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Skyward Specialty Insurance Group Inc. Common Stock Earnings Recaps

SKWD Financials 3 recaps
Next earnings: November 4, 2026 (estimated) · full calendar
Q2 2026 Aug 7, 2026

Skyward Specialty shares rose 6.6% following strong premium growth and improved underwriting profitability that outpaced market expectations, supported by disciplined expense management and a robust capital position.

Key takeaways
  • Diluted Operating EPS increased 46% year-over-year to $1.30, driven by strong underwriting results and premium growth.
  • Gross Written Premiums rose 13% to $741 million, led by 14% growth in Skyward Specialty and 6% at Apollo, with Managed Premiums up 18%.
  • Skyward Specialty's Combined Ratio improved to 86.9 (Ex-CAT 85.6), despite slight pressure on non-cat loss ratios due to business mix shifts toward higher loss ratio lines (Accident & Health, Global Agriculture).
  • Expense discipline and AI-driven efficiency reduced the Expense Ratio by 2.7 points to 24.3, contributing to profitability gains.
  • Balance sheet remains strong with equity near $1.3 billion, financial leverage falling to 26%, and an increase in share repurchase authorization to $100 million signaling confidence in valuation and capital allocation.
Full recap
Q1 2026 May 10, 2026

Shares rose 6.5% following results that showcased better-than-expected earnings momentum and premium growth, driven by the Apollo acquisition and strong operating performance across segments.

Key takeaways
  • Diluted operating EPS reached $1.25, up 39% year over year, reflecting combined company synergies and accretion from Apollo.
  • Gross written premiums grew 10% on a pro forma basis, with managed premiums up 20%, including a 49% increase in fee-generating premiums to $300 million.
  • Skyward Specialty’s combined ratio improved to 88.9 (86.8 ex-cat), while Apollo delivered an 85.3 combined ratio with no catastrophe losses this quarter.
  • Annualized operating return on equity stood at 20.3%, underscoring robust earnings power.
  • Net investment income increased by $7.5 million year over year to $27 million, supported by a $2.7 billion invested portfolio dominated by fixed income.
Full recap
Q3 2025 Oct 31, 2025

Skyward Specialty reported a robust Q3 2025, achieving record operating income and a significant 52% growth in gross written premiums, underscoring the effectiveness of its diversified portfolio strategy.

Key takeaways
  • Operating income reached $44 million, while net income totaled $45.9 million, resulting in adjusted EPS of $1.05.
  • Achieved a combined ratio of 89.2%, highlighting strong underwriting performance amid a competitive P&C market.
  • The Agricultural unit emerged as a key driver of growth, particularly in the U.S. dairy and livestock sectors.
  • Net written premiums increased by 64%, with retention ratio improving to 65.1% from 62.9% year-over-year.
  • Preparation for the anticipated Apollo acquisition is on track, expected to enhance specialty capabilities and underwriting talent, with closing projected in early Q1 2026.
Full recap

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