v3.26.1
Segments
 6 Months Ended
Jun. 30, 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 reinsurance 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 and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Skyward Specialty Segment
Accident & Health$95,456 $60,489 $187,465 $123,658 
Captives64,251 76,994 122,165 143,923 
Credit & Surety63,759 55,131 127,933 100,159 
Energy Solutions62,690 74,822 111,556 150,416 
Global Agriculture111,939 57,179 214,291 137,796 
Global Property71,109 83,992 105,626 130,678 
Professional Lines34,978 37,555 71,206 77,772 
Specialty Programs111,441 85,955 206,208 148,630 
Transactional E&S52,296 53,461 102,360 105,467 
Total continuing business667,919 585,578 1,248,810 1,118,499 
Exited business(146)(664)767 1,741 
Total Skyward Specialty Segment gross written premiums667,773 584,914 1,249,577 1,120,240 
Apollo Segment
Syndicate 196959,431 — 124,439 — 
Syndicate 197113,350 — 34,242 — 
Total Apollo Segment gross written premiums72,781 — 158,681 — 
Total gross written premiums$740,554 $584,914 $1,408,258 $1,120,240 
The following table sets forth the Apollo segment’s managed premiums for the three and six months ended June 30, 2026:
Three months ended June 30,Six months ended June 30,
20262026
Aligned Syndicates$217,196$427,745
Partner Syndicates100,925190,381
Total managed premiums$318,121$618,126
The following table presents information about reported segment net underwriting income, significant segment expenses and a reconciliation of net underwriting income to net income for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,20262025
($ in thousands)Skyward SpecialtyApolloTotalSkyward SpecialtyTotal
Underwriting income
Revenues:
Net earned premiums$378,346 $66,126 $444,472 $295,542 $295,542 
Underwriting fee income— 12,588 12,588 — — 
Commission and fee income2,334 — 2,334 2,560 2,560 
Total underwriting revenues380,680 78,714 459,394 298,102 298,102 
Expenses:
Losses and LAE236,967 39,774 276,741 181,262 181,262 
Amortization of policy acquisition costs52,927 18,227 71,154 44,636 44,636 
Other operating and general expenses41,204 6,551 47,755 37,730 37,730 
Corporate expenses— — 4,372 — 3,230 
Fee‑based service expenses— 4,562 4,562 — — 
Total underwriting expenses331,098 69,114 404,584 263,628 266,858 
Underwriting income$49,582 $9,600 $54,810 $34,474 $31,244 
Reconciliation of underwriting income to net income:
Underwriting income$54,810 $31,244 
Add:
Net investment income30,727 18,704 
Net investment (losses) gains(601)3,090 
Other income13 7 
Less:
Interest expense8,812 1,876 
Amortization expense8,843 372 
Other expenses3,737 1,002 
Income before income taxes63,557 49,795 
Income tax expense14,519 10,956 
Net income$49,038 $38,839 
Six months ended June 30,20262025
($ in thousands)Skyward SpecialtyApolloTotalSkyward SpecialtyTotal
Underwriting income
Revenues:
Net earned premiums$742,289 $136,190 $878,479 $595,908 $595,908 
Underwriting fee income— 22,666 22,666 — — 
Commission and fee income3,861 — 3,861 4,536 4,536 
Total underwriting revenues746,150 158,856 905,006 600,444 600,444 
Expenses:
Losses and LAE465,198 76,766 541,964 368,571 368,571 
Amortization of policy acquisition costs103,986 26,784 130,770 89,126 89,126 
Other operating and general expenses87,108 20,736 107,844 75,878 75,878 
Corporate expenses— — 9,281 — 7,143 
Fee‑based service expenses— 8,732 8,732 — — 
Total underwriting expenses656,292 133,018 798,591 533,575 540,718 
Underwriting income$89,858 $25,838 $106,415 $66,869 $59,726 
Reconciliation of underwriting income to net income:
Underwriting income$106,415 $59,726 
Add:
Net investment income57,782 38,126 
Net investment gains2,584 9,840 
Other income28 20 
Less:
Interest expense16,531 3,710 
Amortization expense17,686 709 
Other expenses6,959 2,063 
Income before income taxes125,633 101,230 
Income tax expense26,864 20,333 
Net income$98,769 $80,897