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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
__________________________________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________  to ____________

Commission file number 001-41591

SKYWARD SPECIALTY INSURANCE GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
14-1957288
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer
Identification No.)
800 Gessner Road, Suite 600
Houston, Texas
77024-4284
(Address of Principal Executive Offices)(Zip Code)
(713) 935-4800
Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01SKWDThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ☒   No  ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer  
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes ☐   No  ☒

As of July 31, 2026, the registrant had 44,396,493 shares of common stock outstanding.


TABLE OF CONTENTS
Form 10-QItem and DescriptionPage
2
Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 2026December 31, 2025
($ in thousands, except share and per share amounts) (Unaudited)
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $6,228 and $7,000, respectively) (amortized cost of $2,206,626 and $1,848,755, respectively)
$2,192,183 $1,856,303 
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $2,256 and $468, respectively)
28,192 32,822 
Equity securities, at fair value1,141 1,174 
Mortgage loans, at fair value9,218 9,902 
Equity method investments62,725 77,365 
Other long-term investments52,295 58,650 
Short-term investments, at fair value392,634 264,299 
Total investments2,738,388 2,300,515 
Cash and cash equivalents219,221 168,544 
Restricted cash83,302 30,570 
Funds at Lloyd’s121,630 2,509 
Options, at fair value40,535 34,857 
Premiums and commissions receivable, net978,409 544,217 
Reinsurance recoverables, net1,411,648 1,119,880 
Ceded unearned premium337,180 238,948 
Deferred policy acquisition costs and VOBA186,491 136,100 
Deferred tax assets47,987 27,865 
Goodwill and intangible assets, net471,185 88,040 
Other assets145,163 99,807 
Total assets$6,781,139 $4,791,852 
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses$3,070,598 $2,318,894 
Unearned premiums1,078,246 774,035 
Deferred ceding commission54,466 46,453 
Reinsurance and premium payables509,081 279,888 
Funds held for others169,051 128,003 
Deferred tax liabilities67,801 — 
Accounts payable and accrued liabilities127,154 115,034 
Notes payable417,620 100,411 
Subordinated debt, net of debt issuance costs19,585 19,569 
Total liabilities5,513,602 3,782,287 
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,827,499 shares issued and 44,396,493 shares outstanding at June 30, 2026; 40,511,222 shares issued and outstanding at December 31, 2025
448 405 
Treasury stock, at cost, 431,006 and 0 shares, respectively
(19,427)— 
Additional paid-in capital927,690 730,555 
Accumulated other comprehensive (loss) income(7,091)11,457 
Retained earnings365,917 267,148 
Total stockholders’ equity1,267,537 1,009,565 
Total liabilities and stockholders’ equity$6,781,139 $4,791,852 
The accompanying notes are an integral part of the consolidated financial statements.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
Three months ended June 30,Six months ended June 30,
($ in thousands, except share and per share amounts)2026202520262025
Revenues:
Net earned premiums$444,472 $295,542 $878,479 $595,908 
Underwriting fee income12,588 — 22,666 — 
Commission and fee income2,334 2,560 3,861 4,536 
Net investment income30,727 18,704 57,782 38,126 
Net investment (losses) gains(601)3,090 2,584 9,840 
Other income13 7 28 20 
Total revenues489,533 319,903 965,400 648,430 
Expenses:
Losses and loss adjustment expenses276,741 181,262 541,964 368,571 
Underwriting, acquisition and insurance expenses123,281 85,596 247,895 172,147 
Fee‑based service expenses4,562 — 8,732 — 
Interest expense8,812 1,876 16,531 3,710 
Amortization expense8,843 372 17,686 709 
Other expenses3,737 1,002 6,959 2,063 
Total expenses425,976 270,108 839,767 547,200 
Income before income taxes63,557 49,795 125,633 101,230 
Income tax expense14,519 10,956 26,864 20,333 
Net income$49,038 $38,839 $98,769 $80,897 
Comprehensive income
Net income$49,038 $38,839 $98,769 $80,897 
Other comprehensive (loss) income:
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax(625)11,005 (17,842)23,260 
Reclassification adjustment for (losses) gains on securities no longer held, net of tax(490)(3,624)12 (3,806)
Foreign currency translation adjustment150 — (718)— 
Total other comprehensive (loss) income(965)7,381 (18,548)19,454 
Comprehensive income$48,073 $46,220 $80,221 $100,351 
Per share data:
Basic earnings per share$1.10 $0.96 $2.22 $2.01 
Diluted earnings per share$1.07 $0.93 $2.17 $1.94 
Weighted-average common shares outstanding
Basic44,521,162 40,445,391 44,492,608 40,322,051 
Diluted45,692,641 41,871,496 45,526,233 41,771,215 
The accompanying notes are an integral part of the consolidated financial statements.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Three months ended June 30,
($ in thousands, except share amounts)20262025
Common shares:
Balance at beginning of period44,543,065 40,402,879 
(Acquisition) issuance of common stock(146,572)83,777 
Balance at June 30,44,396,493 40,486,656 
Treasury shares:
Balance at beginning of period(185,022)— 
Shares acquired(245,984)— 
Balance at June 30,(431,006)— 
Common stock:
Balance at beginning of period$484 $404 
(Acquisition) issuance of common stock(36)1 
Balance at June 30,$448 $405 
Treasury stock:
Balance at beginning of period$(8,665)$— 
Issuance of treasury stock(10,762)— 
Balance at June 30,$(19,427)$— 
Additional paid-in capital:
Balance at beginning of period$922,311 $721,186 
Issuance of common stock5,379 2,973 
Balance at June 30,$927,690 $724,159 
Accumulated other comprehensive loss:
Balance at beginning of period$(6,126)$(10,047)
Other comprehensive (loss) income, net of tax(965)7,381 
Balance at June 30,$(7,091)$(2,666)
Retained earnings:
Balance at beginning of period$316,879 $139,178 
Net income49,038 38,839 
Balance at June 30,$365,917 $178,017 
Total stockholders’ equity$1,267,537 $899,915 
The accompanying notes are an integral part of the consolidated financial statements.











