Skyward Specialty Insurance Group recently released its 10-Q report. Skyward Specialty Insurance Group, Inc. is an insurance holding company that writes commercial property and casualty coverage in the United States, including general liability, excess liability, professional liability, cyber and media liability, commercial auto, group accident and health, property, agriculture, credit, surety and workers’ compensation. It also writes property, agriculture and credit specialty reinsurance; the company was incorporated in 2006, was formerly known as Houston International Insurance Group, Ltd., and is based in Houston.
In Item 2, management said the company now operates under the Skyward Group brand after the January 1, 2026 Apollo acquisition closed. The deal brought in Apollo’s Lloyd’s-based specialty insurance and reinsurance operations for total consideration of $559.1 million, consisting of $371.1 million in cash and 3,679,332 shares of common stock. Beginning in the first quarter of 2026, Skyward reported results in two operating 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 increased to $54.8 million from $31.2 million, and operating income rose to $59.2 million from $37.5 million.
The combined ratio was 89.5%, essentially flat with 89.4% a year earlier. The net loss and LAE ratio increased to 62.3% from 61.3%, while the net expense ratio improved to 27.2% from 28.1%. Net investment income increased to $30.7 million from $18.7 million, but interest expense jumped to $8.8 million from $1.9 million and amortization expense rose to $8.8 million from $0.4 million.
Net income for the quarter was $49.0 million, up from $38.8 million. Income before taxes was $63.6 million versus $49.8 million a year earlier. Annualized return on equity was 15.7%, annualized operating return on equity was 19.0%, annualized return on tangible equity was 23.4%, and annualized operating return on tangible equity was 28.2%.
For the first six months of 2026, gross written premiums were $1.41 billion, up from $1.12 billion. Net written premiums were $918.5 million, compared with $682.5 million, and net earned premiums were $878.5 million versus $595.9 million. Underwriting income reached $106.4 million, up from $59.7 million, and operating income was $116.1 million, compared with $75.2 million.
At June 30, 2026, stockholders’ equity was $1.27 billion, up from $1.01 billion at December 31, 2025. Tangible stockholders’ equity was $861.9 million, compared with $921.5 million at year-end 2025, after goodwill and intangible assets of $471.2 million and a deferred tax impact of $65.5 million. 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.
