v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company has two reportable segments, the Skyward Specialty segment and the Apollo segment, through which it offers a broad array of commercial property and casualty products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. The Company defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions and allocate resources. The Company’s CODM is the chief executive officer. The accounting policies of the segments are the same as those used for the preparation of the Company’s consolidated financial statements. Intersegment business is allocated to the segment accountable for the underwriting results.
The Skyward Specialty segment is made up of nine distinct underwriting divisions, or “continuing business,” and has dedicated underwriting leadership supported by high-quality technical staff with deep experience in their respective niches. The Apollo segment consists of the operations of Apollo, a Lloyd’s‑based specialty insurance platform acquired by the Company on January 1, 2026, structured around two core divisions that collectively support its underwriting, specialty‑risk, and managing‑agency activities. Apollo operates within the Lloyd’s of London market, leveraging Lloyd’s global licensing, centralized underwriting infrastructure, and long‑standing distribution networks to access niche and emerging specialty classes across international markets.
The accounting policies of the segments are the same as those described in Note 1 “Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The CODM assesses performance for the segments and allocates resources based primarily on gross written premiums, managed premiums and underwriting contribution. The Company does not manage assets by segment, with the exception of goodwill and intangible assets. Investment results, interest expense, amortization expense, corporate expenses and other income and expenses are not allocated to the underwriting segments.
Gross written premiums by underwriting division, managed premiums and underwriting contribution are used to monitor budget versus actual results. The CODM also uses underwriting contribution in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segments and in establishing management’s compensation.
The following table presents gross written premiums by underwriting division for the three months ended March 31, 2026 and 2025:
Three months ended March 31,
($ in thousands)20262025
Skyward Specialty Segment
Accident & Health$92,009 $63,169 
Captives57,914 66,929 
Credit & Surety64,174 45,028 
Energy Solutions48,866 75,594 
Global Agriculture102,352 80,617 
Global Property34,517 46,686 
Professional Lines36,228 40,217 
Specialty Programs94,767 62,675 
Transactional E&S50,064 52,006 
Total continuing business580,891 532,921 
Exited business913 2,405 
Total Skyward Specialty Segment gross written premiums581,804 535,326 
Apollo Segment
Syndicate 196965,008 — 
Syndicate 197120,892 — 
Total Apollo Segment gross written premiums85,900 — 
Total gross written premiums$667,704 $535,326 
The following table sets forth the Apollo segment’s managed premiums for the three months ended March 31, 2026:
Three months ended March 31,
2026
Aligned Syndicates210,549
Partner Syndicates89,456
Total managed premiums$300,005
The following table presents information about reported segment net underwriting income, significant segment expenses and a reconciliation of net underwriting income to net income for the three months ended March 31, 2026 and 2025:
Three months ended March 31,20262025
($ in thousands)Skyward SpecialtyApolloTotalSkyward SpecialtyTotal
Underwriting income
Revenues:
Net earned premiums$363,943 $70,064 $434,007 $300,366 $300,366 
Underwriting fee income— 10,078 10,078 — — 
Commission and fee income1,527 — 1,527 1,976 1,976 
Total underwriting revenues365,470 80,142 445,612 302,342 302,342 
Expenses:
Losses and LAE228,231 36,992 265,223 187,309 187,309 
Amortization of policy acquisition costs51,059 8,557 59,616 44,490 44,490 
Other operating and general expenses45,904 14,185 60,089 38,148 38,148 
Corporate expenses— — 4,909 — 3,913 
Fee‑based service expenses— 4,170 4,170 — — 
Total underwriting expenses325,194 63,904 394,007 269,947 273,860 
Underwriting income$40,276 $16,238 $51,605 $32,395 $28,482 
Reconciliation of underwriting income to net income:
Underwriting income$51,605 $28,482 
Add:
Net investment income27,055 19,422 
Net investment gains3,185 6,750 
Other income15 13 
Less:
Interest expense7,719 1,834 
Amortization expense8,843 337 
Other expenses3,222 1,061 
Income before income taxes62,076 51,435 
Income tax expense12,345 9,377 
Net income$49,731 $42,058