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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Six months ended June 30,
($ in thousands, except share amounts)20262025
Common shares:
Balance at beginning of year40,511,222 40,127,908 
Issuance of shares3,885,271 358,748 
Balance at June 30,44,396,493 40,486,656 
Treasury shares:
Balance at beginning of year— — 
Shares acquired(431,006)— 
Balance at June 30,(431,006)— 
Common stock:
Balance at beginning of year$405 $401 
Issuance of common stock43 4 
Balance at June 30,$448 $405 
Treasury stock:
Balance at beginning of year$— $— 
Treasury stock acquired(19,427)— 
Balance at June 30,$(19,427)$— 
Additional paid-in capital:
Balance at beginning of year$730,555 $718,598 
Issuance of common stock197,135 5,561 
Balance at June 30,$927,690 $724,159 
Accumulated other comprehensive loss:
Balance at beginning of year$11,457 $(22,120)
Other comprehensive (loss) income, net of tax(18,548)19,454 
Balance at June 30,$(7,091)$(2,666)
Retained earnings:
Balance at beginning of year$267,148 $97,120 
Net income98,769 80,897 
Balance at June 30,$365,917 $178,017 
Total stockholders’ equity$1,267,537 $899,915 
The accompanying notes are an integral part of the consolidated financial statements.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six months ended June 30,
($ in thousands)20262025
Cash flows from operating activities:
Net income$98,769 $80,897 
Adjustments to reconcile net income to net cash provided by operating activities85,398 104,043 
Net cash provided by operating activities184,167 184,940 
Cash flows from investing activities:
Net cash paid in acquisition(303,035)(2,000)
Purchase of fixed maturity securities, available-for-sale(480,843)(405,609)
Purchase of equity securities— (12,626)
Purchase of equity method investments and other long-term investments(485)(2,839)
Investment in direct and indirect loans3,164 13,435 
Purchase of property and equipment(965)(1,287)
Proceeds from the sales of fixed maturity securities, available-for-sale237,986 25,524 
Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale108,571 60,628 
Maturities, calls and paydowns of fixed maturity securities held-to-maturity1,695 3,459 
Proceeds from the sales of equity securities— 67,495 
Sales of and distributions from equity method and other long-term investments16,469 8,730 
Change in short-term investments58,611 60,606 
Change in receivable/payable for securities(15,762)— 
Cash (used in) provided by deposit accounting(8,026)15,183 
Net cash used in investing activities(382,620)(169,301)
Cash flows from financing activities:
Proceeds from issuance of common stock200 — 
Proceeds from long term borrowings371,089 — 
Payments on long term borrowings(50,000)— 
Treasury stock acquired(19,427)— 
Net cash provided by financing activities301,862 — 
Net increase in cash and cash equivalents and restricted cash103,409 15,639 
Cash and cash equivalents and restricted cash at beginning of period(1)
199,114 157,525 
Cash and cash equivalents and restricted cash at end of period(1)
$302,523 $173,164 
Supplemental disclosure of cash flow information:
Cash paid for interest$14,013 $3,234 
(1) The sum of cash and cash equivalents and restricted cash from the consolidated balance sheets
The accompanying notes are an integral part of the consolidated financial statements.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.    Summary of Significant Accounting Policies
Basis of Presentation
The unaudited condensed consolidated financial statements of Skyward Specialty Insurance Group, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete consolidated financial statements. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2025 was derived from the Company’s audited annual consolidated financial statements.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates.
Updates to Significant Accounting Policies
The following accounting policies have been updated following the Apollo Group Holdings Limited (“Apollo”) acquisition on January 1, 2026.
Description of Business
Skyward Specialty Insurance Group, Inc., an insurance holding company, is a Delaware corporation that was organized in 2006. It is a specialty insurance company operating in two segments delivering commercial property and casualty products insurance coverages.
The Company has four wholly owned insurance company subsidiaries based in the United States:
•Great Midwest Insurance Company (“GMIC”) underwrites insurance on an admitted basis and is a certified surety bond company listed with the U.S. Department of the Treasury.
•Houston Specialty Insurance Company (“HSIC”), a subsidiary of GMIC, underwrites insurance on a non-admitted basis.
•Imperium Insurance Company (“IIC”), a subsidiary of HSIC, underwrites insurance on an admitted basis.
•Oklahoma Specialty Insurance Company (“OSIC”), a subsidiary of IIC, underwrites insurance on a non-admitted basis.
The Company has a wholly owned captive reinsurance company subsidiary, Skyward Re, that is domiciled in the Cayman Islands.
The Company has three non-risk bearing wholly owned subsidiaries, (i) Skyward Underwriters Agency, Inc. (“SUA”), a managing general insurance agent and reinsurance broker for property and casualty risks in specialty niche markets, (ii) Skyward Service Company, an entity which provides various administrative services to the Company’s subsidiaries, and (iii) Skyward Specialty No. 1 Limited, a Lloyd’s corporate member authorized to invest in Lloyd’s syndicates.
8
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1.    Summary of Significant Accounting Policies (continued)



On January 1, 2026, the Company completed its acquisition of Apollo Group Holdings Limited (“Apollo”), a Lloyd’s of London (“Lloyd’s”) specialist insurance and reinsurance group. Apollo includes a Lloyd’s of London Managing Agency, Apollo Syndicate Management Limited (“ASML”), which provides managing agency services to nine Lloyd’s syndicates. Syndicate 1969 underwrites a diversified specialty portfolio, Syndicate 1971 focuses on digital‑economy and technology‑enabled risks, and Syndicate 1972 provides reinsurance for Apollo managed syndicates and provides a quota share facility for Syndicates 1969 and 1971. Apollo participates in its wholly managed syndicates through its corporate member company, Apollo No. 16 Limited (“Apollo No. 16”) which has a quota share agreement in place with Apollo Bermuda Limited.
Commission and Fee Income and Underwriting Fee Income
Managing Agency Fees and Profit Commission
ASML earns a fee for providing managing agency services (such as underwriting oversight, operational administration and regulatory compliance) to the syndicates it manages. These managing agency fees are based on each syndicate’s annual capacity and are recognized over the period of services provided. ASML may also earn profit commission under contractual arrangements with the capital providers to each syndicate. Profit commissions are contingent on syndicate profitability and are accrued in accordance with the contractual terms and the subsequent development of underwriting results at the balance sheet date. Amounts are generally not payable until the underlying underwriting results have substantially matured (typically around 36 months after inception), unless interim profit distributions permit earlier payments on account. Intra‑group managing agency fees and profit commission are eliminated on consolidation.
Other Revenue From Management Services
Apollo also earns other services revenue for other administrative and operational services performed for the syndicates it manages, including those supported primarily by third‑party capital providers. Such revenue is measured at the fair value of consideration received or receivable and includes service fees and consortium income. Consortium income represents fees charged to consortia members for whom ASML acts as consortium leader and is recognized at the point in time premiums are written; amounts related to underwriting services provided over multi‑year periods are deferred accordingly.
Foreign Currency
The Company transacts business in numerous currencies through business units located around the world. The functional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to transactions in currencies other than a business unit’s functional currency for monetary assets and liabilities are remeasured through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale fixed maturities securities, which are excluded from net income (loss) and accumulated in stockholders’ equity, net of deferred taxes.
