-operating costs, $16.2 million of professional costs related to corporate development activities, and $7.2 million of individually insignificant costs. The following table presents our total assets by reportable segments:
As of December 31, 2025, our equity method investments (as further detailed in Note 4) consisted of $5.4 million held by the MGA Operations segment and $5.0 million within Corporate and Other. As of December 31, 2024, our equity method investments consisted of $14.0 million held by the MGA Operations segment and $4.2 million within Corporate and Other. In addition, expenditures for additions to long-lived assets are not material and are not reported to our CODM. All our revenues from external customers were attributable to various geographic locations outside of the Cayman Islands, based on where the insurance policies or services were sold. There were no reportable major customers that accounted for 10% or more of our consolidated revenue for the years ended December 31, 2025, 2024 and 2023. The following table presents our revenues by geography:
(1) Refer to Note 9 for additional information on the impacts of sliding scale commission adjustments on our ceding commission income for the years ended December 31, 2025, 2024 and 2023 resulting from the loss experience of covered insurance contracts.
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | 4. Investments Unrealized gains and losses on available for sale fixed maturity and short-term investments, at fair value The amortized cost, gross unrealized gains, gross unrealized losses and fair values of fixed maturity and short-term investments, were as follows:
The following table summarizes, for all our available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
We did not recognize the unrealized losses in earnings on these fixed maturity and short-term investments as of December 31, 2025 and 2024 because we determined that such losses were due to non-credit factors that are temporary in nature. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. Contractual maturity The amortized cost and fair values of our fixed maturity and short-term investments by contractual maturity were as follows:
The expected maturities may differ from the contractual maturities because debtors may have the right to call or prepay obligations with or without call or prepayment penalties. Equity method and other investments We have made investments in private equity funds focused on insurance technology ventures, certain MGAs that form part of our distribution network and a technology-focused TPA that provides services to certain of our Members. Such strategic investments are generally accounted for using the equity method of accounting and are included as equity method investments in the financial statements or, in cases where we have elected the measurement alternative, accounted for at fair value based on observable price changes or impairment within Other investments. Details regarding our equity method investments were as follows:
In applying the equity method of accounting, we record investments initially at cost and subsequently adjust their carrying value based on our proportionate share of the net income or loss of the investment. As permitted by the applicable accounting guidance, we generally record such investments on a one-to-three-month lag. Our maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in our consolidated balance sheet and any unfunded commitments. As of December 31, 2025, we had unfunded commitments of $5.4 million to our equity method investees. For the years ended December 31, 2025, 2024 and 2023, we received dividends from equity method investees of $1.6 million, $1.7 million and $0.8 million, respectively. Details regarding the carrying value of our other investments portfolio were as follows:
We elected the measurement alternative to carry private equity investments in venture funds, ordinary stocks, warrants and stock options of MGAs and TPAs that qualify for the equity method basis of accounting and that do not have a readily determinable fair value, at cost, less any impairment. If observable prices in identical or similar investments from the same issuer are observed, we measure the equity investment at fair value as of the date that such observable transaction occurs. For the year ended December 31, 2025, we recognized $39.4 of income, net of $0.5 million of impairment charges as a component of unrealized gains following observable prices related to our other investments. For the year ended December 31, 2024, we recognized $19.8 million as a component of unrealized gains following observable prices related to these investments. For the year ended December 31, 2023, we recorded $12.1 million of income, net of $0.2 million of impairment charges, as a component of unrealized gains primarily related to observable prices related to these investments. We have recognized cumulative income as a component of unrealized gains of $74.8 million, net of cumulative impairment charges of $0.7 million associated with investments accounted for under the measurement alternative from inception of the related investments. As of December 31, 2025, we had unfunded commitments of $2.1 million to venture funds. Net investment income Investment income and expenses were as follows:
Net realized and unrealized gains on investments The following table presents net realized and unrealized gains (losses) on our investments:
(1) Amounts correspond to income arising from our equity investments accounted for under the measurement alternative (as described above). Regulated deposits and restricted assets Certain of our subsidiaries are required to maintain assets on deposit with various regulatory authorities to support our insurance and reinsurance operations. Securities on deposit for regulatory and other purposes were $5.2 million and $4.9 million as of December 31, 2025 and 2024, respectively, which are included in the "Fixed maturity securities available for sale, at fair value" in our consolidated balance sheets. The following table represents the restricted assets we have pledged in favor of certain ceding companies to collateralized obligations:
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Fair value measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements | 5. Fair value measurements Fair value measurements on a recurring basis Our financial assets and liabilities measured at fair value on a recurring basis by level were as follows:
There were no transfers between Level 1, Level 2, or Level 3 for the years ended December 31, 2025, 2024 and 2023. Fair value measurements on a non-recurring basis We measure the fair value of certain assets on a non-recurring basis, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include our investments in limited partnerships reported in "Other investments" in our consolidated balance sheets. The following table presents assets measured at fair value on a non-recurring basis:
Fair value information about financial instruments not measured at fair value Our estimation of fair value for financial instruments not carried at fair value (excluding insurance contracts) is discussed below: Debt: As further described in Note 14, given the frequency with which the variable interest rates on our senior unsecured debt reset, the carrying value of our debt measured at amortized cost approximates its fair value as of December 31, 2025 and 2024. The debt is classified as Level 2. Remaining financial assets and liabilities: Our remaining financial assets and liabilities were generally carried at cost or amortized cost, which due to their short-term nature, approximates their fair value as of December 31, 2025 and 2024.
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Variable interest entities |
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Dec. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Variable interest entities | 6. Variable interest entities VIEs In the normal course of our business activities, we enter into relationships with various entities that are deemed to be VIEs. A VIE is an entity that either: •has equity investors that lack characteristics of a controlling financial interest (including the ability to control activities of the entity, the obligation to absorb the entity’s expected losses and the right to receive the entity’s expected residual returns); or •lacks sufficient equity to finance its own activities without additional subordinated financial support. We consolidate a VIE when we determine that we are the primary beneficiary of that VIE. This analysis includes a review of the VIE's capital structure, related contractual relationships and terms, nature of the VIE's operations and purpose, nature of the VIE's interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. We are the primary beneficiary if we have: •the power to direct activities of the VIE that most significantly impact the economic performance of the VIE; and •the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Mission Mission, formed in 2021, operates in the US (Mission Underwriting Holdings, LLC, or “Mission US”) and in the EU (Mission Holdings Europe Ltd. or “Mission EU”). Each of Mission US and Mission EU operates, pursuant to local licenses as required by its jurisdiction of organization, to support experienced underwriters by providing insurance regulatory, technical infrastructure and product development expertise to them. Each Mission entity was funded principally with loans advanced by us in the form of subordinated debt and other working capital arrangements, although at the time of formation ACP Holdings LP (“ACP Holdings”) provided the initial equity capital and until 2024 held all the equity of each of Mission US and Mission EU. Also at the time of formation of Mission US and Mission EU, ACP Holdings granted us options to acquire each of Mission US and Mission EU. On May 1, 2024, we closed on our acquisition of each of Mission US and Mission EU which we initiated by exercising our options. As described in more detail below, Mission was previously a consolidated VIE given financial support and variable interest considerations. Because Mission was previously consolidated within our financial statements, the exercise of the call option was accounted for as an equity transaction. The consideration we paid to Accelerant Holdings LP took the form of 580,454 of our common shares. Additionally, as an anti-dilutive measure, and in recognition of the fact that the holders of our Class A and Class B convertible preference shares at the time such investments were made had relied on the inclusion of Mission within our results of operations, holders of our Class A and B convertible preference shares received an additional 73,194 shares and 43,904 shares, respectively, in each case without further consideration being paid. The total consideration had a fair value of $7.0 million. The excess fair value of the consideration we paid as compared to the carrying value of the acquired non-controlling interest in Mission is reflected as a reduction in additional paid-in capital of $39.9 million, with a corresponding increase of non-controlling interests of $39.9 million in our consolidated statements of equity for the years ended December 31, 2024. Upon completion of the acquisition, Mission became a VOE and our wholly-owned subsidiary. Prior to May 1, 2024, Mission was determined to be a VIE, as it lacked sufficient equity at risk and was primarily financed with our subordinated debt. As a result of this determination, we assessed whether we were the primary beneficiary and, thus, would be required to consolidate Mission. We were exposed to a significant amount of income and losses of Mission and we had the substantive power to direct the activities that most significantly impacted Mission. On this basis, we had determined that we were the primary beneficiary of Mission and consolidated it.
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Revenue from contracts with customers |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer | 7. Revenue from contracts with customers The following table presents our revenues from contracts with third parties by geographical market. All revenue from contracts with customers is generated by our Exchange Services and MGA Operations segments, specifically by owned MGAs that provide insurance products and services to third party insurers that is not subject to elimination in consolidation.
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Reinsurance |
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| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance | 8. Reinsurance We enter into reinsurance agreements to limit our exposure to large losses and to enable us to underwrite policies with sufficient limits to meet policyholder needs. In a reinsurance transaction, an insurance company transfers, or cedes, part or all of its exposure to the reinsurer in exchange for all or a portion of the premiums. We use extensive reinsurance arrangements, including quota share and excess of loss contracts, to manage our exposure under issued insurance contracts. Such reinsurance provides loss coverage subject to certain limits and may include sliding scale ceding commissions, premium caps, loss ratio limits and other features, which align our interests with those of our reinsurers. We consider these features when evaluating risk transfer and whether such contracts qualify as reinsurance or must be treated as deposits. Flywheel Re is an unconsolidated reinsurance sidecar that provides multi-year collateralized quota share capacity backed by institutional investors. We formed Flywheel Re to facilitate the participation of institutional investors in the Risk Exchange portfolio. The Flywheel Re reinsurance treaty was extended and upsized during the second quarter of 2025 and during the first quarter of 2026 through additional capital from new and existing institutional investors to support business assumed by Flywheel Re over a multi-year risk period scheduled to end in 2028. The impacts of reinsurance on written and earned premiums and loss and loss adjustment expenses were as follows:
Reinsurance transactions Loss portfolio transfer: Effective December 2023, certain of our insurance subsidiaries entered into a loss portfolio transfer reinsurance contract ("LPT"). The reinsurance counterparty reinsures all of our retained loss reserves (subject to certain minor exclusions) on policies written prior to June 2022, subject to a limit of $152.1 million. The terms of the LPT provide coverage on net loss reserves of $122.9 million as of the reference date in consideration for a premium of $136.5 million. The LPT includes an adjustment feature whereby we will receive a return of premium equal to the amount of all aggregate losses below $130.3 million, as determined on December 31, 2029. The provisions of the LPT include limitations on the timing of payments in relation to incurred losses, as well as limits on the extent of losses in relation to total premiums paid, which collectively do not technically qualify as a transfer of significant insurance risk for accounting purposes and therefore required deposit accounting. At inception, we recorded a deposit asset of $130.3 million equal to the $136.5 million premium consideration paid, less the $6.2 million premium to be retained by the reinsurer (irrespective of the experience of the contract). The overall premium is held in a trust account to secure the reinsurance counterparty’s obligations under the LPT. The funds withheld are credited with interest at a fixed annual rate that inures to the benefit of the reinsurer. The corresponding gross liability is reported within Funds held under reinsurance. Through December 31, 2025, we reduced the deposit assets by $14.6 million attributed to actual recoveries. The deposit assets reported as of December 31, 2025 of $69.5 million, are comprised of expected recoveries, net of accretion, calculated using the interest method. Reinsurance recoverables Amounts recoverable from reinsurers on paid and unpaid losses and LAE are recognized in a manner consistent with the unpaid losses and LAE associated with the reinsurance and presented as reinsurance recoverables. The balances were as follows:
(1) Reduction of $13.4 million from December 31, 2024 to December 31, 2025 corresponds to the $14.6 million reduction in deposit asset attributed to recoveries, partially offset by $1.2 million of income amortization for the year ended December 31, 2025. Credit risk exists with reinsurance ceded to the extent that any reinsurer is unable to meet the obligation assumed under the reinsurance agreements. An allowance is established for amounts deemed uncollectible. We evaluate the financial condition of our reinsurers and monitor concentration of credit risk arising from our exposure to individual reinsurers. To further reduce credit exposure to reinsurance recoverables balances, we have received letters of credit from certain reinsurers that are not authorized as reinsurers under US state insurance regulations. Of the total reinsurance recoverables on paid and unpaid losses and LAE outstanding as of December 31, 2025, 57% were with reinsurers having an A.M. Best rating of "A-" (excellent) or better, and we require reinsurance recoverables with reinsurers that have an A.M. Best rating below "A-" or are not rated by A.M. Best to be subject to collateral arrangements through a combination of letters of credit, funds withheld arrangements or trust agreements. We consider such collateral arrangements, credit ratings assigned to reinsurers by A.M. Best and other historical default rate information in estimating the credit valuation allowance for reinsurance recoverables. The credit valuation allowance was $0.6 million and $0.4 million as of December 31, 2025 and 2024, respectively.
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Deferred acquisition costs and deferred ceding commissions |
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| Deferred acquisition costs and deferred ceding commissions | 9. Deferred acquisition costs and deferred ceding commissions The following table presents the amounts of policy acquisition costs deferred and amortized for insurance business retained by Accelerant:
The following table presents the amounts of ceding commissions deferred and amortized:
We cede a significant portion of our premiums written to reinsurance companies. The ceding commissions are offset against DAC related to the insurance contracts that are subject to such reinsurance. Any excess ceding commissions over the related DAC are subject to deferral over the insurance premiums earning period. Our contractual acquisition costs are expressed as a percentage of the underlying premiums by type of insurance policy. Certain agreements with our Members include sliding scale adjustments to acquisition cost based on the actual loss experience of the insurance contracts they write, such that our ultimate acquisition cost inversely changes relative to the loss ratio (i.e., adverse experience in the loss ratio will result in a reduction in the related acquisition cost and, conversely, any favorable experience in the loss ratio will result in an increase in the acquisition cost). Certain of our reinsurance arrangements are subject to sliding scale adjustments based on the actual loss experience of covered insurance contracts. The contractual ceding commission amounts are expressed as a percentage of the underlying premiums by type of insurance policy. Further, the amount of ceding commissions will vary based on the volume of ceded premium and may be adjusted for changes in the loss ratio. As that loss ratio changes from the original expected contractual amount, the amount of ceding commission inversely changes (such that adverse experience in the subject loss ratio will result in a reduction in ceding commissions and, conversely, any favorable experience in the subject loss ratio will result in an increase in ceding commissions). Such changes in ceding commission will result in a change to the deferred ceding commissions liability to the extent that the underlying premiums are unearned and, conversely, will result in a direct change to income to the extent that the underlying premium has been earned. As such, the sliding scale commissions act as our substantive participation in the underlying loss experience of the underlying insurance contracts. Ceding commission income recognized for the year ended December 31, 2025 included net increases of $21.6 million, respectively, due to sliding scale commission adjustments resulting from the favorable loss experience of covered insurance contracts. For the years ended December 31, 2024 and 2023, ceding commission income recognized included net reductions of $15.5 million and $19.1 million, respectively, due to sliding scale commission adjustments resulting from the loss experience of covered insurance contracts.
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Income taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes | 10. Income taxes In March 2025, the Board of Directors of Accelerant Holdings and certain intermediary holding companies (together, the "Holding Companies") approved a change in the Holding Companies' tax residency from the Cayman Islands to the UK. Upon becoming UK tax residents, the Holding Companies began to benefit from operational efficiencies including, but not limited to, lower withholding tax rates applicable to dividend distributions from certain US subsidiaries under the US-UK tax treaty. In addition, the aggregate income (loss) of the Holding Companies became subject to UK income tax effective as of the March 2025 date of change to UK tax residency. To the extent that the Holding Companies have incremental income it will generate additional UK tax expense and, conversely, to the extent that there are any incremental losses, income tax benefits will be generated to the extent that there is current or projected taxable income available in our UK operations. As a result of this change, incremental tax benefits were realized due to the Holding Companies’ taxable losses and, therefore, our effective tax rate for the year ended December 31, 2025 was below those reported in previous years when such expenses were incurred in the Cayman Islands (a zero tax rate jurisdiction). We and our subsidiaries operate businesses in Bermuda, Belgium, the Cayman Islands, Canada, France, Greece, Italy, Ireland, Malta, Puerto Rico, Spain, UK, and US. Under current law of the Cayman Islands, we are not subject to any corporate income taxes in this country; however, because the Holding Companies are UK tax residents, the income or loss from these entities are subject to UK tax expense or benefit. We still operate certain entities in the Cayman Islands (other than the Holding Companies) that are not UK tax residents. We are incorporated as an exempted company in the Cayman Islands and (as noted above) are a tax resident in the UK as of March 2025. The US, UK and EU are the most significant regions contributing to our overall taxation for the years ended December 31, 2025, 2024 and 2023. The components of income taxes attributable to operations by jurisdiction were as follows:
Our expected income tax expense (benefit) has been computed as the sum of the income (loss) before income taxes in each jurisdiction, multiplied by the jurisdiction's applicable statutory tax rate. The applicable statutory tax rates by jurisdiction were as follows: Bermuda (15.0%), Belgium (25.0%), the Cayman Islands (—%), Canada (26.5%), France (25.0%), Greece (22.0%), Italy (27.9%), Ireland (12.5%), Malta (35.0%), Puerto Rico (4.0%), Spain (25.0%), UK (25.0%), and US (21.0%). As referenced in Note 2, we adopted ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" on a prospective basis beginning with the year ended December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the United Kingdom statutory tax amount and rate (given our UK tax residency described above) to our actual global effective income tax amount and rate for the year ended December 31, 2025:
Our actual income tax expense (benefit) for the years ended December 31, 2024 and 2023 differs from each jurisdiction's statutory tax rate applied to the applicable income (loss) before income taxes in each jurisdiction due to the tax effects of the following:
The relationship of our income tax expense to pre-tax income (loss) is atypical because our taxable income has predominately been generated in the US, UK, Ireland, and Puerto Rico resulting in income tax expense in those jurisdictions (entities in such jurisdictions are referred to as “tax-paying entities”). Meanwhile, we have incurred operating losses in zero tax rate jurisdictions (such as in our corporate and reinsurance entities in the Cayman Islands) resulting in no income tax benefit (although as noted above, the Holding Companies are subject to UK income taxes). We have also incurred pre-tax operating losses in Belgium and other jurisdictions where we have generated cumulative operating losses; however, in each of those cases, a valuation allowance has been recorded against the corresponding deferred tax assets (entities in these two types of jurisdictions are referred to as “non-tax paying entities”). Taxable losses in one jurisdiction generally cannot be applied to offset earnings in another. In certain other jurisdictions, losses in one entity may not be used to offset taxable income generated by another entity in that same jurisdiction. The composition of our effective tax rates among our tax-paying and non-tax paying entities that demonstrates the non-tax paying entities' effect on the total effective tax rate were as follows:
Deferred taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Our ability to realize deferred tax assets depends on our ability to generate sufficient taxable income of the same character, within the carryback and carryforward periods permitted within each tax jurisdiction. In assessing future taxable income, we considered all sources of taxable income available to realize our deferred assets, including the future reversal of existing temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in carry back years and prudent and feasible tax-planning strategies. We concluded that a valuation allowance of $45.9 million is required as of December 31, 2025. For territories where no valuation allowance is required as of December 31, 2025, we are of the opinion that it is more-likely-than-not that sufficient taxable income will be earned for which the deferred tax assets can be utilized. The valuation allowances were primarily related to operating losses and net deferred tax assets in jurisdictions that we are unable to recognize benefits from due to a history of recurring losses. As noted in the rate reconciliations above, there were $0.4 million of net tax benefits, $9.7 million of net tax benefits and $16.4 million of net tax expenses for valuation allowance changes for the years ended December 31, 2025, 2024 and 2023, respectively, based on changes in our estimates regarding recoverability of deferred tax assets in the various tax jurisdictions. If changes occur in the assumptions underlying our tax planning strategies or in the scheduling of the reversal of our deferred tax liabilities, the valuation allowance may need to be adjusted in the future. The net deferred tax asset comprises the tax effects of temporary differences related to the following:
The amount and timing of realizing the benefits of our net operating loss carryforwards depend on future taxable income and limitations imposed by tax laws. As of December 31, 2025, our net operating loss carryforwards were as follows:
(1) Jurisdictions where the net operating loss has a full valuation allowance. (2) The US NOLs relate to the Mission US group, which has historically filed a U.S. federal income tax return separate from the Accelerant US tax group. These NOLs are not currently able to be utilized to offset the taxable income generated by the Accelerant US tax group. We did not incur any interest and penalties related to uncertain tax positions for the years ended December 31, 2025, 2024 and 2023. We did not have any accruals for uncertain tax positions nor any unrecognized uncertain tax benefits as of December 31, 2025 or 2024. We and our subsidiaries file income tax returns in their respective jurisdictions. We are not currently under audit for income taxes in any jurisdiction. The statute of limitations remains open in various jurisdictions from 2019 and forward. For the year ended December 31, 2025, we consider our earnings within each jurisdiction to be indefinitely reinvested, and as such, no deferred taxes are required on the undistributed earnings of subsidiaries subject to tax. Should the subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, we may be subject to withholding taxes in certain jurisdictions. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. Under the Organization for Economic Co-operation and Development ("OECD") / G20 Inclusive Framework, 140 countries agreed to enact a two-pillar solution to address the digitalization of the economy. The OECD’s Pillar Two Model Rules introduce global changes to the international tax framework. Large multinational businesses with greater than €750 million total revenue are required to pay a minimum effective tax rate under Pillar Two of 15% on income arising in each jurisdiction where they operate. The proposed rules took effect for tax years beginning on January 1, 2024 in many jurisdictions. We are subject to these rules given our gross earned premiums are more than €750 million and the minimum tax is treated as a period cost. The Pillar Two minimum tax expense for the years ended December 31, 2025 and 2024 was $4.5 million and $0.7 million, respectively. Cash Taxes Paid We adopted ASU 2023-09 on a prospective basis for the year ended December 31, 2025 and have included the following table as a result of our adoption, which presents income taxes paid (net of refunds received) for the year ended December 31, 2025:
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Goodwill, other intangible assets and capitalized technology development costs |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill, other intangible assets and capitalized technology development costs | 11. Goodwill, other intangible assets and capitalized technology development costs Goodwill We have assigned goodwill to our reporting units for impairment testing purposes. As of December 31, 2025, we have two reporting units with goodwill - Owned Members within the MGA Operations segment and Underwriting (whereby the operating unit for impairment testing was at the operating segment level). A roll forward of goodwill by reportable segment as of and for the years ended December 31, 2025, 2024 and 2023 is as follows:
(1) Refer to Note 17 for additional information pertaining to business combinations and related sources of goodwill. For the year ended December 31, 2025, we recorded $27.7 million from Corniche acquisition and $0.5 million of goodwill from an immaterial acquisition. We performed a qualitative assessment of its goodwill for impairment as of the years ended December 31, 2025, 2024 and 2023 and in each case we determined that it was more likely than not that the estimated fair value of the reporting units with goodwill exceed their respective carrying values. Other intangible assets A roll forward of other intangible assets as of and for the years ended December 31, 2025, 2024 and 2023 is as follows:
(1) Refer to Note 17 for additional information pertaining to business combinations and related other intangible assets. Included in the gross carrying amounts of Licenses and other was $11.0 million of indefinite-lived licenses as of December 31, 2025, 2024 and 2023. We performed a qualitative assessment for impairment and the useful lives of our indefinite and finite lived intangible assets, as applicable, and we determined there were no impairments or need to change the useful lives of the finite lived intangibles assets as of December 31, 2025 and 2024. Capitalized technology development costs A roll forward of our capitalized technology development costs, accumulated amortization and their carrying amounts as of and for the years ended December 31, 2025, 2024 and 2023 is as follows:
There was no change in estimated useful lives of other intangible assets and capitalized technology development costs for the years ended December 31, 2025, 2024 and 2023. The weighted-average remaining useful life is 7.8 years for customer relationships and 3.5 years for capitalized technology development costs. For the years ended December 31, 2025 and 2024, we recorded impairment charges of $1.2 million and $3.5 million, respectively on capitalized technology development costs, which is included in the "Depreciation and amortization" in our consolidated statements of operations. There was no impairment of other intangible assets and capitalized technology development costs for the year ended December 31, 2023. Depreciation and amortization presented in our consolidated statements of operations were $35.2 million, $26.6 million and $14.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, the majority of which represents amortization expenses of other intangible assets and capitalized technology development costs. As of December 31, 2025, estimated future amortization expenses of other intangible assets (excluding the indefinite-lived licenses) and capitalized technology development costs to be recognized by us are as follows:
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Other assets |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets | 12. Other assets Other assets consisted of the following:
(1) Total net deferred tax assets presented in Note 10 were $50.2 million as of December 31, 2024. However, net deferred tax assets may not be offset with net deferred tax liabilities from different tax jurisdictions. As of December 31, 2024, one of our tax jurisdictions had $1.4 million of net deferred tax liabilities, which is included in "Accounts payable and other liabilities" in our consolidated balance sheets. All other jurisdictions had aggregate net deferred tax assets of $51.6 million. (2) These costs were deferred pending the completion of our IPO. Refer to Note 16 for additional information on the IPO and the offset of the deferred offering costs to total proceeds from the July 2025 IPO.
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Unpaid losses and loss adjustment expenses |
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| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unpaid losses and loss adjustment expenses | 13. Unpaid losses and loss adjustment expenses Activity in unpaid losses and LAE reserve is summarized as follows:
Reserves for losses and LAE represent our estimated indemnity cost and related adjustment expenses necessary to administer and settle claims. Our estimates are based upon individual case estimates for reported claims set by our claims specialists, adjusted with actuarial estimates for any further expected development on reported claims and for losses that have been incurred, but not yet reported. The increase in incurred losses and LAE attributable to prior accident years of $6.5 million for the year ended December 31, 2025 and $15.1 million for the year ended December 31, 2024 was primarily related to the EU and UK general liability and property portfolio for Members that we have either discontinued or subject to significant responsive underwriting actions. Adverse development attributable to prior accident years of $4.9 million for the year ended December 31, 2023 was primarily driven by $2.8 million of adverse development on certain UK legacy discontinued business, including from a previous acquisition, in addition to $2.1 million related to US commercial auto reserves. Lines of business Due to the nature of business written and the distribution channels used by Accelerant, (i.e., specialist and tailor-made products sold via MGAs), we regularly monitor and oversee the performance at the individual MGA level, with splits into lines of business or products where appropriate. This granular and detailed analysis and monitoring is designed to provide appropriate oversight over the delegated business and timely detection of any trends. We analyze the performance within three main lines of business, namely Property, Liability and Other. Property losses are generally reported, settled and paid within a short period of time from the date of loss. However, property can be impacted by catastrophe losses which can be more complex than non-catastrophe property claims due to factors such as difficulty accessing impacted areas and other physical, legal and regulatory impediments, potentially extending the period it takes to settle and pay claims. Our Liability insurance products generally cover exposures where most claims are reported without a significant time lag. However, since facts and information are frequently not complete at the time claims are reported to us, and because protracted litigation is sometimes involved, it can be several years before the ultimate value of these claims is determined. Our Other category primarily encompasses motor, marine and surety business. We perform this aggregation solely for reporting purposes considering the materiality of these sub-segments. Foreign currency We translate the loss development for operations outside of the US for all accident years using the constant currency exchange rates as of December 31, 2025. Although this approach requires adjusting all prior accident year information for use in the tables, the changes in exchange rates do not impact incurred and paid loss development trends. The following is information about incurred and paid losses development as of December 31, 2025, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities included within the net incurred loss amounts. Incurred loss and allocated loss adjustment expense ("ALAE"), net of reinsurance The following tables represent our incurred loss and ALAE, net of reinsurance, less cumulative paid claims and ALAE by business line as of December 31, 2025, net of reinsurance, as well as cumulative claims frequency and the total IBNR liabilities plus expected development on reported claims included within the net incurred claims amount. We have adjusted these tables for accident years 2019 through 2022 to present the retrospective effects of the commutation reinsurance transaction described in Note 8. Property (in millions, except for number of claims)
Liability (in millions, except for number of claims)
Other (in millions, except for number of claims)
The reconciliation of our net incurred and paid development tables to the liability for unpaid losses and LAE in our consolidated balance sheets is as follows:
Claims duration The following table presents the historical average annual percentage payout, net of reinsurance on an accident year basis at the same level of disaggregation as presented in the claims development tables above. Given we established operations in 2019, the typical full payout pattern to 100% is not yet available.
