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Skyward Specialty Q3 2026 net income rises to $49.8M

Fee-generating gross written premiums rose 18.4%, while the combined ratio was 89.9% for the quarter.

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Rhea-AI Filing Summary

Skyward Specialty Insurance Group, Inc. (SKWD) reported third-quarter 2026 total revenues of $455.3 million, compared with $382.5 million a year earlier, and net income of $49.8 million versus $45.9 million. Diluted earnings per share were $1.09, compared with $1.10. Gross written premiums were $803.5 million, up 9.0%; fee-generating gross written premiums were $517.1 million, up 18.4%; and managed premiums were $1,320.6 million, up 12.5%. The 2025 premium comparisons are pro forma and adjusted for changes in syndicate participations.

The combined ratio was 89.9% and the ex-cat combined ratio was 88.1%. Net investment income was $33.9 million, versus $22.0 million. Other comprehensive loss was $47.1 million, compared with $12.2 million of other comprehensive income a year earlier. Stockholders’ equity was $1,276.3 million as of September 30, 2026, compared with $1,267.5 million at June 30, 2026.

1 point · 0 major

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0 major · 1 point

How the balance works

Positive

  • Moderate pointQuarterly net income rose to $49.8 million from $45.9 million.

Negative

  • Moderate pointQuarterly other comprehensive loss was $47.1 million, versus $12.2 million of income.

Filing Explained

The balance sheet lists notes payable of $417,037 thousand at September 30, 2026, versus $100,411 thousand at December 31, 2025.

On November 5, Skyward Specialty reported third-quarter results; its balance sheet lists 44,413,449 shares outstanding at September 30, 2026, compared with 40,511,222 at December 31, 2025.

With a holder’s share count unchanged, the higher outstanding-share count means a smaller percentage ownership, absent offsetting changes.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenues $455.3 million Three months ended September 30, 2026; $382.5 million in 2025
Net income $49.8 million Three months ended September 30, 2026; $45.9 million in 2025
Gross written premiums $803.5 million Third quarter 2026; 9.0% increase from 2025 on a pro forma basis, adjusted for participation changes
Fee generating gross written premiums $517.1 million Third quarter 2026; 18.4% increase from 2025 on a pro forma basis, adjusted for participation changes
Managed premiums $1,320.6 million Third quarter 2026; 12.5% increase from 2025 on a pro forma basis, adjusted for participation changes
Combined ratio 89.9% Three months ended September 30, 2026
Net investment income $33.9 million Three months ended September 30, 2026; $22.0 million in 2025
Other comprehensive income (loss) Loss of $47.1 million Three months ended September 30, 2026; income of $12.2 million in 2025
Combined ratio technical
"Combined ratio of 89.9%"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
Ex-Cat Combined Ratio technical
"Ex-Cat Combined Ratio of 88.1%"
A measure used by insurers that shows underwriting profitability by comparing claims paid plus operating costs to premiums earned, calculated as a percentage and excluding losses from major natural or man-made catastrophes. Investors use the ex-cat combined ratio to see the insurer’s normal, recurring business performance without one-off disaster swings — like judging a household budget while ignoring a single, large emergency expense.
managed premiums financial
"managed premiums are a key management operating metric"
fee generating gross written premiums financial
"Total fee generating gross written premiums"
Annualized operating ROE financial
"Annualized operating ROE is operating income expressed on an annualized basis"
Total revenues $455.3 million Compared with $382.5 million in third quarter 2025
Net income $49.8 million Compared with $45.9 million in third quarter 2025
Diluted earnings per share $1.09 Compared with $1.10 in third quarter 2025
Gross written premiums $803.5 million Increased 9.0% compared with third quarter 2025
Fee generating gross written premiums $517.1 million Increased 18.4% compared with third quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue and net income did SKWD report in Q3 2026?
SKWD reported $455.3 million in total revenues and $49.8 million in net income for the third quarter of 2026. Total revenues were $382.5 million and net income was $45.9 million in the third quarter of 2025.

How did SKWD's premiums change in Q3 2026?
Gross written premiums were $803.5 million, up 9.0%, and fee-generating gross written premiums were $517.1 million, up 18.4%. Managed premiums were $1,320.6 million, up 12.5%. The 2025 comparisons are pro forma and adjusted for changes in syndicate participations.