The business units’ functional currency financial statements are translated to the Company’s reporting currency, U.S. dollars, using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the statements of operations and comprehensive income. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income and accumulated as a separate component of accumulated other comprehensive income in stockholders’ equity.
Reclassifications
During the current period, the Company reclassified amounts previously included in “Other assets” to separate line items on the balance sheet for “Funds at Lloyd’s” and “Options, at fair value” to better reflect the nature of these balances. Prior period amounts have been reclassified to conform to the current presentation.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2.    Goodwill and Intangible Assets
The following tables set forth the carrying amount and changes in the balance of goodwill by reporting unit at June 30, 2026 and 2025:
($ in thousands)Accident
and Health		Credit & SuretyEnergy SolutionsApolloOtherTotal
Goodwill
Gross balance at December 31, 2025$91,577 $6,781 $10,204 $— $3,879 $112,441 
Accumulated impairment at December 31, 2025(44,821)— — — (1,886)(46,707)
Additions— — — 125,408 — 125,408 
Net balance at June 30, 2026$46,756 $6,781 $10,204 $125,408 $1,993 $191,142 
($ in thousands)Accident
and Health		Credit & SuretyEnergy SolutionsOtherTotal
Goodwill
Gross balance at December 31, 2024$91,577 $6,781 $10,204 $3,879 $112,441 
Accumulated impairment at December 31, 2024(44,821)— — (1,886)(46,707)
Net balance at June 30, 2025$46,756 $6,781 $10,204 $1,993 $65,734 
The following tables set forth the carrying amount and changes in the balance of other intangible assets at June 30, 2026 and 2025:
($ in thousands)Agent
Relationships		Non-competesTrademarksSyndicate CapacityLicensesTotal
Other Intangible Assets
Gross balance at December 31, 2025$26,491 $1,117 $999 $— $14,019 $42,626 
Accumulated amortization at December 31, 2025(19,203)(1,117)— — — (20,320)
Additions27,000 — 35,000 200,000 — 262,000 
Amortization(2,513)— (1,750)— — (4,263)
Net balance at June 30, 2026$31,775 $— $34,249 $200,000 $14,019 $280,043 
($ in thousands)Agent
Relationships		Non-competesTrademarksLicensesTotal
Other Intangible Assets
Gross balance at December 31, 2024$24,491 $1,117 $999 $14,019 $40,626 
Accumulated amortization at December 31, 2024(17,895)(1,117)— — (19,012)
Additions2,000 — — — 2,000 
Amortization(553)— — — (553)
Net balance at June 30, 2025$8,043 $— $999 $14,019 $23,061 
The Company’s indefinite lived intangible assets relate to insurance licenses, trademarks and Lloyd’s syndicates capacity. Its finite lived intangible assets, which relate to policy renewals, agency relationships, within agent relationships, finite syndicates capacity relationships and non-compete/exclusivity agreements, within non-competes, have a weighted average useful life of approximately 9 years as of June 30, 2026.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2.    Goodwill and Intangible Assets (continued)
During the three and six months ended June 30, 2026, the Company recognized approximately $2.2 million and $4.3 million, respectively, of amortization expense, compared to $0.3 million and $0.6 million, respectively, for the same 2025 periods. The following table sets forth the estimated future net amortization expense of intangible assets:
($ in thousands)

Amount
Remainder of 2026$4,262 
Year Ending December 31, 20278,525 
Year Ending December 31, 20288,525 
Year Ending December 31, 20298,233 
Year Ending December 31, 20308,025 
3.    Investments
The following tables set forth the amortized cost and the fair value by investment category at June 30, 2026 and December 31, 2025:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
June 30, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities$128,460 $59 $(1,455)$— $127,064 
Non U.S government securities2,721 — (44)— 2,677 
Corporate securities and miscellaneous796,092 7,253 (6,310)(6,228)790,807 
Municipal securities93,125 1,337 (2,249)— 92,213 
Residential mortgage-backed securities450,728 4,979 (10,496)— 445,211 
Commercial mortgage-backed securities84,645 539 (560)— 84,624 
Other asset-backed securities650,855 2,610 (3,878)— 649,587 
Total fixed maturity securities, available-for-sale$2,206,626 $16,777 $(24,992)$(6,228)$2,192,183 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$30,448 $6,524 $— $(2,256)$34,716 
Total fixed maturity securities, held-to-maturity$30,448 $6,524 $— $(2,256)$34,716 
11
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3.     Investments (continued)
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Loss		Allowance for Credit LossesFair Value
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities$44,190 $292 $(14)$— $44,468 
Corporate securities and miscellaneous632,244 14,223 (3,080)(7,000)636,387 
Municipal securities102,691 1,725 (2,300)— 102,116 
Residential mortgage-backed securities487,145 8,928 (9,486)— 486,587 
Commercial mortgage-backed securities72,631 1,016 (597)— 73,050 
Other asset-backed securities509,854 5,194 (1,353)— 513,695 
Total fixed maturity securities, available-for-sale$1,848,755 $31,378 $(16,830)$(7,000)$1,856,303 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$33,290 $829 $(48)$(468)$33,603 
Total fixed maturity securities, held-to-maturity$33,290 $829 $(48)$(468)$33,603 
The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at June 30, 2026:
($ in thousands)Amortized
Cost		Fair Value
Due in less than one year$38,700 $38,794 
Due after one year through five years621,490 613,572 
Due after five years through ten years295,763 297,152 
Due after ten years64,445 63,243 
Mortgage-backed securities535,373 529,835 
Other asset-backed securities650,855 649,587 
Total$2,206,626 $2,192,183 
Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity.
The Company’s fixed maturity securities, held-to-maturity, at June 30, 2026 consisted entirely of asset-backed securities that were not due at a single maturity date.
At June 30, 2026, the Company had U.S. government agencies mortgage-backed fixed maturity securities, with a carrying value of approximately $65.8 million pledged as collateral for a loan (the “FHLB Loan”) from the Federal Home Loan Bank of Dallas (“FHLB”) pursuant to an Advances and Security Agreement between the Company and FHLB (the “Advances and Security Agreement”). In accordance with the terms of the FHLB Loan, the Company retains all rights regarding these pledged securities.
At June 30, 2026, the Company had assets with fair values of approximately $88.5 million pledged as collateral for performance obligations under reinsurance agreements. In accordance with the terms of the trust agreements, the Company retains all rights regarding these securities, of which $71.3 million are residential mortgage-backed securities, $15.0 million of cash and cash equivalents and other assets and $2.2 million of short-term investments.