(1) Average annual percentage payout is calculated using a paid loss and ALAE development pattern based on an actuarial analysis of the paid loss and ALAE movements by accident year for each disaggregation category. Our average annual percentage payouts shown have been scaled to align with historical expected total payment development after 7 years. 23. Dividend restrictions and statutory financial information Subject to the Cayman Islands Companies Act, the Articles of the Company, and except for rights attaching to the shares by contract, the directors may resolve to pay dividends and other distributions on shares in issue and authorize payment of the dividends or other distributions out of our funds of lawfully available. No dividend or other distribution shall be paid except out of the realized or unrealized profits of the Company or as otherwise permitted by law. The Articles of the Company establish mechanisms and the order of priority for the payment of dividends but, generally, dividends shall be paid pro rata among the Class A and Class B Common Shareholders. Our subsidiaries are subject to certain regulatory restrictions on the distribution of capital and payment of dividends in the jurisdictions in which they operate, as described below. The restrictions are generally based on net income or levels of capital and surplus as determined in accordance with the relevant statutory accounting principles. Failure of these subsidiaries to comply with their applicable regulatory requirements could result in restrictions on any distributions of capital or retained earnings or stricter regulatory oversight of the subsidiaries. Our ability to pay dividends and make other forms of distributions may also be limited by repayment obligations and financial covenants in our outstanding loan facility agreements. During the years ended December 31, 2025, 2024 and 2023, no dividends were declared or paid by us to our shareholders. Certain of our subsidiaries paid dividends of $8.0 million, $3.5 million and $2.9 million to non-controlling interests during the years ended December 31, 2025, 2024 and 2023, respectively. Subsidiary statutory financial information and dividend restrictions Our (re)insurance subsidiaries prepare their statutory financial statements in accordance with statutory accounting practices prescribed or permitted by local regulators. Statutory and local accounting differs from US GAAP, including in the treatment of investments, acquisition costs and deferred income taxes, amongst other items. The statutory capital and surplus amounts as of December 31, 2025 and 2024 and statutory net income (loss) amounts for the years ended December 31, 2025, 2024 and 2023 for our U.S. and non-U.S. based (re)insurance companies are summarized in the table below:
(1) The 2025 amounts reflect our best estimate of the statutory capital and surplus and net income as of the date of completion of these consolidated financial statements. (2) Amounts have been updated to conform to finalized audited statutory financial statements, where applicable. Certain material aspects of these laws and regulations as they relate to solvency, dividends and capital and surplus are summarized below. U.S. Our U.S. insurance subsidiaries, including Accelerant Re. I.I. (Puerto Rico), are required to maintain minimum levels of solvency and liquidity as determined by law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as required by each U.S. insurer’s domiciliary state, and the states in which they operate. RBC is used to evaluate the adequacy of capital and surplus maintained by our U.S. insurance subsidiaries in relation to three major risk areas associated with asset risk, insurance risk and other risks. For both of our U.S. insurance subsidiaries, there are no prescribed or permitted statutory accounting practices that differ from the statutory accounting principles established by National Association of Insurance Commissioners and adopted by the US state regulators. Dividends must be approved by the insurance commissioner in the state of domicile before distribution. As of December 31, 2025 and 2024, our U.S. insurance subsidiaries exceeded their required levels of RBC. Belgium Our Belgium insurance subsidiary, Accelerant Insurance Europe SA, is regulated by the National Bank of Belgium ("NBB") pursuant to the Belgium Insurance Act of 2014. This subsidiary is obligated to maintain a minimum solvency margin based on the Solvency II regulations. As of December 31, 2025 and 2024, this subsidiary held capital in excess of the applicable requirements. The amount of dividends that this subsidiary is permitted to distribute is restricted to retained earnings, the current year profit and legal reserves (as defined). Dividends must be approved by the NBB before distribution. Solvency and capital requirements for this subsidiary are based on the Solvency II framework and must continue to be met following any distribution. Cayman Islands After evaluating the business and liquidity needs of our Cayman Islands reinsurance subsidiary, Accelerant Re (Cayman) Ltd., the directors may, from time to time, declare dividends to the shareholders. Such dividends shall only be paid out of our Cayman Islands reinsurance subsidiary’s retained earnings and any paid-in capital in excess of par, provided that, after giving effect to each such dividend, the remaining capital is in excess of any capital requirements as prescribed by our Cayman Islands reinsurance subsidiary's Board and/or the regulator, the Cayman Islands Monetary Authority ("CIMA"). Prior notification of the payment of such dividends will be given to CIMA. Further, our Cayman Islands reinsurance subsidiary may consider providing loans or may otherwise extend credit to certain of its affiliated companies for non-investment purposes from time to time subject to approval from our Cayman Islands subsidiary’s Board and, thereafter, prior written approval from CIMA. As of December 31, 2025 and 2024, this subsidiary held capital in excess of the applicable requirements. UK Our UK based insurance subsidiary, Accelerant Insurance UK Limited, is regulated by the Prudential Regulatory Authority ("PRA") and the FCA. Our UK based insurance subsidiary is required to maintain adequate financial resources in accordance with the requirements of the PRA. Insurers must comply with both a Minimum Capital Requirement (“MCR”) and a Solvency Capital Requirement ("SCR") calculated using the Solvency UK standard formula. The calculation of the MCR and SCR is based on, among other things, the type and amount of insurance business written and claims paid by the insurance company. The PRA’s rules require our UK insurance subsidiary to obtain regulatory approval for any proposed payment of a dividend. The UK Regulator considers the MCR and SCR when assessing requests to make distributions. As of December 31, 2025 and 2024, this subsidiary held capital in excess of the applicable requirements. Canada Our insurance subsidiary based in Canada, Accelerant Insurance Company of Canada, is regulated for solvency purposes by the Office of the Superintendent of Financial Institutions ("OSFI") under the provisions of the Insurance Companies Act (Canadian Act). Our Canadian subsidiary is committed to establishing and maintaining an internal targeted capital ratio that is set above OSFI’s supervisory target capital ratio. The internal targeted capital ratio is the level of capital based on the subsidiary’s Own Risk and Solvency Assessment ("ORSA") that is necessary to cover the risks specified in the Minimum Capital Test Guideline (as defined) as well as other risks of the insurer. As of December 31, 2025 and 2024, this subsidiary held capital in excess of the applicable requirements.
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| Debt | 14. Debt We had the following debt outstanding as of December 31, 2025 and 2024:
The following table presents estimated future repayments of long-term debt as of December 31, 2025, excluding the debt issuance costs which will be amortized over the remaining term:
We have a credit agreement that consists of senior unsecured syndicated US dollar denominated loan facility with a September 2029 maturity date, as well as a $50 million revolving credit facility (all of which was unutilized and available as of December 31, 2025). Each borrowing under the revolving credit facility may have a maturity of one, three or six months, at our election, but may not extend beyond the credit agreement’s maturity date. Such borrowings may be repaid early. The senior unsecured debt represents an unsecured obligation and includes a delayed draw term loan ("DDTL") feature that allows us to withdraw predefined amounts. We may draw down up to an additional $75 million upon request, subject to the agreement of the lenders. Partial quarterly repayments of the aggregate principal amount are required until the maturity date as reflected in the table above. Interest payments on the senior notes are due at the end of each period, being a certain month or quarter during which the applicable interest rate has been reset. The interest rate is subject to a sliding scale based on our consolidated senior debt to capitalization ratio and varies between a 3.4% and 4.0% spread in addition to the Secured Overnight Financing Rate ("SOFR"). Interest is calculated based on a 360-day year of twelve 30-day months. Interest expense for the years ended December 31, 2025, 2024 and 2023 was $10.9 million, $12.1 million and $10.9 million, respectively. Subject to conditions of optional prepayment, we may voluntarily prepay the senior unsecured debt at any time and from time to time, prior to the maturity date without penalty. Any prepayment, in whole or in part, shall include any accrued and unpaid interest thereon to, but excluding, the prepayment date. Any amounts we prepay may not be reborrowed. The senior notes contain certain restrictive and maintenance covenants customary for facilities of this type, including restrictions on minimum consolidated net worth, maximum leverage levels and a minimum interest coverage ratio. As of December 31, 2025, we were in compliance with all such covenants.
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| Accounts payable and other liabilities | 15. Accounts payable and other liabilities Accounts payable and other liabilities consisted of the following:
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Equity |
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| Equity [Abstract] | |
| Equity | 16. Equity Initial public offering and capital structure as of December 31, 2025 On July 25, 2025, we completed our IPO and issued and sold 20,276,280 Class A common shares at a public offering price of $21.00 per share, resulting in net cash proceeds of $392.0 million after deducting the underwriting discounts and commissions and offering costs. Certain of our pre-existing investors participated in the offering as selling shareholders and sold 19,354,044 Class A common shares at the IPO price for which we received no proceeds. We used a portion of the net proceeds from the IPO to fund the redemption of the Class C convertible preference shares for $175.3 million in cash (as all holders of the Class C convertible preference shares elected to redeem their shares at the date of the IPO) and to pay a $25.0 million termination fee to an affiliate of Altamont Capital Partners related to a then-existing management services agreement. As of the closing of the IPO: •All of our outstanding Class A convertible preference shares and Class B convertible preference shares automatically converted into Class A common shares and Class B common shares (as applicable), with voting attributes described further below. •Investment funds controlled by Altamont Capital Partners, our majority shareholder own 90,916,841 Class B common shares, representing 76.7% of the combined voting power of our common shares outstanding (given that each Class B common share is entitled to ten votes per share as compared to one vote per share for each Class A common share). Prior to the IPO, deferred offering costs, which consisted of accounting, legal and other fees directly related to the IPO, were capitalized within Other assets within the consolidated balance sheets. In connection with the IPO, $18.9 million of deferred offering costs were reduced and reflected as a reduction of the net proceeds received from the IPO within additional paid in capital such that, in total, the increase in additional paid in capital from the IPO was $376.0 million (which compares to net cash proceeds presented within the consolidated statement of cash flows of $392.0 million, as $16.0 million of offering costs were incurred prior to January 1, 2025). Common shares: We have two classes of authorized common shares with a par value of $0.0000011951862 per share. Our common shares confer upon its holders the following rights: •The holders of our Class A common shares are entitled to one vote per share, and the holders of our Class B common shares are entitled to ten votes per share on all matters subject to a vote at our general meetings. •the right to share in the distribution of dividends, the distribution of assets or any other distribution pro-rata to the par value of the shares held by them; and the right to share in the distribution of any assets for distribution to shareholders upon our liquidation, dissolution or winding up pro-rata to the par value of the shares held by them. Class A common shares are not convertible to Class B common shares. Class B common shares are convertible to Class A common shares, on a share-to-share basis, in the following manner: •at the option of the holder at any time after issuance; •automatically upon transfer of Class B common shares, other than to a “Permitted Transferee” (defined as the holder, an affiliate, or a trust for their benefit); •upon enforcement of security interests that result in a third party obtaining legal title; •in July 2028, representing the third anniversary of the IPO, when all remaining Class B common shares will automatically convert to Class A common shares. As of December 31, 2025, common shares authorized, issued and outstanding consisted of: •500,000,000 Class A shares authorized, 114,580,918 issued and outstanding •140,000,000 Class B shares authorized, 107,241,428 issued and outstanding Profits interest conversion to common shares: At the time of consummation of the IPO, Accelerant Holdings LP distributed 1,986,221 of our then existing pre-split common shares to holders of existing limited partnership interests of Accelerant Holdings LP in proportion to the economic interests represented by those limited partnership interests. These were subsequently redesignated as 75,988,500 Class A common shares and 90,196,594 Class B common shares on a post-split basis. Preference shares: As of December 31, 2025, there were 100,000,000 preference shares authorized and no preference shares issued and outstanding. The Board of Directors is authorized, without any action by our shareholders, to designate and issue preference shares in one or more classes and to designate the powers, preferences and rights of each class, which may be greater than the rights of our common shares. Pre-initial public offering and capital structure as of December 31, 2024 As of December 31, 2024, there were 252,652,430 common shares authorized with a par value of $0.0000011951862 per share, and 166,185,094 shares issued and outstanding. Preference shares: Prior to the IPO, we had previously issued and outstanding Class A, Class B and Class C preference shares. In connection with the IPO, all outstanding Class A convertible preference shares and Class B convertible preference shares automatically converted into Class A common shares and Class B common shares (as applicable). At the date of the IPO, all holders of the Class C convertible preference shares elected to redeem their shares for the stated redemption value of $175.3 million in cash. The $70.9 million difference in redemption value from carrying value was reflected as a deemed dividend and a reduction to additional paid in capital and earnings per share. As of December 31, 2024, convertible preference shares authorized, issued and outstanding consisted of: •20,955,646 Class A shares authorized, 20,955,497 issued and outstanding •12,569,841 Class B shares authorized, 12,569,691 issued and outstanding •5,563,987 Class C shares authorized, 5,556,546 issued and outstanding Class C preference share issuance in 2024: In 2024, we issued 4,460,197 Class C convertible preference shares to third-party investors for $100.5 million of gross proceeds, 909,791 Class C convertible preference shares to the owners of the immediate parent entity for $20.5 million of gross proceeds, and 186,558 Class C convertible preference shares to certain of our executives for $4.2 million gross proceeds. There was a total of 5,556,546 Class C preference shares issued and total net proceeds of $114.5 million, after giving effect to $10.7 million in issuance costs. Common share, Class A preference share and Class B preference share issuance in 2024: As referenced in Note 6, there were 580,454 common shares, 73,194 Class A preference shares and 43,904 Class B preference shares issued in connection with our acquisition of the equity interests in Mission. Class B preference share issuance in 2023: In February 2023, we issued 56,961 Class B convertible preference shares to third-party investors for $0.7 million gross proceeds and 18,635 Class B convertible preference shares to certain of our executives for $0.2 million gross proceeds. The total capital raised in 2023 was $0.7 million, net of $0.2 million in issuance costs.
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business acquisitions | 17. Business acquisitions Step acquisition of Agribusiness Risk Underwriters In July 2025, we executed an agreement to purchase the remaining 25% equity interests of Agribusiness Risk Underwriters ("ARU") that we did not previously own for consideration of 1,833,481 of our Class A common shares. The transaction closed in August 2025 and was reflected as an equity transaction using the basis of the previously outstanding non-controlling interests of $2.4 million, as we previously consolidated ARU as a controlled subsidiary. This amount was offset by a capital transaction of $2.5 million with the non-controlling interests owner. Acquisition of Corniche Underwriting Ltd. ("Corniche") In January 2025, our consolidated subsidiary Corniche Acquisition Co. Ltd. acquired an additional 61% of the outstanding share capital of Corniche, a UK based MGA that specializes in the insurance of risks related to the recycling industry, in exchange for $56.2 million of consideration consisting of i) $17.1 million of cash paid at acquisition, $8.6 million paid in July and an additional $8.5 million of cash that was paid in January 2026 (and was reflected as a payable within "Accounts payable and other liabilities" within our consolidated balance sheets as of December 31, 2025); ii) our previously held equity interest of $11.0 million; and iii) the non-controlling interests of $11.0 million. The acquisition of the additional interest increased our ownership in Corniche from 19.5% to 80.5%. Previously, we accounted for the investment in Corniche as an equity method investment. Following the completion of the step acquisition, we remeasured our previously held equity interest to fair value at the step acquisition date. Accordingly, we recorded a revaluation gain of $2.1 million within in our consolidated statements of operations. The fair value of the assets acquired and liabilities assumed and non-controlling interest was estimated using an income approach. Key assumptions included market-observable inputs and management's estimates of nominal cash flows. The purchase consideration was allocated to the estimated fair value of the tangible and identifiable intangible assets acquired less liabilities assumed at the date of the acquisition. Our purchase price allocation related to the acquisition is provisional and could change in subsequent periods to reflect new information obtained about the facts and circumstances that existed as of the acquisition date, which if known, would have affected the measurement of the amounts recognized as of the acquisition date. We recorded goodwill from this acquisition, primarily attributable to expected growth and profitability, none of which was deductible for income tax purposes. Our consolidated financial statements include the results of our acquisitions after their respective closing dates. Revenue, net income, as well as pro forma information is not presented for the Corniche acquisition as such results of operations would not be materially different to the actual results of our operations. Acquisition-related costs pertaining to Corniche incurred during the year ended December 31, 2025 were $0.8 million. The following table provides our purchase accounting financial information for the Corniche acquisition:
(1) Total net cash paid to date for the interest in Corniche was $9.5 million, net of cash acquired (consisting of the $25.7 million cash payments to date net of the $16.2 million cash acquired). As noted above, this does not include the final cash payment of $8.5 million that was paid in January 2026. 2024 Activity: The following represents a summary of the acquisitions that occurred during 2024: •In May 2024, we closed on our acquisition of each of Mission US and Mission EU which we initiated by exercising our options. Mission was previously a consolidated VIE given financial support and variable interest considerations. Because Mission was previously consolidated within our financial statements, the exercise of the call option was accounted for as an equity transaction. Upon completion of the acquisition, Mission became a VOE and our wholly-owned subsidiary. For further information on the Mission acquisition, refer to Note 6. •Ayax Specialty, S.L ("Ayax"): In November 2024, our consolidated subsidiary Ayax Acquisition Co. Ltd acquired an additional 32% of the outstanding share capital of Ayax, a Spanish MGA specializing in the insurance of surety risks, in exchange for $17.5 million of total consideration (consisting of cash of $5.6 million, our existing equity interest of $3.3 million and the non-controlling interests of $8.6 million). The additional interest increased our ownership in Ayax from 19% to 51%. Previously, we accounted for our investment in Ayax as an equity method investment. Following the completion of the step acquisition, we gained majority ownership and control of Ayax and consolidated it. Our previously held equity interest was remeasured to fair value at the step acquisition date. Accordingly, we recorded a revaluation gain of $2.4 million within in our consolidated statements of operations. The following table provides our purchase accounting financial information for the Ayax acquisition:
(1) Total net cash paid for the interest in Ayax was $0.5 million, net of cash acquired (consisting of the $5.6 million payment net of the $5.1 million cash acquired). 2023 Activity: The following summarizes our acquisitions that occurred during 2023: •Capital Markets Underwriting Limited ("CMU"): In June 2023, our consolidated subsidiary Nationwide Broker Services Limited acquired a 70% ownership stake in CMU for consideration of $0.9 million. CMU is a UK-based MGA and cover holder at Lloyd's (representing a company authorized to enter into insurance contracts on behalf of a Lloyd's syndicate in accordance with the terms of a binding authority contract). •Omega Insurance Holdings, Inc ("Omega"): In October 2023, our consolidated subsidiary Omega Acquisition Co Ltd. purchased all the common shares of Omega Insurance Holdings Inc. (subsequently renamed Accelerant Canada Holdings, Inc.) for consideration of $9.5 million. Accelerant Canada Holdings, Inc. owns all the common shares of Omega General Insurance Company (subsequently renamed Accelerant Insurance Company of Canada) and Focus Group Inc (subsequently renamed Accelerant Canada Services). Our acquisition of Omega will support Accelerant's continued international expansion, specifically into the Canadian market. •American Eagle Underwriting Managers, LLC ("American Eagle"): In November 2023, our consolidated subsidiary, Mission UH Holdings LLC acquired all the ownership interests of American Eagle for consideration of $2.4 million. American Eagle is a US-based MGA and cover holder at Lloyd's. The following table provides the purchase accounting financial information for these acquisitions:
(1) Reinsurance recoverables acquired included $10.7 million of reinsurance recoverables on unpaid losses and LAE and $0.7 million of reinsurance recoverables on paid losses and LAE. (2) The acquisitions of the entities resulted in net cash and cash equivalents received of $2.8 million, representing the $12.4 million cash payment for the acquisition compared to net of cash and cash equivalents acquired of $15.2 million. Total acquisition consideration consisted of the cash payment and $0.4 million of non-controlling interests. Purchase of additional non-controlling interests in previously consolidated entities: During 2025 and 2023, we purchased $2.1 million and $5.5 million, respectively of non-controlling interests related to previously consolidated entities in which an existing majority ownership and controlling interest was held. The purchase of such non-controlling interests was reflected as a reduction of the previously outstanding non-controlling interests and additional paid in capital presented within our consolidated statement of shareholders’ equity and as a financing outflow within our consolidated statement of cash flows.
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Related party transactions |
12 Months Ended |
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Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related party transactions | 18. Related party transactions For the years ended December 31, 2025, 2024 and 2023, we incurred $0.8 million, $0.2 million and $2.8 million, respectively of advisory fees and expenses with Altamont Capital Management LLC, an affiliate. As referenced in Note 16, we agreed to terminate the existing management services agreement between Accelerant Holdings LP and Altamont Capital Management, LLC, dated February 19, 2019 (the “MSA”), which previously set out terms on which, among other things, we had compensated Altamont Capital Management, LLC for its services. During July 2025, we paid Altamont Capital a termination fee of $25 million upon the consummation of its IPO, at which point the MSA was terminated. Such fee and related expense was reflected within "Other expenses" in our consolidated financial statements. As discussed in more detail in Note 21, we recognized non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards and other liabilities of Accelerant Holdings LP through the distribution of 65,270,453 of our Class A common shares held by Accelerant Holdings LP. Following the consummation of the IPO and related profits interests distribution, our board of directors deemed all residual receivable and payable balances between Accelerant Holdings LP and us to be settled as a precursor to the dissolution of Accelerant Holdings LP. As of December 31, 2024, we had a net accounts receivable balance with Accelerant Holdings LP of $6.7 million. For the years ended December 31, 2025 and 2024, Hadron, a Risk Exchange Insurer majority owned by Altamont Capital Partners, accounted for $677.2 million and $215.6 million of Exchange Written Premium, respectively.
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Commitments and contingencies |
12 Months Ended |
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Dec. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and contingencies | 19. Commitments and contingencies Litigation We are occasionally a party to routine contractual disputes impacting receivables, claims (re)insurance contracts or litigation incidental to our business. We do not believe that we are a party to any pending legal proceeding that is likely to have a material adverse effect on our business, financial condition, or results of operations. Contingencies arise in the normal conduct of our operations and are not expected to have a material effect on our financial condition or results of operations. However, adverse outcomes are possible and could negatively affect our financial condition and results of operations. Unfunded investment commitments As of December 31, 2025, we had unfunded commitments of $7.5 million in respect of our limited partnership investments. Refer to Note 4 for additional information.
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Employee benefits and profits interests plans |
12 Months Ended |
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Dec. 31, 2025 | |
| Share-Based Payment Arrangement [Abstract] | |
| Employee benefits and profits interests plans | 20. Employee benefits and profits interests plans Employee benefits plan We operate a defined contribution post-employment plan. A defined contribution plan is a benefit plan under which we pay fixed contributions into a separate entity. We have no legal or constructive obligations to pay further contributions if the entity, typically taking the form of a fund, does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. We pay contributions to publicly or privately administered pension insurance plans on a mandatory, contractual, or voluntary basis. The contributions are recognized as employee benefit expenses when they are due. Expenses related to the plans were $6.5 million, $4.6 million and $2.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, which are included in the "General and administrative expenses" within our consolidated statements of operations. Mission profit sharing awards Mission has issued profit sharing awards to certain of its officers and employees in the form of partnership shares and incentive units. The awards require achievement of certain return thresholds and continuous service for the officers and employees to receive distributions. The awards do not represent an equity interest for accounting purposes in the Company, our parent, or our subsidiaries. These units are accounted for as deferred compensation and compensation cost is measured according to the value of expected benefits as of each reporting date. Profit sharing awards are subject to vesting over a continuous service period and forfeiture upon a recipient voluntarily resigning, in the normal course of business, regardless of such employee's length of service or vested units. Since the awards are subject to forfeiture upon termination for no value, the awards represent a deferred compensation liability rather than equity classified stock compensation. Compensation cost will be recorded to the extent payment is reasonably estimable and probable, as well as considering service requirements. Any future liability recognized for these awards will be recognized at the fair value of the awards at the date of initial recognition and then subsequently updated at each reporting period. During the years ended December 31, 2025 and 2024, we recognized a total of $27.6 million (including $15.8 million related to agreements to settle and terminate a portion of the outstanding profit sharing arrangements) and $7.0 million, respectively of compensation expenses attributable to the Mission profit sharing awards as certain return thresholds and continuous service requirements were met for specific components of the business. There were no Mission profits interest awards compensation expenses for the year ended December 31, 2023.
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Share-based compensation |
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| Share-based compensation | 21. Share-based compensation During the year ended December 31, 2025, we granted share-based compensation prior to, in conjunction with, and subsequent to the IPO, as described below. Accelerant Holdings LP distribution We previously issued profits interest awards to certain officers and employees in the form of Accelerant Holdings LP partnership shares and incentive units (the "profit interest awards"). The profit interest awards required achievement of certain return thresholds and continuous service for the officers and employees to receive distributions (such as a significant increase in the valuation of the Company as realized through a market event, like an IPO). Compensation cost associated with these profit interest awards could only be recorded to the extent payment was reasonably estimable and probable, as well as giving consideration to service requirements. Prior to the IPO, no related compensation cost was recognized because, for accounting purposes, an IPO cannot be assessed as probable until it occurs. However, at the time of the IPO, we recognized $1.38 billion of non-cash stock-based compensation expenses related to the settlement of all outstanding profits interest awards through the distribution of 65,270,453 of our Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested upon the IPO. The ultimate settlement of the profit interest awards has no net impact on equity as the contribution of the shares was reflected as a capital contribution to us by Accelerant Holdings LP in an equal and offsetting amount. Share options granted to employees In connection with the IPO, to align the long-term interests of certain officers and employees with those of the Company, as well as to settle a pre-existing bonus program (deferred compensation plan that entitled every employee, subject to certain qualifying criteria, to a cash bonus equal to a multiple of such employee’s salary less applicable taxes upon the occurrence of a qualifying liquidity event, which included the IPO), 26,205,555 Class A common share options were granted to certain officers and employees. The options are backed by Class A common shares issuable upon the exercise of common share option awards in connection with the consummation of the IPO under our Share Incentive Plan, based on the IPO price of $21.00 per share and consisting of (i) common share options with respect to 9,236,398 Class A common shares with an exercise price equal to $22.49; and (ii) common share options with respect to 16,969,157 Class A common shares with an exercise price equal to the IPO price, in each case, vesting with respect to 25% of the Class A common shares subject to the awards on the one-year anniversary of the grant date and in 6.25% quarterly installments through the four-year anniversary of the grant date. The total value of compensation for the option grants was $242.6 million (based upon a Black-Scholes model valuation) which is being recognized ratably over the four-year vesting period of the options. During the second quarter 2025, we also granted 3,368,577 options to certain of our employees under our employee Share Incentive Plan. The contractual term of the option awards is ten years from the grant date. The vesting terms of the option awards varied based on the date of the respective employee’s date of service commencement such that a portion of the awards was, in certain instances, vested as of the grant date. The vesting periods per each of the awards varied from to four years (with either quarterly or annual partial vesting periods over those to four year full vesting periods). The fair value of each share option award granted during the years ended December 31, 2025, 2024 and 2023 was estimated on the date of grant using the following option pricing model assumptions:
For options granted prior to the IPO, we estimated the expected term based on application of the Hull-White valuation method (widely used in the determination of option fair value), assuming that employees exercise their options, on average, when the stock price over strike price reaches a threshold of 2.2. For options granted in conjunction with the IPO we calculated fair value using the Black-Scholes model and utilized the simplified method to estimate the time to expiration for options because, as a newly public company, we did not have sufficient exercise data on which to base its own estimate nor historical exercise data for employee stock options, and such data from comparable companies was not easily obtainable. The risk-free interest rate is based on observed interest rates appropriate for the term of our stock options. Expected volatility is based on companies at a comparable stage, as well as companies in the same or similar industry. The dividend yield assumption is based on our historical and expected future dividend payouts and may be subject to change in the future. The following table summarizes the activity related to share option awards for the year ended December 31, 2025:
The weighted average grant-date fair value of share options granted during the years ended December 31, 2025, 2024 and 2023 was $9.01, $4.32 and $1.68 per option, respectively. For the years ended December 31, 2025, 2024 and 2023, share-based compensation expense from share option awards granted was $39.1 million, $8.4 million and $4.8 million, respectively, which is included in "General and administrative expenses" in our consolidated statements of operations. The unrecognized compensation cost related to unvested share option awards as of December 31, 2025 and 2024 was $247.7 million and $29.6 million, respectively. The weighted average remaining requisite service period as of December 31, 2025 is 1.8 years, over which period the total cost will be amortized as compensation expense within the financial statements. RSUs In connection with the IPO, to align the long-term interests of certain officers and employees with those of the Company, 2,381,858 RSUs were granted (538,295 RSUs were fully vested at issuance) which were valued at the IPO price of $21.00 per share and backed by Class A common shares. The 1,843,563 unvested RSUs vest in 6.25% quarterly installments through the four-year anniversary of the grant date. During the third and fourth quarter of 2025, we granted 319,216 RSUs to certain of our employees, which were valued at the grant-date price of our Class A common shares. These RSUs are also backed by Class A common shares and subject to the same vesting conditions as the RSUs granted in conjunction with the IPO. The following table summarizes the activity related to RSUs for the year ended December 31, 2025:
For the year ended December 31, 2025, share-based compensation expense from RSUs granted was $4.0 million, which is included in "General and administrative expenses" in our consolidated statements of operations. The total value of compensation for the RSU grants, net of forfeitures was $50.2 million with $34.9 million associated with the unvested portion to be recognized as expense ratably over the four-year vesting period. The weighted average remaining requisite service period is 1.8 years, over which period the total cost will be amortized as shared-based compensation expense within the financial statements. Liability Classified Awards For the year ended December 31, 2025, the share-based compensation expense from the liability classified awards was $10.5 million, which is included in "General and administrative expenses" in our consolidated statements of operations. As of December 31, 2025, the liability balance from the liability classified awards was $5.9 million, which is included in "Accounts payable and other liabilities" within our consolidated balance sheets. The following table summarizes the share-based compensation and liability classified awards expense we recognized by award type for the years ended December 31, 2025, 2024 and 2023:
2025 Employee Stock Purchase Plan Our Board of Directors adopted, and our shareholders approved, the 2025 Employee Stock Purchase Plan (“ESPP”) that become effective upon completion of the IPO. Generally, all of our employees are eligible to participate in the ESPP. Subject to any limitations contained therein, the ESPP allows eligible employees to contribute (in the form of payroll deductions or otherwise) to purchase Class A common shares at a 15% discount to the lower of the market price on the first day of the offering period or the purchase date. There are currently 1,000,000 of our Class A common shares reserved for issuance under the ESPP, which will automatically increase on the first trading day in January of each calendar year, commencing in 2026 and continuing until (and including) 2035, by an amount equal to the lesser of (i) 1% of the Class A common shares issued and outstanding on December 31 of the immediately preceding calendar year; (ii) 1,000,000 Class A common shares; or (iii) such lesser amount as is determined by our Board of Directors. The first period of the plan commenced with a January 1, 2026 offer to purchase share and therefore, there was no compensation expense in 2025.
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| Earnings per share | 22. Earnings per share The following table sets forth the computation of basic and diluted net earnings per common share:
(1) The difference in redemption value from carrying value is reflected as a deemed dividend and an increase of the Class C preference shares, as well as a corresponding reduction to additional paid in capital and earnings per share. (2) Potential dilutive common shares consist of all of our convertible preference shares and certain of our share-based compensation options and RSUs described in Note 21. During a period of loss, the basic weighted average ordinary shares outstanding is used in the denominator of the diluted loss per ordinary share computation as the effect of including potentially dilutive securities would be anti-dilutive. The potential common shares excluded from the calculation of potential diluted shares outstanding were 1,273,669 shares, 15,016,572 shares and 42,089,249 shares for the years ended December 31, 2025, 2024 and 2023, respectively.