Why did SKWD's investment income increase in Q3 2026?
Net investment income was $33.9 million, compared with $22.0 million a year earlier. The company attributed the increase to the addition of the Apollo portfolio, a higher yield, and a larger asset base. Net investment gains were $0.5 million, compared with $7.0 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000151944900015194492026-11-052026-11-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 5, 2026
___________________________________
Skyward Specialty Insurance Group, Inc.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
(State or other jurisdiction of
incorporation or organization)
001-41591
(Commission File Number)
14-1957288
(I.R.S. Employer Identification Number)
800 Gessner Road, Suite 600
Houston, Texas
77024-4284
(Address of principal executive offices and zip code)
(Zip Code)
(713) 935-4800
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock, par value $0.01
SKWD
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02.
Results of Operations and Financial Condition
On November 5, 2026, Skyward Specialty Insurance Group, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the quarter and fiscal period ended September 30, 2026. The press release is furnished as Exhibit 99.1 to this Report and is hereby incorporated by reference in this Item 2.02.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Forward-Looking Statements
Statements made in this Current Report on Form 8-K, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this report was prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate,” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, changes in interest rate environment, management’s business strategy, national, regional, and local market conditions and legislative and regulatory conditions.
Item 9.01.
Financial Statements and Exhibits
(d)
     Exhibits
Exhibit No.
Description
99.1
Press Release dated November 5, 2026
104.1
Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


SKYWARD SPECIALTY INSURANCE GROUP, INC.
Date:
November 5, 2026
/s/ Mark Haushill
Mark Haushill
Chief Financial Officer

Exhibit 99.1
picture2.jpg
Skyward Group Reports Third Quarter 2026 Results
Houston, TX – November 5, 2026 – Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Group” or the “Company”) today reported third quarter 2026 results.
Summary Financial Data
($ in thousands, except per share amounts)Three months ended September 30,Nine months ended September 30,
unaudited2026202520262025
Managed premiums(1)
$1,320,600$1,174,191$3,346,984$2,884,425
Gross written premiums(1)(2)
$803,485$737,288$2,211,743$1,985,719
Fee generating gross written premiums(1)(2)
$517,115$436,903$1,135,241$898,706
Net written premiums$501,778$441,167$1,420,277$1,123,651
Net income$49,796$45,901$148,565$126,798
Net operating income(3)
$58,486$44,228$174,577$119,512
Diluted earnings per share$1.09 $1.10 $3.26 $3.03 
Diluted operating earnings per share$1.28 $1.05 $3.83 $2.84 
Annualized ROE (4)
15.7 %19.7 %17.3 %19.3 %
Annualized operating ROE (5)
18.4 %19.0 %20.4 %18.2 %
(1) Select third quarter 2025 metrics for the Skyward Group and Apollo are presented on a pro forma basis for comparative purposes only and are not necessarily indicative of the operating results that Skyward Group would have recognized had the acquisition actually been completed on January 1, 2025. Pro forma information is unaudited.
(2) Prior year pro forma gross written premiums are adjusted for the impact of the change in participations. See “Reconciliation of Non-GAAP Financial Measures”.
(3) See “Reconciliation of Non-GAAP Financial Measures”
(4) Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.
(5) Annualized operating ROE is operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.
Highlights for the third quarter included:
•Managed premiums increased 12.5%(2) compared to 2025;
•Gross written premiums increased 9.0%(1)(2) compared to 2025;
•Fee-generating gross written premiums(1)(2) increased 18.4% compared to 2025;
•Combined ratio of 89.9%;
•Ex-Cat combined ratio of 88.1%;
•Annualized return on equity(4) and annualized operating return on equity(5) of 17.3% and 20.4%, respectively, for the nine months ended September 30, 2026; and,
•Book value per share of $28.74, an increase of 15.3% compared to December 31, 2025.
Skyward Group Chairman and CEO Andrew Robinson commented, “The outstanding quarter and year to date performance reflects the strength of the Skyward Group Rule Our NicheTM strategy and the benefits of the diversified portfolio we have built. Through the first nine months of the year, we have delivered an annualized operating ROE of over 20% while growing managed premiums by 16%. In the quarter, gross written premiums grew 9.0%, while fee-generating gross written premiums increased 18%. The diversity of our portfolio and the complementary strength of our capital-light, fee-based platform continue to be meaningful differentiators, providing multiple avenues for profitable growth and enabling us to remain disciplined in deploying capital toward the most compelling opportunities as market conditions evolve. Across Skyward Group, we continue to execute at a high level, and we remain well positioned to continue to deliver top-quartile financial returns for our shareholders.”


