AM Best Affirms Credit Ratings of Accelerant Holdings’ Rated Subsidiaries

JULY 08, 2026 11:01 AM (EDT)

AM Best Affirms Credit Ratings of Accelerant Holdings' Rated Subsidiaries

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FOR IMMEDIATE RELEASE

OLDWICK - JULY 08, 2026 11:01 AM (EDT)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) of Accelerant Insurance Europe SA (AIE) (Belgium), Accelerant Insurance UK Limited (AIUK) (United Kingdom), Accelerant Specialty Insurance Company (ASIC) (Little Rock, AR), Accelerant National Insurance Company (ANIC) (Little Rock, AR), Accelerant Insurance Company of Canada (AICC) (Canada), Accelerant Re (Cayman) Ltd. (ARKY) (Cayman Islands) and Accelerant Re I.I. (ARPR) (Puerto Rico). The outlook for these Credit Ratings (ratings) is stable. The companies are wholly owned subsidiaries of Accelerant Holdings (Accelerant), a non-operating holding company in the Accelerant group.

The ratings reflect Accelerant's consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

In AM Best's view, AIE, AIUK, ASIC, ANIC, AIC, ARKY and ARPR are strategically important to, and integrated within, Accelerant. AIE, AIUK, ASIC, ANIC and AICC, as well as play key roles in the group's strategy of providing insurance capacity to managing general agents (MGA) in the United Kingdom, the European Union and North America. ARKY and ARPR are reinsurers and are strategically important to the group's reinsurance and capital management strategy. Accelerant's licensed (re)insurance carriers benefit from capital maintenance agreements with the holding company.

Accelerant maintains the strongest level of risk-adjusted capital, as evidenced by its Best's Capital Adequacy Ratio (BCAR) scores at the VaR 99.6% level. Accelerant's balance sheet strength is further complemented by low net underwriting leverage and its conservative investment strategy. Limiting factors include heavy reliance on reinsurance through its low retention; however, the group has a record of accessing reinsurance partners of excellent credit quality and has significantly diversified its reinsurance panel since its launch, reducing dependence on any single partner. The increase in shareholders' equity in 2025 was primarily driven by an initial public offering (IPO) related capital raising and recapitalization transactions. The IPO was launched in July 2025, where all Class A and B shares were converted to common shares, while Class C was repaid as part of the IPO process. While the group reported a substantial GAAP net loss on its balance sheet, the loss was largely attributed to a one-time non-cash profits interest distribution expense associated with the IPO. Notably, the GAAP net loss does not reflect deterioration in the group's underlying capital or operating performance. Excluding this one-time IPO related charge, Accelerant generated positive operating earnings during 2025, resulting in a materially stronger capital position. Accelerant's financial flexibility is viewed favorably and is supported by its demonstrated access to capital markets through its successful IPO, earnings generation from fee commissions and underwriting income streams, with limited reliance on debt that contributes to a conservative leverage profile. As a result, financial flexibility is viewed increasingly positively, although it has not been tested in a stressed state.

Accelerant is expected to achieve consistent positive results in the near-to-medium term now that sufficient operating scale has been achieved, even when considering the execution risk in achieving its targets. Accelerant has been substantially growing its top line premium since incorporation, with the business provided by its Risk Exchange members running at healthy average loss ratios, as per expectations. Operating performance is supported by the group's fee-based income, which is the main contributor to the overall operating results. While the group predominately sources its earnings from a steady distribution of commissions, the group's underwriting results continue to improve.

Accelerant defines and strategically splits its business into three operating segments: Exchange Services, Underwriting and MGA Operations. MGA Operations includes Accelerant's MGA incubator, Mission Underwriters, which has formed 31 members. Accelerant's agency business is significant to overall earnings. Accelerant has demonstrated the ability to grow market share effectively throughout its formative years increasing from 63 members in 2021 to 280 members and $4.2 billion of Exchange written premium at year-end 2025. This represents a significant increase over the prior year where Accelerant had 217 MGA members with $3.1 billion of Exchange written premium. The growth in the overall number of MGAs and GPW over the initial years is a sign of market acceptance and the company successfully building a market position. The senior management team has experience in both the reinsurance industry, working with MGAs and delegated authority relationships, which are core elements of the Accelerant business model.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.