Segments (Tables)

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)		2026		2025
Skyward Specialty Segment
Accident & Health		$	92,009	$	63,169
Captives		57,914		66,929
Credit & Surety		64,174		45,028
Energy Solutions		48,866		75,594
Global Agriculture		102,352		80,617
Global Property		34,517		46,686
Professional Lines		36,228		40,217
Specialty Programs		94,767		62,675
Transactional E&S		50,064		52,006
Total continuing business		580,891		532,921
Exited business		913		2,405
Total Skyward Specialty Segment gross written premiums		581,804		535,326
Apollo Segment
Syndicate 1969		65,008		—
Syndicate 1971		20,892		—
Total Apollo Segment gross written premiums		85,900		—
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 Syndicates	210,549
Partner Syndicates	89,456
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,	2026						2025
($ in thousands)	Skyward Specialty		Apollo		Total		Skyward Specialty		Total
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 income	1,527		—		1,527		1,976		1,976
Total underwriting revenues	365,470		80,142		445,612		302,342		302,342
Expenses:
Losses and LAE	228,231		36,992		265,223		187,309		187,309
Amortization of policy acquisition costs	51,059		8,557		59,616		44,490		44,490
Other operating and general expenses	45,904		14,185		60,089		38,148		38,148
Corporate expenses	—		—		4,909		—		3,913
Fee‑based service expenses	—		4,170		4,170		—		—
Total underwriting expenses	325,194		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 income					27,055				19,422
Net investment gains					3,185				6,750
Other income					15				13
Less:
Interest expense					7,719				1,834
Amortization expense					8,843				337
Other expenses					3,222				1,061
Income before income taxes					62,076				51,435
Income tax expense					12,345				9,377
Net income					$	49,731			$	42,058