Results of Operations
Gross Written Premiums By Underwriting Division
($ in thousands)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Skyward Specialty Segment
Accident & Health$99,131$63,14757.0 %$286,596$186,80553.4 %
Captives50,18567,956(26.2)%172,350211,879(18.7)%
Credit & Surety67,21052,78527.3 %195,143152,94427.6 %
Energy Solutions55,64666,576(16.4)%167,202216,992(22.9)%
Global Agriculture192,161159,05720.8 %406,452296,85336.9 %
Global Property22,31827,649(19.3)%127,944158,327(19.2)%
Professional Lines31,32334,637(9.6)%102,529112,409(8.8)%
Strategic Distribution Partners109,56582,77132.4 %315,773231,40136.5 %
Transactional E&S40,74550,950(20.0)%143,105156,417(8.5)%
Total continuing business$668,284$605,52810.4 %$1,917,094$1,724,02711.2 %
Exited business(2)981
NM(1)
7652,722
NM(1)
Total Skyward Specialty Segment gross written premiums$668,282$606,50910.2 %$1,917,859$1,726,74911.1 %
Apollo Segment(2)(3)
Syndicate 196967,52061,10510.5 %191,959160,16419.9 %
Syndicate 197167,68369,674(2.9)%101,92598,8063.2 %
Total Apollo Segment gross written premiums135,203130,7793.4 %293,884258,97013.5 %
Total gross written premiums(2)(3)
$803,485$737,2889.0 %$2,211,743$1,985,71911.4 %
(1) Not meaningful.
(2) Prior year information is pro forma.
(3) Prior year information is adjusted for the impact of the change in participations. See “Reconciliation of Non-GAAP Financial Measures”.
Effective in the third quarter, the Company renamed the Specialty Programs division to Strategic Distribution Partners (or “Strategic “Distribution”) to better reflect the breadth of its distribution model, the Company’s ownership interests in many of these distributors, and its ability to incorporate U.S. distribution activities related to ibott within the division.
2

Managed Premiums
Apollo provides managing agency services to nine syndicates within its Lloyd’s platform. The capital-aligned syndicates, Syndicate 1969, Syndicate 1971 and Syndicate 1972, are wholly managed and partly capitalized by Apollo with Apollo retaining a portion of the underwriting risk via its Lloyd's Corporate Member, Apollo No. 16. Platform Partner syndicates are managed by Apollo on behalf of third‑party partners and Apollo does not currently provide capital for underwriting of these syndicates. Because managed premiums are a key management operating metric intended to reflect the scale of business managed by Apollo, inter-syndicate reinsurance transactions, including those involving Syndicate 1972 and other Apollo-managed syndicates, are not eliminated in the calculation of managed premiums. Apollo receives managing agency fees and performance‑based income for its managing agency services from all syndicates on its Lloyd's platform.
($ in thousands)Three months ended September 30,Nine months ended September 30,
20262025% Change20262025% Change
Total gross written premiums(1)(2)
$803,485$737,2889.0%$2,211,743$1,985,71911.4%
Fee generating gross written premiums(1)(2):
Aligned Syndicates(3)
401,468369,5488.6%855,183717,17819.2%
Partner Syndicates(3)
115,64767,35571.7%280,058181,52854.3%
Total fee generating gross written premiums$517,115$436,90318.4%$1,135,241$898,70626.3%
Total Skyward Group managed premiums$1,320,600$1,174,19112.5%$3,346,984$2,884,42516.0%
(1) Prior year information is pro forma.
(2) Prior year information is adjusted for the impact of the change in participations. See “Reconciliation of Non-GAAP Financial Measures”.
(3) During the third quarter of 2026, the Company reclassified fee generating gross written premiums attributable to Syndicate 1972 from Partner Syndicates to Aligned Syndicates. Year to date 2026 amounts have been reclassified to conform to the current period presentation.