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Dividend restrictions and statutory financial information |
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| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividend restrictions and statutory financial information | 13. Unpaid losses and loss adjustment expenses Activity in unpaid losses and LAE reserve is summarized as follows:
Reserves for losses and LAE represent our estimated indemnity cost and related adjustment expenses necessary to administer and settle claims. Our estimates are based upon individual case estimates for reported claims set by our claims specialists, adjusted with actuarial estimates for any further expected development on reported claims and for losses that have been incurred, but not yet reported. The increase in incurred losses and LAE attributable to prior accident years of $6.5 million for the year ended December 31, 2025 and $15.1 million for the year ended December 31, 2024 was primarily related to the EU and UK general liability and property portfolio for Members that we have either discontinued or subject to significant responsive underwriting actions. Adverse development attributable to prior accident years of $4.9 million for the year ended December 31, 2023 was primarily driven by $2.8 million of adverse development on certain UK legacy discontinued business, including from a previous acquisition, in addition to $2.1 million related to US commercial auto reserves. Lines of business Due to the nature of business written and the distribution channels used by Accelerant, (i.e., specialist and tailor-made products sold via MGAs), we regularly monitor and oversee the performance at the individual MGA level, with splits into lines of business or products where appropriate. This granular and detailed analysis and monitoring is designed to provide appropriate oversight over the delegated business and timely detection of any trends. We analyze the performance within three main lines of business, namely Property, Liability and Other. Property losses are generally reported, settled and paid within a short period of time from the date of loss. However, property can be impacted by catastrophe losses which can be more complex than non-catastrophe property claims due to factors such as difficulty accessing impacted areas and other physical, legal and regulatory impediments, potentially extending the period it takes to settle and pay claims. Our Liability insurance products generally cover exposures where most claims are reported without a significant time lag. However, since facts and information are frequently not complete at the time claims are reported to us, and because protracted litigation is sometimes involved, it can be several years before the ultimate value of these claims is determined. Our Other category primarily encompasses motor, marine and surety business. We perform this aggregation solely for reporting purposes considering the materiality of these sub-segments. Foreign currency We translate the loss development for operations outside of the US for all accident years using the constant currency exchange rates as of December 31, 2025. Although this approach requires adjusting all prior accident year information for use in the tables, the changes in exchange rates do not impact incurred and paid loss development trends. The following is information about incurred and paid losses development as of December 31, 2025, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities included within the net incurred loss amounts. Incurred loss and allocated loss adjustment expense ("ALAE"), net of reinsurance The following tables represent our incurred loss and ALAE, net of reinsurance, less cumulative paid claims and ALAE by business line as of December 31, 2025, net of reinsurance, as well as cumulative claims frequency and the total IBNR liabilities plus expected development on reported claims included within the net incurred claims amount. We have adjusted these tables for accident years 2019 through 2022 to present the retrospective effects of the commutation reinsurance transaction described in Note 8. Property (in millions, except for number of claims)
Liability (in millions, except for number of claims)
Other (in millions, except for number of claims)
The reconciliation of our net incurred and paid development tables to the liability for unpaid losses and LAE in our consolidated balance sheets is as follows:
Claims duration The following table presents the historical average annual percentage payout, net of reinsurance on an accident year basis at the same level of disaggregation as presented in the claims development tables above. Given we established operations in 2019, the typical full payout pattern to 100% is not yet available.
(1) Average annual percentage payout is calculated using a paid loss and ALAE development pattern based on an actuarial analysis of the paid loss and ALAE movements by accident year for each disaggregation category. Our average annual percentage payouts shown have been scaled to align with historical expected total payment development after 7 years. 23. Dividend restrictions and statutory financial information Subject to the Cayman Islands Companies Act, the Articles of the Company, and except for rights attaching to the shares by contract, the directors may resolve to pay dividends and other distributions on shares in issue and authorize payment of the dividends or other distributions out of our funds of lawfully available. No dividend or other distribution shall be paid except out of the realized or unrealized profits of the Company or as otherwise permitted by law. The Articles of the Company establish mechanisms and the order of priority for the payment of dividends but, generally, dividends shall be paid pro rata among the Class A and Class B Common Shareholders. Our subsidiaries are subject to certain regulatory restrictions on the distribution of capital and payment of dividends in the jurisdictions in which they operate, as described below. The restrictions are generally based on net income or levels of capital and surplus as determined in accordance with the relevant statutory accounting principles. Failure of these subsidiaries to comply with their applicable regulatory requirements could result in restrictions on any distributions of capital or retained earnings or stricter regulatory oversight of the subsidiaries. Our ability to pay dividends and make other forms of distributions may also be limited by repayment obligations and financial covenants in our outstanding loan facility agreements. During the years ended December 31, 2025, 2024 and 2023, no dividends were declared or paid by us to our shareholders. Certain of our subsidiaries paid dividends of $8.0 million, $3.5 million and $2.9 million to non-controlling interests during the years ended December 31, 2025, 2024 and 2023, respectively. Subsidiary statutory financial information and dividend restrictions Our (re)insurance subsidiaries prepare their statutory financial statements in accordance with statutory accounting practices prescribed or permitted by local regulators. Statutory and local accounting differs from US GAAP, including in the treatment of investments, acquisition costs and deferred income taxes, amongst other items. The statutory capital and surplus amounts as of December 31, 2025 and 2024 and statutory net income (loss) amounts for the years ended December 31, 2025, 2024 and 2023 for our U.S. and non-U.S. based (re)insurance companies are summarized in the table below:
(1) The 2025 amounts reflect our best estimate of the statutory capital and surplus and net income as of the date of completion of these consolidated financial statements. (2) Amounts have been updated to conform to finalized audited statutory financial statements, where applicable. Certain material aspects of these laws and regulations as they relate to solvency, dividends and capital and surplus are summarized below. U.S. Our U.S. insurance subsidiaries, including Accelerant Re. I.I. (Puerto Rico), are required to maintain minimum levels of solvency and liquidity as determined by law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as required by each U.S. insurer’s domiciliary state, and the states in which they operate. RBC is used to evaluate the adequacy of capital and surplus maintained by our U.S. insurance subsidiaries in relation to three major risk areas associated with asset risk, insurance risk and other risks. For both of our U.S. insurance subsidiaries, there are no prescribed or permitted statutory accounting practices that differ from the statutory accounting principles established by National Association of Insurance Commissioners and adopted by the US state regulators. Dividends must be approved by the insurance commissioner in the state of domicile before distribution. As of December 31, 2025 and 2024, our U.S. insurance subsidiaries exceeded their required levels of RBC. Belgium Our Belgium insurance subsidiary, Accelerant Insurance Europe SA, is regulated by the National Bank of Belgium ("NBB") pursuant to the Belgium Insurance Act of 2014. This subsidiary is obligated to maintain a minimum solvency margin based on the Solvency II regulations. As of December 31, 2025 and 2024, this subsidiary held capital in excess of the applicable requirements. The amount of dividends that this subsidiary is permitted to distribute is restricted to retained earnings, the current year profit and legal reserves (as defined). Dividends must be approved by the NBB before distribution. Solvency and capital requirements for this subsidiary are based on the Solvency II framework and must continue to be met following any distribution. Cayman Islands After evaluating the business and liquidity needs of our Cayman Islands reinsurance subsidiary, Accelerant Re (Cayman) Ltd., the directors may, from time to time, declare dividends to the shareholders. Such dividends shall only be paid out of our Cayman Islands reinsurance subsidiary’s retained earnings and any paid-in capital in excess of par, provided that, after giving effect to each such dividend, the remaining capital is in excess of any capital requirements as prescribed by our Cayman Islands reinsurance subsidiary's Board and/or the regulator, the Cayman Islands Monetary Authority ("CIMA"). Prior notification of the payment of such dividends will be given to CIMA. Further, our Cayman Islands reinsurance subsidiary may consider providing loans or may otherwise extend credit to certain of its affiliated companies for non-investment purposes from time to time subject to approval from our Cayman Islands subsidiary’s Board and, thereafter, prior written approval from CIMA. As of December 31, 2025 and 2024, this subsidiary held capital in excess of the applicable requirements. UK Our UK based insurance subsidiary, Accelerant Insurance UK Limited, is regulated by the Prudential Regulatory Authority ("PRA") and the FCA. Our UK based insurance subsidiary is required to maintain adequate financial resources in accordance with the requirements of the PRA. Insurers must comply with both a Minimum Capital Requirement (“MCR”) and a Solvency Capital Requirement ("SCR") calculated using the Solvency UK standard formula. The calculation of the MCR and SCR is based on, among other things, the type and amount of insurance business written and claims paid by the insurance company. The PRA’s rules require our UK insurance subsidiary to obtain regulatory approval for any proposed payment of a dividend. The UK Regulator considers the MCR and SCR when assessing requests to make distributions. As of December 31, 2025 and 2024, this subsidiary held capital in excess of the applicable requirements. Canada Our insurance subsidiary based in Canada, Accelerant Insurance Company of Canada, is regulated for solvency purposes by the Office of the Superintendent of Financial Institutions ("OSFI") under the provisions of the Insurance Companies Act (Canadian Act). Our Canadian subsidiary is committed to establishing and maintaining an internal targeted capital ratio that is set above OSFI’s supervisory target capital ratio. The internal targeted capital ratio is the level of capital based on the subsidiary’s Own Risk and Solvency Assessment ("ORSA") that is necessary to cover the risks specified in the Minimum Capital Test Guideline (as defined) as well as other risks of the insurer. As of December 31, 2025 and 2024, this subsidiary held capital in excess of the applicable requirements.
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Schedule I - Summary of Investments Other Than Investments in Related Parties |
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| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Investments Other Than Investments in Related Parties |
(1) Original cost of fixed maturities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts.
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Schedule II - Condensed Financial Information of Registrant |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information of Registrant |
See accompanying notes to the Condensed Financial Information of Registrant.
(1) Refer to Note 21 to the Consolidated Financial Statements for additional information regarding the non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of our 65,270,453 Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested at the time of the IPO. See accompanying notes to the Condensed Financial Information of Registrant.
See accompanying notes to the Condensed Financial Information of Registrant.
Notes to the Condensed Financial Information of Registrant - Parent Company Only The Condensed Financial Information of Accelerant Holdings (the Registrant) should be read in conjunction with the consolidated financial statements and the accompanying notes thereto of Accelerant Holdings and subsidiaries as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 (the "Consolidated Financial Statements"). The Registrant's investments in consolidated subsidiaries are stated at cost plus equity in losses or undistributed income of consolidated subsidiaries. For additional information regarding Net realized and unrealized gains on investments for the years ended December 31, 2025, 2024 and 2023, refer to Note 4 to the Consolidated Financial Statements for additional information. For additional information regarding the Registrant's non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of 65,270,453 Class A common shares of the Registrant held by Accelerant Holdings LP to certain officers and employees of the Registrant that fully vested at the time of the IPO for the year ended December 31, 2025, refer to Note 21 to the Consolidated Financial Statements. For additional information regarding the Registrant's Senior unsecured debt, including estimated future repayments of long-term debt as of December 31, 2025 and 2024, refer to Note 14 to the Consolidated Financial Statements. For additional information regarding the Registrant's IPO for the year ended December 31, 2025, refer to Note 16 to the Consolidated Financial Statements.
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Schedule III - Supplementary Insurance Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule III - Supplementary Insurance Information |
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Schedule IV - Reinsurance |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule IV - Reinsurance |
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Schedule V - Valuation and Qualifying Accounts |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule V - Valuation and Qualifying Accounts |
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Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations |
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
|
Dec. 31, 2025
shares
| |
| Trading Arrangements, by Individual | |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Matt Sternberg [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On December 7, 2025, Matt Sternberg, Chief Operating Officer, Risk Exchange, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on August 15, 2026, relating to the sale of up to the lesser of 23,000 and the number of Class A common shares of the Company as reasonably estimated by the broker such that the gross proceeds from the sale of shares is sufficient to raise $250,000. |
| Name | Matt Sternberg |
| Title | Chief Operating Officer, Risk Exchange |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | December 7, 2025 |
| Expiration Date | August 15, 2026 |
| Arrangement Duration | 251 days |
| Aggregate Available | 23,000 |
| Frank O'Neill [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On December 8, 2025, Frank O'Neill, Co-Founder and Chief Underwriting Officer, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on September 30, 2026, relating to the sale of up to the lesser of 200,000 and the number of Class A common shares of the Company as reasonably estimated by the broker such that the gross proceeds from the sale of shares is sufficient to raise $3,000,000. |
| Name | Frank O'Neill |
| Title | Co-Founder and Chief Underwriting Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | December 8, 2025 |
| Expiration Date | September 30, 2026 |
| Arrangement Duration | 296 days |
| Aggregate Available | 200,000 |
| Jay Green [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On December 8, 2025, Jay Green, Chief Financial Officer, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on September 30, 2026, relating to the sale of up to 100,000 Class A common shares of the Company. |
| Name | Jay Green |
| Title | Chief Financial Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | December 8, 2025 |
| Expiration Date | September 30, 2026 |
| Arrangement Duration | 296 days |
| Aggregate Available | 100,000 |
| Nancy Hasley [Member] | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On December 8, 2025, Nancy Hasley, Group General Counsel, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), with a term scheduled to end on August 31, 2026, relating to the sale of up to 277,132 Class A common shares of the Company. |
| Name | Nancy Hasley |
| Title | Group General Counsel |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | December 8, 2025 |
| Expiration Date | August 31, 2026 |
| Arrangement Duration | 266 days |
| Aggregate Available | 277,132 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Our processes for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall enterprise risk management program, which is overseen by the Audit Committee of the Board (the “Audit Committee”). Our cybersecurity and data protection program is designed to address risks across all of our operations, including the Risk Exchange, and focuses on data ingestion and transfer, data storage and processing, user access to the platform, and the secure sharing of analytics and portfolio monitoring outputs. Oversight of cybersecurity and data protection risks is provided by the Audit Committee, which assesses the overall threat landscape and management’s actions to monitor and mitigate our risk exposure, and related strategies and investments. The Audit Committee then provides updates on significant cybersecurity and data protection matters to the Board periodically. We have established comprehensive cybersecurity policies, standards, processes, practices, and controls to mitigate the risk of cyber threats, and we continually invest in prevention and detection technology and employee training to enhance our cybersecurity posture. Our cybersecurity risk management personnel actively monitor and strive to align with the directives issued by the U.S. Cybersecurity and Infrastructure Security Agency. Collaboration Cybersecurity and data protection risks are identified and addressed through a comprehensive, cross-functional approach. Key security, risk, legal, compliance, IT, and business personnel meet regularly to support the Company’s cybersecurity and business resilience programs, including preserving the confidentiality, integrity, and availability of Company, employee, Member, Risk Capital Partner, policyholder, and third-party information; identifying, preventing, and mitigating cybersecurity threats; and responding to cybersecurity incidents. We maintain controls and procedures designed to support the timely escalation of certain cybersecurity incidents. Decisions regarding legal and regulatory compliance, public disclosure, and reporting are assessed as part of the incident response process and involve the appropriate finance and legal functions. Significant cybersecurity incidents will be reported to the relevant boards and other committees, as necessary and in accordance with established governance processes. Risk Assessment and Technical Safeguard Our Business Resilience Steering Committee, chaired by the Chief Risk Officer ("CRO") and comprising senior stakeholders, including the CISO, meets every six weeks to oversee business resilience matters, including cybersecurity. This forum ensures that resilience initiatives are aligned with business priorities, emerging risks are addressed in a timely manner, and the organization responds effectively to evolving regulatory and compliance requirements. On an annual basis, the enterprise risk management function leads the Risk and Control Self-Assessment (“RCSA”) process, which includes a review and assessment of information security risks and controls. In addition, the Information Security team conducts a comprehensive annual enterprise and cybersecurity risk assessment involving a range of stakeholders. This assessment incorporates inputs from internal and external assurance activities, regulatory and compliance requirements (including ISO 27001), security testing and monitoring activities (such as penetration testing, vulnerability management, and resilience testing), third- and fourth-party risk considerations, external risk intelligence, artificial intelligence risk, and emerging risk trends. Independent third-party firms are engaged to conduct penetration testing at least annually, and an incident response tabletop exercise is performed on an annual basis. The results of these assessments are used to prioritize initiatives to enhance preventive and detective security controls, recommend improvements to processes, and inform senior management, the Audit Committee, and the Board of Directors, as appropriate. Throughout the year we conduct vulnerability testing and continually assess and deploy technical safeguards designed to protect our information systems from cybersecurity threats. Such safeguards are regularly evaluated and improved based on industry best practices, vulnerability assessments, cybersecurity threat intelligence, input from consultants, and incident response experience. Monitoring and Incident Response Plan Information security risks are monitored by our security operations center team along with managed services providing continuous monitoring and response. We maintain cyber insurance coverage, which includes access, through the insurer and its panel of approved vendors, to incident response resources that may be utilized in the event of a cybersecurity incident. These resources may include, as appropriate, forensic investigation, remediation support, legal and regulatory advisory services, and assistance with notification and communications activities. The availability and use of such resources are subject to the terms, conditions, and limits of the applicable insurance policy. We have established a comprehensive incident response plan that is regularly tested and evaluated to confirm its effectiveness. In the event a cybersecurity incident requires escalation, it is referred to our crisis management team, in accordance with established incident response and escalation procedures. We assess the potential materiality of a cybersecurity incident through a coordinated process involving the Information Security, Finance, Legal, and Risk functions. Based on this assessment, incidents may be escalated to senior management, the Audit Committee, and the Board of Directors, as appropriate. Third-Party Risk Assessments Our internal business operations, as well as our Risk Exchange, rely on third parties to support aspects of data ingestion, enrichment, analytics, claims operations, and infrastructure. We maintain a third-party risk management program under which third parties are subject to risk-based due diligence prior to the sharing of sensitive data or the use of third-party-managed computing environments. This process includes reviews by our Compliance, Risk, and Information Security functions. In addition, we conduct ongoing monitoring of the external security posture of certain third parties to identify and assess potential changes in risk. In addition, our standard terms and conditions for both third-party service provides and prospective Risk Exchange participants include contractual provisions that require vendors and service providers to implement appropriate security requirements, controls, and responsibilities, based on their specific risk profile. Education and Awareness Our policies require each of our employees to contribute to our data security efforts. We maintain a human risk management and security awareness program designed to promote a strong security culture and support the protection of Company, employee, Member, Risk Capital Partner, policyholder, and third-party data. The program includes at least annual computer-based information security training, regular communications and awareness campaigns, simulated phishing exercises, and other educational activities, such as videos, webinars, alerts, and periodic culture-related assessments, to enhance employee awareness of how to recognize, detect, and respond to cybersecurity threats. We have a vested interest in promoting appropriate information security awareness practices across MGAs and Members in which we hold an equity ownership interest. Accordingly, where appropriate, we may engage with management of such entities on information security and cybersecurity awareness considerations.
|
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Our processes for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall enterprise risk management program, which is overseen by the Audit Committee of the Board (the “Audit Committee”). |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Board Oversight The Audit Committee oversees our overall enterprise risk assessment and risk management policies including risks related to cybersecurity. The Board and Audit Committee drive our organizational approach from the top by providing oversight and establishing expectations for the overall effectiveness and efficiency of the information security program. Each quarter, our CISO provides a quarterly update to the Audit Committee regarding our cybersecurity program, including detection, mitigation, and remediation of significant incidents, if any, that occurred during the quarter. Additionally, on an annual basis, the CISO delivers reports to the Board and Audit Committee with an annual cybersecurity risk assessment that includes information concerning the prevention, detection, mitigation, and remediation of cybersecurity incidents, if any, including material security risks and information security vulnerabilities. The Audit Committee provides a quarterly summary of all important issues to the full Board. In addition, if warranted based on our response plan, cybersecurity incidents will be escalated to the attention of the Audit Committee while such incidents are ongoing.
|
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee oversees our overall enterprise risk assessment and risk management policies including risks related to cybersecurity. The Board and Audit Committee drive our organizational approach from the top by providing oversight and establishing expectations for the overall effectiveness and efficiency of the information security program. Each quarter, our CISO provides a quarterly update to the Audit Committee regarding our cybersecurity program, including detection, mitigation, and remediation of significant incidents, if any, that occurred during the quarter. Additionally, on an annual basis, the CISO delivers reports to the Board and Audit Committee with an annual cybersecurity risk assessment that includes information concerning the prevention, detection, mitigation, and remediation of cybersecurity incidents, if any, including material security risks and information security vulnerabilities. The Audit Committee provides a quarterly summary of all important issues to the full Board. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Each quarter, our CISO provides a quarterly update to the Audit Committee regarding our cybersecurity program, including detection, mitigation, and remediation of significant incidents, if any, that occurred during the quarter. Additionally, on an annual basis, the CISO delivers reports to the Board and Audit Committee with an annual cybersecurity risk assessment that includes information concerning the prevention, detection, mitigation, and remediation of cybersecurity incidents, if any, including material security risks and information security vulnerabilities. The Audit Committee provides a quarterly summary of all important issues to the full Board. |
| Cybersecurity Risk Role of Management [Text Block] | Management’s Role Primary responsibility for assessing and managing our cybersecurity risks rests with our CISO, who reports to our CRO. The CRO chairs the Business Resilience Steering Committee, which provides management oversight and drives alignment on business resilience and security matters across the Company. The Business Resilience Steering Committee provides oversight of business resilience matters, including cybersecurity. The committee is led by senior management and includes representatives from technology, risk, and information security functions. Through this forum, management reviews cybersecurity and resilience topics, including updates on information security compliance matters such as ISO 27001, and supports alignment with business priorities and oversight of related risks and initiatives.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Primary responsibility for assessing and managing our cybersecurity risks rests with our CISO, who reports to our CRO. The CRO chairs the Business Resilience Steering Committee, which provides management oversight and drives alignment on business resilience and security matters across the Company. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The committee is led by senior management and includes representatives from technology, risk, and information security functions. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Through this forum, management reviews cybersecurity and resilience topics, including updates on information security compliance matters such as ISO 27001, and supports alignment with business priorities and oversight of related risks and initiatives. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of significant accounting policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of presentation | Basis of presentation The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements are presented in US Dollars and all amounts are in millions, except for the number of shares, per share amounts and the number of securities.
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| Reclassifications | Certain prior year comparative information has been reclassified to conform to the current presentation. |
| Principles of consolidation | Principles of consolidation The consolidated financial statements include all the controlled subsidiaries, generally through a greater than 50% ownership of voting rights and voting interests ("VOE"), and variable interest entities ("VIEs") of which we are the primary beneficiary. Non-controlling interests consist of equity that is not attributable directly or indirectly to us. Equity investments in entities that are not consolidated in which we have significant influence over the operating and financial policies are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated in consolidation.
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| Variable interest entities | Variable interest entities VIEs are required to be consolidated by the entity deemed to be the primary beneficiary which is defined as the investor that has the power to direct the activities of the VIE and will absorb a portion of the VIEs expected losses or residual returns that could potentially be significant to the VIE. To determine whether we have a variable interest in a VIE, we analyze whether we are the primary beneficiary of the VIE by considering: •the VIE's purpose and design, including the risks the VIE intended to pass through to its variable interest holders; •the VIE's capital structure; •the terms between the VIE and its variable interest holders and other parties involved with the VIE; •which variable interest holders have the power to direct the activities of the VIE, including those that most significantly impact the VIE's economic performance; •which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE, particularly those that could potentially be significant to the VIE; and •any relevant related party relationships. We reassess our determination of whether we are the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially change our assessment (i.e., reconsideration events).
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| Foreign operations remeasurement and translation | Foreign operations remeasurement and translation The functional currency for each of our operating subsidiaries is generally the currency of the local operating environment. Transactions in currencies other than the local operation’s functional currency are remeasured into the functional currency and the resulting foreign exchange gains or losses are reflected in our consolidated statements of operations. Functional currency assets and liabilities are translated into our reporting currency, US dollars, using period end exchange rates and the related translation adjustments are recorded as a separate component of other comprehensive (loss) income within shareholders’ equity. Amounts included in our consolidated statements of operations are translated using the applicable exchange rates existing during the annual period.
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| Business combinations | Business combinations The acquisition method of accounting is used to account for all business combinations. The consideration transferred for the acquisition of an entity is comprised of the: •fair values of the assets transferred; •liabilities incurred to the former owners of the acquired business; •equity interests issued; •fair value of any asset or liability resulting from additional consideration arrangements; and •fair value of any pre-existing equity interest (non-controlling interest upon consolidation) in the subsidiary. Identifiable assets acquired (including intangible assets) and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. We recognize any non-controlling interests in the acquired entity at fair value. Acquisition-related costs are expensed as incurred. Goodwill for business combinations is recorded as the excess of the consideration transferred, over the fair value of the net identifiable assets acquired.
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| Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires us to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates reflected in our consolidated financial statements include, but are not limited to, unpaid losses and loss adjustment expenses ("LAE"), reinsurance recoverables on unpaid losses and LAE, direct and ceding commission income subject to sliding scale adjustments based on actual and expected loss ratios of the underlying insurance policies, valuation allowance on deferred income taxes, fair values of investments, valuation allowance for expected credit losses, recoverability of goodwill and other intangible assets, and useful economic lives of intangible assets.
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| Premiums | Premiums Premiums are generally recorded as written upon inception of the policy, less cancellations. Premiums written are based on contract and policy terms. Premiums are primarily earned in proportion to the amount of insurance protection provided over the term of the insurance contract. Unearned premiums represent the portion of premiums written applicable to the unexpired term of the related policy. A premium deficiency occurs if the sum of anticipated losses and loss adjustment expenses and DAC exceed the sum of anticipated investment income and unearned premiums. A premium deficiency is recorded by charging any deferred acquisition costs to expenses to the extent required to eliminate the deficiency. If the premium deficiency exceeds deferred acquisition costs, then a liability is accrued for the excess deficiency.
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| Deferred policy acquisition costs | Deferred policy acquisition costs Policy acquisition costs represent the costs directly related to the successful acquisition of new and renewal insurance contracts. The costs are deferred and amortized over the same period in which the related premiums are earned. The costs principally consist of commissions, brokerage, premium tax expenses and direct agency costs. The amounts presented within our consolidated balance sheets pertain to the DAC associated with the retained portion of insurance policies we issue, as the acquisition costs associated with the ceded portion of the insurance policies are offset by ceding commissions received from our reinsurance providers. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income, including investment income. Unrecoverable deferred policy acquisition costs are expensed in the period identified.
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| Ceding commission income and Reinsurance recoverables and payables and Funds held under reinsurance | Ceding commission income We cede a significant portion of our premiums written to reinsurance companies. This generates ceding commissions which are recorded as a reimbursement for (and reduction of) the pro-rata share of the acquisition costs related to the insurance contracts subject to reinsurance. Ceding commissions that are more than the proportionate amount of the DAC of the business ceded are deferred and amortized over the same period in which the related premium is earned. The amortization of the excess deferred ceding commissions is recorded as a component of "Ceding commission income" within our consolidated statements of operations. Certain ceding commissions are subject to sliding scale adjustments based on the actual loss experience of covered insurance contracts. Any adjustments made to projected loss experience will result in an adjustment to deferred ceding commissions to the extent that there are remaining unearned premiums and directly to the income statement when the associated premiums have been earned. Accordingly, in all cases, we adjust ceding commissions as of the reporting date for our best estimate of loss experience for reinsured insurance contracts.Reinsurance recoverables and payables Our insurance companies use reinsurance to mitigate exposure to losses arising from direct insurance policies, limit liability on specific risks and catastrophes and to stabilize loss experience. We also utilize reinsurance to manage capital (both regulatory and operational) and solvency and as a mechanism to pool risks to maximize diversity of the portfolio. We purchase various types of reinsurance, including excess of loss contracts (that protect against losses above stipulated amounts) together with quota share contracts (to provide cover for adverse losses on a total portfolio basis). Certain of these reinsurance contracts include risk limiting features, such as loss limits, sliding scale commissions and reinstatement provisions. Risk tolerance is set based on a low probability of exceeding loss limitations. We closely monitor our exposures against the available reinsurance to ensure adequate protection. The impact of the sliding scale commission adjustments following adverse loss experience (resulting in a return of ceding commission to the reinsurers and therefore an offset to the benefit of reinsured losses) could be material to us. Premiums ceded under prospective reinsurance agreements are recognized as a reduction in revenues over the period the reinsurance coverage is provided in proportion to the risks to which the premiums relate. Amounts applicable to reinsurance ceded for unearned premiums are reported as Ceded unearned premiums in our consolidated balance sheet. Certain reinsurance contracts we purchase are retroactive (and take the form of a loss portfolio transfer), whereby the reinsurer agrees to reimburse us because of past insurable events. When a reinsurance contract does not transfer significant insurance risk, we account for the premium paid (net of any amount of premium that will be retained by the reinsurer) as a deposit asset in reinsurance recoverables within our consolidated balance sheets. The amount of the initial deposit asset is adjusted in subsequent reporting periods by calculating an effective yield on the deposit based on actual and expected future payments. Such adjustments are reported as interest income within "Net investment income" in our consolidated statements of operations. Reinsuring loss exposures does not relieve our obligation to policyholders in the event of nonperformance by the reinsurers, thus a credit and / or dispute exposure exists to the extent that any reinsurer is unable to meet the obligation assumed in the reinsurance agreements. To mitigate this exposure to reinsurer insolvencies, we evaluate the financial condition of our reinsurers and typically hold collateral in the form of funds withheld, trusts and letters of credit, as security under the reinsurance agreements. Amounts recoverable from and payable to reinsurers are estimated in a manner consistent with the claim liability associated with the insured business. Reinsurance premiums, commissions, and expense reimbursements related to reinsured business are accounted for on a basis consistent with the basis used in accounting for the original policies issued and the terms of the reinsurance contracts. We assess our reinsurance assets for recoverability on a regular basis. If there is objective evidence that the reinsurance asset is not recoverable due to reinsurer insolvency, a contractual dispute, or other reasons, we reduce the carrying amount of the reinsurance asset to our recoverable amount and recognizes that loss in our consolidated statements of operations. We may periodically enter commutation agreements with our reinsurers. Such agreements result in the termination of all or part of a reinsurance agreement whereby we would assume the obligation to insure the previous loss reserves subject to the reinsurance agreement in exchange for cash or other consideration. Upon execution of a commutation agreement, we reassume the risk of liabilities for losses previously ceded to the reinsurer, while the reinsurer is generally released of our obligations under the commuted (legally extinguished) portions of the reinsurance agreement. Our insurance subsidiaries that originally ceded the insurance business account for a commutation by eliminating their existing reinsurance recoverable and recognizing a gain or loss for the difference between the consideration received and the previously recognized reinsurance recoverable. Flywheel Re: We have entered into a quota share agreement, where we cede certain insured risks to Flywheel Re Ltd. ("Flywheel Re"). Flywheel Re is a Class C Insurer licensed in the Cayman Islands and is a special purpose reinsurance company that provides multi-year collateralized quota share capacity to Accelerant, backed by long-term institutional investors. Flywheel Re is not consolidated in our consolidated financial statements because we i) do not have the power over the activities that most significantly impact Flywheel Re's economic performance, and ii) it is wholly-owned by third-party investors. Each investor group in Flywheel Re purchased preferred shares in a segregated portfolio owned solely by such investor group. The purchase price of the preferred shares was then pledged as collateral to Accelerant Re (Cayman) Ltd. ("Accelerant Re"), the cedent to Flywheel Re under each applicable reinsurance agreement. Accelerant Re cedes premium and losses in accordance with the terms of the applicable reinsurance agreement, to Flywheel Re and all investors are obligated to accept such premium and losses over the course of underwriting years. Our reinsurance arrangements with Flywheel Re have been contracted on an arm's-length basis. Funds held under reinsurance Certain of our reinsurance contracts provide for an arrangement where, rather than making a cash payment or transferring investments for ceded premiums written, we hold the related amounts as assets to collateralize the reinsurer's obligations and establish corresponding funds held under reinsurance liabilities.
