Skyward Specialty Insurance Group recently released its 10-Q report for the quarter ended June 30, 2026. Skyward Specialty Insurance Group, Inc. is an insurance holding company based in Houston that writes commercial property and casualty coverage in the United States. Its portfolio includes general liability, excess liability, professional liability, cyber and media liability, commercial auto, group accident and health, property, agriculture, credit, surety and workers’ compensation, plus specialty reinsurance in property, agriculture and credit. The company was incorporated in 2006 and was previously known as Houston International Insurance Group, Ltd. before changing its name in November 2020.
In Item 2, management said the company now operates under the Skyward Group brand, which covers Skyward Specialty and Apollo after Apollo’s acquisition closed on Jan. 1, 2026. The Apollo deal carried total consideration of $559.1 million, made up of $371.1 million in cash and 3,679,332 shares of common stock. Skyward said Apollo is a Lloyd’s of London specialty insurance and reinsurance group, while Skyward Specialty remains the U.S. specialty insurance business; beginning in the first quarter of 2026, the company reported results in two segments: Skyward Specialty and Apollo.
For the second quarter, gross written premiums rose to $740.6 million from $584.9 million a year earlier, while net written premiums increased to $485.6 million from $339.2 million. Net earned premiums climbed to $444.5 million from $295.5 million. Underwriting income improved to $54.8 million from $31.2 million, and net income increased to $49.0 million from $38.8 million.
On the cost side, losses and loss adjustment expenses were $276.7 million, up from $181.3 million, including $268.1 million of non-catastrophe loss and LAE and $8.6 million of catastrophe loss and LAE. Net policy acquisition costs were $71.2 million, other operating and general expenses were $47.8 million, and corporate expense was $4.4 million. The combined ratio was 89.5%, essentially flat with 89.4% a year ago.
Investment income also increased. Net investment income was $30.7 million, compared with $18.7 million in the prior-year quarter. Interest expense rose to $8.8 million from $1.9 million, and amortization expense increased to $8.8 million from $0.4 million. Income before taxes was $63.6 million, up from $49.8 million.
For the first six months, gross written premiums reached $1.41 billion, up from $1.12 billion, and net written premiums were $918.5 million versus $682.5 million. Net earned premiums were $878.5 million, compared with $595.9 million. Underwriting income rose to $106.4 million from $59.7 million, and net income increased to $98.8 million from $80.9 million.
Return metrics were stronger as well. Annualized return on equity was 15.7% for the quarter and 17.3% for the first half, while annualized operating return on equity was 19.0% and 20.4%. Annualized return on tangible equity was 23.4% for the quarter and 22.2% for the first half, and annualized operating return on tangible equity was 28.2% and 26.0%.
Skyward also said stockholders’ equity at June 30, 2026 was $1.27 billion, up from $899.9 million a year earlier. Tangible stockholders’ equity was $861.9 million, compared with $811.1 million at June 30, 2025. As a result of these announcements, the company's shares have moved -2.99% on the market, and are now trading at a price of $63.67. For more information, read the company's full 10-Q submission here.