12
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3.     Investments (continued)
The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of June 30, 2026 and 2025:
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
June 30, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities$103,494 $(1,455)$— $— $103,494 $(1,455)
Non-U.S. government securities2,677 (44)— — 2,677 (44)
Corporate securities and miscellaneous347,196 (4,271)40,383 (2,039)387,579 (6,310)
Municipal securities21,859 (380)19,056 (1,869)40,915 (2,249)
Residential mortgage-backed securities151,044 (1,553)61,911 (8,943)212,955 (10,496)
Commercial mortgage-backed securities21,241 (53)5,246 (507)26,487 (560)
Other asset-backed securities292,691 (2,913)8,394 (965)301,085 (3,878)
Total$940,202 $(10,669)$134,990 $(14,323)$1,075,192 $(24,992)
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities$349 $(1)$1,565 $(13)$1,914 $(14)
Corporate securities and miscellaneous67,644 (346)63,575 (2,734)131,219 (3,080)
Municipal securities19,157 (400)22,004 (1,900)41,161 (2,300)
Residential mortgage-backed securities56,147 (262)74,075 (9,224)130,222 (9,486)
Commercial mortgage-backed securities4,646 (3)8,363 (594)13,009 (597)
Other asset-backed securities85,098 (424)16,081 (929)101,179 (1,353)
Total fixed maturity securities, available-for-sale233,041 (1,436)185,663 (15,394)418,704 (16,830)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities1,912 (48)— — 1,912 (48)
Total fixed maturity securities, held-to-maturity:1,912 (48)— — 1,912 (48)
Total$234,953 $(1,484)$185,663 $(15,394)$420,616 $(16,878)
The Company regularly monitors its available-for-sale fixed maturity securities that have fair values less than cost or amortized cost for signs of impairment, an assessment that requires significant management judgment regarding the evidence known. Such judgments could change in the future as more information becomes known, which could negatively impact the amounts reported. Among the factors that management considers for fixed maturity securities are the financial condition of the issuer including receipt of scheduled principal and interest cash flows, and intent to sell, including if it is more likely than not that the Company will be required to sell the investments before recovery.
13
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3.     Investments (continued)
As of June 30, 2026, the Company had 987 lots of fixed maturity securities in an unrealized loss position. The Company does not have an intent to sell these securities and it is not more likely than not that the Company will be required to sell these securities before maturity or recovery of its cost basis. The Company reviewed its investments at June 30, 2026 and determined that for two available-for-sale securities in the “corporate securities and miscellaneous” category, credit impairments existed, based on new recovery analysis that showed deteriorating conditions raising credit concerns. Other than the securities discussed previously, the Company determined that no other credit impairment existed in the gross unrealized holding losses, due to the reasons discussed below:
•U.S. government securities and municipal securities: These securities were issued by the U.S. Treasury Department, Federal government-sponsored entities or by state and local governments. The decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.
•Corporate securities and miscellaneous: Corporations in various industries issued these securities. The decline in fair values was attributable to changes in interest rates and not credit quality. The Company reviewed the issuers of these securities to identify any significant adverse change in financial condition, a change in the quality of credit enhancement (if any), a ratings decrease, or negative outlook assignment from a major credit rating agency, and any failure to make interest or principal payments. After these reviews, the Company determined that the decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.
•Residential mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities: The decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.
The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the six months ended June 30, 2026 and 2025:
($ in thousands)Fixed Maturity Securities, Available-For-SaleFixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2025$7,000 $468 
Recoveries of amounts previously written off(500)(167)
Balance at March 31, 2026$6,500 $301 
Write-offs— 1,955 
Recoveries of amounts previously written off(272)— 
Balance at June 30, 2026$6,228 $2,256 
Fixed Maturity Securities, Available-For-SaleFixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024$— $243 
Current period provision for credit losses— 7 
Balance at March 31, 2025$— $250 
Current period provision for credit losses6,150 18 
Balance at June 30, 2025$6,150 $268 
14
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3.     Investments (continued)
The following table sets forth the components of net investment (losses) gains for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Gross realized gains
Fixed maturity securities, available-for-sale$1,339 $452 $2,971 $905 
Equity securities— 15,441 — 17,186 
Other(1,964)596 (1,789)626 
Total(625)16,489 1,182 18,717 
Gross realized losses
Fixed maturity securities, available-for-sale(1,347)(8,477)(1,605)(8,597)
Equity securities— (1,577)— (2,255)
Other(556)(164)(695)(335)
Total(1,903)(10,218)(2,300)(11,187)
Net unrealized gains (losses) on investments
Equity securities— (9,429)(33)(8,349)
Mortgage loans— 330 99 264 
Other1,927 5,918 3,636 10,395 
Net investment (losses) gains
$(601)$3,090 $2,584 $9,840 
The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the six months ended June 30, 2026 and 2025:
Six months ended June 30,
($ in thousands)20262025
Fixed maturity securities, available-for-sale$237,986 $25,524 
Equity securities— 67,495 
The following table sets forth the components of net investment income for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Income (loss):
Fixed maturity securities, available-for-sale$25,879 $18,453 $55,290 $35,741 
Fixed maturity securities, held-to-maturity403 (822)(674)— 
Equity securities19 492 37 1,109 
Equity method investments(1,057)(898)(2,354)(2,886)
Mortgage loans291 270 (374)931 
Indirect loans(4,312)(4,249)(6,105)(4,990)
Short-term investments and cash2,463 3,707 5,937 6,899 
Other6,719 909 7,405 1,970 
Total investment income30,405 17,862 59,162 38,774 
Investment expenses322 842 (1,380)(648)
Net investment income$30,727 $18,704 $57,782 $38,126 
15
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3.     Investments (continued)
The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Fixed maturity securities$(1,609)$9,403 $(22,762)$24,687 
Deferred income taxes644 (2,022)4,214 (5,233)
Total$(965)$7,381 $(18,548)$19,454 
4.    Fair Value Measurements
The Company’s financial instruments include assets and liabilities carried at fair value, as well as assets and liabilities carried at cost or amortized cost but disclosed at fair value in its consolidated financial statements. In determining fair value, the market approach is generally applied, which uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities.
The Company uses data primarily provided by third-party investment managers or pricing vendors to determine the fair value of its investments. Periodic analyses are performed on prices received from third parties to determine whether the prices are reasonable estimates of fair value. The analyses include a review of month-to-month price fluctuations and, as needed, a comparison of pricing services’ valuations to other pricing services’ valuations for the identical security.
The Company classifies its financial instruments into the following three-level hierarchy:
Level 1    -    Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
Level 2    -    Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date.
Level 3    -    Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.
The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes:
U.S. government securities, mutual funds and common stock
The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs.
Preferred stocks, municipal securities, corporate securities and miscellaneous
The Company uses a pricing model that utilizes market-based inputs such as trades in an illiquid market for a particular security or trades in active markets for securities with similar characteristics. The model considers other inputs such as benchmark yields, issuer spreads, security terms and conditions, and other market data. These represent Level 2 fair value inputs.
