v3.26.1
Commission and Fee Income and Underwriting Fee Income
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Commission and Fee Income and Underwriting Fee Income Commission and Fee Income and Underwriting Fee Income
Skyward Underwriters Agency, Inc. (“SUA”), a subsidiary of the Company, is a managing general insurance agent and reinsurance broker for property and casualty and accident and health risks in specialty niche markets. Commission and fee income is primarily generated from SUA for the placement of insurance policies on either a third-party insurance or reinsurance company.
The following table sets forth the Company’s disaggregated revenues from contracts with customers 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
SUA commission revenue$2,778 $3,090 $5,059 $4,927 
SUA fee income342 608 797 1,785 
Other1,461 397 2,054 407 
Total commission and fee revenue4,581 4,095 7,910 7,119 
Commission and fee expenses(2,247)(1,535)(4,049)(2,583)
Net commission and fee income$2,334 $2,560 $3,861 $4,536 
The Company’s contract assets from commission and fee income as of June 30, 2026 and December 31, 2025 were $1.0 million.
Through its Apollo subsidiary ASML, the Company earns revenue for services performed in its capacity as managing agent to both its wholly owned and third‑party capitalized Lloyd’s syndicates. These revenues primarily consist of managing agency fees, which compensate the Company for underwriting oversight, operational administration, and regulatory and compliance support, as well as profit commissions, which is contingent upon the underwriting and investment performance of certain syndicates. ASML receives (i) managing agency fees from managed syndicates, including 1969, 1971 and 1972 (collectively the “Managed Syndicates”) at a rate of 0.9% of the managed stamp capacity and for SPA1925 at 1.0%, which is fully recognized over the period the services are rendered, (ii) profit commissions from certain syndicates, subject to a two-year deficit clause, and (iii) a share of the leader’s fee for managing consortium arrangements. Managing agency fees and services revenue are recognized over time as services are rendered, while profit commission is recognized only when it becomes probable that no significant reversal will occur. This revenue is disclosed in underwriting fee income.
The following table sets forth Apollo’s revenues from contracts with customers for the three and six months ended June 30, 2026:
Three months ended June 30,Six months ended June 30,
($ in thousands)20262026
Managing agents fees$3,508 $7,035 
Profit commission & consortium overrider charged to Managed Syndicates8,072 14,623 
Miscellaneous fee income1,008 1,008 
Underwriting fee income$12,588 $22,666