Accelerant Holdings

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Accelerant second quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star Vending number one on your telephone keypad. I would now like to turn the call over to Ahmed Al Yakubi, Investor Relations Associate at the Blue Shirt Group. Sir, please go ahead.

Good morning, everyone. Welcome to Accelerant's second quarter 2025 earnings conference call. Joining me today to share our results are Jeff Radke, Accelerant's co-founder and CEO, Jay Green, Accelerant's CFO, and Ryan Schiller, Excellence Head of Strategy. Their remarks will be followed by a Q&A session. We issued a press release concerning our financial results for the second quarter of 2025 earlier today, and it is available on our investor relations website. Before we get started, I would like to remind you that our remarks today will include forward-looking statements, including those regarding our future plans, objectives, expected performance, and in particular, our guidance for the third quarter of 2025. Actual results may vary materially from today's statements. Information concerning risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings, including those stated in the risk factors section of our filings of the SEC. These forward-looking statements represent our outlook only as of the date of this call. We undertake no obligation to revise or update any forward-looking statements. Additionally, the matters we will discuss today will include both GAAP and non-GAAP financial measures related to both our consolidated results as well as our operating segments. Reconciliation of any non-GAAP financial measures to the most directly comparable GAAP measures is set forth in our earnings release. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. Finally, today's conference call is being recorded on webcast. Now, I'll turn the call over to Jeff.

Good morning. I'm Jeff Radke. I'm one of the founders of Accelerant and serve as the CEO. Thank you for joining our first earnings call as a public company. It's a milestone, but more importantly, we view it as proof that the model works. Our two-sided platform is real, it's working, it's durable. Accelerant is modernizing the specialty insurance industry through a data-driven risk exchange. Our members and risk capital partners are building around it and betting on it for the long haul. So first, thank you to our team, to our members, to our risk capital partners, to our early investors, and now to those joining us today. Welcome. Let's talk about the second quarter. We had more members writing more premiums. for more specialty products for more risk capital partners than ever before. For the second quarter, we generated $1.1 billion in exchange written premium, which brings us to $3.8 billion in exchange written premium for the trailing 12 months. That business came from 248 members and was shared with 98 risk capital partners. That is 42% of exchange written premium growth over the second quarter of 2024 and 61% growth over the trailing 12-month period. And all of that growth was organic. In short, the platform is singing. How are we growing this fast? We have a simple formula, an unmatched data and analytics platform in the hands of more great members writing more great specialty products and matching them with some of the most sophisticated risk capital sources around the world. We're building the best specialty insurance marketplace in the world. And looking ahead, our pipeline is robust, and the network effects are compounding. But make no mistake, this isn't easy. We're making serious investments. We're executing at a high level, and we're doing so with velocity. That's the work, and that's what we think of as our edge. How do we define success? Shareholder value over the long term. And that value, it flows straight from market leadership. The stronger our position, the more rich data we generate, the deeper our insights, the greater the premium written, and the faster the transactional velocity. We expect the result will be more sustainable profit. Yes, we'll look to hit the near-term milestones, but our focus, it is winning the long game. We're constantly improving the experience for our members and risk capital partners. That's how Accelerant started. Give MGAs something that no one else would. Treat them like the customer, not a distribution channel, not an afterthought, a true partner. It sounds obvious, but we believe nobody else does it, and that's how we broke through. Now, we're building the infrastructure to make Accelerant the clear, obvious choice for MGAs and risk capital, the place where both MGAs and risk capital want to be. This is hard work. It's slow. It's gritty. We grind it out month by month, yard by yard. We figured out how to take a regulated, complex, high-friction business and bring it into the modern age. So what's the bottom line? We're off to a strong start. We're ahead. We believe our data assets are unmatched, and we're getting better every day. The opportunity in front of us is massive, and we're ready. We're building an organic growth machine Our margins are improving strongly, and the network effects are getting stronger every day. I'll now pass the call to Ryan.