Accelerant reports $4.2 billion in exchange written premium

Accelerant (NYSE: ARX) released preliminary unaudited results for the fourth quarter and full year 2025, showing exchange written premium of $4.19 billion for the year, a 35% increase over 2024, and adjusted EBITDA of $282 million, up 149% year over year. Revenue for the full year came in at $913 million, a 51% increase.

The fourth quarter alone saw exchange written premium of $1.09 billion, up 24% from the same period in 2024, with revenue of $248 million and adjusted EBITDA of $71 million, the latter up 52%.

One number that stands out is the growth in third-party direct written premium as a share of exchange written premium — rising from 16% to 30% for the full year, and from 21% to 40% in the fourth quarter alone.

The GAAP net loss for the full year was $1.345 billion, driven almost entirely by a $1.38 billion profits interest distribution expense tied to the company’s IPO.

Accelerant will release final fourth quarter and full year figures before market open on March 19, 2026.