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| Direct commission income | Direct commission income We operate our Risk Exchange, our own insurance agencies (that place insurance coverage through a network of MGAs, including independent, partially owned and wholly owned MGAs) and (re)insurance companies. The Risk Exchange generates revenue primarily through commission paid by affiliated and third-party insurance carriers for various agency services and fees paid by third-party reinsurance brokers for placement services. Our insurance agencies operate through a network of MGAs and third-party claim administrators ("TPAs") that execute various activities on behalf of the Risk Exchange in return for commissions. Transactions among third-parties are reflected in our financial statements, while commissions and other amounts paid by and among wholly-owned entities are eliminated in consolidation. Direct commission income paid by third parties to our businesses within the Exchange Services and MGA Operations segments on premiums that are otherwise not assumed by Accelerant Underwriting are recognized as direct commission income in our consolidated statements of operations, to the extent that the underlying services and performance obligations to which they relate have been performed. The Exchange Services and MGA Operations segments recognize revenue as direct commission income on a net basis, with its commission income offset by the commission expense paid to MGAs, reflecting that Exchange Services acts in an agency capacity on behalf of the insurance companies in connection with its performance obligations for underwriting, binding, and placement of insurance coverage. Exchange Services also acts in a principal capacity for the post-placement obligations such as supporting the adjudication of large claims through management of various third-party administrators which perform claims handling and settlement services. We estimate the stand-alone selling price for each separate performance obligation and allocates the total commission income between the performance obligations. The commissions allocated to the performance obligation of underwriting, binding and placement of insurance coverage are earned upon the effective date of the insurance policy, while the corresponding price allocated to post-placement obligations are recognized over time as the performance obligations are fulfilled on a straight-line basis. Commissions paid by third-party insurance carriers are also subject to certain contractual clauses that give rise to variable consideration as follows: •the commissions received are subject to adjustment based on the loss experience in the underlying policies; and •the commissions are also subject to return if there are cancellations of the underlying policies. Commission revenue is only recognized to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. A commission refund liability is estimated for the potential return of commissions.
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| General and administrative expenses | General and administrative expenses General and administrative expenses primarily consist of salaries, employee benefits and other general operating expenses and are expensed as incurred.
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| Other expenses | Other expenses Other expenses represent costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, Mission profit sharing expenses, legal and advisory costs in connection with corporate development activities including mergers and acquisitions, capital raising activities and entity formation costs that support our growing business.
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| Income taxes | Income taxes The provision for income tax recognized in our consolidated statements of operations consists of current and deferred tax. The calculation of current and deferred tax is based on tax rates and tax laws which have been enacted in the reporting period. The deferred tax assets and liabilities result from temporary differences between the amounts recorded in our consolidated financial statements and the tax basis of assets and liabilities used in the various jurisdictional tax returns. Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future taxable income. This is assessed based on forecasted future operating results, adjusted for significant non-taxable income and expenses, and specific limits on the use of any unused tax losses or credits. A valuation allowance against deferred tax assets is recorded, if it is more likely than not, that all, or some portion of, the benefits related to these deferred tax assets will not be realized. Deferred tax liabilities are generally recognized in full, with limited exceptions. Potential tax implications of repatriation from our unremitted earnings that are indefinitely reinvested are driven by facts at the time of distribution. Therefore, it is not practicable to estimate the income tax liabilities that might be incurred if such earnings were remitted. We review all tax positions and determine whether our position is more likely than not to be sustained, upon examination by regulatory authorities. Recognized income tax positions are measured at the largest amount, which has a greater than 50 percent likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We classify all interest and penalties (if any) related to uncertain tax positions as income tax expense.
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| Cash and cash equivalents | Cash, cash equivalents and restricted cash Cash consists primarily of cash on hand and bank deposits. Cash equivalents are short-term, highly liquid investments that mature within three months from the date of acquisition and are stated at amortized cost, which approximates fair value. Our restricted cash balances are held in segregated accounts and are legally restricted as to withdrawal or usage.
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| Restricted cash | Cash, cash equivalents and restricted cash Cash consists primarily of cash on hand and bank deposits. Cash equivalents are short-term, highly liquid investments that mature within three months from the date of acquisition and are stated at amortized cost, which approximates fair value. Our restricted cash balances are held in segregated accounts and are legally restricted as to withdrawal or usage.
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| Investments | Investments Short-term investments consist of investments with a maturity greater than three months and less than one year from the date of purchase and are carried at fair value. Investments in fixed maturity securities consist of bonds with a maturity of greater than one year from the date of purchase. The amortized cost basis of fixed maturity securities is adjusted for the amortization of premiums and accretion of discounts. This amortization or accretion is included in periodic income in our consolidated statements of operations. Our investments in fixed maturity securities are considered available-for-sale and are carried at fair value. Changes in the fair value of available-for-sale investments are recognized as a separate component of shareholders’ equity (other comprehensive income (loss)) until realized. Fair value of these investments is estimated using prices obtained from third-party pricing services, where available. We held equity securities in 2023 that consisted of interests in investment funds that primarily invest in debt securities. Equity securities were measured at fair value with changes in fair value recognized in "Net unrealized gains on investments" in our consolidated statements of operations. Dividends on equity securities and other investments were included in "Net investment income" on the ex-dividend date in our consolidated statements of operations. Realized gains and losses on disposition of investments are based on specific identification of investments sold on the trade date. Interest, dividend income and amortization of fixed maturity market premiums and discounts related to these securities are recorded in "Net investment income," net of investment management and custody fees, in our consolidated statements of operations. We have certain unconsolidated investments where we have significant influence over the operating and financial policies of the investee. We account for these investments under the equity method, whereby we record our proportionate share of income or loss from such investments in our results for the period in "Net investment income" in our consolidated statements of operations. Any decline in value of equity method investments we consider to be other-than temporary is charged to income in the period in which it is determined. Other investments include investments in limited partnership and private equity investments in operating entities, as well as associated warrants to acquire additional ownership interests, whereby we elected the measurement alternative to carry such investments at cost, less any impairment and to mark to fair value when observable prices in identical or similar investment from the same issuer occur. We recorded $39.4 million, $19.8 million and $12.1 million of income related to these investments for the years ended December 31, 2025, 2024 and 2023, respectively. We have elected to classify distributions received from equity method investees using the cumulative earnings approach where distributions received are considered returns on investment and are classified as cash inflows from operating activities unless the amount of cumulative distributions received exceed cumulative earnings and are thereby determined to be returns of investment (that would then be classified as cash inflows from investing activities). Any distribution from investments accounted for under the measurement alternative are classified as investing activities.
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| Fair value measurements | Fair value measurement Fair value is defined as the price that would be received upon selling an asset or the price paid to transfer a liability on the measurement date, in the principal or most advantageous market for the asset or liability, in an orderly transaction between willing market participants. A three-tier hierarchy is established as a basis for considering such assumptions, and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are: •Level 1: Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices in active markets for identical assets and liabilities; •Level 2: Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets and liabilities that are actively traded. This also includes pricing models for which the inputs are corroborated by market data; and •Level 3: Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. The valuation of Level 3 assets and liabilities requires the greatest degree of judgment. These measurements may be made when there is little, if any, market activity for the asset or liability. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment. In making the assessment, we consider factors specific to the asset. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety. We perform valuations for financial reporting purposes. Valuation techniques are selected based on the characteristics of each instrument, with the overall objective of maximizing the use of market-based information. We use prices from independent pricing vendors to determine fair value estimates of investment funds, which are based on quoted prices in an active market and are disclosed as Level 1. Our internal price validation procedures and review of fair value methodology documentation provided by independent pricing vendors has not historically resulted in adjustments to the prices obtained from the pricing service. The independent pricing services used by our vendors obtain actual transaction prices for securities that have quoted prices in active markets. We derive the fair value of fixed maturity securities principally from market price data for identical assets from exchange or dealer markets and from market observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals and are disclosed as Level 2. Rights to acquire equity interests, including warrants, are disclosed as Level 3 due to the use of significant unobservable inputs. We use valuation techniques that rely on internally developed models and reported values from investment managers rather than quoted prices or observable market data. The market for these investments is illiquid and there is no active market.
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| Premiums receivable | Premiums receivable Premiums receivable include insurance premiums that are both amounts currently due and not yet due from policyholders as well as amounts due from agents. The balance is reported net of a valuation allowance for expected credit losses. Such allowance is based upon ongoing review of amounts outstanding, the length of collection periods, the creditworthiness of the insured and other relevant factors. Amounts deemed to be uncollectible are written off against the allowance.
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| Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill represents the excess of acquisition costs over the net fair value of identifiable assets acquired and liabilities assumed in a business combination at the date of acquisition. Goodwill is allocated to reporting units based on the expected benefit from the business combination. Goodwill is deemed to have an indefinite life and is not amortized, but rather is tested at least annually for impairment. If the goodwill asset is determined to be impaired, it is written down in the period in which the determination is made. We perform our annual goodwill impairment assessment as of October 1 each year, or more frequently if indicators of impairment exist. For goodwill impairment testing, we have the option to first assess qualitative factors to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of the reporting unit is greater than the carrying amount. If our assessment indicates less than a 50 percent probability that the fair value of a reporting unit is greater than the carrying value or otherwise we elect to bypass the qualitative assessment, we quantitatively estimate the reporting unit’s fair value. If the carrying value of the reporting unit exceeds its estimated fair value, we recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. We determine the fair value of the reporting units using the income approach or the market approach. Under the income approach, we estimate the fair value of a reporting unit based on the present value of estimated future cash flows. We prepare cash flow projections based on our estimates of revenue growth rates and operating margins, taking into consideration the historical performance and the current macroeconomic industry and market conditions. Under the market approach, we estimate fair value based on market multiples of earnings, derived from comparable publicly traded companies, with similar characteristics as the reporting unit. Other intangible assets include finite-lived intangible assets that relate to customer relationships and trademarks. Finite-lived intangible assets are recognized at fair value on the acquisition date and amortized over their estimated useful lives. Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives, generally to fifteen years, and are reviewed for impairment when events and circumstances indicate that their carrying value may not be recoverable. Estimated useful lives of finite-lived intangible assets are required to be reassessed on at least an annual basis. Other indefinite-lived intangible assets relate to insurance licenses and are not amortized. We test such assets for impairment annually as of October 1 or more frequently when events and circumstances indicate that their carrying value may not be recoverable.
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| Capitalized technology development costs | Capitalized technology development costs We develop internal-use software and implement cloud-computing arrangement software. We capitalize certain of those costs based on the nature of the development activities being performed, including coding, software installation, testing and significant upgrades or enhancements to existing software that result in additional functionality. Costs capitalized to develop internal-use software are amortized using the straight-line method over the estimated useful life, which we generally estimate to be five years, beginning when the software is substantially complete and ready for its intended use. Costs capitalized to implement cloud computing arrangements, are amortized over the term of the hosting arrangement using the straight-line method. Costs associated with activities not described above are expensed as incurred. We periodically assess the useful life of the applicable capitalized software and potential impairment indicators when there is risk such costs may not be recoverable.
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| Unpaid losses and loss adjustment expenses | Unpaid losses and loss adjustment expenses Our reserves for losses and LAE include estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported ("IBNR"). It represents our best estimate of the unpaid portion of ultimate costs, of all reported and unreported loss incurred through the balance sheet date and is based upon the assumption that past developments are an appropriate indicator of future events amongst other factors. The reserves are based on individual claims, case reserves and other reserves estimates reported, as well as our actuarial estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Ultimate losses may vary materially from the amounts provided in our consolidated financial statements. These estimates are reviewed regularly and as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in our consolidated statements of operations in the period in which they become known and we account for them as changes in estimates. The unpaid losses and LAE are presented on an undiscounted basis. The process of establishing unpaid losses and LAE can be complex and is subject to considerable uncertainty, as it requires the use of informed estimates and judgments based on circumstances known at the date of accrual. Our estimates and judgments are based on numerous factors and may be revised as additional experience and other data become available and are reviewed and as new or improved methodologies are developed. The adequacy of the reserves may be impacted by future trends in claims severity, frequency, payment patterns and other factors. These variables are affected by both external and internal events, including but not limited to, changes in the economic cycle, inflation, natural or human-made catastrophes and legislative changes. Total IBNR reserves are determined by subtracting payments and case reserves implied from the ultimate loss and LAE estimates. Ultimate loss and LAE are estimated utilizing generally accepted actuarial loss reserving methods. The reserving methods we employ include the Chain Ladder, Bornheutter-Ferguson and Initial Expected Loss Ratio methods. Reportable catastrophe losses are analyzed and reserved separately using a frequency and severity approach. The methods all involve aggregating paid and case-incurred loss data by underwriting year and development month, segmented into MGAs and products or lines of business as deemed appropriate and material. Our ultimate loss selections for each year tend to be based upon the Chain Ladder results for the older years and the Bornheutter-Ferguson method for the most recent years. Because we have limited data to assess our own claims experience given the recently formed nature of our business, we use industry and peer-group data, in addition to our own data, as a basis for selecting our expected paid and reporting patterns. The recorded reserves represent our best estimate of ultimate liabilities, based on currently known facts, current law, current technology, and reasonable assumptions where facts are not known. Due to the significant uncertainties and related judgments, there can be no assurance that future favorable or unfavorable loss development, which may be material, will not occur.
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| Concentrations of credit risk | Concentrations of credit risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. Cash and cash equivalents are held with financial institutions of high quality. For equity securities and fixed maturity securities, we manage our credit risk through diversification in terms of instruments by issuer, geographic region and related industry. The ceding of insurance through our reinsurance partners does not legally discharge us from our primary liability for the full amount of the policy coverage. We will be required to pay the loss and bear the collection risk if the reinsurer fails to meet its obligations under the reinsurance agreement. To minimize exposure to significant losses from reinsurance insolvencies, we evaluate the financial condition of our reinsurers and monitor both individual, and concentrations of, credit risk. Refer to Note 8 for more information on how we manage credit risk related to our reinsurance recoverables.
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| Segment information | Segment information Accelerant's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer ("CEO"). The CODM has authority and executive oversight over operating decisions and resource allocations such as significant business strategy decisions, capital expenditures, the budget and forecasting processes and all new material ventures and contracts. Additionally, the CODM drives the execution of these activities and reviews operating results to assess performance and makes resource allocation decisions. Each segment has a segment manager who reports directly to the CODM. Adjusted EBITDA, a non-GAAP financial measure, is the primary measure of segment profit and loss reviewed by the CODM and is intended to measure the performance of segments, which the CODM utilizes to allocate our resources. We define Adjusted EBITDA as net (loss) income adjusted to remove the impact of interest, income taxes, depreciation, amortization, net foreign currency exchange (losses) gains and other expenses. We believe the exclusion of the impact of interest, income taxes, depreciation, amortization, net foreign currency exchange (losses) gains and other expenses is pertinent to understanding Accelerant's performance attributable to our core operating activities, as well as comparability to prior periods and peers. Segment Adjusted EBITDA also excludes certain costs that are not allocated to segments because they are separately managed at the consolidated corporate level. The unallocated costs primarily include general and administrative expenses such as those incurred in the legal and accounting functions.
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| Convertible preference shares | Convertible preference shares We previously issued convertible preference shares (all of which were converted or redeemed at the time of the IPO) that were evaluated for features that may have resulted in their characterization as permanent equity, temporary equity (often referred to as “mezzanine equity”), or a liability. We previously recorded the Class A and Class B preference shares at their respective fair values on the dates of issuance, net of issuance costs, within permanent equity. Such convertible preference shares were subject to actual liquidation or deemed liquidation events, such as an initial public offering of our common shares, or a sale of the Company. Our Class A and Class B shares were recorded as a component of permanent equity because, while they were subject to redemption on the occurrence of any such liquidation events, all of the holders of our equally or more subordinated equity instruments were also entitled to receive the same form of consideration (for example, cash or shares) upon the occurrence of the event that gave rise to the redemption (that is, all classes of shares subordinate to the Class A and Class B preference shares were also entitled to be redeemed). Our Class C preference shares were issued with contingently issuable detachable warrants that would have only become exercisable on the non-occurrence of an initial public offering or other liquidation event within two years of issuance of the Class C preference shares. Such warrants were equity-linked instruments and were considered issued for accounting purposes. We recorded the Class C preference shares and contingently issuable detachable warrants at their relative fair values on the date of issuance, net of issuance costs, within temporary equity and additional paid in capital, respectively. The Class C preference shares were previously recorded in temporary equity as they contained redemption rights that were contingent upon the occurrence of actual liquidation or deemed liquidation events of the Company, such as an initial public offering, or a sale that were not solely within our control. At issuance, we deemed the Class C preference shares probable of conversion to common shares when considering both the expected timing and nature of events giving rise to the redemption or conversion rights of the holders of such Class C preference shares at the date of issuance. However, in July 2025 since the IPO occurred and the condition for redemption was met, we recognized the redemption value immediately as a deemed dividend and an increase in the value of the Class C preference shares, as well as a corresponding reduction to additional paid in capital and earnings per share. The Class C preference shares were then subject to cash settlement in July 2025. There was no adjustment to the previous amounts recorded for warrants in additional paid in capital
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| Contingent liabilities | Contingent liabilities We record contingent liability provisions when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. With respect to legal matters, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter.
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| Earnings per share | Earnings per share Our basic earnings per share is based on the weighted average number of common shares outstanding and excludes potentially dilutive securities. Our diluted earnings per share is based on the weighted average number of common and common share equivalents outstanding calculated using the if-converted method for all potentially dilutive convertible securities. When the effect of dilutive securities would be anti-dilutive, we exclude these securities from the calculation of diluted earnings per share.
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| Share-based compensation | Share-based compensation Our share-based compensation arrangements include restricted share units, employee share purchase plan awards, liability-classified awards and stock option awards. Equity-classified awards Share-based compensation cost is measured at grant-date fair value and recognized over the requisite service period, with forfeitures recognized as they occur. Equity-classified awards are not subsequently remeasured (while liability-classified awards, as discussed below, are remeasured at fair value each reporting period until settlement). Share-based compensation expense for our equity-classified awards is included as a component of general and administrative expenses in our consolidated statements of operations. Share options: We calculated the fair value of share options we issued using a weighted-average of values derived using the Hull-White valuation method for those options granted prior to our IPO. We utilized a Black-Scholes model for options granted upon our IPO. Use of such option-pricing models required us to make several assumptions, including estimated equity volatility and expected term to exercise. We evaluated all assumptions used in the valuation of the share option awards as of each grant date. We estimated volatility based upon comparison to certain publicly traded companies and determined an expected option term for each hypothetical scenario based on contractual term and exercise probability assumptions, as we do not have sufficient historical data to develop an estimate based upon participant behavior. We have used a risk-free interest rate equal to the U.S. treasury bond yield with an equivalent period as the expected option term. Restricted Stock Units ("RSUs"): RSUs are service awards that typically vest over four years. These awards are share-settled and are recorded as an expense over the four year vesting period included within general and administrative expense within the consolidated statements of operations, with a corresponding amount recorded in additional paid-in capital within the consolidated balance sheets. The fair value of these awards is measured using the closing price of our common shares on the grant date with the related expense recognized over the ensuing service period. Employee Share Purchase Plan ("ESPP"): We have established an ESPP whereby eligible employees may purchase Accelerant shares at a 15.0% discount to the lower of the market price on the first day of the offering period or the purchase date. Employee participation is subject to plan limits, including a maximum payroll contribution of 15.0% of the employee's base salary and an annual purchase limit of $25,000 of grant-date fair market value per employee. The 15.0% discount will be expensed as compensation cost. The first period of the plan commenced with a January 1, 2026 offer to purchase shares and therefore, there was no compensation expense in 2025. Liability-classified awards We have issued share-based compensation awards to certain employees that are liability-classified, subject to both service and performance vesting conditions. We determine the fair value of such awards using an earnings multiple approach, with the related changes in value recognized as a component of general and administrative expenses in our consolidated statements of operations.
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| Recent accounting pronouncements | Recent accounting pronouncements Recently adopted accounting pronouncements Income Tax: In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740) — Improvements to Income Tax Disclosures, to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s ETR reconciliation as well as information on income taxes paid, which includes the following: •Disclosure, on an annual basis, of specific categories in the rate reconciliation; •Disclosure, on an annual basis, of additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate); •Disclosure, on an annual basis, of the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; •Disclosure, on an annual basis, of the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received); •Disclosure of income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; •Disclosure of income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign; •Elimination of the requirement to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made; and •Elimination of the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. We adopted ASU 2023-09 on a prospective basis in our annual financial statements for the year ended December 31, 2025, as permitted by the standard. Refer to Note 10 for our expanded income tax disclosures. Future application of accounting standards Internal-Use Software In September 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) — Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The standard amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for all entities for annual periods beginning after December 15, 2027. The standard can be applied on a prospective basis, a retrospective basis or a modified basis for in-process projects. We are assessing the impact of this standard. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses, requiring new interim and annual disclosures that provide transparency about the components of expenses included in the income statement and enhance an investor’s ability to forecast future performance. The standard requires disclosure of: •The amounts of employee compensation, depreciation, intangible asset amortization, and certain other costs included in each relevant expense caption as well as the inclusion of certain amounts already required to be disclosed under existing US GAAP in the same disclosure; •A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and •The total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. This standard will not have any impact to the amounts recorded within our consolidated financial statements, but will result in expanded disclosures. We are assessing the impact of this standard.
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Segment information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | The following includes the financial results of our three reportable segments for the years ended December 31, 2025, 2024 and 2023. Corporate functions and certain other businesses and operations are included in Corporate and Other.
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment. (2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 9. (3) General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:
(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments. (5) Share-based compensation expenses are included in "General and administrative expenses" within the consolidated statements of operations (and excluded from the segment presentation above). (6) Other expenses for the year ended December 31, 2025 consist of a $25.0 million termination fee for our former management services agreement contract with Altamont Capital, $20.0 million of system development non-operating expenses, $27.7 million of professional costs related to corporate development and capital raise activities (including $5.0 million specifically related to our IPO that were not eligible for capitalization as issuance costs), $27.6 million of Mission profits sharing expense (including $15.8 million related to the agreement to settle and terminate a portion of the outstanding profit sharing arrangements) and $3.8 million of individually insignificant costs.
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment. (2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 9. (3) General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other administrative expenses. The composition of such amounts by each reportable segment was as follows:
(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments. (5) Share-based compensation expenses are included in "General and administrative expenses" within the consolidated statements of operations (and excluded from the segment presentation above). (6) Other expenses for the year ended December 31, 2024 consists of $14.7 million of system development non-operating costs, $13.1 million of professional costs related to corporate development and capital raise activities, $7.0 million of Mission profits sharing expense, and $4.2 million of individually insignificant costs.
(1) Corporate and Other includes shared services and other activities, which represent business activities that do not meet the definition of a reportable segment. (2) Ceding commission income of our Underwriting segment includes the effect of sliding scale adjustments based on actual loss experience. For further information on sliding scale commission adjustments, refer to Note 9. (3) General and administrative expenses are comprised of employee compensation and benefits, consulting and professional fees and all other expenses. The composition of such amounts by each reportable segment was as follows:
(4) The consolidation and elimination adjustments for general and administrative expenses consist of expenses attributable to Exchange Services and MGA Operations that form components of acquisition costs of insurance policies that would be capitalized in consolidation, which are offset by other consolidation and elimination adjustments. (5) Share-based compensation expenses are included in "General and administrative expenses" within the consolidated statements of operations (and excluded from the segment presentation above). (6) Other expenses for the year ended December 31, 2023 consists of $22.9 million of system development non-operating costs, $16.2 million of professional costs related to corporate development activities, and $7.2 million of individually insignificant costs.
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| Schedule of Reconciliation of Assets from Segment to Consolidated | The following table presents our total assets by reportable segments:
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| Schedule of Revenues by Geography | The following table presents our revenues by geography:
(1) Refer to Note 9 for additional information on the impacts of sliding scale commission adjustments on our ceding commission income for the years ended December 31, 2025, 2024 and 2023 resulting from the loss experience of covered insurance contracts.
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Investments (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Available-for-Sale Securities Reconciliation | The amortized cost, gross unrealized gains, gross unrealized losses and fair values of fixed maturity and short-term investments, were as follows:
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| Schedule of Available for Sale Securities in an Unrealized Loss Position | The following table summarizes, for all our available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
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| Schedule of Fixed-Maturity and Short-Term Investments by Contractual Maturity | The amortized cost and fair values of our fixed maturity and short-term investments by contractual maturity were as follows:
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| Schedule of Equity Method Investments | Details regarding our equity method investments were as follows:
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| Schedule of Equity Securities without Readily Determinable Fair Value | Details regarding the carrying value of our other investments portfolio were as follows:
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| Schedule of Investment Income | Investment income and expenses were as follows:
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| Schedule of Unrealized Gain (Loss) on Investments | The following table presents net realized and unrealized gains (losses) on our investments:
(1) Amounts correspond to income arising from our equity investments accounted for under the measurement alternative (as described above).
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| Schedule of Realized Gain (Loss) on Investments | The following table presents net realized and unrealized gains (losses) on our investments:
(1) Amounts correspond to income arising from our equity investments accounted for under the measurement alternative (as described above).
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| Schedule of Restricted Assets that have been Pledged as Collateral | The following table represents the restricted assets we have pledged in favor of certain ceding companies to collateralized obligations:
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Fair value measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis by Level | Our financial assets and liabilities measured at fair value on a recurring basis by level were as follows:
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| Schedule of Assets Measured at Fair Value on Non-Recurring Basis | The following table presents assets measured at fair value on a non-recurring basis:
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Revenue from contracts with customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenues by Geography | The following table presents our revenues by geography:
(1) Refer to Note 9 for additional information on the impacts of sliding scale commission adjustments on our ceding commission income for the years ended December 31, 2025, 2024 and 2023 resulting from the loss experience of covered insurance contracts.
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Reinsurance (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reinsurance on Earned Premiums and Loss and Loss Adjustment Expenses | The impacts of reinsurance on written and earned premiums and loss and loss adjustment expenses were as follows:
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| Schedule of Reinsurance Recoverable | The balances were as follows:
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Deferred acquisition costs and deferred ceding commissions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Acquisition Costs Deferred and Amortized for Insurance Business Retained by Accelerant | The following table presents the amounts of policy acquisition costs deferred and amortized for insurance business retained by Accelerant:
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| Schedule of Ceding Commissions Deferred and Amortized | The following table presents the amounts of ceding commissions deferred and amortized:
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Income taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income before Income Tax, Domestic and Foreign | The components of income taxes attributable to operations by jurisdiction were as follows:
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| Schedule of Components of Income Tax Expense (Benefit) | The components of income taxes attributable to operations by jurisdiction were as follows:
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| Schedule of Effective Income Tax Rate Reconciliation | The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the United Kingdom statutory tax amount and rate (given our UK tax residency described above) to our actual global effective income tax amount and rate for the year ended December 31, 2025:
Our actual income tax expense (benefit) for the years ended December 31, 2024 and 2023 differs from each jurisdiction's statutory tax rate applied to the applicable income (loss) before income taxes in each jurisdiction due to the tax effects of the following:
The composition of our effective tax rates among our tax-paying and non-tax paying entities that demonstrates the non-tax paying entities' effect on the total effective tax rate were as follows:
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| Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset comprises the tax effects of temporary differences related to the following:
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| Schedule of Net Operating Loss Carryforwards Depend on Future Taxable Income and Limitations Imposed by Tax Laws | The amount and timing of realizing the benefits of our net operating loss carryforwards depend on future taxable income and limitations imposed by tax laws. As of December 31, 2025, our net operating loss carryforwards were as follows:
(1) Jurisdictions where the net operating loss has a full valuation allowance. (2) The US NOLs relate to the Mission US group, which has historically filed a U.S. federal income tax return separate from the Accelerant US tax group. These NOLs are not currently able to be utilized to offset the taxable income generated by the Accelerant US tax group.
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| Schedule of Cash Flow, Supplemental Disclosures | We adopted ASU 2023-09 on a prospective basis for the year ended December 31, 2025 and have included the following table as a result of our adoption, which presents income taxes paid (net of refunds received) for the year ended December 31, 2025:
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Goodwill, other intangible assets and capitalized technology development costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | A roll forward of goodwill by reportable segment as of and for the years ended December 31, 2025, 2024 and 2023 is as follows:
(1) Refer to Note 17 for additional information pertaining to business combinations and related sources of goodwill. For the year ended December 31, 2025, we recorded $27.7 million from Corniche acquisition and $0.5 million of goodwill from an immaterial acquisition.
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| Schedule of Finite-Lived Intangible Assets | A roll forward of other intangible assets as of and for the years ended December 31, 2025, 2024 and 2023 is as follows:
(1) Refer to Note 17 for additional information pertaining to business combinations and related other intangible assets.