Commercial mortgage-backed securities, residential mortgage-backed securities and other asset-backed securities
The Company uses a pricing model that utilizes market-based inputs that may include dealer quotes, market spreads, and yield curves. It may evaluate individual tranches in a security by determining cash flows using the security’s terms and conditions, collateral performance, credit information benchmark yields and estimated prepayments. These represent Level 2 fair value inputs.
Fixed maturity securities, available for sale classified as Level 3
The Company has corporate securities and miscellaneous, other asset-backed securities that are managed by an independent asset manager and priced by an independent pricing provider. The provider estimates the value of the securities using the discount net present value of cash flows method using an unobservable discount rate. The discount rate spread represents the risk associated with future cash flows, including inflation, opportunity cost and the time value of money. This rate represents Level 3 fair value inputs.
16
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4.    Fair Value Measurements (continued)
The following table sets forth the range of the discount rate as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
High12.78 %11.10 %
Low4.66 %4.25 %
Weighted average7.99 %6.40 %
Mortgage loans
Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgment and uncertainty.
The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
High8.09 %8.34 %
Low6.54 %6.55 %
Weighted average7.65 %7.74 %
Derivatives
Included in other assets are derivatives which consist of certain exchange traded options contracts entered into by the Company. The fair values of these options are measured using quoted prices in active markets on the relevant exchange, specifically utilizing either the volume-weighted average price of trades in similar contracts during a specified time window, or the last trade settlement price when no trades occur within that period. This method represents Level 1 inputs.
17
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4.    Fair Value Measurements (continued)
The following tables set forth the Company’s investments and derivatives within the fair value hierarchy at June 30, 2026 and December 31, 2025:
June 30, 2026
($ in thousands)Level 1Level 2Level 3Total
Fixed maturity securities, available-for-sale:
U.S. government securities$127,064 $— $— $127,064 
Non U.S government securities— 2,677 — 2,677 
Corporate securities and miscellaneous— 650,362 140,445 790,807 
Municipal securities— 92,213 — 92,213 
Residential mortgage-backed securities— 445,211 — 445,211 
Commercial mortgage-backed securities— 84,624 — 84,624 
Other asset-backed securities— 632,209 17,378 649,587 
Total fixed maturity securities, available-for-sale127,064 1,907,296 157,823 2,192,183 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities— — 34,716 34,716 
Total fixed maturity securities, held-to-maturity— — 34,716 34,716 
Equity securities:
Preferred stocks— 1,141 — 1,141 
Total equity securities— 1,141 — 1,141 
Mortgage loans— — 9,218 9,218 
Short-term investments392,634 — — 392,634 
Derivatives40,535 — — 40,535 
Total$560,233 $1,908,437 $201,757 $2,670,427 


18
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4.    Fair Value Measurements (continued)
December 31, 2025
($ in thousands)Level 1Level 2Level 3Total
Fixed maturity securities, available-for-sale:
U.S. government securities$44,468 $— $— $44,468 
Corporate securities and miscellaneous— 503,274 133,113 636,387 
Municipal securities— 102,116 — 102,116 
Residential mortgage-backed securities— 486,587 — 486,587 
Commercial mortgage-backed securities— 73,050 — 73,050 
Other asset-backed securities— 495,891 17,804 513,695 
Total fixed maturity securities, available-for-sale44,468 1,660,918 150,917 1,856,303 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities— — 33,603 33,603 
Total fixed maturity securities, held-to-maturity:— — 33,603 33,603 
Equity securities:
Preferred stocks— 1,174 — 1,174 
Total equity securities— 1,174 — 1,174 
Mortgage loans— — 9,902 9,902 
Short-term investments264,299 — — 264,299 
Derivatives34,857 — — 34,857 
Total$343,624 $1,662,092 $194,422 $2,200,138 
19
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4.    Fair Value Measurements (continued)
The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the six months ended June 30, 2026 and 2025:
($ in thousands)Fixed Maturity Securities, Available-For-SaleMortgage Loans
Balance at December 31, 2025$150,917 $9,902 
Total losses for the period recognized in net investment (losses) gains(62)(814)
Purchases11,266 — 
Sales/Disposals(334)— 
Total unrealized losses for the period recognized in accumulated comprehensive (loss) income(2,337)— 
Balance at March 31, 2026$159,450 $9,088 
Total (losses) gains for the period recognized in net investment gains(161)130 
Transfers into Level 3643 — 
Purchases3,458 — 
Sales/Disposals(5,518)— 
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)(49)— 
Balance at June 30, 2026$157,823 $9,218 
($ in thousands)Fixed Maturity Securities, Available-For-SaleMortgage Loans
Balance at December 31, 2024$77,920 $26,490 
Total losses for the period recognized in net investment gains(110)(66)
Issuances— 5 
Settlements— (10,417)
Purchases5,164 — 
Sales/Disposals(199)— 
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)682 — 
Balance at March 31, 2025$83,457 $16,012 
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end$— $(84)
Total (losses) gains for the period recognized in net investment gains(4,081)330 
Issuances— 8 
Settlements— (6,182)
Transfers into Level 36,143 — 
Purchases8,838 — 
Sales/Disposals(237)— 
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)747 — 
Balance at June 30, 2025$94,867 $10,168 
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end$— $92 
The transfers into Level 3 during the three and six months ended June 30, 2026 were the result of securities that began receiving valuations from asset managers that utilized unobservable inputs at the end of the period.
20
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4.    Fair Value Measurements (continued)
The Company measures certain assets, including investments in indirect loans and loan collateral, equity method investments and other invested assets, at fair value on a nonrecurring basis only when they are deemed to be impaired.
In addition to the preceding disclosures on assets and liabilities recorded at fair value in the consolidated balance sheets, the Company is also required to disclose the fair values of certain other financial instruments for which it is practicable to estimate fair value. Estimated fair value amounts, defined as the quoted market price of a financial instrument, have been determined using available market information and other appropriate valuation methodologies. However, considerable judgments are required in developing the estimates of fair value where quoted market prices are not available. Accordingly, these estimates are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions or estimating methodologies may have an effect on the estimated fair value amounts.
The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments:
Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of June 30, 2026, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3).
Investment in RedBird Capital Partners: Included in other long-term investments is an investment in a limited partnership with RedBird Capital Partners, which invests in Bishop Street Underwriters, LLC (“Bishop Street”), a managing general agent (MGA). The investment had a fair value of $49.1 million at June 30, 2026, which was determined using the net asset value. The Company employs procedures to assess the reasonableness of the fair value of the investment including obtaining and reviewing the audited financial statements. The unfunded commitment related to the investment was $18.3 million at June 30, 2026. The Company may sell its interest in the investment with the appropriate prior written notice and approval by the general partner. In accordance with Accounting Standard Codification 820-10, this investment is measured at fair value using the net asset value per share practical expedient and has not been classified in the fair value hierarchy.