3

Underwriting Results
($ in thousands)Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Skyward SpecialtyApolloCorporateTotalSkyward SpecialtyApolloCorporateTotal
Revenues:
Net earned premiums$329,958$76,906$—$406,864$1,072,247$213,096$—$1,285,343
Underwriting fee income—11,000—11,000—33,666—33,666
Commission and fee income3,118——3,1186,979——6,979
Total revenues333,07687,906—420,9821,079,226246,762—1,325,988
Expenses:
Losses and loss adjustment expenses206,41344,623—251,036671,611121,389—793,000
Underwriting, acquisition and insurance expenses88,05124,9864,965118,002279,14572,50614,246365,897
Fee‑based service expenses—4,075—4,075—12,807—12,807
Total expenses294,46473,6844,965373,113950,756206,70214,2461,171,704
Underwriting Income$38,612$14,222$—$47,869$128,470$40,060$—$154,284
Combined Ratio
Non-cat loss and LAE
61.1 %55.2 %— %59.9 %60.9 %54.3 %— %59.9 %
Cat loss and LAE
1.5 %2.8 %— %1.8 %1.7 %2.7 %— %1.8 %
Loss Ratio62.6 %58.0 %— %61.7 %62.6 %57.0 %— %61.7 %
Net policy acquisition costs14.2 %19.0 %— %15.2 %14.2 %19.4 %— %14.9 %
Other operating and general expenses12.4 %13.5 %— %12.6 %11.9 %14.6 %— %12.4 %
Commission and fee income(0.9)%— %— %(0.8)%(0.7)%— %— %(0.5)%
Corporate expenses(1)
— %— %1.2 %1.2 %— %— %1.1 %1.1 %
Expense ratio25.7 %32.5 %1.2 %28.2 %25.4 %34.0 %1.1 %27.9 %
Combined ratio88.3 %90.5 %— %89.9 %88.0 %91.0 %— %89.6 %
Ex-Cat Combined Ratio86.8 %87.7 %— %88.1 %86.3 %88.3 %— %87.8 %
(1) Calculated using consolidated net earned premiums
4

($ in thousands)Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Skyward SpecialtyCorporateTotalSkyward SpecialtyCorporateTotal
Revenues:
Net earned premiums$351,797$—$351,797$947,705$—$947,705
Commission and fee income1,904—1,9046,440—6,440
Total revenues353,701—353,701954,145—954,145
Expenses:
Losses and loss adjustment expenses213,780—213,780582,351—582,351
Underwriting, acquisition and insurance expenses98,0793,597101,676263,08310,740273,823
Total expenses311,8593,597315,456845,43410,740856,174
Underwriting Income$41,842$—$38,245$108,711$—$97,971
Combined Ratio
Non-cat loss and LAE
60.2 %— %60.2 %60.1 %— %60.1 %
Cat loss and LAE
0.6 %— %0.6 %1.3 %— %1.3 %
Loss Ratio60.8 %— %60.8 %61.4 %— %61.4 %
Net policy acquisition costs13.9 %— %14.0 %14.6 %— %14.6 %
Other operating and general expenses13.9 %— %13.9 %13.2 %— %13.2 %
Commission and fee income(0.5)%— %(0.5)%(0.7)%— %(0.7)%
Corporate expenses(1)
— %1.0 %1.0 %— %1.1 %1.1 %
Expense ratio27.3 %1.0 %28.4 %27.1 %1.1 %28.2 %
Combined ratio88.1 %— %89.2 %88.5 %— %89.6 %
Ex-Cat Combined Ratio87.5 %— %88.6 %87.2 %— %88.3 %
(1) Calculated using consolidated net earned premiums
The Skyward Specialty segment loss and LAE ratios for the third quarter and first nine months of 2026 increased 1.8 points and 1.2 points, respectively, when compared to the same 2025 periods primarily due to shifts in business mix driven by growth in the accident & health and global agriculture divisions. Both the Skyward Specialty and Apollo segments were impacted by catastrophe losses in the third quarter, predominantly convective storm activity.
The Skyward Group expense ratios for the third quarter and first nine months of 2026 improved when compared to the same 2025 periods. The Skyward Specialty segment’s expense ratios improved 1.6 points and 1.7 points, respectively, when compared to the same 2025 periods, driven by business mix shift, enhanced operating efficiencies, and scale as net earned premiums outpaced expense growth. In the first quarter of 2026, the Company revised its expense presentation to report corporate expenses separately from segment expenses following the closing of the Apollo acquisition. The prior year period has been recast to reflect this change.
5

