<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-07-23</periodOfReport>

    <issuer>
        <issuerCik>0001997350</issuerCik>
        <issuerName>Accelerant Holdings</issuerName>
        <issuerTradingSymbol>ARX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002008632</rptOwnerCik>
            <rptOwnerName>ONeill Francis James</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>UNIT 106, WINDWARD 3</rptOwnerStreet1>
            <rptOwnerStreet2>REGATTA OFFICE PARK, WEST BAY ROAD</rptOwnerStreet2>
            <rptOwnerCity>GRAND CAYMAN</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode>KY1-1108</rptOwnerZipCode>
            <rptOwnerStateDescription>CAYMAN ISLANDS</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>true</isOfficer>
            <officerTitle>Co-Founder, Chief U/W Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>21</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-07-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>882611</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2035-07-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>882611</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>882611</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Twenty-five percent (25%) of the Class A Common Shares subject to the option vest on July 23, 2026 (the one-year anniversary of the grant date), and the remaining Class A Common Shares subject to the option vest in 6.25% quarterly installments through July 23, 2029 (the four-year anniversary of the grant date), in each case subject to the Reporting Person's continuous service.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Robert Hardy, Attorney-in-Fact</signatureName>
        <signatureDate>2025-07-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