Notes payable: The carrying value approximates the estimated fair value for notes payable as the notes payable accrue interest at current market rates plus a spread. The Company determines fair value using the income approach utilizing inputs that are observable (Level 2).
Subordinated debt: Subordinated debt consists of the Unsecured Subordinated Notes, due May 24, 2039 and have a fixed interest rate. The Company determines the fair value of these instruments using the income approach utilizing inputs that are observable (Level 2).
The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
($ in thousands)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Notes payable
FHLB Loan$57,000 $56,737 $57,000 $57,458 
Revolving Credit Facility114,500 114,500 114,500 114,500 
Term Loan Facility, net of debt issuance costs246,120 246,073 300,000 300,000 
Notes payable$417,620 $417,310 $471,500 $471,958 
Subordinated debt
Unsecured subordinated notes$19,585 $20,812 $19,569 $21,020 
Subordinated debt, net of debt issuance costs$19,585 $20,812 $19,569 $21,020 
Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.
21
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5.    Mortgage Loans
The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”). As of June 30, 2026 and December 31, 2025, the Company held direct investments in mortgage loans from various creditors through SMA1 and SMA2.
The Company’s mortgage loan portfolios are primarily senior loans on real estate across the U.S. The loans earn interest at a fixed spread above a prime rate and mature in approximately 2 to 4 years from loan origination. The principal amounts of the loans are approximately 64% of the property’s appraised value at the time the loans were made.
The following table sets forth the carrying value of the Company’s mortgage loans as of June 30, 2026 and 2025:
($ in thousands)June 30, 2026December 31, 2025
Commercial$2,598 $3,334 
Hospitality6,620 6,568 
$9,218 $9,902 
The following table sets forth the Company’s gross investment income for mortgage loans for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Commercial$130 $109 $(694)$217 
Retail— — — 304 
Hospitality161 161 320 410 
$291 $270 $(374)$931 
The uncollectible amounts on loans, on an individual loan basis, are determined based upon consultations and advice from the Company’s specialized investment manager and consideration of any adverse situations that could affect the borrower’s ability to repay, the estimated value of underlying collateral, and other relevant factors. The Company writes off the uncollectible amount in the period it was determined to be uncollectible. There was no write-off for uncollectible amounts during the three and six months ended June 30, 2026 and 2025, respectively.
As of June 30, 2026 and as of December 31, 2025, $2.6 million mortgage loans were in the process of foreclosure and there was 1 mortgage loan that was not producing income for the previous 12 months.
6.    Equity Method Investments and Other
The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of June 30, 2026 and 2025:
($ in thousands)June 30, 2026December 31, 2025
Carrying ValueOwnership %Carrying ValueOwnership %
Arena Special Opportunities Fund, LP units$22,399 13.1 %$26,936 14.0 %
JVM Funds LLC units12,856 10.1 %14,911 10.1 %
Hudson Ventures Fund 2 LP units5,397 2.5 %5,503 2.5 %
RISCOM2,952 20.0 %3,307 20.0 %
Brewer Lane Ventures Fund II LP units2,662 2.4 %2,251 2.4 %
Dowling Capital Partners LP units306 5.1 %590 5.0 %
Arena SOP LP units— 11.4 %— 11.2 %
$46,572 $53,498 
22
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
6.    Equity Method Investments and Other (continued)
The following table sets forth the components of net investment income (loss) from equity method investments for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
RISCOM$326 $1,055 $1,045 $927 
Dowling Capital Partners LP units14 203 189 216 
Hudson Ventures Fund II LP units1 90 (105)65 
Brewer Lane Ventures Fund II LP(25)(27)(37)143 
JVM Funds LLC(175)(304)(606)(515)
Arena SOP LP units— (218)— (1,474)
Arena Special Opportunities Fund, LP units(1,198)(1,697)(2,840)(2,248)
$(1,057)$(898)$(2,354)$(2,886)
The following table sets forth the unfunded commitment of equity method investments as of June 30, 2026 and December 31, 2025:
($ in thousands)June 30, 2026December 31, 2025
Brewer Lane Ventures Fund II LP units$2,368 $3,237 
Dowling Capital Partners LP units386 386 
Hudson Ventures Fund 2 LP units166 166 
$2,919 $3,789 
The difference between the cost of an investment and its proportionate share of the underlying equity in net assets is allocated to the various assets and liabilities of the equity method investment. The Company amortizes the difference in net assets over the same useful life of a similar asset as the underlying equity method investment. For investment in RISCOM, a similar asset would be agent relationships. The Company amortizes this difference over a 15-year useful life.
The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of June 30, 2026 and December 31, 2025:
($ in thousands)June 30, 2026December 31, 2025
Investment in RISCOM:
Underlying equity$2,059 $2,292 
Difference893 1,015 
Recorded investment balance$2,952 $3,307 
The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of June 30, 2026 and December 31, 2025:
($ in thousands)June 30, 2026December 31, 2025
Investment in JVM Funds LLC:
Underlying equity$12,477 $14,457 
Difference379 454 
Recorded investment balance$12,856 $14,911 
Investment in Indirect Loans and Loan Collateral
As of June 30, 2026 and December 31, 2025, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2.
23
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
6.    Equity Method Investments and Other (continued)
The carrying value of the SMA1 and SMA2 as of June 30, 2026 and December 31, 2025 were as follows:
($ in thousands)June 30, 2026December 31, 2025
SMA1$10,045 $15,418 
SMA26,108 8,449 
Investment in indirect loans and loan collateral$16,153 $23,867 
7.     Variable Interest Entity
Pursuant to GAAP consolidation guidance, Skyward consolidates Separate Account HSIC-01 (“HSIC-01”), established by Mangrove Risk Solutions Bermuda Ltd. (“Mangrove”). HSIC-01 is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The purpose of the VIE is to hedge price volatility risks of certain insurance products by investing in dairy and livestock commodities. The Company directly manages the business; therefore, it considers itself the primary beneficiary. The Company does not provide performance guarantees and has no other financial obligation to provide funding to HSIC-01, other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to the assets of HSIC-01 other than to satisfy associated liabilities.
The following table presents the assets of HSIC-01, included in the condensed consolidated balance sheet as of June 30, 2026. The assets presented below only include third-party net assets and exclude any intercompany balances, which were eliminated in consolidation.
