Accelerant Holdings：2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedJune30, 2025or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto ACCELERANT HOLDINGS(Exact Name of Registrant as Specified in Its Charter) 001-42765(Commission FileNumber) 98-1753044(I.R.S. EmployerIdentification Number) Cayman Islands (State or Other Jurisdiction ofIncorporation or Organization) Accelerant Holdingsc/o Accelerant Re (Cayman) Ltd.Unit 106, Windward 3,Regatta Office Park,West Bay Road,Grand Cayman,KY1-11081 (345)743-4611 (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal ExecutiveOffices) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements for the past 90 days.☐Yes☒No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐ Accelerated filerSmaller reportingcompanyEmerging growthcompany Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).☐Yes☒No As of August25, 2025, there were 219,986,563 of the registrant’s common shares outstanding, comprised of112,745,135Class A common shares, $0.0000011951862 par value per share and107,241,428Class B common shares, $0.0000011951862par value per share. Accelerant HoldingsQuarterly Report on Form 10-QFor the Period Ended June30, 2025Index Part I - Financial InformationItem 1.Financial Statements5Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations39Item 3.Quantitative and Qualitative Disclosures about Market Risk75Item 4.Controlsand Procedures76Part II - Other InformationItem 1.Legal Proceedings77Item 1A.Risk Factors77Item 2.Unregistered SalesofEquity Securities and Use of Proceeds77Item 3.Defaults Upon Senior Securities77Item 4.Mine Safety Disclosures77Item 5.Other Information77Item 6.Exhibits78Signatures78 Table ofContents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,”“could,”“estimate,”“expect,”“intend,”“may,”“might,”“plan,”“potential,”“predict,”“projection,” “seek,” “should,” “will” or “would,” or the negative thereof or other variations thereon orcomparable terminology. In particular, statements about the markets in which we operate, including growth ofour various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or futureevents or performance contained in this Quarterly Report on Form 10-Q under the heading “Management’sDiscussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates andprojections. While we believe these expectations, assumptions, estimates and projections are reasonable, suchforward-looking statements are only predictions and involve known and unknown risks and uncertainties, manyof which are beyond our control. These and other important factors, including those discussed in this QuarterlyReport on Form 10-Q under the heading “Management’s Discussion and Analysis of Financial Condition andResults of Operations” may cause our actual results, performance or achievements to differ materially from anyfuture results, performance or achievements expressed or implied by these forward-looking statements, or couldaffect our share price. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, butare not limited to, statements about: •our Risk Exchange’s pro