Mission generated $623 million of GPW in TTM to Q1 2025

By Chris Munro

July 2 - (The Insurer) - Mission Underwriters generated $623 million of gross premiums written (GPW) in the 12 trailing months (TTM) to March 31, 2025, as the platform continued its rapid growth trajectory since launching in 2021.

In the filing, Accelerant Holdings revealed that Mission Underwriters ended 2021 with five so-called Mission Members – those MGAs that Accelerant has an equity ownership interest in – on its roster, which between them wrote $28 million of GPW.

That grew to $623 million of GPW across 31 Mission Members in the 12 months through to March 31, 2025.

Accelerant’s MGA operations unit, which comprises both Mission Underwriters and 16 other MGAs in which it has either a controlling or non-controlling equity investment, booked adjusted Ebitda of $20.1 million in the three months to March 31, 2025, up $17.0 million year on year.

The increase was driven by a $21.3 million rise in direct commission income, which included an $18.7 million uptick from Mission Underwriters along with a greater contribution from its owned members of $2.5 million primarily due to organic growth.

The higher adjusted Ebitda also incorporated an increase of $2.0 million in net realised gains on investments, partially offset by a $6.5 million rise in general and administrative expenses.

For the entirety of 2024, Accelerant’s MGA operations recorded adjusted Ebitda of $44.1 million, an increase of $12.6 million from the prior year, with the growth fuelled by a $44.2 million rise in direct commission income.

That in turn included a $10.9 million increase from Accelerant’s owned MGA members due to organic growth, along with a rise from Jim Dwane-led Mission Underwriters, which contributed $33.3 million to the higher direct commission income.

The figures came to light in Accelerant Holdings’ S-1 registration document as it readies to list on the New York Stock Exchange.

“Mission Underwriters provides start-up financing, underwriting capacity and turnkey operational support to entrepreneurial underwriters looking to launch their own MGAs,” Accelerant said in the S-1 filing.

Those underwriters are “often stifled at traditional insurance companies, burdened by outdated technology and misaligned incentives”, it said, and added these individuals “are increasingly looking to join or form new MGAs”.

Accelerant provided $7.9 million of startup financing and other back-office support in 2021 to back the launch of Mission Underwriters in the U.S.

In 2022, Accelerant then provided a further $7.8 million in start-up financing and certain back-office support to help launch Mission Underwriters in the EU.

Accelerant owns the majority of every MGA that Mission Underwriters helps to create, with a meaningful amount of equity shared with each platform’s management team based on the performance of their operation.

“Mission Underwriters allows Accelerant to directly capitalise on the industry trend of specialised underwriting talent leaving traditional insurance companies to start their own independent platforms. Mission Underwriters expands our addressable market,” said Accelerant.