($ in thousands)June 30, 2026
Assets
Cash and cash equivalents$10,564 
Options, at fair value40,534 
Total assets$51,098 
8.     Derivatives
The Company uses derivatives as part of its financial risk management programs to mitigate price risk related to certain insurance contracts exposed to commodity price risk due to fluctuations in relevant market prices, including cattle and milk. To mitigate revenue volatility and support financial stability, the Company employs a hedging strategy that utilizes derivatives, specifically put options, as part of its risk management framework. The primary objective of holding these derivative instruments is to manage exposure to adverse price movements. The activity in these instruments generally reflects current market conditions and shifts in risk exposures throughout the year. The notional value of derivative contracts held and the degree of hedged exposure are actively managed and may vary depending on the prevailing pricing environment in cattle, hogs, and milk markets. The Company does not use derivatives for speculative or trading purposes. All derivative positions are intended to support the overall risk transfer objectives of the business. The Company has not elected hedge accounting for these derivatives.
The following table presents the notional amounts and fair value of derivative assets in the condensed consolidated balance sheets at June 30, 2026:
($ in thousands)Derivative Assets
Notional AmountFair Value
Economic hedges$197,991 $40,535 
The Company presents the net gain (loss) recognized on derivative instruments in economic hedging relationships in “losses and loss adjustment expenses” on the condensed consolidated statements of operations. For the three and six months ended June 30, 2026, the Company recognized a pre-tax gain of $9.6 million and a pre-tax loss of $21.7 million, respectively, in losses and loss adjustment expenses.
24
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9.    Notes Payable & Subordinated Debt
FHLB Loan
On August 30, 2024, the Company entered into the FHLB Loan pursuant to the Advances and Security Agreement. The FHLB Loan is a 4.5-year term loan in the principal amount of $57.0 million. The FHLB Loan provides for interest-only payments during its term, with principal due in full at maturity. The interest rate is fixed over the term of the loan at 4.00%. The FHLB Loan is fully secured by a pledge of specific investment securities of HSIC. The Company used the proceeds to fund redemptions of the draws on its prior credit facility.
Term Loan Facility
During the fourth quarter of 2025, the Company entered into a Term Loan Credit Agreement (the “Term Loan Facility”) with a syndicate of participating banks. The Term Loan Facility includes (a) an unsecured senior delayed draw term loan facility (“DDTL”) in the aggregate principal amount of $150.0 million (the “Tranche A DDTL”) and (b) an additional unsecured senior DDTL in the aggregate principal amount of $150.0 million (the “Tranche B DDTL” and together with the Tranche A DDTL, the “Term Loan Facility”).
The Term Loan Facility was used by the Company to fund a portion of the consideration of the Company’s acquisition of Apollo Group Holdings Limited (“Apollo”) and related transaction fees and expenses. Amounts drawn under the Term Loan Facility bear interest at either term SOFR plus a margin, which ranges from 150 basis points to 190 basis points, or the base rate plus a margin, which ranges from 50 basis points to 90 basis points, each depending on the Company’s debt to capitalization ratio. SOFR is calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate is the highest of (i) the Agent’s then-current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition, the Company pays a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on the Company’s debt to capitalization ratio. The Tranche A DDTL matures on January 1, 2028 and the Tranche B DDTL matures on July 2, 2029. On December 30, 2025, the Company drew $150.0 million of the Tranche A DDTL and $150.0 million of the Tranche B DDTL for the acquisition of Apollo on January 1, 2026. On June 26, 2026, the Company repaid $50.0 million of outstanding principal under the Tranche A DDTL.
The Term Loan Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness exceeding $10.0 million and on the Company’s ability to make distributions to its stockholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants, including financial covenants relating to our minimum consolidated net worth, maximum total debt to capitalization, minimum A.M. Best rating and minimum liquidity, as well as customary events of default. As of June 30, 2026, the Company was in compliance with all covenants.
The Term Loan Facility is unsecured. In connection with the Revolving Credit Facility (defined below), during the fourth quarter of 2025, the Company and the subsidiary guarantors party thereto, entered into a guaranty agreement, pursuant to which the Company’s obligations under the Term Loan Facility are guaranteed by the Company and its existing wholly-owned subsidiaries and subsequently acquired or organized subsidiaries, excluding insurance company subsidiaries and subject to certain other exceptions.
The Company reports debt related to the Term Loan Facility in its June 30, 2026 condensed consolidated balance sheet, net of debt issuance costs of approximately $3.9 million. These deferred financing costs are presented as a direct deduction from the carrying amount of the debt.
Revolving Credit Facilities
During the fourth quarter of 2025, the Company entered into a Credit Agreement (the “Revolving Credit Facility”) with a syndicate of participating banks. The Revolving Credit Facility is unsecured and provided the Company with up to an initial maximum principal amount of $150.0 million which was increased to $250.0 million on the closing date of the Company’s acquisition of Apollo.
The Company initially drew $43.0 million, which was used to redeem the Company’s prior revolving credit facility (described below). On December 30, 2025, the company drew an additional $71.5 million which was used for the consideration paid for the acquisition of Apollo. The proceeds were used for the acquisition of Apollo on January 1, 2026.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
9.    Notes Payable & Subordinated Debt (continued)
Interest on the Revolving Credit Facility is payable quarterly. Amounts drawn under the Facility bear interest at either term SOFR plus a margin, which ranges from 150 and 190 basis points, or the base rate plus a margin, which ranges from 50 basis points to 90 basis points, each depending on the Company’s debt to capitalization ratio. SOFR is calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate is the highest of (i) the Agent’s then current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition, the Company pays a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on the Company’s debt to capitalization ratio. The availability period under the Facility will terminate on November 12, 2030.
The Company is subject to covenants on the Revolving Credit Facility based on minimum net worth, maximum debt to capital ratio, minimum A.M. Best Rating and minimum liquidity, as well as customary events of default. As of June 30, 2026, the Company was in compliance with all covenants.
Debentures
In May 2019, the Company entered into an agreement to issue unsecured subordinated notes (the “Notes”) with an aggregate principal amount of $20.0 million. Interest on the Notes is fixed at 7.25% for the first 8 years and fixed at 8.25% thereafter. Early retirement of the debt ahead of 8 year commitment requires all interest payments to be paid in full as well as the return of outstanding principal. Principal is due at maturity on May 24, 2039 and interest is payable quarterly. The Notes have junior priority to all previously issued debt. The Company reports debt related to the Notes in its June 30, 2026 Condensed Consolidated Balance Sheet and its December 31, 2025 Consolidated Balance Sheet, net of debt issuance costs of approximately $0.4 million. These deferred financing costs are presented as a direct deduction from the carrying amount of the subordinated debt.