Investment Results
Net Investment Income
$ in thousandsThree months ended September 30,Nine months ended September 30,
(unaudited)2026202520262025
Short-term investments$2,381 $3,268 $7,338 $10,182 
Cash and cash equivalents2,690 695 6,9322,595 
Fixed income
30,338 20,806 87,01355,358 
Alternative & strategic investments
(1,530)(2,755)(9,622)(7,995)
     Net investment income
$33,879 $22,014 $91,661 $60,140 
Net unrealized gains (losses) on securities still held
$2,444$(8,987)$6,146$(6,677)
Net realized (losses) gains
(1,978)16,034(3,096)23,564
Net investment gains$466$7,047$3,050$16,887
In the first quarter of 2026, the Company revised its presentation of net investment income to (i) report short-term investments separately from cash and cash equivalents following the closing of the Apollo acquisition, and (ii) include equities in alternative & strategic investments after the sale of the majority of the equity portfolio in 2025. The prior year period has been recast to reflect this change.
Net investment income for the third quarter and first nine months of 2026 increased $11.9 million and $31.5 million, respectively, when compared to the same 2025 periods, driven by the addition of the Apollo portfolio, a higher yield, and a larger asset base. The increase in income from cash and cash equivalents was due to an overall increase in the invested asset base from the addition of Apollo when compared to the same 2025 periods.
The alternative & strategic investments portfolio continued to be impacted by the decline in the fair value of limited partnership investments.
Stockholders’ Equity
Stockholders’ equity was $1,276.3 million at September 30, 2026 which represented an increase of 0.7% when compared to stockholders' equity of $1,267.5 million at June 30, 2026. The increase in stockholders’ equity was primarily attributable to net income, partially offset by unrealized losses on available-for-sale investment securities.
6

Conference Call
At 10:00 a.m. eastern time tomorrow, November 6, 2026, Company management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link available on our website. Users will receive dial-in information and a unique PIN to join the call upon registering.
Non-GAAP Financial Measures
This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” The non-GAAP financial measures included in this release are operating income, basic and diluted operating earnings per share, annualized operating return on equity, underwriting income, tangible stockholders’ equity, annualized return on tangible equity, annualized operating return on tangible equity, adjusted pro forma gross written premiums and adjusted pro forma fee generating gross written premiums. This release also includes managed premiums, a key management operating metric representing the sum of gross written premiums and fee generating gross written premiums. We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.
We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”
About Skyward Specialty Insurance Group, Inc.
Skyward Group is the holding company brand for its U.S. and U.K. businesses, Skyward Specialty Insurance Group, Inc.® and Apollo, respectively, delivering a comprehensive suite of specialized insurance solutions across global specialty property and casualty markets. Focused on the specialty industry’s most niche, complex risks of today and the emerging challenges of tomorrow, Skyward Group leverages the forward-looking insight and disciplined execution of each organization to drive sustainable growth and long-term value for its shareholders, distribution partners, and other stakeholders.
For more information about Skyward Group, Skyward Specialty and Apollo, please visit skywardgroup.com.
7

