Skyward Specialty Insurance Group recently released its 10-Q report. Skyward Specialty 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, plus specialty reinsurance. The company was founded in 2006, is based in Houston, and changed its name from Houston International Insurance Group in November 2020.
In Item 2, management said the quarter was the first period in which results were reported under two operating segments: Skyward Specialty, covering the U.S. business, and Apollo, covering the U.K. operations acquired on Jan. 1, 2026. The Apollo transaction carried total consideration of $559.1 million, made up of $371.1 million in cash and 3,679,332 shares of common stock.
For the three months ended June 30, 2026, gross written premiums rose to $740.6 million from $584.9 million a year earlier. Net written premiums increased to $485.6 million from $339.2 million, and net earned premiums climbed to $444.5 million from $295.5 million.
Underwriting income more than doubled to $54.8 million from $31.2 million. Net income was $49.0 million, up from $38.8 million, while income before income taxes increased to $63.6 million from $49.8 million.
Losses and loss adjustment expenses totaled $276.7 million, compared with $181.3 million a year earlier. The net loss and LAE ratio was 62.3%, versus 61.3% in the prior-year quarter, while the combined ratio was 89.5%, essentially unchanged from 89.4%.
Net investment income increased to $30.7 million from $18.7 million. Interest expense rose to $8.8 million from $1.9 million, and amortization expense increased to $8.8 million from $0.4 million.
For the first six months of 2026, gross written premiums were $1.41 billion, up from $1.12 billion a year earlier. Net written premiums were $918.5 million, compared with $682.5 million, and net earned premiums were $878.5 million versus $595.9 million.
Six-month underwriting income reached $106.4 million, up from $59.7 million. Net income was $98.8 million, compared with $80.9 million, and income before taxes was $125.6 million versus $101.2 million.
The six-month combined ratio was 89.5%, compared with 90.0% in the prior year. The net loss and LAE ratio was 61.7%, versus 61.9%.
On capital, stockholders’ equity was $1.27 billion at June 30, 2026, up from $1.01 billion at Dec. 31, 2025. Tangible stockholders’ equity was $861.9 million, down from $921.5 million at year-end after deducting $471.2 million of goodwill and intangible assets and adding a $65.5 million deferred tax impact.
The company reported annualized return on equity of 15.7% for the quarter and 17.3% for the first six months. Annualized operating return on equity was 19.0% for the quarter and 20.4% for the six-month period, while annualized operating return on tangible equity was 28.2% and 26.0%, respectively. The market has reacted to these announcements by moving the company's shares -2.99% to a price of $63.67. If you want to know more, read the company's complete 10-Q report here.