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| Schedule of Indefinite-Lived Intangible Assets | A roll forward of other intangible assets as of and for the years ended December 31, 2025, 2024 and 2023 is as follows:
(1) Refer to Note 17 for additional information pertaining to business combinations and related other intangible assets.
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| Schedule of Capitalized Technology Development Costs | A roll forward of our capitalized technology development costs, accumulated amortization and their carrying amounts as of and for the years ended December 31, 2025, 2024 and 2023 is as follows:
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of December 31, 2025, estimated future amortization expenses of other intangible assets (excluding the indefinite-lived licenses) and capitalized technology development costs to be recognized by us are as follows:
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Other assets (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Assets | Other assets consisted of the following:
(1) Total net deferred tax assets presented in Note 10 were $50.2 million as of December 31, 2024. However, net deferred tax assets may not be offset with net deferred tax liabilities from different tax jurisdictions. As of December 31, 2024, one of our tax jurisdictions had $1.4 million of net deferred tax liabilities, which is included in "Accounts payable and other liabilities" in our consolidated balance sheets. All other jurisdictions had aggregate net deferred tax assets of $51.6 million. (2) These costs were deferred pending the completion of our IPO. Refer to Note 16 for additional information on the IPO and the offset of the deferred offering costs to total proceeds from the July 2025 IPO.
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Unpaid losses and loss adjustment expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Unpaid Losses and Loss Adjustment Expenses (LAE) | Activity in unpaid losses and LAE reserve is summarized as follows:
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| Summary of Claims Development | Property (in millions, except for number of claims)
Liability (in millions, except for number of claims)
Other (in millions, except for number of claims)
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| Schedule of Net Incurred and Paid Development Tables | The reconciliation of our net incurred and paid development tables to the liability for unpaid losses and LAE in our consolidated balance sheets is as follows:
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| Schedule of Historical Claims Duration | The following table presents the historical average annual percentage payout, net of reinsurance on an accident year basis at the same level of disaggregation as presented in the claims development tables above. Given we established operations in 2019, the typical full payout pattern to 100% is not yet available.
(1) Average annual percentage payout is calculated using a paid loss and ALAE development pattern based on an actuarial analysis of the paid loss and ALAE movements by accident year for each disaggregation category. Our average annual percentage payouts shown have been scaled to align with historical expected total payment development after 7 years.
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Debt (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt Outstanding | We had the following debt outstanding as of December 31, 2025 and 2024:
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| Schedule of Maturities of Long-Term Debt | The following table presents estimated future repayments of long-term debt as of December 31, 2025, excluding the debt issuance costs which will be amortized over the remaining term:
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Accounts payable and other liabilities (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts Payable and Other Liabilities | Accounts payable and other liabilities consisted of the following:
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Business acquisitions (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Preliminary Purchase Accounting Financial Information | The following table provides our purchase accounting financial information for the Corniche acquisition:
(1) Total net cash paid to date for the interest in Corniche was $9.5 million, net of cash acquired (consisting of the $25.7 million cash payments to date net of the $16.2 million cash acquired). As noted above, this does not include the final cash payment of $8.5 million that was paid in January 2026. The following table provides our purchase accounting financial information for the Ayax acquisition:
(1) Total net cash paid for the interest in Ayax was $0.5 million, net of cash acquired (consisting of the $5.6 million payment net of the $5.1 million cash acquired). The following table provides the purchase accounting financial information for these acquisitions:
(1) Reinsurance recoverables acquired included $10.7 million of reinsurance recoverables on unpaid losses and LAE and $0.7 million of reinsurance recoverables on paid losses and LAE. (2) The acquisitions of the entities resulted in net cash and cash equivalents received of $2.8 million, representing the $12.4 million cash payment for the acquisition compared to net of cash and cash equivalents acquired of $15.2 million. Total acquisition consideration consisted of the cash payment and $0.4 million of non-controlling interests.
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Share-based compensation (Tables) |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The fair value of each share option award granted during the years ended December 31, 2025, 2024 and 2023 was estimated on the date of grant using the following option pricing model assumptions:
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| Schedule of the Activity Related to Share Option Awards | The following table summarizes the activity related to share option awards for the year ended December 31, 2025:
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| Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the activity related to RSUs for the year ended December 31, 2025:
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| Summary of Share-Based Compensation Expense | The following table summarizes the share-based compensation and liability classified awards expense we recognized by award type for the years ended December 31, 2025, 2024 and 2023:
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Earnings per share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Computation of Basic and Diluted Net Earnings Per Common Share | The following table sets forth the computation of basic and diluted net earnings per common share:
(1) The difference in redemption value from carrying value is reflected as a deemed dividend and an increase of the Class C preference shares, as well as a corresponding reduction to additional paid in capital and earnings per share. (2) Potential dilutive common shares consist of all of our convertible preference shares and certain of our share-based compensation options and RSUs described in Note 21. During a period of loss, the basic weighted average ordinary shares outstanding is used in the denominator of the diluted loss per ordinary share computation as the effect of including potentially dilutive securities would be anti-dilutive. The potential common shares excluded from the calculation of potential diluted shares outstanding were 1,273,669 shares, 15,016,572 shares and 42,089,249 shares for the years ended December 31, 2025, 2024 and 2023, respectively.
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Dividend restrictions and statutory financial information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Statutory Capital and Surplus Amounts | The statutory capital and surplus amounts as of December 31, 2025 and 2024 and statutory net income (loss) amounts for the years ended December 31, 2025, 2024 and 2023 for our U.S. and non-U.S. based (re)insurance companies are summarized in the table below:
(1) The 2025 amounts reflect our best estimate of the statutory capital and surplus and net income as of the date of completion of these consolidated financial statements. (2) Amounts have been updated to conform to finalized audited statutory financial statements, where applicable.
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Schedule II - Condensed Financial Information of Registrant (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance Sheets - Parent Company Only |
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| Statements of Operations - Parent Company Only |
(1) Refer to Note 21 to the Consolidated Financial Statements for additional information regarding the non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of our 65,270,453 Class A common shares held by Accelerant Holdings LP to certain of our officers and employees that fully vested at the time of the IPO. See accompanying notes to the Condensed Financial Information of Registrant.
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| Statements of Comprehensive Loss - Parent Company Only |
See accompanying notes to the Condensed Financial Information of Registrant.
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| Statement of Cash Flows - Parent Company Only |
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Nature of business and basis of presentation (Details) |
Jul. 25, 2025
shares
|
Dec. 31, 2025
shares
|
Dec. 31, 2024
shares
|
|---|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Stock split ratio | 83.6690 | ||
| Common stock, shares authorized (in shares) | 252,652,430 | 252,652,430 | |
| Preference shares authorized (in shares) | 39,089,474 | 100,000,000 |
Summary of significant accounting policies - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Ceding commission income | $ 356,800 | $ 249,500 | $ 164,200 |
| Interest and penalties related to uncertain tax positions | 0 | 0 | 0 |
| Unrecognized tax benefits | 0 | 0 | |
| Income recorded | 39,400 | 19,800 | $ 12,100 |
| Premiums receivable, allowance for expected credit losses | $ 4,600 | $ 2,400 | |
| Capitalized technology development costs, amortization period | 5 years | ||
| Restricted Stock Units | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Vesting period | 4 years | ||
| Employee Stock Purchase Plan | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Discount rate from market price, purchase date | 15.00% | ||
| Discount rate from market price, offering date | 15.00% | ||
| Maximum annual payroll contribution | 15.00% | ||
| Annual purchase limit per employee | $ 25 | ||
| Contingently Issuable Detachable Warrant | Class C Convertible Preference | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Period to exercise warrants | 2 years | ||
| Flywheel Re | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Quota share agreement, period | 3 years | ||
| Minimum | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Other intangible assets, useful lives | 5 years | ||
| Maximum | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Other intangible assets, useful lives | 15 years | ||
Segment information - Narrative (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2025
USD ($)
segment
|
Dec. 31, 2024
USD ($)
|
|
| Segment Reporting Information [Line Items] | ||
| Number of reportable segments | segment | 3 | |
| Equity method investments | $ 10.4 | $ 18.2 |
| Corporate and Other | ||
| Segment Reporting Information [Line Items] | ||
| Equity method investments | 5.0 | 4.2 |
| MGA Operations | Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Equity method investments | $ 5.4 | $ 14.0 |
Segment information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jul. 25, 2025 |
Jul. 31, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||||
| Segment Reporting Information [Line Items] | |||||||||
| Ceding commission income | $ 356.8 | $ 249.5 | $ 164.2 | ||||||
| Direct commission income | 162.0 | 66.7 | 37.6 | ||||||
| Net earned premiums | 298.1 | 226.6 | 105.1 | ||||||
| Net investment income | 48.7 | 38.9 | 19.3 | ||||||
| Net realized gains on investments | 7.9 | 1.9 | 0.5 | ||||||
| Net unrealized (losses) gains on investments | 39.4 | 19.0 | 17.3 | ||||||
| Total revenues | 912.9 | 602.6 | 344.0 | ||||||
| Losses and loss adjustment expenses | 204.0 | 167.3 | 80.3 | ||||||
| Amortization of deferred acquisition costs | 80.3 | 81.4 | 49.9 | ||||||
| General and administration expenses | 346.8 | 240.9 | 177.7 | ||||||
| Adjusted EBITDA | 281.8 | 113.0 | 36.1 | ||||||
| Interest expenses | (10.9) | (12.1) | (10.9) | ||||||
| Depreciation and amortization | (35.2) | (26.6) | (14.5) | ||||||
| Profits interest distribution expenses | [1] | (1,379.7) | 0.0 | 0.0 | |||||
| Share-based compensation expenses | (53.6) | (8.4) | (4.8) | ||||||
| Net foreign exchange gains | (20.2) | 5.1 | (3.5) | ||||||
| Other expenses | (104.1) | (39.0) | (46.3) | ||||||
| Loss before income taxes | (1,321.9) | 32.0 | (43.9) | ||||||
| Total general and administrative expenses | [2] | 400.4 | 249.3 | 182.5 | |||||
| Termination fee | $ 25.0 | 25.0 | |||||||
| System development nonoperating costs | 20.0 | 14.7 | 22.9 | ||||||
| Professional costs related to corporate development activities | 27.7 | 13.1 | 16.2 | ||||||
| Offering costs specifically related to our IPO | 5.0 | ||||||||
| Other individually insignificant (benefit) costs | 3.8 | 4.2 | 7.2 | ||||||
| Profits Interest Award | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Profit sharing expense | 27.6 | 7.0 | 0.0 | ||||||
| Profit sharing expense, settlement and termination of profit sharing arrangement | 15.8 | ||||||||
| Affiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 0.0 | 0.0 | 0.0 | ||||||
| Termination fee | $ 25.0 | ||||||||
| Unaffiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 162.0 | 66.7 | 37.6 | ||||||
| Operating Segments | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Ceding commission income | 94.9 | 82.0 | 78.4 | ||||||
| Net earned premiums | 298.1 | 226.6 | 105.1 | ||||||
| Net investment income | 43.2 | 37.9 | 16.0 | ||||||
| Net realized gains on investments | 7.8 | 1.9 | 0.5 | ||||||
| Net unrealized (losses) gains on investments | 29.4 | (0.7) | 14.5 | ||||||
| Total revenues | 1,014.9 | 713.5 | 436.7 | ||||||
| Losses and loss adjustment expenses | 204.0 | 167.3 | 80.3 | ||||||
| Amortization of deferred acquisition costs | 113.9 | 104.2 | 68.4 | ||||||
| General and administration expenses | 302.5 | 261.1 | 172.8 | ||||||
| Adjusted EBITDA | 394.5 | 180.9 | 115.2 | ||||||
| Employee compensation and benefits | 195.0 | 139.2 | 103.3 | ||||||
| Consulting and professional fees | 47.6 | 32.4 | 20.6 | ||||||
| Other administrative expenses | 59.9 | 89.5 | 48.9 | ||||||
| Total general and administrative expenses | 302.5 | 261.1 | 172.8 | ||||||
| Operating Segments | Affiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 379.5 | 299.1 | 184.6 | ||||||
| Operating Segments | Unaffiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 162.0 | 66.7 | 37.6 | ||||||
| Corporate and Other | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Ceding commission income | 0.0 | 0.0 | |||||||
| Net earned premiums | 0.0 | 0.0 | 0.0 | ||||||
| Net investment income | 5.5 | 1.0 | 3.3 | ||||||
| Net realized gains on investments | 0.1 | 0.0 | 0.0 | ||||||
| Net unrealized (losses) gains on investments | 10.0 | 19.7 | 2.8 | ||||||
| Total revenues | 15.6 | 20.7 | 6.1 | ||||||
| Losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 | ||||||
| Amortization of deferred acquisition costs | 0.0 | 0.0 | 0.0 | ||||||
| General and administration expenses | 80.8 | 36.5 | 31.7 | ||||||
| Adjusted EBITDA | (65.2) | (15.8) | (25.6) | ||||||
| Corporate and Other | Affiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 0.0 | 0.0 | 0.0 | ||||||
| Corporate and Other | Unaffiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 0.0 | 0.0 | |||||||
| Consolidation and elimination adjustments | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Ceding commission income | 261.9 | 167.5 | 85.8 | ||||||
| Net earned premiums | 0.0 | 0.0 | 0.0 | ||||||
| Net investment income | 0.0 | 0.0 | 0.0 | ||||||
| Net realized gains on investments | 0.0 | 0.0 | 0.0 | ||||||
| Net unrealized (losses) gains on investments | 0.0 | 0.0 | 0.0 | ||||||
| Total revenues | (117.6) | (131.6) | (98.8) | ||||||
| Losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 | ||||||
| Amortization of deferred acquisition costs | (33.6) | (22.8) | (18.5) | ||||||
| General and administration expenses | (36.5) | (56.7) | (26.8) | ||||||
| Adjusted EBITDA | (47.5) | (52.1) | (53.5) | ||||||
| Consolidation and elimination adjustments | Affiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | (379.5) | (299.1) | (184.6) | ||||||
| Consolidation and elimination adjustments | Unaffiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 0.0 | 0.0 | |||||||
| Exchange Services | Operating Segments | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Ceding commission income | 0.0 | 0.0 | 0.0 | ||||||
| Net earned premiums | 0.0 | 0.0 | 0.0 | ||||||
| Net investment income | 4.4 | 1.1 | 1.1 | ||||||
| Net realized gains on investments | 0.0 | 0.0 | 0.0 | ||||||
| Net unrealized (losses) gains on investments | 0.0 | 0.0 | 0.0 | ||||||
| Total revenues | 334.9 | 222.7 | 123.3 | ||||||
| Losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 | ||||||
| Amortization of deferred acquisition costs | 0.0 | 0.0 | 0.0 | ||||||
| General and administration expenses | 110.4 | 65.0 | 36.2 | ||||||
| Adjusted EBITDA | 224.5 | 157.7 | 87.1 | ||||||
| Employee compensation and benefits | 75.5 | 34.1 | 16.7 | ||||||
| Consulting and professional fees | 19.6 | 8.6 | 3.0 | ||||||
| Other administrative expenses | 15.3 | 22.3 | 16.5 | ||||||
| Total general and administrative expenses | 110.4 | 65.0 | 36.2 | ||||||
| Exchange Services | Operating Segments | Affiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 251.5 | 199.7 | 107.7 | ||||||
| Exchange Services | Operating Segments | Unaffiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 79.0 | 21.9 | 14.5 | ||||||
| MGA Operations | Operating Segments | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Ceding commission income | 0.0 | 0.0 | 0.0 | ||||||
| Net earned premiums | 0.0 | 0.0 | 0.0 | ||||||
| Net investment income | 3.6 | 4.2 | 2.8 | ||||||
| Net realized gains on investments | 5.1 | 1.3 | 0.0 | ||||||
| Net unrealized (losses) gains on investments | 29.4 | 0.0 | 9.3 | ||||||
| Total revenues | 249.1 | 149.7 | 112.1 | ||||||
| Losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 | ||||||
| Amortization of deferred acquisition costs | 0.0 | 0.0 | 0.0 | ||||||
| General and administration expenses | 136.5 | 105.6 | 80.6 | ||||||
| Adjusted EBITDA | 112.6 | 44.1 | 31.5 | ||||||
| Employee compensation and benefits | 93.7 | 74.3 | 55.8 | ||||||
| Consulting and professional fees | 16.2 | 8.8 | 5.9 | ||||||
| Other administrative expenses | 26.6 | 22.5 | 18.9 | ||||||
| Total general and administrative expenses | 136.5 | 105.6 | 80.6 | ||||||
| MGA Operations | Operating Segments | Affiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 128.0 | 99.4 | 76.9 | ||||||
| MGA Operations | Operating Segments | Unaffiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 83.0 | 44.8 | 23.1 | ||||||
| Underwriting | Operating Segments | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Ceding commission income | 94.9 | 82.0 | 78.4 | ||||||
| Net earned premiums | 298.1 | 226.6 | 105.1 | ||||||
| Net investment income | 35.2 | 32.6 | 12.1 | ||||||
| Net realized gains on investments | 2.7 | 0.6 | 0.5 | ||||||
| Net unrealized (losses) gains on investments | 0.0 | (0.7) | 5.2 | ||||||
| Total revenues | 430.9 | 341.1 | 201.3 | ||||||
| Losses and loss adjustment expenses | 204.0 | 167.3 | 80.3 | ||||||
| Amortization of deferred acquisition costs | 113.9 | 104.2 | 68.4 | ||||||
| General and administration expenses | 55.6 | 90.5 | 56.0 | ||||||
| Adjusted EBITDA | 57.4 | (20.9) | (3.4) | ||||||
| Employee compensation and benefits | 25.8 | 30.8 | 30.8 | ||||||
| Consulting and professional fees | 11.8 | 15.0 | 11.7 | ||||||
| Other administrative expenses | 18.0 | 44.7 | 13.5 | ||||||
| Total general and administrative expenses | 55.6 | 90.5 | 56.0 | ||||||
| Underwriting | Operating Segments | Affiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | 0.0 | 0.0 | 0.0 | ||||||
| Underwriting | Operating Segments | Unaffiliated entities | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Direct commission income | $ 0.0 | $ 0.0 | |||||||
| |||||||||
Segment information - Schedule of Assets by Segment (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Assets | $ 8,263.1 | $ 6,094.9 |
| Corporate and eliminations | ||
| Segment Reporting Information [Line Items] | ||
| Assets | (427.2) | (451.8) |
| Exchange Services | Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Assets | 903.9 | 653.8 |
| MGA Operations | Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Assets | 479.2 | 303.0 |
| Underwriting | Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Assets | $ 7,307.2 | $ 5,589.9 |
Segment information - Schedule of Revenues by Geography (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Segment Reporting Information [Line Items] | |||
| Ceding commission income | $ 356.8 | $ 249.5 | $ 164.2 |
| Direct commission income | 162.0 | 66.7 | 37.6 |
| Net earned premiums | 298.1 | 226.6 | 105.1 |
| Net investment income | 48.7 | 38.9 | 19.3 |
| Net realized gains on investments | 7.9 | 1.9 | 0.5 |
| Net unrealized (losses) gains on investments | 39.4 | 19.0 | 17.3 |
| Total revenues | 912.9 | 602.6 | 344.0 |
| North America | |||
| Segment Reporting Information [Line Items] | |||
| Ceding commission income | 260.4 | 151.2 | 81.5 |
| Direct commission income | 95.5 | 41.9 | 18.6 |
| Net earned premiums | 78.8 | 165.3 | 77.9 |
| Net investment income | 31.6 | 21.0 | 11.6 |
| Net realized gains on investments | 4.7 | 0.0 | 0.2 |
| Net unrealized (losses) gains on investments | 39.4 | 19.8 | 12.1 |
| Total revenues | 510.4 | 399.2 | 201.9 |
| UK and EU | |||
| Segment Reporting Information [Line Items] | |||
| Ceding commission income | 96.4 | 98.3 | 82.7 |
| Direct commission income | 66.5 | 24.8 | 19.0 |
| Net earned premiums | 219.3 | 61.3 | 27.2 |
| Net investment income | 17.1 | 17.9 | 7.7 |
| Net realized gains on investments | 3.2 | 1.9 | 0.3 |
| Net unrealized (losses) gains on investments | 0.0 | (0.8) | 5.2 |
| Total revenues | $ 402.5 | $ 203.4 | $ 142.1 |
Investments - Schedule of Unrealized Gains and Losses on Available for Sale Fixed Maturity and Short-Term Investments, at Fair Value (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Securities, Available-for-Sale [Line Items] | ||
| Total fixed maturity and short-term investments | $ 707.1 | $ 550.6 |
| Gross unrealized gains | 6.0 | 1.6 |
| Gross unrealized losses | (1.1) | (7.9) |
| Fair value | 712.0 | 544.3 |
| Corporate | ||
| Debt Securities, Available-for-Sale [Line Items] | ||
| Total fixed maturity and short-term investments | 244.4 | 175.5 |
| Gross unrealized gains | 2.6 | 0.8 |
| Gross unrealized losses | (0.1) | (2.3) |
| Fair value | 246.9 | 174.0 |
| US government and agency | ||
| Debt Securities, Available-for-Sale [Line Items] | ||
| Total fixed maturity and short-term investments | 123.6 | 128.9 |
| Gross unrealized gains | 1.0 | 0.1 |
| Gross unrealized losses | (0.1) | (0.8) |
| Fair value | 124.5 | 128.2 |
| Non-US government and agency | ||
| Debt Securities, Available-for-Sale [Line Items] | ||
| Total fixed maturity and short-term investments | 247.0 | 161.1 |
| Gross unrealized gains | 1.5 | 0.5 |
| Gross unrealized losses | (0.4) | (3.0) |
| Fair value | 248.1 | 158.6 |
| Residential mortgage-backed | ||
| Debt Securities, Available-for-Sale [Line Items] | ||
| Total fixed maturity and short-term investments | 55.5 | 44.4 |
| Gross unrealized gains | 0.6 | 0.1 |
| Gross unrealized losses | (0.5) | (1.5) |
| Fair value | 55.6 | 43.0 |
| Commercial mortgage-backed | ||
| Debt Securities, Available-for-Sale [Line Items] | ||
| Total fixed maturity and short-term investments | 14.8 | 18.6 |
| Gross unrealized gains | 0.2 | 0.0 |
| Gross unrealized losses | 0.0 | (0.2) |
| Fair value | 15.0 | 18.4 |
| Other asset-backed securities | ||
| Debt Securities, Available-for-Sale [Line Items] | ||
| Total fixed maturity and short-term investments | 21.8 | 22.1 |
| Gross unrealized gains | 0.1 | 0.1 |
| Gross unrealized losses | 0.0 | (0.1) |
| Fair value | $ 21.9 | $ 22.1 |
Investments - Schedule of Continuous Loss Position (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
| Less than 12 months, Fair Value | $ 88.6 | $ 299.5 |
| 12 months or longer, Fair Value | 16.3 | 16.8 |
| Total Fair Value | 104.9 | 316.3 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 months, Gross Unrealized Losses | (0.4) | (6.9) |
| 12 months or longer, Gross Unrealized Losses | (0.7) | (1.0) |
| Total Gross Unrealized Losses | (1.1) | (7.9) |
| Corporate | ||
| Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
| Less than 12 months, Fair Value | 25.6 | 85.4 |
| 12 months or longer, Fair Value | 0.0 | 6.5 |
| Total Fair Value | 25.6 | 91.9 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 months, Gross Unrealized Losses | (0.1) | (2.2) |
| 12 months or longer, Gross Unrealized Losses | 0.0 | (0.1) |
| Total Gross Unrealized Losses | (0.1) | (2.3) |
| US government and agency | ||
| Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
| Less than 12 months, Fair Value | 0.0 | 66.3 |
| 12 months or longer, Fair Value | 4.8 | 4.7 |
| Total Fair Value | 4.8 | 71.0 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 months, Gross Unrealized Losses | 0.0 | (0.6) |
| 12 months or longer, Gross Unrealized Losses | (0.1) | (0.2) |
| Total Gross Unrealized Losses | (0.1) | (0.8) |
| Non-US government and agency | ||
| Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
| Less than 12 months, Fair Value | 63.0 | 93.5 |
| 12 months or longer, Fair Value | 8.1 | 0.0 |
| Total Fair Value | 71.1 | 93.5 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 months, Gross Unrealized Losses | (0.3) | (3.0) |
| 12 months or longer, Gross Unrealized Losses | (0.1) | 0.0 |
| Total Gross Unrealized Losses | (0.4) | (3.0) |
| Residential mortgage-backed | ||
| Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
| Less than 12 months, Fair Value | 0.0 | 29.0 |
| 12 months or longer, Fair Value | 3.4 | 5.1 |
| Total Fair Value | 3.4 | 34.1 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 months, Gross Unrealized Losses | 0.0 | (0.8) |
| 12 months or longer, Gross Unrealized Losses | (0.5) | (0.7) |
| Total Gross Unrealized Losses | $ (0.5) | (1.5) |
| Commercial mortgage-backed | ||
| Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
| Less than 12 months, Fair Value | 13.2 | |
| 12 months or longer, Fair Value | 0.5 | |
| Total Fair Value | 13.7 | |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 months, Gross Unrealized Losses | (0.2) | |
| 12 months or longer, Gross Unrealized Losses | 0.0 | |
| Total Gross Unrealized Losses | (0.2) | |
| Other asset-backed securities | ||
| Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
| Less than 12 months, Fair Value | 12.1 | |
| 12 months or longer, Fair Value | 0.0 | |
| Total Fair Value | 12.1 | |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 months, Gross Unrealized Losses | (0.1) | |
| 12 months or longer, Gross Unrealized Losses | 0.0 | |
| Total Gross Unrealized Losses | $ (0.1) |
Investments - Schedule of Fixed-maturity Securities Classified by Contractual Maturity Securities Date (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Amortized cost | ||
| Due in one year or less | $ 99.7 | |
| Due after one year through five years | 452.3 | |
| Due after five years through ten years | 62.5 | |
| Due after ten years | 0.5 | |
| Total fixed maturity and short-term investments | 707.1 | $ 550.6 |
| Fair value | ||
| Due in one year or less | 100.0 | |
| Due after one year through five years | 456.2 | |
| Due after five years through ten years | 62.8 | |
| Due after ten years | 0.5 | |
| Total fixed maturity and short-term investments | 712.0 | 544.3 |
| Residential mortgage-backed | ||
| Amortized cost | ||
| Without single maturity date, amortized cost | 55.5 | |
| Total fixed maturity and short-term investments | 55.5 | 44.4 |
| Fair value | ||
| Without single maturity date, fair value | 55.6 | |
| Total fixed maturity and short-term investments | 55.6 | 43.0 |
| Commercial mortgage-backed | ||
| Amortized cost | ||
| Without single maturity date, amortized cost | 14.8 | |
| Total fixed maturity and short-term investments | 14.8 | 18.6 |
| Fair value | ||
| Without single maturity date, fair value | 15.0 | |
| Total fixed maturity and short-term investments | 15.0 | 18.4 |
| Other asset-backed securities | ||
| Amortized cost | ||
| Without single maturity date, amortized cost | 21.8 | |
| Total fixed maturity and short-term investments | 21.8 | 22.1 |
| Fair value | ||
| Without single maturity date, fair value | 21.9 | |
| Total fixed maturity and short-term investments | $ 21.9 | $ 22.1 |
Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | $ 10.4 | $ 18.2 |
| MGAs | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | 2.0 | 11.0 |
| Other | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | $ 8.4 | $ 7.2 |
| Minimum | MGAs | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership % | 19.00% | 19.00% |
| Minimum | Other | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership % | 8.10% | 9.40% |
| Maximum | MGAs | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership % | 20.00% | 20.00% |
| Maximum | Other | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership % | 15.00% | 15.00% |
Investments - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Unfunded commitments | $ 5.4 | ||
| Dividends from equity method investees | 1.6 | $ 1.7 | $ 0.8 |
| Income recorded | 39.4 | 19.8 | 12.1 |
| Impairment | 0.5 | $ 0.2 | |