Forward-Looking Statements
Except for historical information, this news release and statements made on the related conference call, contain consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “positioned,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Group's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, and include (but are not limited to) legislative and regulatory changes in the U.S. at both the state and federal level and in the U.K., class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, our ability to successfully integrate Apollo and realize the anticipated benefits of the acquisition, risks related to our Lloyd’s operations, including changes in syndicate participations and Lloyd’s regulatory requirements, changes in interest rates, credit markets and the value of our investment portfolio, and fluctuations in foreign currency exchange rate. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Skyward Specialty Insurance Group, Inc.
Investor Contact
Jordan Arnold
Skyward Specialty Insurance Group
346-215-0250
jarnold@skywardinsurance.com
Media Contact
Haley Doughty
Skyward Specialty Insurance Group
713-935-4944
hdoughty@skywardinsurance.com
8
Skyward Specialty Insurance Group, Inc.
Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
(unaudited)September 30,
2026		December 31, 2025
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $5,910 and $7,000, respectively) (amortized cost of $2,265,283 and $1,848,755, respectively)$2,191,576 $1,856,303 
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $4,228 and $468, respectively)26,446 32,822 
Equity securities, at fair value1,088 1,174 
Mortgage loans, at fair value6,712 9,902 
Equity method investments62,686 77,365 
Other long-term investments66,847 58,650 
Short-term investments, at fair value531,449 264,299 
Total investments2,886,804 2,300,515 
Cash and cash equivalents187,615 168,544 
Restricted cash96,675 30,570 
Funds at Lloyd’s121,630 2,509 
Options, at fair value31,846 34,857 
Premiums and commissions receivable, net1,091,077 544,217 
Reinsurance recoverables, net1,460,189 1,119,880 
Ceded unearned premium389,749 238,948 
Deferred policy acquisition costs and VOBA190,373 136,100 
Deferred tax assets65,773 27,865 
Goodwill and intangible assets, net469,054 88,040 
Other assets155,661 99,807 
Total assets$7,146,446 $4,791,852 
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses$3,208,137 $2,318,894 
Unearned premiums1,225,726 774,035 
Deferred ceding commission62,708 46,453 
Reinsurance and premium payables565,980 279,888 
Funds held for others151,163 128,003 
Deferred tax liabilities66,924 — 
Accounts payable and accrued liabilities152,910 115,034 
Notes payable417,037 100,411 
Subordinated debt, net of debt issuance costs19,593 19,569 
Total liabilities5,870,178 3,782,287 
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,846,532 shares issued and 44,413,449 shares outstanding at September 30, 2026; 40,511,222 shares issued and outstanding at December 31, 2025
448 405 
Treasury stock, at cost, 433,083 and 0 shares, respectively
(19,552)— 
Additional paid-in capital933,877 730,555 
Accumulated other comprehensive (loss) income(54,218)11,457 
Retained earnings415,713 267,148 
Total stockholders’ equity1,276,268 1,009,565 
Total liabilities and stockholders’ equity$7,146,446 $4,791,852 
9
Skyward Specialty Insurance Group, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
($ in thousands)Three months ended September 30,Nine months ended September 30,
(unaudited)2026202520262025
Revenues:
Net earned premiums
$
406,864 
$
351,797 
$1,285,343 $947,705 
Underwriting fee income11,000 — 33,666 — 
Commission and fee income3,118 1,904 6,979 6,440 
Net investment income33,879 22,014 91,661 60,140 
Net investment gains466 7,047 3,050 16,887 
Other income (loss)14 (236)42 (216)
Total revenues455,341 382,526 1,420,741 1,030,956 
Expenses:
Losses and loss adjustment expenses251,036 213,780 793,000 582,351 
Underwriting, acquisition and insurance expenses118,002 101,676 365,897 273,823 
Fee‑based service expenses4,075 — 12,807 — 
Interest expense6,997 1,919 23,528 5,629 
Amortization expense8,843 455 26,529 1,164 
Other expenses2,744 4,149 9,703 6,212 
Total expenses391,697 321,979 1,231,464 869,179 
Income before income taxes63,644 60,547 189,277 161,777 
Income tax expense13,848 14,646 40,712 34,979 
Net income$49,796 $45,901 $148,565 $126,798 
Comprehensive income:
Net income$49,796 $45,901 $148,565 $126,798 
Other comprehensive (loss) income:
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax(47,742)6,740 (65,584)30,000 
Reclassification adjustment for gains on securities no longer held, net of tax849 5,465 861 1,659 
Foreign currency translation adjustment(234)— (952)— 
Total other comprehensive (loss) income(47,127)12,205 (65,675)31,659 
Comprehensive income$2,669 $58,106 $82,890 $158,457 
10
Skyward Specialty Insurance Group, Inc.
Share and Per Share Data
($ in thousands, except share and per share amounts)Three months ended September 30,Nine months ended September 30,
(unaudited)2026202520262025
Weighted average basic shares44,405,13240,487,06944,462,98940,377,864
Weighted average diluted shares45,799,61741,868,44945,618,51441,784,976
Basic earnings per share$1.12 $1.13 $3.34 $3.14 
Diluted earnings per share$1.09 $1.10 $3.26 $3.03 
