v3.26.1
Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
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