| Cumulative income recorded | 74.8 | ||
| Cumulative impairment recorded | 0.7 | ||
| Deposit assets | 5.2 | $ 4.9 | |
| Venture funds | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Equity securities without readily determinable fair value, unfunded commitments | $ 2.1 | ||
Investments - Schedule of Carrying Value of Our Other Investments Portfolio (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Other investments | $ 84.0 | $ 45.3 |
| MGAs and TPAs | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Other investments | 59.9 | 26.2 |
| Venture funds | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Other investments | $ 24.1 | $ 19.1 |
Investments - Schedule of Investment Income and Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Net Investment Income [Line Items] | |||
| Income from equity method investments | $ 1.8 | $ 2.3 | $ 2.9 |
| Gross investment income | 80.8 | 52.8 | 23.8 |
| Interest expense on funds held under reinsurance | (30.5) | (13.3) | (4.2) |
| Investment expenses | (1.6) | (0.6) | (0.3) |
| Net investment income | 48.7 | 38.9 | 19.3 |
| Cash and cash equivalents | |||
| Net Investment Income [Line Items] | |||
| Investment income, interest | 50.3 | 35.7 | 18.0 |
| Fixed maturity securities | |||
| Net Investment Income [Line Items] | |||
| Investment income, interest | $ 28.7 | $ 14.8 | $ 2.9 |
Investments - Schedule of Net Realized and Unrealized Gains on Investments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Gain (Loss) on Securities [Line Items] | |||
| Net realized gains on fixed maturity and short-term investments | $ 2.7 | $ 0.2 | $ 0.4 |
| Net realized gains on equity securities | 0.0 | 0.5 | 0.1 |
| Net realized gains on equity method investments | 2.5 | 1.2 | 0.0 |
| Net realized gains on other investments | 2.7 | 0.0 | 0.0 |
| Net realized gains on investments | 7.9 | 1.9 | 0.5 |
| Net unrealized (losses) gains on equity securities held at the reporting date | 0.0 | (0.8) | 5.2 |
| Net unrealized gains on other investments | 39.4 | 19.8 | 12.1 |
| Net unrealized gains on investments | 39.4 | 19.0 | 17.3 |
| Net realized and unrealized gains on investments | 47.3 | 20.9 | 17.8 |
| MGAs and TPAs | |||
| Gain (Loss) on Securities [Line Items] | |||
| Net unrealized gains on other investments | 34.5 | 11.8 | 9.1 |
| Venture funds | |||
| Gain (Loss) on Securities [Line Items] | |||
| Net unrealized gains on other investments | $ 4.9 | $ 8.0 | $ 3.0 |
Investments - Schedule of Collateralized Obligations (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Schedule of Equity Method Investments [Line Items] | |||
| Cash and cash equivalents | $ 83.1 | $ 47.3 | $ 0.0 |
| Restricted investments | 109.8 | 97.5 | |
| Short-term investments | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Restricted Investments | 0.9 | 17.2 | |
| Fixed maturity securities | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Restricted Investments | $ 25.8 | $ 33.0 |
Fair value measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis by Level (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | $ 712.0 | $ 544.3 |
| Corporate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 246.9 | 174.0 |
| US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 124.5 | 128.2 |
| Non-US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 248.1 | 158.6 |
| Residential mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 55.6 | 43.0 |
| Commercial mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 15.0 | 18.4 |
| Other asset-backed securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 21.9 | 22.1 |
| Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 712.0 | 544.3 |
| Recurring | Corporate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 246.9 | 174.0 |
| Recurring | US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 124.5 | 128.2 |
| Recurring | Non-US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 248.1 | 158.6 |
| Recurring | Residential mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 55.6 | 43.0 |
| Recurring | Commercial mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 15.0 | 18.4 |
| Recurring | Other asset-backed securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 21.9 | 22.1 |
| Recurring | Quoted prices in active markets for identical assets Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Quoted prices in active markets for identical assets Level 1 | Corporate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Quoted prices in active markets for identical assets Level 1 | US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Quoted prices in active markets for identical assets Level 1 | Non-US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Quoted prices in active markets for identical assets Level 1 | Residential mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Quoted prices in active markets for identical assets Level 1 | Commercial mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Quoted prices in active markets for identical assets Level 1 | Other asset-backed securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Significant other observable Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 712.0 | 544.3 |
| Recurring | Significant other observable Level 2 | Corporate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 246.9 | 174.0 |
| Recurring | Significant other observable Level 2 | US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 124.5 | 128.2 |
| Recurring | Significant other observable Level 2 | Non-US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 248.1 | 158.6 |
| Recurring | Significant other observable Level 2 | Residential mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 55.6 | 43.0 |
| Recurring | Significant other observable Level 2 | Commercial mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 15.0 | 18.4 |
| Recurring | Significant other observable Level 2 | Other asset-backed securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 21.9 | 22.1 |
| Recurring | Significant unobservable inputs Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Significant unobservable inputs Level 3 | Corporate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Significant unobservable inputs Level 3 | US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Significant unobservable inputs Level 3 | Non-US government and agency | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Significant unobservable inputs Level 3 | Residential mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Significant unobservable inputs Level 3 | Commercial mortgage-backed | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | 0.0 | 0.0 |
| Recurring | Significant unobservable inputs Level 3 | Other asset-backed securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | $ 0.0 | $ 0.0 |
Fair value measurements - Schedule of Assets Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | $ 84.0 | $ 45.3 |
| MGAs and TPAs | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 59.9 | 26.2 |
| Venture funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 24.1 | 19.1 |
| Nonrecurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 84.0 | 45.3 |
| Nonrecurring | MGAs and TPAs | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 59.9 | 26.2 |
| Nonrecurring | Venture funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 24.1 | 19.1 |
| Nonrecurring | Quoted prices in active markets for identical assets Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 0.0 | 0.0 |
| Nonrecurring | Quoted prices in active markets for identical assets Level 1 | MGAs and TPAs | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 0.0 | 0.0 |
| Nonrecurring | Quoted prices in active markets for identical assets Level 1 | Venture funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 0.0 | 0.0 |
| Nonrecurring | Significant other observable Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 0.0 | 0.0 |
| Nonrecurring | Significant other observable Level 2 | MGAs and TPAs | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 0.0 | 0.0 |
| Nonrecurring | Significant other observable Level 2 | Venture funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 0.0 | 0.0 |
| Nonrecurring | Significant unobservable inputs Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 84.0 | 45.3 |
| Nonrecurring | Significant unobservable inputs Level 3 | MGAs and TPAs | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | 59.9 | 26.2 |
| Nonrecurring | Significant unobservable inputs Level 3 | Venture funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total | $ 24.1 | $ 19.1 |
Variable interest entities (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
May 01, 2024 |
Dec. 31, 2024 |
|||||
| Variable Interest Entity [Line Items] | ||||||
| Variable Interest Entity, Measure of Activity, Revenues | $ 7.0 | |||||
| Acquisition of non-controlling interests in previously consolidated variable interest entities | [1],[2] | $ 0.0 | ||||
| Accelerant Holdings LP | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Common stock, shares authorized (in shares) | 580,454 | |||||
| Additional paid-in capital | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Acquisition of non-controlling interests in previously consolidated variable interest entities | [1],[2] | (39.9) | ||||
| Non-controlling interests | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Acquisition of non-controlling interests in previously consolidated variable interest entities | [1],[2] | $ 39.9 | ||||
| Class A convertible preference shares | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Common stock, shares authorized (in shares) | 73,194 | |||||
| Class B convertible preference shares | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Common stock, shares authorized (in shares) | 43,904 | |||||
| ||||||
Revenue from contracts with customers (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Direct commission income | $ 144.2 | $ 58.5 | $ 29.4 |
| Loss experience adjustments | (2.2) | (9.6) | (4.8) |
| Other revenue | 20.0 | 17.8 | 13.0 |
| Direct commission income | 162.0 | 66.7 | 37.6 |
| North America | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Direct commission income | 95.5 | 41.9 | 18.6 |
| Loss experience adjustments | 0.0 | 0.0 | 0.0 |
| Other revenue | 0.0 | 0.0 | 0.0 |
| Direct commission income | 95.5 | 41.9 | 18.6 |
| UK and EU | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Direct commission income | 48.7 | 16.6 | 10.8 |
| Loss experience adjustments | (2.2) | (9.6) | (4.8) |
| Other revenue | 20.0 | 17.8 | 13.0 |
| Direct commission income | $ 66.5 | $ 24.8 | $ 19.0 |
Reinsurance - Schedule of Reinsurance on Earned Premiums and Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Written premiums: | |||
| Direct | $ 2,945.1 | $ 2,640.0 | $ 1,608.3 |
| Assumed | 432.3 | 266.3 | 89.5 |
| Gross | 3,377.4 | 2,906.3 | 1,697.8 |
| Ceded | (3,018.9) | (2,651.7) | (1,506.9) |
| Net written premiums | 358.5 | 254.6 | 190.9 |
| Earned premiums: | |||
| Direct | 2,745.1 | 2,103.7 | 1,304.5 |
| Assumed | 344.7 | 127.9 | 14.9 |
| Gross | 3,089.8 | 2,231.6 | 1,319.4 |
| Ceded | (2,791.7) | (2,005.0) | (1,214.3) |
| Net earned premiums | 298.1 | 226.6 | 105.1 |
| Loss and LAE: | |||
| Direct | 1,417.9 | 1,136.1 | 669.6 |
| Assumed | 166.4 | 76.0 | 7.6 |
| Gross | 1,584.3 | 1,212.1 | 677.2 |
| Ceded | (1,380.3) | (1,044.8) | (596.9) |
| Losses and loss adjustment expenses | $ 204.0 | $ 167.3 | $ 80.3 |
Reinsurance - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Ceded Credit Risk [Line Items] | |||
| Loss portfolio transfer, retained loss reserves limit | $ 152.1 | ||
| Loss portfolio transfer, net loss reserve, coverage | 122.9 | ||
| Loss portfolio transfer, premium | 136.5 | ||
| Loss portfolio transfer, adjustment feature, return of premium | 130.3 | ||
| Loss portfolio transfer, deposit asset | 130.3 | ||
| Loss portfolio transfer, premium consideration paid | 136.5 | ||
| Loss portfolio transfer, premium to be retained by reinsurer | $ 6.2 | ||
| Loss portfolio transfer, reduction in deposit assets, attributable to actual recoveries | $ 14.6 | ||
| Deposit assets | 69.5 | $ 82.9 | |
| Credit valuation allowance | $ 0.6 | $ 0.4 | |
| AM Best, A- Rating | Reinsurance Recoverable Including Reinsurance Premium Paid | Reinsurer Concentration Risk | |||
| Ceded Credit Risk [Line Items] | |||
| Concentration risk, percentage | 57.00% |
Reinsurance - Schedule of Reinsurance Recoverable (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Insurance [Abstract] | ||||
| Total reinsurance recoverables on unpaid losses and LAE | $ 1,682.3 | $ 1,069.5 | $ 605.5 | $ 333.4 |
| Other reinsurance recoverables: | ||||
| Reinsurance recoverables on paid losses and LAE | 524.7 | 281.4 | ||
| Deposit assets | 69.5 | 82.9 | ||
| Total other reinsurance recoverables | 594.2 | 364.3 | ||
| Reinsurance recoverables | 2,276.5 | $ 1,433.8 | ||
| Decrease in deposit assets | 13.4 | |||
| Decrease related to recoveries | 14.6 | |||
| Increase related to income amortization | $ 1.2 |
Deferred acquisition costs and deferred ceding commissions - Schedule of Acquisition Costs Deferred and Amortized for Insurance Business Retained by Accelerant (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
| Balance as of January 1, | $ 60.7 | $ 53.0 | $ 26.6 |
| Direct commissions and other acquisition costs on retained business | 96.0 | 89.5 | 75.6 |
| Amortization of deferred acquisition costs | (80.3) | (81.4) | (49.9) |
| Foreign currency translation | 0.5 | (0.4) | 0.7 |
| Balance as of December 31, | $ 76.9 | $ 60.7 | $ 53.0 |
Deferred acquisition costs and deferred ceding commissions - Schedule of Ceding Commissions Deferred and Amortized (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Movement in Deferred Revenue [Roll Forward] | |||
| Balance as of January 1, | $ 193.0 | $ 120.4 | $ 84.5 |
| Deferral of excess ceding commission income over deferred acquisition costs | 400.2 | 318.7 | 202.7 |
| Amortization of deferred excess ceding commission to income | (356.8) | (249.5) | (164.2) |
| Foreign currency translation | (3.9) | 3.4 | (2.6) |
| Balance as of December 31, | $ 232.5 | $ 193.0 | $ 120.4 |
Deferred acquisition costs and deferred ceding commissions - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Insurance [Abstract] | |||
| Ceding commission income, net increase (decrease) | $ 21.6 | $ (15.5) | $ (19.1) |
Income taxes - Schedule of Components of Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income (loss) before income taxes: | |||
| UK and EU | $ (1,411.0) | $ 45.9 | $ (17.0) |
| Loss before income taxes | (1,321.9) | 32.0 | (43.9) |
| Current income tax expense: | |||
| UK and EU | 11.9 | 13.1 | 13.2 |
| Total current income tax expense | 55.3 | 50.0 | 19.9 |
| Deferred income tax (benefit) expense: | |||
| UK and EU | (3.8) | (16.6) | (0.9) |
| Total deferred income tax (benefit) expense | (32.0) | (40.9) | 0.3 |
| Income tax expense | 23.3 | 9.1 | 20.2 |
| U.S. | |||
| Income (loss) before income taxes: | |||
| Foreign | 76.4 | 71.2 | 13.3 |
| Current income tax expense: | |||
| Foreign | 38.2 | 36.1 | 6.6 |
| Deferred income tax (benefit) expense: | |||
| Foreign | (26.7) | (23.9) | 1.2 |
| Other | |||
| Income (loss) before income taxes: | |||
| Foreign | 12.7 | (85.1) | (40.2) |
| Current income tax expense: | |||
| Foreign | 5.2 | 0.8 | 0.1 |
| Deferred income tax (benefit) expense: | |||
| Foreign | $ (1.5) | $ (0.4) | $ 0.0 |
Income taxes - Effective Income Tax Rate Reconciliation 2025 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Tax effects of: | |||
| United Kingdom federal statutory tax | $ (330.5) | $ 24.0 | $ (0.1) |
| Foreign tax effects | (7.8) | ||
| Effect of cross-border tax laws: | |||
| Pillar II top-up tax | 3.0 | ||
| Change in valuation allowance | (0.4) | (9.7) | 16.4 |
| Nontaxable or nondeductible items: | |||
| Profits interest expense | 344.9 | ||
| Other | 14.9 | ||
| Other adjustments | (0.8) | ||
| Income tax expense | $ 23.3 | $ 9.1 | $ 20.2 |
| Percent | |||
| United Kingdom federal statutory tax | 25.00% | ||
| Foreign tax effects | 0.60% | ||
| Effect of cross-border tax laws: | |||
| Effect of cross-border tax laws | (0.20%) | ||
| Changes in valuation allowances | 0.00% | ||
| Nontaxable or nondeductible items: | |||
| Profits interest expense | (26.10%) | ||
| Other | (1.20%) | ||
| Other adjustments | 0.10% | ||
| Global effective tax | (1.80%) | 28.40% | (46.00%) |
Income taxes - Effective Income Tax Rate Reconciliation 2024 and 2023 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Income before income taxes | $ (1,321.9) | $ 32.0 | $ (43.9) |
| United Kingdom federal statutory tax | (330.5) | 24.0 | (0.1) |
| Tax effects of: | |||
| Change in valuation allowance | (0.4) | (9.7) | 16.4 |
| Provision to return adjustment | (2.0) | (0.7) | |
| Non-deductible expenses | 1.9 | 2.2 | |
| Non-taxable income | (2.6) | (0.8) | |
| US state income taxes | 1.5 | 1.6 | |
| Change in entity tax status | (5.2) | 0.0 | |
| Taxable gain on intercompany transfer | 1.0 | 2.3 | |
| Other | 0.2 | (0.7) | |
| Income tax expense | $ 23.3 | $ 9.1 | $ 20.2 |
Income taxes - Schedule of Composition of Effective Tax Rates (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| (Loss) income before income taxes | $ (1,321.9) | $ 32.0 | $ (43.9) |
| Income tax (expense) benefit | $ (23.3) | $ (9.1) | $ (20.2) |
| Effective tax rate | (1.80%) | 28.40% | (46.00%) |
| Tax-paying entities | |||
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| (Loss) income before income taxes | $ 124.4 | $ 142.3 | $ 90.3 |
| Income tax (expense) benefit | $ (23.3) | $ (9.1) | $ (20.2) |
| Effective tax rate | 18.70% | 6.40% | 22.40% |
| Nondeductible profits interests and termination fee expenses | |||
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| (Loss) income before income taxes | $ (1,404.7) | ||
| Income tax (expense) benefit | $ 0.0 | ||
| Effective tax rate | 0.00% | ||
| Non-tax paying entities | |||
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| (Loss) income before income taxes | $ (41.6) | $ (110.3) | $ (134.2) |
| Income tax (expense) benefit | $ 0.0 | $ 0.0 | $ 0.0 |
| Effective tax rate | 0.00% | 0.00% | 0.00% |
Income taxes - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Valuation allowance | $ 45.9 | $ 45.4 | |
| Change in valuation allowance tax (benefits) expense | (0.4) | (9.7) | $ 16.4 |
| Interest and penalties related to uncertain tax positions | 0.0 | 0.0 | $ 0.0 |
| Unrecognized tax benefits | 0.0 | 0.0 | |
| Pillar Two minimum tax expense | $ 4.5 | $ 0.7 | |
Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax assets: | ||
| Net operating loss | $ 43.7 | $ 32.9 |
| Deferred ceding commission | 67.3 | 49.2 |
| Unearned premiums | 4.8 | 2.6 |
| Accrued compensation | 10.5 | 2.0 |
| Accrued commissions | 14.2 | 0.0 |
| Intangible assets | 0.0 | 4.4 |
| Outside basis difference in partnership investments | 12.1 | 7.4 |
| Other | 4.4 | 4.3 |
| Deferred tax assets before valuation allowance | 157.0 | 102.8 |
| Valuation allowance | (45.9) | (45.4) |
| Deferred tax assets net of valuation allowance | 111.1 | 57.4 |
| Deferred tax liabilities: | ||
| Deferred acquisition costs | (14.1) | (7.2) |
| Unrealized gain on investments | (10.3) | 0.0 |
| Intangible assets | (3.2) | 0.0 |
| Other | (5.7) | 0.0 |
| Total deferred tax liabilities | (33.3) | (7.2) |
| Net deferred tax assets | $ 77.8 | $ 50.2 |
Income taxes - Schedule of Net Operating Loss Carryforwards Depend on Future Taxable Income and Limitations Imposed by Tax Laws (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Effective Income Tax Rate Reconciliation [Line Items] | ||
| Total deferred tax asset on net operating losses | $ 43.7 | $ 32.9 |
| Belgium | ||
| Effective Income Tax Rate Reconciliation [Line Items] | ||
| Net operating loss carryforwards by jurisdiction: | 125.2 | |
| Total deferred tax asset on net operating losses | 31.3 | |
| U.S. | ||
| Effective Income Tax Rate Reconciliation [Line Items] | ||
| Net operating loss carryforwards by jurisdiction: | 22.4 | |
| Total deferred tax asset on net operating losses | 4.7 | |
| Malta | ||
| Effective Income Tax Rate Reconciliation [Line Items] | ||
| Net operating loss carryforwards by jurisdiction: | 4.7 | |
| Total deferred tax asset on net operating losses | 1.7 | |
| UK | ||
| Effective Income Tax Rate Reconciliation [Line Items] | ||
| Net operating loss carryforwards by jurisdiction: | 17.1 | |
| Total deferred tax asset on net operating losses | 4.3 | |
| Puerto Rico | ||
| Effective Income Tax Rate Reconciliation [Line Items] | ||
| Net operating loss carryforwards by jurisdiction: | 20.0 | |
| Total deferred tax asset on net operating losses | 0.8 | |
| All other | ||
| Effective Income Tax Rate Reconciliation [Line Items] | ||
| Net operating loss carryforwards by jurisdiction: | 6.3 | |
| Total deferred tax asset on net operating losses | $ 0.9 |
Income taxes - Schedule of Cash Paid for Income Taxes, Net of Refunds (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| UK taxes | $ 8.9 | ||
| Total cash taxes paid | 59.1 | $ 45.5 | $ 20.2 |
| Ireland | |||
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| Foreign taxes: | 3.9 | ||
| US - Federal | |||
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| Foreign taxes: | 33.4 | ||
| US - State | |||
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| Foreign taxes: | 8.8 | ||
| Other foreign jurisdictions | |||
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| Foreign taxes: | $ 4.1 | ||
Goodwill, other intangible assets and capitalized technology development costs - Schedule of Roll Forward of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill [Roll Forward] | |||
| Beginning balance | $ 30.9 | $ 20.7 | $ 18.3 |
| Acquisition of business | 28.2 | 10.8 | 2.0 |
| Foreign currency translation | 4.0 | (0.6) | 0.4 |
| Ending balance | 63.1 | 30.9 | 20.7 |
| Corniche Underwriting Ltd. | |||
| Goodwill [Roll Forward] | |||
| Acquisition of business | 27.7 | ||
| Business Combination, Series of Individually Immaterial Business Combinations | |||
| Goodwill [Roll Forward] | |||
| Acquisition of business | 0.5 | ||
| Underwriting | |||
| Goodwill [Roll Forward] | |||
| Beginning balance | 1.4 | 1.5 | 0.3 |
| Acquisition of business | 0.0 | 0.0 | 1.2 |
| Foreign currency translation | 0.1 | (0.1) | 0.0 |
| Ending balance | 1.5 | 1.4 | 1.5 |
| MGA Operations | |||
| Goodwill [Roll Forward] | |||
| Beginning balance | 29.5 | 19.2 | 18.0 |
| Acquisition of business | 28.2 | 10.8 | 0.8 |
| Foreign currency translation | 3.9 | (0.5) | 0.4 |
| Ending balance | $ 61.6 | $ 29.5 | $ 19.2 |
Goodwill, other intangible assets and capitalized technology development costs - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Finite-Lived Intangible Assets [Roll Forward] | |||
| Beginning balance, gross | $ 42.6 | $ 37.6 | $ 35.4 |
| Acquisition of business | 21.6 | 5.3 | 1.6 |
| Foreign currency translation | 3.1 | (0.3) | 0.6 |
| Ending balance, gross | 67.3 | 42.6 | 37.6 |
| Beginning balance, accumulated amortization | (9.5) | (6.8) | (4.1) |
| Amortization | (5.4) | (2.7) | (2.6) |
| Foreign currency translation | (0.4) | 0.0 | (0.1) |
| Ending balance, accumulated amortization | (15.3) | (9.5) | (6.8) |
| Total | 52.0 | 33.1 | 30.8 |
| Customer relationships | |||
| Finite-Lived Intangible Assets [Roll Forward] | |||
| Beginning balance, gross | 29.6 | 24.9 | 22.7 |
| Acquisition of business | 20.3 | 4.9 | 1.6 |
| Foreign currency translation | 2.8 | (0.2) | 0.6 |
| Ending balance, gross | 52.7 | 29.6 | 24.9 |
| Beginning balance, accumulated amortization | (8.9) | (6.4) | (4.0) |
| Amortization | (5.1) | (2.5) | (2.3) |
| Foreign currency translation | (0.4) | 0.0 | (0.1) |
| Ending balance, accumulated amortization | (14.4) | (8.9) | (6.4) |
| Total | 38.3 | 20.7 | 18.5 |
| Licenses and other | |||
| Finite-Lived Intangible Assets [Roll Forward] | |||
| Beginning balance, gross | 13.0 | 12.7 | 12.7 |
| Acquisition of business | 1.3 | 0.4 | 0.0 |
| Foreign currency translation | 0.3 | (0.1) | 0.0 |
| Ending balance, gross | 14.6 | 13.0 | 12.7 |
| Beginning balance, accumulated amortization | (0.6) | (0.4) | (0.1) |
| Amortization | (0.3) | (0.2) | (0.3) |
| Foreign currency translation | 0.0 | 0.0 | 0.0 |
| Ending balance, accumulated amortization | (0.9) | (0.6) | (0.4) |
| Total | $ 13.7 | $ 12.4 | $ 12.3 |
Goodwill, other intangible assets and capitalized technology development costs - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Intangible asset impairment | $ 0.0 | $ 0.0 | |
| Capitalized technology development costs, remaining useful life | 3 years 6 months | ||
| Impairment of capitalized technology development costs | $ 1.2 | 3.5 | |
| Depreciation and amortization | 35.2 | 26.6 | $ 14.5 |
| Licenses and other | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Indefinite-lived intangible assets | $ 11.0 | $ 11.0 | |
| Customer relationships | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Finite-intangible assets, remaining useful life | 7 years 9 months 18 days | ||
Goodwill, other intangible assets and capitalized technology development costs - Schedule of Capitalized Technology Development Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Movement in Capitalized Computer Software, Net [Roll Forward] | |||
| Beginning balance, gross | $ 117.1 | $ 84.1 | $ 47.1 |
| Additions | 44.0 | 38.3 | 35.9 |
| Impairment and amortization | 0.0 | (4.5) | 0.0 |
| Foreign currency translation | 3.4 | (0.8) | 1.1 |
| Ending balance, gross | 164.5 | 117.1 | 84.1 |
| Beginning balance, accumulated amortization | (33.5) | (15.0) | (3.6) |
| Impairment and amortization | (29.4) | (18.7) | (11.3) |
| Foreign currency translation | (1.1) | 0.2 | (0.1) |
| Ending balance, accumulated amortization | (64.0) | (33.5) | (15.0) |
| Beginning balance, net | 83.6 | 69.1 | 43.5 |
| Impairment and amortization | (29.4) | (23.2) | (11.3) |
| Foreign currency translation | 2.3 | (0.6) | 1.0 |
| Ending balance, net | $ 100.5 | $ 83.6 | $ 69.1 |
Goodwill, other intangible assets and capitalized technology development costs - Schedule of Estimated Amortization Expenses of Other Intangible Assets and Capitalized Technology Development Costs (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2026 | $ 37.9 |
| 2027 | 35.2 |
| 2028 | 27.5 |
| 2029 | 18.8 |
| 2030 | 7.9 |
| Thereafter | 14.2 |
| Total | $ 141.5 |
Other assets (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
| Net deferred tax assets | $ 77.8 | $ 51.6 |
| Commission income receivable | 45.1 | 28.3 |
| Funds withheld by reinsurers | 19.3 | 18.2 |
| Deferred offering costs | 0.0 | 16.0 |
| Prepaid expenses | 16.4 | 11.8 |
| Related party receivables (refer to Note 18) | 0.0 | 7.6 |
| Prepaid retrocession premium | 4.4 | 5.3 |
| Other | 35.1 | 82.9 |
| Total | 198.1 | 221.7 |
| Total net deferred tax assets | $ 77.8 | 50.2 |
| Accounts Payable and Accrued Liabilities | ||
| Investments, Owned, Federal Income Tax Note [Line Items] | ||
| Net deferred tax liabilities | $ 1.4 |
Unpaid losses and loss adjustment expenses - Schedule of Unpaid Losses and Loss Adjustment Expenses (LAE) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
| Gross reserve for unpaid losses and LAE, beginning of year | $ 1,294.4 | $ 772.5 | $ 415.4 |
| Less: Reinsurance recoverables, beginning of year | 1,069.5 | 605.5 | 333.4 |
| Net reserve for unpaid losses and LAE, beginning of year | 224.9 | 167.0 | 82.0 |
| Acquired reserves from business combinations | 0.0 | 0.0 | 6.1 |
| Reserves reassumed under commutation agreement | 0.0 | 0.0 | 74.7 |
| Incurred losses and LAE related to: | |||
| Current accident year | 197.5 | 152.2 | 75.4 |
| Prior accident years | 6.5 | 15.1 | 4.9 |
| Total incurred losses and LAE | 204.0 | 167.3 | 80.3 |
| Paid losses and LAE: | |||
| Current accident year | (34.7) | (28.8) | (32.2) |
| Prior accident years | (85.1) | (76.8) | (49.0) |
| Total paid losses and LAE | (119.8) | (105.6) | (81.2) |
| Foreign exchange adjustments | 14.0 | (3.8) | 5.1 |
| Net reserve for unpaid losses and LAE, end of year | 323.1 | 224.9 | 167.0 |
| Reinsurance recoverables on unpaid losses and LAE, end of year | 1,682.3 | 1,069.5 | 605.5 |
| Gross reserve for unpaid losses and LAE, end of year | $ 2,005.4 | $ 1,294.4 | $ 772.5 |
Unpaid losses and loss adjustment expenses - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items] | |||
| Prior accident years | $ 6.5 | $ 15.1 | $ 4.9 |
| U.K. Discontinued Business, Including A Previous Acquisition | |||
| Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items] | |||
| Prior accident years | 2.8 | ||
| U.S. Commercial Auto | |||
| Deferred Policy Acquisition Cost and Present Value of Future Profit [Line Items] | |||
| Prior accident years | $ 2.1 | ||
Unpaid losses and loss adjustment expenses - Incurred Loss And Allocated Loss Adjustment Expense ("Alae"), Net Of Reinsurance (Details) $ in Millions |
Dec. 31, 2025
USD ($)
claim
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|---|---|---|---|---|---|---|---|
| Claims Development [Line Items] | |||||||
| Liabilities for unpaid losses and ALAE, net of reinsurance | $ 315.5 | ||||||
| Property | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | 337.9 | ||||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 253.7 | ||||||
| Liabilities for unpaid losses and ALAE, net of reinsurance | 84.2 | ||||||
| Property | 2019 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | 1.6 | $ 1.4 | $ 1.4 | $ 1.2 | $ 1.3 | $ 1.3 | $ 1.1 |
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 1.6 | 1.4 | 0.8 | 0.5 | 0.3 | 0.3 | 0.0 |
| IBNR plus expected development on reported claims | $ 0.0 | ||||||
| Cumulative number of reported claims | claim | 3,678 | ||||||
| Property | 2020 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 23.4 | 22.7 | 23.2 | 17.5 | 19.0 | 17.7 | |
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 23.3 | 22.5 | 18.8 | 15.4 | 11.7 | 1.7 | |
| IBNR plus expected development on reported claims | $ 0.0 | ||||||
| Cumulative number of reported claims | claim | 12,337 | ||||||
| Property | 2021 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 24.0 | 23.4 | 23.7 | 14.6 | 10.9 | ||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 23.7 | 22.9 | 17.6 | 13.3 | 1.7 | ||