Basic operating earnings per share$1.32 $1.09 $3.93 $2.94 
Diluted operating earnings per share$1.28 $1.05 $3.83 $2.84 
Annualized ROE (1)
15.7 %19.7 %17.3 %19.3 %
Annualized operating ROE (2)
18.4 %19.0 %20.4 %18.2 %
Annualized ROTE (3)
23.0 %21.8 %22.1 %21.4 %
Annualized operating ROTE (4)
27.0 %21.0 %25.9 %20.2 %
September 30,December 31,
20262025
Shares outstanding44,413,44940,511,222
Fully diluted shares outstanding46,573,65842,292,371
Book value per share$28.74$24.92
Fully diluted book value per share$27.40$23.87
(1) Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.
(2) Annualized operating ROE is operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.
(3) Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period.
(4) Annualized operating ROTE is operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period.
11
Skyward Specialty Insurance Group, Inc.
Reconciliation of Non-GAAP Financial Measures
Operating income – We define operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define operating income differently.    
($ in thousands)Three months ended September 30,Nine months ended September 30,
(unaudited)2026202520262025
Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Income as reported$63,644 $49,796 $60,547 $45,901 $189,277 $148,565 $161,777 $126,798 
Less (add):
Net investment gains466 365 7,047 5,342 3,050 2,394 16,887 13,236 
Amortization expense(8,843)(6,919)(455)(345)(26,529)(20,823)(1,164)(912)
Other income (loss)14 11 (236)(179)42 33 (216)(169)
Other expenses(2,744)(2,147)(4,149)(3,145)(9,703)(7,616)(6,212)(4,869)
Operating income$74,751 $58,486 $58,340 $44,228 $222,417 $174,577 $152,482 $119,512 
Underwriting income – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.
($ in thousands)Three months ended September 30,Nine months ended September 30,
(unaudited)2026202520262025
Income before income taxes$63,644 $60,547 $189,277$161,777
Add:
Interest expense6,997 1,919 23,5285,629 
Amortization expense8,843 455 26,5291,164
Other expenses2,744 4,149 9,7036,212
Less:
Net investment income33,879 22,014 91,66160,140
Net investment gains466 7,047 3,05016,887
Other income14 (236)42(216)
Underwriting income$47,869 $38,245 $154,284$97,971
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Skyward Specialty Insurance Group, Inc.
Reconciliation of Non-GAAP Financial Measures
Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity excluding goodwill and intangible assets and the related deferred tax impact. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.
($ in thousands)September 30,December 31,
(unaudited)202620252025
Stockholders’ equity
$1,276,268$961,423$1,009,565 
Less: Goodwill and intangible assets469,05488,41788,040
Add: Deferred tax impact65,500——
Tangible stockholders’ equity
$872,714$873,006$921,525
Adjusted pro forma gross written premiums – We define adjusted pro forma gross written premiums as pro forma gross written premiums adjusted for the impact of changes in Apollo syndicate participation. We use this measure to evaluate premium growth trends on a consistent participation basis across periods. Adjusted pro forma gross written premiums is a non-GAAP financial measure and should not be considered a substitute for gross written premiums calculated in accordance with GAAP.
$ in thousandsThree months ended September 30, 2025
Syndicate 1969Syndicate 1971Total Apollo SegmentTotal Skyward Group
Pro forma gross written premiums$73,525 $57,449 $130,974 $737,483 
Impact of the change in participations(12,420)12,225 (195)(195)
Adjusted pro forma gross written premiums
$61,105 $69,674 $130,779 $737,288 
$ in thousandsNine months ended September 30, 2025
Syndicate 1969Syndicate 1971Total Apollo SegmentTotal Skyward Group
Pro forma gross written premiums$192,828 $86,727 $279,555 $2,006,304 
Impact of the change in participations(32,664)12,079 (20,585)(20,585)
Adjusted pro forma gross written premiums
$160,164 $98,806 $258,970 $1,985,719 
Adjusted pro forma fee generating gross written premiums – We define adjusted pro forma fee generating gross written premiums as pro forma fee generating gross written premiums adjusted for the impact of changes in Apollo syndicate participation percentages. We believe this measure provides a more meaningful comparison of fee generating business on a consistent participation basis across periods. Adjusted pro forma fee generating gross written premiums is a non-GAAP financial measure and may not be comparable to similarly titled measures used by other companies.
$ in thousandsThree months ended September 30, 2025
Aligned SyndicatesPartner SyndicatesTotal
Pro forma fee generating gross written premiums$369,353 $67,355 $436,708 
Impact of the change in participations195 N/A195 
Adjusted pro forma fee generating gross written premiums
$369,548 $67,355 $436,903 



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Skyward Specialty Insurance Group, Inc.
Reconciliation of Non-GAAP Financial Measures
$ in thousandsNine months ended September 30, 2025
Aligned SyndicatesPartner SyndicatesTotal
Pro forma fee generating gross written premiums$696,593 $181,528 $878,121 
Impact of the change in participation(s)20,585 N/A20,585 
Adjusted pro forma fee generating gross written premiums
$717,178 $181,528 $898,706 
14

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