Skyward Specialty Q2: Apollo Deal Fuels Premium Surge, Combined Ratio Steady at 89.5%
SKWD sits 57% above its 52-week low of $40.6.
Summary
Skyward Specialty delivered strong Q2 results fueled by the Apollo acquisition, with premiums up 27% and net income rising 26%. The combined ratio held at 89.5%, and the board expanded the buyback program to $100 million.
Key Events · Earnings and Guidance · SKWD
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Apollo Acquisition Drives Premium Growth
Gross written premiums surged 27% to $740.6 million, with the newly acquired Apollo segment contributing $72.8 million. The legacy business grew 14% to $667.8 million.
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Underwriting Profitability Holds Steady
The combined ratio remained at 89.5%, as a 1.3-point increase in the loss ratio to 62.3% was offset by a 2.7-point improvement in the expense ratio to 27.2%. Underwriting income rose 75% to $54.8 million.
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Net Income Up 26% on Higher Premiums and Investment Income
Net income reached $49.0 million, or $1.07 per diluted share, compared to $38.8 million, or $0.93 per share, a year ago. Net investment income increased 64% to $30.7 million, reflecting a larger asset base.
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Balance Sheet Transformed by Acquisition
Total assets nearly doubled to $6.78 billion from $4.79 billion at year-end 2025. Notes payable rose to $417.6 million, primarily from the $300 million term loan and $114.5 million revolving credit facility used to fund the Apollo deal.
Analysis · SKWD · Finance
The transformative impact of the Apollo acquisition is on full display in Skyward Specialty's Q2 results. Gross written premiums jumped 27% year-over-year to $740.6 million, with the Apollo segment alone delivering $72.8 million in premiums and $9.6 million in underwriting income. Despite integration costs, disciplined underwriting kept the combined ratio steady at 89.5%. Net income rose 26% to $49 million, or $1.07 per diluted share. The balance sheet underscores the deal's scale: total assets nearly doubled to $6.78 billion, while notes payable climbed to $417.6 million to fund the acquisition. Signaling confidence in the combined entity's valuation, the board also expanded the share repurchase program to $100 million.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 29.9% of the 1591 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.24%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, SKWD was trading at $63.67 on NASDAQ in the Finance sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $40.60 to $65.69. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.