| IBNR plus expected development on reported claims | $ 0.0 | ||||||
| Cumulative number of reported claims | claim | 12,922 | ||||||
| Property | 2022 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 86.4 | 85.6 | 77.8 | 59.0 | |||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 85.6 | 83.0 | 47.9 | 28.3 | |||
| IBNR plus expected development on reported claims | $ 0.1 | ||||||
| Cumulative number of reported claims | claim | 17,832 | ||||||
| Property | 2023 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 40.4 | 41.3 | 45.7 | ||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 39.2 | 36.8 | 29.2 | ||||
| IBNR plus expected development on reported claims | $ 0.1 | ||||||
| Cumulative number of reported claims | claim | 16,711 | ||||||
| Property | 2024 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 73.0 | 71.1 | |||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 60.6 | 17.6 | |||||
| IBNR plus expected development on reported claims | $ 4.6 | ||||||
| Cumulative number of reported claims | claim | 17,721 | ||||||
| Property | 2025 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 89.1 | ||||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 19.7 | ||||||
| IBNR plus expected development on reported claims | $ 44.4 | ||||||
| Cumulative number of reported claims | claim | 21,475 | ||||||
| Liability | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 229.7 | ||||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 56.8 | ||||||
| Liabilities for unpaid losses and ALAE, net of reinsurance | 172.9 | ||||||
| Liability | 2019 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | 1.6 | 1.5 | 1.3 | 0.4 | 0.4 | 0.4 | 0.4 |
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 1.4 | 1.2 | 1.2 | 0.2 | 0.1 | 0.1 | $ 0.0 |
| IBNR plus expected development on reported claims | $ 0.0 | ||||||
| Cumulative number of reported claims | claim | 2,223 | ||||||
| Liability | 2020 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 13.4 | 12.7 | 9.8 | 7.1 | 7.3 | 6.4 | |
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 9.8 | 7.6 | 7.4 | 5.4 | 4.2 | 0.5 | |
| IBNR plus expected development on reported claims | $ 0.5 | ||||||
| Cumulative number of reported claims | claim | 2,613 | ||||||
| Liability | 2021 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 23.1 | 19.4 | 15.5 | 10.8 | 9.5 | ||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 11.5 | 5.4 | 4.0 | 1.9 | 0.6 | ||
| IBNR plus expected development on reported claims | $ 1.7 | ||||||
| Cumulative number of reported claims | claim | 5,227 | ||||||
| Liability | 2022 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 52.2 | 51.2 | 46.5 | 29.8 | |||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 14.6 | 11.3 | 10.7 | 2.6 | |||
| IBNR plus expected development on reported claims | $ 9.6 | ||||||
| Cumulative number of reported claims | claim | 8,822 | ||||||
| Liability | 2023 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 24.7 | 22.4 | 25.0 | ||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 5.2 | 3.4 | 1.7 | ||||
| IBNR plus expected development on reported claims | $ 7.3 | ||||||
| Cumulative number of reported claims | claim | 10,766 | ||||||
| Liability | 2024 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 49.3 | 47.2 | |||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 7.4 | 4.0 | |||||
| IBNR plus expected development on reported claims | $ 22.7 | ||||||
| Cumulative number of reported claims | claim | 13,135 | ||||||
| Liability | 2025 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 65.4 | ||||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 6.9 | ||||||
| IBNR plus expected development on reported claims | $ 38.9 | ||||||
| Cumulative number of reported claims | claim | 18,190 | ||||||
| Other | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 129.7 | ||||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 71.3 | ||||||
| Liabilities for unpaid losses and ALAE, net of reinsurance | 58.4 | ||||||
| Other | 2020 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | 0.8 | 0.8 | 0.9 | 0.2 | 0.2 | 0.2 | |
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 0.8 | 0.8 | 0.4 | 0.1 | 0.1 | $ 0.0 | |
| IBNR plus expected development on reported claims | $ 0.0 | ||||||
| Cumulative number of reported claims | claim | 4,309 | ||||||
| Other | 2021 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 18.5 | 18.5 | 18.3 | 9.4 | 7.0 | ||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 17.2 | 15.7 | 11.1 | 5.6 | $ 2.9 | ||
| IBNR plus expected development on reported claims | $ 0.6 | ||||||
| Cumulative number of reported claims | claim | 9,281 | ||||||
| Other | 2022 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 22.0 | 21.0 | 21.9 | 5.8 | |||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 19.2 | 16.4 | 4.3 | $ 2.1 | |||
| IBNR plus expected development on reported claims | $ 1.3 | ||||||
| Cumulative number of reported claims | claim | 20,433 | ||||||
| Other | 2023 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 10.1 | 9.9 | 9.2 | ||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 7.6 | 4.9 | $ 1.4 | ||||
| IBNR plus expected development on reported claims | $ 1.3 | ||||||
| Cumulative number of reported claims | claim | 35,023 | ||||||
| Other | 2024 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 38.0 | 31.9 | |||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 18.6 | $ 7.1 | |||||
| IBNR plus expected development on reported claims | $ 11.1 | ||||||
| Cumulative number of reported claims | claim | 47,576 | ||||||
| Other | 2025 | |||||||
| Claims Development [Line Items] | |||||||
| Incurred claims and claims adjustment expenses, net of reinsurance | $ 40.3 | ||||||
| Cumulative paid claims and allocated claims adjustment expenses, net of reinsurance | 7.9 | ||||||
| IBNR plus expected development on reported claims | $ 21.2 | ||||||
| Cumulative number of reported claims | claim | 44,367 |
Unpaid losses and loss adjustment expenses - Schedule of Net Incurred and Paid Development (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Claims Development [Line Items] | ||||
| Liabilities for unpaid losses and ALAE, net of reinsurance | $ 315.5 | |||
| Total reinsurance recoverables on unpaid losses and LAE | 1,682.3 | $ 1,069.5 | $ 605.5 | $ 333.4 |
| Total unallocated LAE | 7.6 | |||
| Total unpaid losses and LAE | 2,005.4 | $ 1,294.4 | $ 772.5 | $ 415.4 |
| Current accident year | ||||
| Claims Development [Line Items] | ||||
| Total unallocated LAE | 2.7 | |||
| Prior accident years | ||||
| Claims Development [Line Items] | ||||
| Total unallocated LAE | 4.9 | |||
| Property | ||||
| Claims Development [Line Items] | ||||
| Liabilities for unpaid losses and ALAE, net of reinsurance | 84.2 | |||
| Total reinsurance recoverables on unpaid losses and LAE | 449.2 | |||
| Liability | ||||
| Claims Development [Line Items] | ||||
| Liabilities for unpaid losses and ALAE, net of reinsurance | 172.9 | |||
| Total reinsurance recoverables on unpaid losses and LAE | 922.0 | |||
| Other | ||||
| Claims Development [Line Items] | ||||
| Liabilities for unpaid losses and ALAE, net of reinsurance | 58.4 | |||
| Total reinsurance recoverables on unpaid losses and LAE | $ 311.1 |
Unpaid losses and loss adjustment expenses - Schedule of Claims Duration (Details) |
Dec. 31, 2025 |
|---|---|
| Property | |
| Short-Duration Insurance Contracts, Historical Claims Duration [Line Items] | |
| Year 1 | 18.00% |
| Year 2 | 26.00% |
| Year 3 | 12.00% |
| Year 4 | 10.00% |
| Year 5 | 8.00% |
| Year 6 | 17.00% |
| Year 7 | 8.00% |
| Liability | |
| Short-Duration Insurance Contracts, Historical Claims Duration [Line Items] | |
| Year 1 | 6.00% |
| Year 2 | 13.00% |
| Year 3 | 6.00% |
| Year 4 | 9.00% |
| Year 5 | 35.00% |
| Year 6 | 10.00% |
| Year 7 | 12.00% |
| Other | |
| Short-Duration Insurance Contracts, Historical Claims Duration [Line Items] | |
| Year 1 | 10.00% |
| Year 2 | 14.00% |
| Year 3 | 21.00% |
| Year 4 | 20.00% |
| Year 5 | 18.00% |
| Year 6 | 3.00% |
| Year 7 | 0.00% |
Debt - Schedule of Debt Outstanding (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Senior unsecured debt | $ 121.3 | $ 121.4 |
| Senior unsecured debt due 2029 | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Senior unsecured debt due 2029 | 124.2 | 125.0 |
| Less: unamortized debt issuance costs | (2.9) | (3.6) |
| Senior unsecured debt | $ 121.3 | $ 121.4 |
Debt - Schedule of Maturities of Long-Term Debt (Details) - Senior unsecured debt due 2029 - Line of Credit - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total | $ 124.2 | $ 125.0 |
| 2026 | 3.1 | |
| 2027 | 5.9 | |
| 2028 | 5.7 | |
| 2029 | 109.5 | |
| 2030 | $ 0.0 |
Debt - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Debt Instrument [Line Items] | |||
| Interest expenses | $ 10.9 | $ 12.1 | $ 10.9 |
| Line of Credit | Revolving Credit Facility | |||
| Debt Instrument [Line Items] | |||
| Line of credit maximum borrowing capacity | 50.0 | ||
| Senior unsecured debt due 2029 | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Senior unsecured debt due 2029 | $ 124.2 | $ 125.0 | |
| Senior unsecured debt due 2029 | Line of Credit | Minimum | |||
| Debt Instrument [Line Items] | |||
| Basis spread on variable rate | 3.40% | ||
| Senior unsecured debt due 2029 | Line of Credit | Maximum | |||
| Debt Instrument [Line Items] | |||
| Basis spread on variable rate | 4.00% | ||
| Delayed Draw Term Loan | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Incremental facilities available to draw upon request | $ 75.0 | ||
Accounts payable and other liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| Insurance balances payable | $ 296.5 | $ 148.0 |
| Premium tax payables | 50.9 | 53.7 |
| Commission refund liabilities | 45.2 | 38.8 |
| Deposit liabilities | 23.6 | 43.9 |
| Corporation tax payable | 8.7 | 4.4 |
| Accrued expenses and other | 168.7 | 111.2 |
| Total | $ 593.6 | $ 400.0 |
Equity (Details) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 25, 2025
USD ($)
vote
$ / shares
shares
|
May 01, 2024
shares
|
Feb. 28, 2023
USD ($)
shares
|
Dec. 31, 2025
USD ($)
vote
class_of_stock
$ / shares
shares
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
|
||||||||
| Class of Stock [Line Items] | |||||||||||||
| Redemption of Class C convertible preference shares | $ | $ 175.3 | $ 175.3 | [1] | $ 0.0 | [1] | [1] | |||||||
| Termination fee | $ | $ 25.0 | 25.0 | |||||||||||
| Common stock, shares, outstanding (in shares) | 166,185,094 | ||||||||||||
| Issuance of convertible preference shares and Issuance of Class A common shares, net of issuance costs | $ | [2] | $ 376.0 | 0.7 | ||||||||||
| Net cash proceeds from the IPO | $ | $ 392.0 | ||||||||||||
| Estimated offering costs | $ | $ 10.7 | ||||||||||||
| Classes of authorized common shares | class_of_stock | 2 | ||||||||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0000011951862 | $ 0.0000011951862 | |||||||||||
| Common stock, shares authorized (in shares) | 252,652,430 | 252,652,430 | |||||||||||
| Common stock, shares, issued (in shares) | 166,185,094 | ||||||||||||
| Preference shares authorized (in shares) | 39,089,474 | 100,000,000 | |||||||||||
| Preferred stock, shares issued (in shares) | 0 | ||||||||||||
| Preferred stock, shares outstanding (in shares) | 0 | ||||||||||||
| Deemed dividend for Class C preference shares redemption | $ | $ 70.9 | $ 70.9 | [2] | ||||||||||
| Class C convertible preference shares , outstanding (in shares) | 5,556,546 | ||||||||||||
| Class C convertible preference shares , issued (in shares) | 5,556,546 | ||||||||||||
| Issuance of convertible preference shares, net of issuance costs | $ | [1] | 0.0 | $ 114.5 | 0.7 | |||||||||
| Stock issued during the period (in shares) | 5,556,546 | ||||||||||||
| Issuance of common shares, net of issuance costs | $ | [1] | 392.0 | $ 0.0 | 0.0 | |||||||||
| Third Party Investors | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Issuance of convertible preference shares, net of issuance costs | $ | $ 100.5 | ||||||||||||
| Stock issued during the period (in shares) | 4,460,197 | ||||||||||||
| Owners Of The Immediate Parent Entity | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Issuance of convertible preference shares, net of issuance costs | $ | $ 20.5 | ||||||||||||
| Stock issued during the period (in shares) | 909,791 | ||||||||||||
| Executives Of The Company | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Issuance of convertible preference shares, net of issuance costs | $ | $ 4.2 | ||||||||||||
| Stock issued during the period (in shares) | 186,558 | ||||||||||||
| Accelerant Holdings LP | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Common stock, shares authorized (in shares) | 580,454 | ||||||||||||
| Additional paid-in capital | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Issuance of convertible preference shares and Issuance of Class A common shares, net of issuance costs | $ | [2] | $ 376.0 | |||||||||||
| Accelerant Holdings LP | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Shares distributed (in shares) | 1,986,221 | ||||||||||||
| IPO | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Price per share of stock sold (in usd per share) | $ / shares | $ 21.00 | ||||||||||||
| Deferred offering costs reclassified to equity | $ | $ 18.9 | ||||||||||||
| Estimated offering costs | $ | $ 16.0 | ||||||||||||
| IPO | Additional paid-in capital | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Issuance of convertible preference shares and Issuance of Class A common shares, net of issuance costs | $ | $ 376.0 | ||||||||||||
| Private Placement | Selling Shareholders | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Number of shares issued in the transaction (in shares) | 19,354,044 | ||||||||||||
| Class A Common Shares | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Common stock, shares, outstanding (in shares) | 114,580,918 | ||||||||||||
| Number of votes per share | vote | 1 | 1 | |||||||||||
| Issuance of convertible preference shares and Issuance of Class A common shares, net of issuance costs | $ | $ 1.0 | ||||||||||||
| Common stock, shares authorized (in shares) | 500,000,000 | ||||||||||||
| Common stock, shares, issued (in shares) | 75,988,500 | 114,580,918 | |||||||||||
| Class A Common Shares | IPO | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Number of shares issued in the transaction (in shares) | 20,276,280 | ||||||||||||
| Price per share of stock sold (in usd per share) | $ / shares | $ 21.00 | ||||||||||||
| Net proceeds received after deducting underwriting discounts and commissions | $ | $ 392.0 | ||||||||||||
| Class B Common Shares | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Common stock, shares, outstanding (in shares) | 107,241,428 | ||||||||||||
| Number of votes per share | vote | 10 | 10 | |||||||||||
| Issuance of convertible preference shares and Issuance of Class A common shares, net of issuance costs | $ | $ 1.0 | ||||||||||||
| Common stock, shares authorized (in shares) | 140,000,000 | ||||||||||||
| Common stock, shares, issued (in shares) | 90,196,594 | 107,241,428 | |||||||||||
| Preferred stock, shares issued (in shares) | 12,569,691 | ||||||||||||
| Preferred stock, shares outstanding (in shares) | 12,569,691 | ||||||||||||
| Class B Common Shares | Altamont Capital Partners | Accelerant Holdings | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Common stock, shares, outstanding (in shares) | 90,916,841 | ||||||||||||
| Ownership percentage | 76.70% | ||||||||||||
| Class A convertible preference shares | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Preference shares authorized (in shares) | 20,955,646 | ||||||||||||
| Preferred stock, shares issued (in shares) | 20,955,497 | ||||||||||||
| Preferred stock, shares outstanding (in shares) | 20,955,497 | ||||||||||||
| Common stock, shares authorized (in shares) | 73,194 | ||||||||||||
| Class B convertible preference shares | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Issuance of convertible preference shares and Issuance of Class A common shares, net of issuance costs | $ | 0.7 | ||||||||||||
| Estimated offering costs | $ | $ 0.2 | ||||||||||||
| Preference shares authorized (in shares) | 12,569,841 | ||||||||||||
| Preferred stock, shares issued (in shares) | 12,569,691 | ||||||||||||
| Preferred stock, shares outstanding (in shares) | 12,569,691 | ||||||||||||
| Common stock, shares authorized (in shares) | 43,904 | ||||||||||||
| Class B convertible preference shares | Third Party Investors | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Issuance of convertible preference shares, net of issuance costs | $ | $ 0.7 | ||||||||||||
| Shares distributed (in shares) | 56,961 | ||||||||||||
| Class B convertible preference shares | Executives Of The Company | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Issuance of convertible preference shares, net of issuance costs | $ | $ 0.2 | ||||||||||||
| Shares distributed (in shares) | 18,635 | ||||||||||||
| Class C Convertible Preference | |||||||||||||
| Class of Stock [Line Items] | |||||||||||||
| Class C convertible preference shares , authorized (in shares) | 5,563,987 | ||||||||||||
| Class C convertible preference shares , outstanding (in shares) | 5,556,546 | ||||||||||||
| Class C convertible preference shares , issued (in shares) | 5,556,546 | ||||||||||||
| |||||||||||||
Business acquisitions - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2025 |
Jul. 31, 2025 |
Jan. 31, 2025 |
Nov. 30, 2024 |
Nov. 30, 2023 |
Oct. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Business Combination [Line Items] | ||||||||||
| Acquisition of non-controlling interests in subsidiaries | $ 2.1 | $ 0.0 | $ 5.5 | |||||||
| Agribusiness Risk Underwriters | ||||||||||
| Business Combination [Line Items] | ||||||||||
| Business combination, voting equity interest acquired, percentage | 25.00% | |||||||||
| Business combination, consideration transferred, equity interest, number of shares (in shares) | 1,833,481 | |||||||||
| Capital transaction, settlement with previous owner | $ 2.5 | |||||||||
| Agribusiness Risk Underwriters | Class A Common Shares | ||||||||||
| Business Combination [Line Items] | ||||||||||
| Equity interest | $ 2.4 | |||||||||
| Corniche Underwriting Ltd. | ||||||||||
| Business Combination [Line Items] | ||||||||||
| Business combination, voting equity interest acquired, percentage | 61.00% | |||||||||
| Equity interest | $ 11.0 | |||||||||
| Consideration transferred | 56.2 | |||||||||
| Payments to acquire business | 17.1 | 25.7 | ||||||||
| Consideration transferred, liabilities incurred | $ 8.6 | 8.5 | ||||||||
| Noncontrolling interest | $ 11.0 | |||||||||
| Preacquisition equity interest in acquiree, percentage | 19.50% | |||||||||
| Acquired equity interests in acquiree, percentage | 80.50% | |||||||||
| Net realized gains on investments | $ 2.1 | |||||||||
| Goodwill expected to be tax deductible | $ 0.0 | |||||||||
| Acquisition-related cost | $ 0.8 | |||||||||
| Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net realized gains on investments | |||||||||
| Ayax Specialty, S.L | ||||||||||
| Business Combination [Line Items] | ||||||||||
| Net realized gains on investments | $ 2.4 | |||||||||
| Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net realized gains on investments | |||||||||
| Ayax Specialty, S.L | Ayax Acquisition Co. Ltd | ||||||||||
| Business Combination [Line Items] | ||||||||||
| Business combination, voting equity interest acquired, percentage | 32.00% | |||||||||
| Equity interest | $ 3.3 | |||||||||
| Consideration transferred | 17.5 | |||||||||
| Payments to acquire business | 5.6 | |||||||||
| Noncontrolling interest | $ 8.6 | |||||||||
| Preacquisition equity interest in acquiree, percentage | 19.00% | |||||||||
| Acquired equity interests in acquiree, percentage | 51.00% | |||||||||
| Capital Markets Underwriting Limited | Nationwide Broker Services Limited | ||||||||||
| Business Combination [Line Items] | ||||||||||
| Business combination, voting equity interest acquired, percentage | 70.00% | |||||||||
| Consideration transferred | $ 0.9 | |||||||||
| Omega Insurance Holdings, Inc | Omega Acquisition Co Ltd. | ||||||||||
| Business Combination [Line Items] | ||||||||||
| Consideration transferred | $ 9.5 | |||||||||
| American Eagle Underwriting Managers, LLC | Mission UH Holdings LLC | ||||||||||
| Business Combination [Line Items] | ||||||||||
| Consideration transferred | $ 2.4 | |||||||||
Business acquisitions - Schedule of Preliminary Purchase Accounting Financial Information (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Jan. 31, 2025 |
Nov. 30, 2024 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Liabilities assumed: | ||||||
| Goodwill | $ 63.1 | $ 30.9 | $ 20.7 | $ 18.3 | ||
| Payments to acquire business (cash received) | 9.9 | $ 0.5 | (2.8) | |||
| Corniche Underwriting Ltd. | ||||||
| Assets acquired: | ||||||
| Cash and cash equivalents | $ 16.2 | |||||
| Other identifiable intangible assets | 21.6 | |||||
| Premiums receivable | 7.0 | |||||
| Other assets | 0.4 | |||||
| Total assets acquired | 45.2 | |||||
| Liabilities assumed: | ||||||
| Accounts payable and other liabilities | 16.7 | |||||
| Total liabilities assumed | 16.7 | |||||
| Total identifiable net assets acquired | 28.5 | |||||
| Goodwill | 27.7 | |||||
| Total acquisition consideration | 56.2 | |||||
| Payments to acquire business (cash received) | 9.5 | |||||
| Payments to acquire business | 17.1 | 25.7 | ||||
| Cash acquired | $ 16.2 | |||||
| Equity interest of non-controlling interests | $ 11.0 | |||||
| Ayax Specialty, S.L | Ayax Acquisition Co. Ltd | ||||||
| Assets acquired: | ||||||
| Cash and cash equivalents | $ 5.1 | |||||
| Other identifiable intangible assets | 5.3 | |||||
| Premiums receivable | 1.1 | |||||
| Other assets | 0.5 | |||||
| Total assets acquired | 12.0 | |||||
| Liabilities assumed: | ||||||
| Insurance balances payable | 3.0 | |||||
| Accounts payable and other liabilities | 2.3 | |||||
| Total liabilities assumed | 5.3 | |||||
| Total identifiable net assets acquired | 6.7 | |||||
| Goodwill | 10.8 | |||||
| Total acquisition consideration | 17.5 | |||||
| Payments to acquire business (cash received) | 0.5 | |||||
| Payments to acquire business | 5.6 | |||||
| Cash acquired | 5.1 | |||||
| Equity interest of non-controlling interests | $ 3.3 | |||||
| Capital Markets Underwriting Limited, Omega Insurance Holdings, Inc, American Eagle Underwriting Managers, LLC | ||||||
| Assets acquired: | ||||||
| Cash and cash equivalents | 15.2 | |||||
| Investments | 6.8 | |||||
| Other identifiable intangible assets | 1.6 | |||||
| Premiums receivable | 12.1 | |||||
| Ceded unearned premiums | 12.2 | |||||
| Reinsurance recoverables | 11.4 | |||||
| Other assets | 1.0 | |||||
| Total assets acquired | 60.3 | |||||
| Unpaid losses and loss adjustment expenses | 16.8 | |||||
| Unearned premiums | 13.2 | |||||
| Liabilities assumed: | ||||||
| Insurance balances payable | 13.5 | |||||
| Accounts payable and other liabilities | 6.0 | |||||
| Total liabilities assumed | 49.5 | |||||
| Total identifiable net assets acquired | 10.8 | |||||
| Goodwill | 2.0 | |||||
| Total acquisition consideration | 12.8 | |||||
| Payments to acquire business (cash received) | (2.8) | |||||
| Acquired reinsurance recoverable, unpaid losses and loss adjustment expense | 10.7 | |||||
| Acquired reinsurance recoverable, paid losses and loss adjustment expense | 0.7 | |||||
| Payments to acquire business | 12.4 | |||||
| Cash acquired | 15.2 | |||||
| Equity interest of non-controlling interests | $ 0.4 | |||||
Related party transactions (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jul. 25, 2025 |
Jul. 31, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Related Party Transaction [Line Items] | |||||
| Termination fee | $ 25.0 | $ 25.0 | |||
| Premiums written | 3,377.4 | $ 2,906.3 | $ 1,697.8 | ||
| Profit Interests Awards | Class A Common Shares | |||||
| Related Party Transaction [Line Items] | |||||
| Issuance of stock through share-based compensation plans (in shares) | 65,270,453 | ||||
| Affiliated Entity | |||||
| Related Party Transaction [Line Items] | |||||
| Transactions with related party, amount | 0.8 | 0.2 | $ 2.8 | ||
| Related Party | |||||
| Related Party Transaction [Line Items] | |||||
| Termination fee | $ 25.0 | ||||
| Accounts receivable | 6.7 | ||||
| Premiums written | $ 677.2 | $ 215.6 | |||
Commitments and contingencies (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Unfunded Commitments | |
| Other Commitments [Line Items] | |
| Unfunded commitments | $ 7.5 |
Employee benefits and profits interests plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
| Contributions to retirement plans | $ 6.5 | $ 4.6 | $ 2.8 |
| Profits Interest Award | |||
| Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
| Profit sharing expense | 27.6 | $ 7.0 | $ 0.0 |
| Profit sharing expense, settlement and termination of profit sharing arrangement | $ 15.8 | ||
Share-based compensation - Narrative (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
|
Jul. 25, 2025
USD ($)
$ / shares
shares
|
Jun. 30, 2025
shares
|
Dec. 31, 2025
USD ($)
shares
|
Dec. 31, 2025
USD ($)
$ / shares
shares
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
|
|||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Share-based compensation expenses | [1] | $ 43.1 | $ 8.4 | $ 4.8 | ||||
| Options Exercised, Weighted-Average Exercise Price (in usd per share) | $ / shares | $ 0 | |||||||
| Unrecognized share-based compensation cost related to unvested stock option awards | $ 247.7 | $ 247.7 | $ 29.6 | |||||
| Granted (in shares) | shares | 3,368,577 | 29,574,132 | ||||||
| Weighted average grant date fair value (in usd per share) | $ / shares | $ 9.01 | $ 4.32 | $ 1.68 | |||||
| Share-based compensation expense | $ 53.6 | $ 8.4 | $ 4.8 | |||||
| Tranche Two | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Vesting percentage | 6.25% | |||||||
| IPO | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Price per share of stock sold (in usd per share) | $ / shares | $ 21.00 | |||||||
| Class A Common Shares | IPO | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Price per share of stock sold (in usd per share) | $ / shares | $ 21.00 | |||||||
| Profits Interest Award | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Share-based compensation expenses | $ 1,380.0 | |||||||
| Profits Interest Award | Class A Common Shares | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Issuance of stock through share-based compensation plans (in shares) | shares | 65,270,453 | 65,270,453 | ||||||
| Stock Options | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Unrecognized share-based compensation cost, period of recognition | 1 year 9 months 18 days | |||||||
| Contractual term of the awards | 10 years | |||||||
| Share-based compensation expense | $ 39.1 | 8.4 | 4.8 | |||||
| Stock Options | Prior To IPO | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Stock price over strike price fair value threshold | 2.2 | 2.2 | ||||||
| Stock Options | Minimum | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Vesting period | 2 years | |||||||
| Stock Options | Maximum | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Vesting period | 4 years | |||||||
| Stock Options | Class A Common Shares | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Shares issued in the period (in shares) | shares | 26,205,555 | |||||||
| Total compensation for shares granted | $ 242.6 | |||||||
| Unrecognized share-based compensation cost related to unvested stock option awards | $ 242.6 | |||||||
| Unrecognized share-based compensation cost, period of recognition | 4 years | |||||||
| Stock Options | Class A Common Shares | Tranche One | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Vesting percentage | 25.00% | |||||||
| Vesting period | 1 year | |||||||
| Stock Options | Class A Common Shares | Tranche Two | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Vesting percentage | 6.25% | |||||||
| Vesting period | 4 years | |||||||
| Stock Options | Class A Common Shares | Exercise Price Range One | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Shares issued in the period (in shares) | shares | 9,236,398 | |||||||
| Options Exercised, Weighted-Average Exercise Price (in usd per share) | $ / shares | $ 22.49 | |||||||
| Stock Options | Class A Common Shares | Exercise Price Range Two | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Shares issued in the period (in shares) | shares | 16,969,157 | |||||||
| Restricted Stock Units | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Vesting period | 4 years | |||||||
| Total compensation for shares granted | $ 50.2 | |||||||
| Unrecognized share-based compensation cost, period of recognition | 4 years | |||||||
| Share-based compensation expense | $ 4.0 | $ 0.0 | 0.0 | |||||
| Awards granted (in shares) | shares | 2,381,858 | 319,216 | 2,701,074 | |||||
| Vesting of restricted stock units (in shares) | shares | 538,295 | 540,597 | ||||||
| Non-vested awards (in shares) | shares | 1,843,563 | 1,926,188 | 1,926,188 | 0 | ||||
| Granted (in dollars per share) | $ / shares | $ 20.42 | |||||||
| Share-based compensation, cost not yet recognized | $ 34.9 | $ 34.9 | ||||||
| Weighted average remaining requisite service period | 1 year 9 months 18 days | |||||||
| Restricted Stock Units | Tranche Two | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Vesting period | 4 years | |||||||
| Liability Classified Awards | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Share-based compensation expense | $ 10.5 | $ 0.0 | $ 0.0 | |||||
| Liability balance of liability classified awards | $ 5.9 | 5.9 | ||||||
| Employee Stock Purchase Plan | ||||||||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
| Share-based compensation expense | $ 0.0 | |||||||
| Discount rate from market price, purchase date | 15.00% | |||||||
| Discount rate from market price, offering date | 15.00% | |||||||
| Shares reserved for future issuance (in shares) | shares | 1,000,000 | |||||||
| Annual increase in number of shares reserved for issuance (as a percent) | 1.00% | |||||||
| Annual increase in number of shares reserved and available for issuance (in shares) | shares | 1,000,000 | |||||||
| ||||||||
Share-based compensation - Schedule of Fair Value of Share Option Award Granted (Details) - Stock Options |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Risk-free interest rate, minimum | 3.83% | 3.82% | 4.14% |
| Risk-free interest rate, maximum | 4.36% | 4.87% | 5.40% |
| Expected volatility | 39.00% | ||
| Expected volatility, minimum | 31.00% | 32.00% | |
| Expected volatility, maximum | 38.00% | 37.00% | |
| Expected dividend yield | 0.00% | 0.00% | 0.00% |
| After IPO | |||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Weighted average expected term (years) - Options granted | 6 years 1 month 6 days | ||
| Minimum | Prior To IPO | |||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Weighted average expected term (years) - Options granted | 3 years | 1 year 2 months 12 days | 6 months |
| Maximum | Prior To IPO | |||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Weighted average expected term (years) - Options granted | 10 years | 10 years | 10 years |
Share-based compensation - Schedule of the Activity Related to Share Option Awards (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Number of Options | ||||
| Outstanding as of January 1, 2025 (in shares) | 15,016,536 | |||
| Granted (in shares) | 3,368,577 | 29,574,132 | ||
| Exercised (in shares) | 0 | |||
| Canceled (in shares) | (2,051,420) | |||
| Forfeited (in shares) | (760,727) | |||
| Outstanding as of December 31, 2025 (in shares) | 41,778,521 | 15,016,536 | ||
| Options exercisable as of December 31, 2025 (in shares) | 7,998,658 | |||
| Options unvested as of December 31, 2025 (in shares) | 33,779,863 | |||
| Weighted-Average Exercise Price | ||||
| Option outstanding as of January 1, 2025, Weighted-Average Exercise Price (in usd per share) | $ 19.31 | |||
| Options Granted, Weighted-Average Exercise Price (in usd per share) | 22.38 | |||
| Options Exercised, Weighted-Average Exercise Price (in usd per share) | 0 | |||
| Options Canceled, Weighted-Average Exercise Price (in usd per share) | 20.19 | |||
| Options Forfeited, Weighted-Average Exercise Price (in usd per share) | 19.78 | |||
| Option outstanding as of December 31, 2025, Weighted-Average Exercise Price (in usd per share) | 21.43 | $ 19.31 | ||
| Options exercisable, Weighted-Average Exercise Price (in usd per share) | 19.55 | |||
| Options unvested, Weighted-Average Exercise Price (in usd per share) | $ 21.87 | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | ||||
| Outstanding, Weighted-Average Remaining Contractual Term | 9 years 1 month 6 days | 9 years 1 month 6 days | ||
| Grants, Weighted-Average Remaining Contractual Term | 9 years 6 months | |||
| Options exercisable, Weighted-Average Remaining Contractual Term | 7 years 10 months 24 days | |||
| Options unvested, Weighted-Average Remaining Contractual Term | 9 years 4 months 24 days | |||
| Outstanding, Aggregate Intrinsic Value | $ 0.0 | $ 0.0 | ||
| Options Exercisable, Aggregate Intrinsic Value | 0.0 | |||
| Options unvested, Aggregate Intrinsic Value | $ 0.0 | |||
| Outstanding, Weighted- Average Fair Value (in usd per share) | $ 7.12 | $ 2.84 | ||
| Granted, Weighted-Average Fair Value (in usd per share) | 9.01 | $ 4.32 | $ 1.68 | |
| Options exercisable, Weighted- Average Fair Value (in usd per share) | 2.52 | |||
| Options unvested, Weighted- Average Fair Value (in usd per share) | $ 8.21 | |||
Share-based compensation - Schedule of Unvested RSUs (Details) - Restricted Stock Units - $ / shares |
6 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jul. 25, 2025 |
Dec. 31, 2025 |
Dec. 31, 2025 |
|
| Number of Restricted Stock Units | |||
| Beginning balance (in shares) | 0 | ||
| Granted (in shares) | 2,381,858 | 319,216 | 2,701,074 |
| Vested (in shares) | (538,295) | (540,597) | |
| Forfeited (in shares) | (234,289) | ||
| Ending balance (in shares) | 1,843,563 | 1,926,188 | 1,926,188 |
| Weighted-Average Grant-Date Fair Value | |||
| Beginning balance (in dollars per share) | $ 0 | ||
| Granted (in dollars per share) | 20.42 | ||
| Vested (in dollars per share) | 21.00 | ||
| Forfeited (in dollars per share) | 21.00 | ||
| Ending balance (in dollars per share) | $ 20.19 | $ 20.19 |
Share-based compensation - Summary of Share-based Compensation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based compensation expense | $ 53.6 | $ 8.4 | $ 4.8 |
| Stock Options | |||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based compensation expense | 39.1 | 8.4 | 4.8 |
| Restricted Stock Units | |||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based compensation expense | 4.0 | 0.0 | 0.0 |
| Liability Classified Awards | |||
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based compensation expense | $ 10.5 | $ 0.0 | $ 0.0 |
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Numerator: | |||||
| Net (loss) income | [1] | $ (1,345.2) | $ 22.9 | $ (64.1) | |
| Adjustment for net (income) loss attributable to non-controlling interests | (8.9) | 4.3 | 15.3 | ||
| Deemed dividend upon redemption of Class C preference shares | (70.9) | 0.0 | 0.0 | ||
| Net income attributable to Accelerant common shareholders, basic | (1,425.0) | 27.2 | (48.8) | ||
| Net income attributable to Accelerant common shareholders, diluted | $ (1,425.0) | $ 27.2 | $ (48.8) | ||
| Denominator: | |||||
| Weighted-average common shares outstanding - basic (in shares) | 190,260,158 | 165,982,094 | 165,604,641 | ||
| Effect of dilutive securities: | |||||
| Effect of dilutive securities: dilutive common shares (in shares) | 0 | 33,681,600 | 0 | ||
| Weighted-average common shares outstanding - diluted (in shares) | 190,260,158 | 199,663,694 | 165,604,641 | ||
| Net (loss) income attributable to Accelerant per common share: | |||||
| Basic (in usd per share) | $ (7.49) | $ 0.16 | $ (0.29) | ||
| Diluted (in usd per share) | $ (7.49) | $ 0.14 | $ (0.29) | ||
| Share awards excluded from the diluted earnings per share calculation (in shares) | 1,273,669 | 15,016,572 | 42,089,249 | ||
| |||||
Dividend restrictions and statutory financial information - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Insurance [Abstract] | |||
| Payment of dividends to non-controlling interests | $ 8.0 | $ 3.5 | $ 2.9 |
Dividend restrictions and statutory financial information - Schedule of Statutory Capital and Surplus Amounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| U.S. | |||
| Statutory Accounting Practices [Line Items] | |||
| Statutory Capital and Surplus, Aggregate Regulatory Minimum | $ 167.7 | $ 116.1 | |
| Statutory Capital and Surplus, Actual | 295.0 | 166.7 | |
| Statutory Net Income (Loss) | (5.7) | 12.1 | $ (9.1) |
| Non-U.S. | |||
| Statutory Accounting Practices [Line Items] | |||
| Statutory Capital and Surplus, Aggregate Regulatory Minimum | 305.4 | 206.0 | |
| Statutory Capital and Surplus, Actual | 350.8 | 244.5 | |
| Statutory Net Income (Loss) | $ 13.8 | $ (10.2) | $ (60.2) |
Schedule I - Summary of Investments Other Than Investments in Related Parties (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
| Cost | $ 716.3 |
| Fair value | 796.0 |
| Amount at which shown in the balance sheet | 796.0 |
| Fixed maturity and short-term investments available for sale | |
| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
| Cost | 707.1 |
| Fair value | 712.0 |
| Amount at which shown in the balance sheet | 712.0 |
| Corporate | |
| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
| Cost | 244.4 |
| Fair value | 246.9 |
| Amount at which shown in the balance sheet | 246.9 |
| US government and agency | |
| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
| Cost | 123.6 |
| Fair value | 124.5 |
| Amount at which shown in the balance sheet | 124.5 |
| Non-US government and agency | |
| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
| Cost | 247.0 |
| Fair value | 248.1 |
| Amount at which shown in the balance sheet | 248.1 |
| Residential mortgage-backed | |
| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
| Cost | 55.5 |
| Fair value | 55.6 |
| Amount at which shown in the balance sheet | 55.6 |
| Commercial mortgage-backed | |
| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
| Cost | 14.8 |
| Fair value | 15.0 |
| Amount at which shown in the balance sheet | 15.0 |
| Other asset-backed securities | |
| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
| Cost | 21.8 |
| Fair value | 21.9 |
| Amount at which shown in the balance sheet | 21.9 |
| Other investments, at fair value | |
| SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
| Cost | 9.2 |
| Fair value | 84.0 |
| Amount at which shown in the balance sheet | $ 84.0 |
Schedule II - Condensed Financial Information of Registrant - Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Jul. 25, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
||
|---|---|---|---|---|---|---|---|
| Investments | |||||||
| Equity method investments | $ 10.4 | $ 18.2 | |||||
| Other investments | 84.0 | 45.3 | |||||
| Total investments | 806.4 | 607.8 | |||||
| Cash, cash equivalents and restricted cash | 1,799.3 | 1,273.0 | $ 775.4 | $ 483.6 | |||
| Due from related parties | 84.5 | 0.0 | |||||
| Other assets | 198.1 | 221.7 | |||||
| Total assets | 8,263.1 | 6,094.9 | |||||
| Liabilities and shareholders' equity | |||||||
| Debt | 121.3 | 121.4 | |||||
| Accounts payable and other liabilities | 593.6 | 400.0 | |||||
| Total liabilities | 7,536.7 | 5,667.9 | |||||
| Redeemable preference shares | |||||||
| Class C convertible preference shares (issued and outstanding 2024: 5,556,546) | [1] | 0.0 | 104.4 | 0.0 | 0.0 | ||
| Convertible preference shares: | |||||||
| Common shares (par value $0.000001 per share, issued and outstanding 2025: Class A - 114,580,918; Class B - 107,241,428 and 2024: 166,185,094) | 0.0 | 0.0 | |||||
| Additional paid-in capital | 2,232.4 | 124.8 | |||||
| Accumulated other comprehensive income (loss) | 2.2 | (19.5) | |||||
| Accumulated deficit | (1,536.9) | (182.8) | |||||
| Total Accelerant shareholders' equity | 697.7 | 304.3 | |||||
| Total equity | [1] | 726.4 | 427.0 | 286.7 | 350.0 | ||
| Total liabilities and equity | 8,263.1 | 6,094.9 | |||||
| Class A convertible preference shares | |||||||
| Convertible preference shares: | |||||||
| Convertible preference shares | 0.0 | $ 236.7 | 236.7 | ||||
| Class B convertible preference shares | |||||||
| Convertible preference shares: | |||||||
| Convertible preference shares | 0.0 | $ 145.1 | 145.1 | ||||
| Parent Company | |||||||
| Investments | |||||||
| Equity method investments | 0.0 | 4.2 | |||||
| Other investments | 0.0 | 31.7 | |||||
| Total investments | 0.0 | 35.9 | |||||
| Cash, cash equivalents and restricted cash | 58.3 | 7.8 | $ 0.5 | $ 11.3 | |||
| Investment in subsidiaries | 680.7 | 490.8 | |||||
| Other assets | 9.0 | 17.5 | |||||
| Total assets | 832.5 | 552.0 | |||||
| Liabilities and shareholders' equity | |||||||
| Debt | 121.3 | 121.4 | |||||
| Total liabilities | 134.8 | 143.3 | |||||
| Redeemable preference shares | |||||||
| Class C convertible preference shares (issued and outstanding 2024: 5,556,546) | 0.0 | 104.4 | |||||
| Convertible preference shares: | |||||||
| Common shares (par value $0.000001 per share, issued and outstanding 2025: Class A - 114,580,918; Class B - 107,241,428 and 2024: 166,185,094) | 0.0 | 0.0 | |||||
| Additional paid-in capital | 2,232.4 | 124.8 | |||||
| Accumulated other comprehensive income (loss) | 2.2 | (19.5) | |||||
| Accumulated deficit | (1,536.9) | (182.8) | |||||
| Total Accelerant shareholders' equity | 697.7 | 304.3 | |||||
| Total equity | 697.7 | 408.7 | |||||
| Total liabilities and equity | 832.5 | 552.0 | |||||
| Parent Company | Class A convertible preference shares | |||||||
| Convertible preference shares: | |||||||
| Convertible preference shares | 0.0 | 236.7 | |||||
| Parent Company | Class B convertible preference shares | |||||||
| Convertible preference shares: | |||||||
| Convertible preference shares | 0.0 | 145.1 | |||||
| Parent Company | Affiliated entities | |||||||
| Liabilities and shareholders' equity | |||||||
| Accounts payable and other liabilities | 8.3 | 10.1 | |||||
| Parent Company | Unaffiliated entities | |||||||
| Liabilities and shareholders' equity | |||||||
| Accounts payable and other liabilities | $ 5.2 | $ 11.8 | |||||
| |||||||
Schedule II - Condensed Financial Information of Registrant - Balance Sheets (Share Information) (Details) - $ / shares |
Dec. 31, 2025 |
Jul. 25, 2025 |
Dec. 31, 2024 |
|---|---|---|---|
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Class C convertible preference shares , issued (in shares) | 5,556,546 | ||
| Class C convertible preference shares , outstanding (in shares) | 5,556,546 | ||
| Preferred stock, shares issued (in shares) | 0 | ||
| Preferred stock, shares outstanding (in shares) | 0 | ||
| Common stock, par value (in dollars per share) | $ 0.0000011951862 | $ 0.0000011951862 | |
| Common stock, shares, issued (in shares) | 166,185,094 | ||
| Common stock, shares, outstanding (in shares) | 166,185,094 | ||
| Parent Company | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Class C convertible preference shares , issued (in shares) | 5,556,546 | ||
| Class C convertible preference shares , outstanding (in shares) | 5,556,546 | ||
| Common stock, par value (in dollars per share) | $ 0.000001 | $ 0.000001 | |
| Class A convertible preference shares | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Preferred stock, shares issued (in shares) | 20,955,497 | ||
| Preferred stock, shares outstanding (in shares) | 20,955,497 | ||
| Class A convertible preference shares | Parent Company | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Preferred stock, shares issued (in shares) | 20,955,497 | ||
| Preferred stock, shares outstanding (in shares) | 20,955,497 | ||
| Class B convertible preference shares | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Preferred stock, shares issued (in shares) | 12,569,691 | ||
| Preferred stock, shares outstanding (in shares) | 12,569,691 | ||
| Class B convertible preference shares | Parent Company | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Preferred stock, shares issued (in shares) | 12,569,691 | ||
| Preferred stock, shares outstanding (in shares) | 12,569,691 | ||
| Class A Common Shares | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Common stock, shares, issued (in shares) | 114,580,918 | 75,988,500 | |
| Common stock, shares, outstanding (in shares) | 114,580,918 | ||
| Class A Common Shares | Parent Company | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Common stock, shares, issued (in shares) | 114,580,918 | 166,185,094 | |
| Common stock, shares, outstanding (in shares) | 114,580,918 | 166,185,094 | |
| Class B Common Shares | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Preferred stock, shares issued (in shares) | 12,569,691 | ||
| Preferred stock, shares outstanding (in shares) | 12,569,691 | ||
| Common stock, shares, issued (in shares) | 107,241,428 | 90,196,594 | |
| Common stock, shares, outstanding (in shares) | 107,241,428 | ||
| Class B Common Shares | Parent Company | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Common stock, shares, issued (in shares) | 107,241,428 | ||
| Common stock, shares, outstanding (in shares) | 107,241,428 |
Schedule II - Condensed Financial Information of Registrant - Statements of Operations (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Jul. 25, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||||
| Revenues | ||||||||
| Net investment income | $ 48.7 | $ 38.9 | $ 19.3 | |||||
| Net unrealized gains on investments | 39.4 | 19.0 | 17.3 | |||||
| Total revenues | 912.9 | 602.6 | 344.0 | |||||
| Expenses | ||||||||
| General and administrative expenses | [1] | 400.4 | 249.3 | 182.5 | ||||
| Interest expenses | 10.9 | 12.1 | 10.9 | |||||
| Depreciation and amortization | 35.2 | 26.6 | 14.5 | |||||
| Profits interest distribution expenses | [2] | 1,379.7 | 0.0 | 0.0 | ||||
| Net foreign exchange (gains) losses | 20.2 | (5.1) | 3.5 | |||||
| Other expenses | 104.1 | 39.0 | 46.3 | |||||
| Total expenses | 2,234.8 | 570.6 | 387.9 | |||||
| Loss before income taxes | (1,321.9) | 32.0 | (43.9) | |||||
| Income tax benefit | $ (23.3) | (9.1) | (20.2) | |||||
| Profits Interest Award | Class A Common Shares | ||||||||
| Expenses | ||||||||
| Issuance of stock through share-based compensation plans (in shares) | 65,270,453 | 65,270,453 | ||||||
| Parent Company | ||||||||
| Revenues | ||||||||
| Dividend income from subsidiaries | $ 20.0 | 0.0 | 0.0 | |||||
| Net investment income | 1.9 | 0.7 | 0.9 | |||||
| Net unrealized gains on investments | 0.0 | 19.8 | 2.8 | |||||
| Total revenues | 21.9 | 20.5 | 3.7 | |||||
| Expenses | ||||||||
| General and administrative expenses | 49.7 | 14.2 | 9.6 | |||||
| Interest expenses | 11.4 | 12.6 | 10.3 | |||||
| Depreciation and amortization | 2.5 | 0.0 | 0.0 | |||||
| Profits interest distribution expenses | 1,379.7 | 0.0 | 0.0 | |||||
| Net foreign exchange (gains) losses | (0.1) | 0.5 | 1.4 | |||||
| Other expenses | 42.2 | 5.6 | 2.1 | |||||
| Total expenses | 1,485.4 | 32.9 | 23.4 | |||||
| Loss before income taxes | (1,463.5) | (12.4) | (19.7) | |||||
| Income tax benefit | 6.6 | 0.0 | 0.0 | |||||
| Net loss before equity in undistributed earnings of subsidiaries | (1,456.9) | (12.4) | (19.7) | |||||
| Equity in income (losses) of subsidiaries | 102.8 | 39.6 | (29.1) | |||||
| Net (loss) income attributable to Accelerant common shareholders | $ (1,354.1) | $ 27.2 | $ (48.8) | |||||
| ||||||||
Schedule II - Condensed Financial Information of Registrant - Statements of Comprehensive Loss (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Comprehensive (loss) income attributable to Accelerant | $ (1,332.4) | $ 15.2 | $ (45.4) |
| Parent Company | |||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||
| Adjustment for net (income) loss attributable to non-controlling interests | (1,354.1) | 27.2 | (48.8) |
| Other comprehensive income (loss) relating to subsidiaries, net of tax | 21.7 | (12.0) | 3.4 |
| Comprehensive (loss) income attributable to Accelerant | $ (1,332.4) | $ 15.2 | $ (45.4) |
Schedule II - Condensed Financial Information of Registrant - Statement of Cash Flows (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 25, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
||||||||||
| Non-cash revenues, expenses, gains and losses included in net (loss) income: | |||||||||||||
| Profits interest distribution expenses | [1] | $ 1,379.7 | $ 0.0 | $ 0.0 | |||||||||
| Unrealized gains on investments | (39.4) | (19.0) | (17.3) | ||||||||||
| Earnings from equity method investments | (1.8) | (2.3) | (2.9) | ||||||||||
| Share-based compensation expenses | [2] | 43.1 | 8.4 | 4.8 | |||||||||
| Depreciation and amortization | 35.2 | 26.6 | 14.5 | ||||||||||
| Net foreign exchange (gains) losses | 20.2 | (5.1) | 3.5 | ||||||||||
| Other | 3.0 | 1.6 | 0.8 | ||||||||||
| Changes in operating assets and liabilities: | |||||||||||||
| Other assets, accounts payable and other liabilities | 180.4 | 117.2 | 43.0 | ||||||||||
| Net cash provided by operating activities | 445.1 | 785.7 | 290.0 | ||||||||||
| Payments for purchases of: | |||||||||||||
| Equity method investments | (1.6) | (4.3) | (0.9) | ||||||||||
| Other investments | (0.5) | (1.7) | (1.3) | ||||||||||
| Net cash used in investing activities | (173.6) | (380.1) | (12.6) | ||||||||||
| Cash flows from financing activities | |||||||||||||
| Issuance of common shares, net of issuance costs | [3] | 392.0 | 0.0 | 0.0 | |||||||||
| Redemption of Class C convertible preference shares | $ (175.3) | (175.3) | [3] | 0.0 | [3] | [3] | |||||||
| Issuance of convertible preference shares, net of issuance costs | [3] | 0.0 | 114.5 | 0.7 | |||||||||
| Issuance of debt, net of issuance costs | 0.0 | 49.7 | 20.0 | ||||||||||
| Payment of debt | (0.8) | (50.4) | (2.0) | ||||||||||
| Credit facility borrowings | 5.0 | 0.0 | 0.0 | ||||||||||
| Credit facility repayment | (5.0) | 0.0 | 0.0 | ||||||||||
| Net cash provided by financing activities | 205.8 | 110.3 | 10.3 | ||||||||||
| Net increase in cash, cash equivalents and restricted cash | 477.3 | 515.9 | 287.7 | ||||||||||
| Cash, cash equivalents and restricted cash at beginning of year | 1,273.0 | 775.4 | 483.6 | ||||||||||
| Cash, cash equivalents and restricted cash at end of year | 1,799.3 | 1,273.0 | 775.4 | ||||||||||
| Supplemental cash flows information | |||||||||||||
| Interest on debt paid | 10.0 | 11.1 | 10.1 | ||||||||||
| Income taxes paid | $ 59.1 | 45.5 | 20.2 | ||||||||||
| Profits Interest Award | |||||||||||||
| Non-cash revenues, expenses, gains and losses included in net (loss) income: | |||||||||||||
| Share-based compensation expenses | $ 1,380.0 | ||||||||||||
| Profits Interest Award | Class A Common Shares | |||||||||||||
| Supplemental cash flows information | |||||||||||||
| Issuance of stock through share-based compensation plans (in shares) | 65,270,453 | 65,270,453 | |||||||||||
| Parent Company | |||||||||||||
| Cash flows from operating activities | |||||||||||||
| Adjustment for net (income) loss attributable to non-controlling interests | $ (1,354.1) | 27.2 | (48.8) | ||||||||||
| Non-cash revenues, expenses, gains and losses included in net (loss) income: | |||||||||||||
| Equity in undistributed net (income) loss of subsidiaries | (102.8) | (39.6) | 29.1 | ||||||||||
| Profits interest distribution expenses | 1,379.7 | 0.0 | 0.0 | ||||||||||
| Dividend income from subsidiaries | (20.0) | 0.0 | 0.0 | ||||||||||
| Unrealized gains on investments | 0.0 | (19.8) | (2.8) | ||||||||||
| Earnings from equity method investments | 0.0 | (0.7) | (0.9) | ||||||||||
| Share-based compensation expenses | 5.4 | 8.4 | 4.8 | ||||||||||
| Depreciation and amortization | 2.5 | 0.0 | 0.0 | ||||||||||
| Net foreign exchange (gains) losses | (0.1) | 0.5 | 1.4 | ||||||||||
| Other | 3.0 | 1.2 | 0.3 | ||||||||||
| Changes in operating assets and liabilities: | |||||||||||||
| Due to related parties | (15.6) | 8.8 | 1.0 | ||||||||||
| Other assets, accounts payable and other liabilities | (13.2) | 0.3 | (12.1) | ||||||||||
| Net cash provided by operating activities | (115.2) | (13.7) | (28.0) | ||||||||||
| Payments for purchases of: | |||||||||||||
| Equity method investments | 0.0 | (0.8) | (0.9) | ||||||||||
| Other investments | 0.0 | (0.1) | (0.6) | ||||||||||
| Contributions to subsidiaries | (29.9) | (91.9) | 0.0 | ||||||||||
| Loan to subsidiaries, net | (19.2) | 0.0 | 0.0 | ||||||||||
| Net cash used in investing activities | (49.1) | (92.8) | (1.5) | ||||||||||
| Cash flows from financing activities | |||||||||||||
| Issuance of common shares, net of issuance costs | 392.0 | 0.0 | 0.0 | ||||||||||
| Redemption of Class C convertible preference shares | (175.3) | 0.0 | 0.0 | ||||||||||
| Issuance of convertible preference shares, net of issuance costs | 0.0 | 114.5 | 0.7 | ||||||||||
| Issuance of debt, net of issuance costs | 0.0 | 49.7 | 20.0 | ||||||||||
| Payment of debt | (0.8) | (50.4) | (2.0) | ||||||||||
| Credit facility borrowings | 5.0 | 0.0 | 0.0 | ||||||||||
| Credit facility repayment | (5.0) | 0.0 | 0.0 | ||||||||||
| Loan from subsidiaries, net | (1.1) | 0.0 | 0.0 | ||||||||||
| Net cash provided by financing activities | 214.8 | 113.8 | 18.7 | ||||||||||
| Net increase in cash, cash equivalents and restricted cash | 50.5 | 7.3 | (10.8) | ||||||||||
| Cash, cash equivalents and restricted cash at beginning of year | 7.8 | 0.5 | 11.3 | ||||||||||
| Cash, cash equivalents and restricted cash at end of year | 58.3 | 7.8 | 0.5 | ||||||||||
| Supplemental cash flows information | |||||||||||||
| Interest on debt paid | 10.0 | 11.1 | 10.1 | ||||||||||
| Income taxes paid | $ 0.0 | $ 0.0 | $ 0.0 | ||||||||||
| |||||||||||||
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
| Deferred acquisition costs | $ 76.9 | $ 60.7 | $ 53.0 |
| Unpaid losses and loss adjustment expenses | 2,005.4 | 1,294.4 | 772.5 |
| Unearned premiums | 2,163.0 | 1,803.2 | 1,152.1 |
| Net written premiums | 358.5 | 254.6 | 190.9 |
| Net earned premiums | 298.1 | 226.6 | 105.1 |
| Net investment income | 48.7 | 38.9 | 19.3 |
| Losses and loss adjustment expenses | 204.0 | 167.3 | 80.3 |
| Amortization of deferred acquisition costs | 80.3 | 81.4 | 49.9 |
| Other operating expenses | 346.8 | 240.9 | 177.7 |
| Corporate and Other | |||
| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
| Deferred acquisition costs | 0.0 | 0.0 | 0.0 |
| Unpaid losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 |
| Unearned premiums | 0.0 | 0.0 | 0.0 |
| Net written premiums | 0.0 | 0.0 | 0.0 |
| Net earned premiums | 0.0 | 0.0 | 0.0 |
| Net investment income | 5.5 | 1.0 | 3.3 |
| Losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 |
| Amortization of deferred acquisition costs | 0.0 | 0.0 | 0.0 |
| Other operating expenses | 80.8 | 36.5 | 31.7 |
| Consolidation and elimination adjustments | |||
| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
| Deferred acquisition costs | (32.3) | (22.7) | (18.9) |
| Unpaid losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 |
| Unearned premiums | 0.0 | 0.0 | 0.0 |
| Net written premiums | 0.0 | 0.0 | 0.0 |
| Net earned premiums | 0.0 | 0.0 | 0.0 |
| Net investment income | 0.0 | 0.0 | 0.0 |
| Losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 |
| Amortization of deferred acquisition costs | (33.6) | (22.8) | (18.5) |
| Other operating expenses | (36.5) | (56.7) | (26.8) |
| Exchange Services | Operating Segments | |||
| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
| Deferred acquisition costs | 0.0 | 0.0 | 0.0 |
| Unpaid losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 |
| Unearned premiums | 0.0 | 0.0 | 0.0 |
| Net written premiums | 0.0 | 0.0 | 0.0 |
| Net earned premiums | 0.0 | 0.0 | 0.0 |
| Net investment income | 4.4 | 1.1 | 1.1 |
| Losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 |
| Amortization of deferred acquisition costs | 0.0 | 0.0 | 0.0 |
| Other operating expenses | 110.4 | 65.0 | 36.2 |
| MGA Operations | Operating Segments | |||
| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
| Deferred acquisition costs | 0.0 | 0.0 | 0.0 |
| Unpaid losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 |
| Unearned premiums | 0.0 | 0.0 | 0.0 |
| Net written premiums | 0.0 | 0.0 | 0.0 |
| Net earned premiums | 0.0 | 0.0 | 0.0 |
| Net investment income | 3.6 | 4.2 | 2.8 |
| Losses and loss adjustment expenses | 0.0 | 0.0 | 0.0 |
| Amortization of deferred acquisition costs | 0.0 | 0.0 | 0.0 |
| Other operating expenses | 136.5 | 105.6 | 80.6 |
| Underwriting | Operating Segments | |||
| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
| Deferred acquisition costs | 109.2 | 83.4 | 71.9 |
| Unpaid losses and loss adjustment expenses | 2,005.4 | 1,294.4 | 772.5 |
| Unearned premiums | 2,163.0 | 1,803.2 | 1,152.1 |
| Net written premiums | 358.5 | 254.6 | 190.9 |
| Net earned premiums | 298.1 | 226.6 | 105.1 |
| Net investment income | 35.2 | 32.6 | 12.1 |
| Losses and loss adjustment expenses | 204.0 | 167.3 | 80.3 |
| Amortization of deferred acquisition costs | 113.9 | 104.2 | 68.4 |
| Other operating expenses | $ 55.6 | $ 90.5 | $ 56.0 |
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
| Gross amount | $ 2,745.1 | $ 2,103.7 | $ 1,304.5 |
| Assumed from other companies | 344.7 | 127.9 | 14.9 |
| Ceded to other companies | (2,791.7) | (2,005.0) | (1,214.3) |
| Net earned premiums | $ 298.1 | $ 226.6 | $ 105.1 |
| Percentage of amount assumed to net | 115.60% | 56.40% | 14.20% |
| Property and casualty | |||
| SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
| Gross amount | $ 2,745.1 | $ 2,103.7 | $ 1,304.5 |
| Assumed from other companies | 344.7 | 127.9 | 14.9 |
| Ceded to other companies | (2,791.7) | (2,005.0) | (1,214.3) |
| Net earned premiums | $ 298.1 | $ 226.6 | $ 105.1 |
| Percentage of amount assumed to net | 115.60% | 56.40% | 14.20% |
Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Valuation allowance for deferred tax assets | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of year | $ 45.4 | $ 46.5 | $ 35.2 |
| Charged to costs and expenses | (6.9) | (9.7) | 11.6 |
| Charged to other accounts | 3.0 | 8.6 | (0.3) |
| (Deductions) | 4.4 | 0.0 | 0.0 |
| Foreign currency translation adjustment | 0.0 | 0.0 | 0.0 |
| Balance at the end of year | 45.9 | 45.4 | 46.5 |
| Allowance for premiums receivable | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of year | 2.4 | 2.7 | 1.8 |
| Charged to costs and expenses | 2.2 | 0.0 | 0.9 |
| Charged to other accounts | 0.0 | 0.0 | 0.0 |
| (Deductions) | 0.0 | (0.3) | 0.0 |
| Foreign currency translation adjustment | 0.0 | 0.0 | 0.0 |
| Balance at the end of year | 4.6 | 2.4 | 2.7 |
| Allowance for reinsurance recoverables | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of year | 0.4 | 0.3 | 0.0 |
| Charged to costs and expenses | 0.2 | 0.1 | 0.3 |
| Charged to other accounts | 0.0 | 0.0 | 0.0 |
| (Deductions) | 0.0 | 0.0 | 0.0 |
| Foreign currency translation adjustment | 0.0 | 0.0 | 0.0 |
| Balance at the end of year | $ 0.6 | $ 0.4 | $ 0.3 |
Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations (Details) - Property/Casualty Insurance Operations - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
| Deferred policy acquisition costs | $ 76.9 | $ 60.7 | $ 53.0 |
| Unpaid losses and loss adjustment expenses | 2,005.4 | 1,294.4 | 772.5 |
| Discount, if any | 0.0 | 0.0 | 0.0 |
| Unearned premiums | 2,163.0 | 1,803.2 | 1,152.1 |
| Written premiums | 358.5 | 254.6 | 190.9 |
| Net earned premiums | 298.1 | 226.6 | 105.1 |
| Net investment income | 48.7 | 38.9 | 19.3 |
| Losses and loss adjustment expenses, Current year | 197.5 | 152.2 | 75.4 |
| Losses and loss adjustment expenses, Prior years | 6.5 | 15.1 | 4.9 |
| Amortization of deferred acquisition costs | 80.3 | 81.4 | 49.9 |
| Paid claims and claim adjustment expenses | $ 119.8 | $ 105.6 | $ 81.2 |