10.     Stockholders' Equity
Share Repurchase Program
In October 2024, the Company’s Board of Directors (the “Board”) approved a share repurchase program authorizing the repurchase of up to $50.0 million of the Company’s common stock. On July 15, 2026, the Board authorized an increase to the share repurchase program authorizing the repurchase of up to an additional $50.0 million of the Company's common stock. As a result, the total amount authorized under the share repurchase program increased to $100.0 million. The shares may be repurchased from time to time in open market purchases, privately-negotiated transactions, block purchases, accelerated share repurchase agreements or a combination of methods, including through Rule 10b5-1 trading plans. The timing, manner, price and amount of any repurchases under the share repurchase program will be determined by the Company’s discretion. The share repurchase program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time. During the three and six months ended June 30, 2026, the Company repurchased 222,635 shares for approximately $9.7 million under this plan. These shares represent the total repurchased under the plan as of June 30, 2026.
11.     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.
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
11.     Segments (continued)
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$618,126
The following table presents information about reported segment net underwriting income, significant segment expenses and a reconciliation of net underwriting income to net income for the three and six months ended June 30, 2026 and 2025:
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
11.     Segments (continued)
Three months ended June 30,20262025
($ 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 $38,839 
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
11.     Segments (continued)
Six months ended June 30,20262025
($ 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 $80,897 
29
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
12.    Income Taxes
The following table sets forth the Company’s income tax expense and effective tax rates for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Income tax expense$14,519 $10,956 $26,864 $20,333 
Effective tax rate22.8%22.0%21.4%20.1%
The effective tax rate will differ from the statutory rate of 21 percent due to tax charges associated with the effect of foreign operations, permanent differences for disallowed expenses for tax and beneficial adjustments for tax-exempt income, dividends-received deduction, and discrete items. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates of 15% in Bermuda and 25% in UK. The increase in the effective tax rate for the three months ended June 30, 2026, was primarily driven by state taxes. The increase in the effective tax rate for the six months ended June 30, 2026 was primarily attributable to foreign taxes associated with the Apollo acquisition, partially offset by discrete tax benefits, primarily from stock-based compensation.
The Company paid income taxes of $27.4 million and $30.3 million during the three and six months ended June 30, 2026, respectively, and paid $20.3 million during the three and six months ended 2025.
13.    Losses and Loss Adjustment Expenses
The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses (“LAE”) as reported in the condensed consolidated balance sheets as of and for the six months ended June 30, 2026 and 2025:
Six months ended June 30,
($ in thousands)20262025
Reserves for losses and LAE, beginning of period$2,796,491 $1,782,383 
Less: reinsurance recoverable on unpaid claims, beginning of period(1,067,551)(670,846)
Reserves for losses and LAE, beginning of period, net of reinsurance1,728,940 1,111,537 
Incurred, net of reinsurance, related to:
Current period520,304 368,571 
Prior years— — 
Total incurred, net of reinsurance520,304 368,571 
Paid, net of reinsurance, related to:
Current period56,539 42,153 
Prior years284,591 230,232 
Total paid341,130 272,385 
Net reserves for losses and LAE, end of period1,908,114 1,207,723 
Plus: reinsurance recoverable on unpaid claims, end of period1,162,484 711,030 
Reserves for losses and LAE, end of period$3,070,598 $1,918,753 
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
14.    Commission and Fee Income and Underwriting Fee Income
Skyward Underwriters Agency, Inc. (“SUA”), a subsidiary of the Company, is a managing general insurance agent and reinsurance broker for property and casualty and accident and health risks in specialty niche markets. Commission and fee income is primarily generated from SUA for the placement of insurance policies on either a third-party insurance or reinsurance company.
The following table sets forth the Company’s disaggregated revenues from contracts with customers for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ 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 $22,666 
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
15.    Underwriting, Acquisition and Insurance Expenses
The following table sets forth the components of underwriting, acquisition and insurance expenses for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Amortization of policy acquisition costs$71,154 $44,636 $130,770 $89,126 
Other operating and general expenses47,755 37,730 107,844 75,878 
Corporate expenses4,372 3,230 9,281 7,143 
Total underwriting, acquisition and insurance expenses$123,281 $85,596 $247,895 $172,147 
16.    Reinsurance
Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its risk tolerance. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.
The following tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,
20262025
($ in thousands)WrittenEarnedWrittenEarned
Direct premiums$558,375 $529,263 $461,081 $392,777 
Assumed premiums182,179 144,737 123,833 86,420 
Ceded premiums(254,938)(229,528)(245,701)(183,655)
Net premiums$485,616 $444,472 $339,213 $295,542 
Ceded losses and LAE incurred$183,466 $138,438 
Six months ended June 30,
20262025
($ in thousands)WrittenEarnedWrittenEarned
Direct premiums$1,065,509 $1,044,752 $869,391 $778,215 
Assumed premiums342,749 294,293 250,849 165,147 
Ceded premiums(489,759)(460,566)(437,756)(347,454)
Net premiums$918,499 $878,479 $682,484 $595,908 
Ceded losses and LAE incurred$336,039 $273,905 
The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of June 30, 2026 and December 31, 2025:
($ in thousands)June 30, 2026December 31, 2025
Ceded unpaid losses and LAE$1,162,484 $921,165 
Ceded paid losses and LAE251,459 201,010 
Allowance for credit losses(2,295)(2,295)
Reinsurance recoverables$1,411,648 $1,119,880 
Ceded unearned premium$337,180 $238,948 

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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
16.     Reinsurance (continued)
The Company entered into agreements with several of its reinsurers, whereby the reinsurer established funded trust accounts with the Company as the sole beneficiary. These trust accounts provide the Company additional security to collect claim recoverables under reinsurance contracts and the Company does not carry these on the balance sheet because the Company will only have custody over these accounts upon the failure of the reinsurer to pay amounts due. At June 30, 2026, the market value of these accounts was approximately $224.0 million. The trust amount will be adjusted periodically, by mutual agreement, based on claim payments and loss reserve recoverables.
Certain ceded reinsurance contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk are accounted for using the deposit method of accounting. The Company’s deposit asset at June 30, 2026 and December 31, 2025 was $30.7 million and $22.7 million, respectively, and was included in other assets on the condensed consolidated balance sheets.
17.    Earnings Per Share
The following table sets forth the computation of basic and diluted net earnings per share for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands, except for share and per share amounts)2026202520262025
Numerator
Net income$49,038 $38,839 $98,769 $80,897 
Denominator
Basic weighted-average common shares44,521,16240,445,39144,492,60840,322,051
Dilutive effect of stock units687,512893,067555,233940,951
Dilutive effect of options483,967533,038478,392508,213
Diluted weighted-average common share equivalents45,692,64141,871,49645,526,23341,771,215
Basic earnings per share$1.10 $0.96 $2.22 $2.01 
Diluted earnings per share$1.07 $0.93 $2.17 $1.94 
The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
2026202520262025
Stock units348,78849,540344,753109,359
Options179868220834
18.    Related Party Transactions
RISCOM
RISCOM provides the Company with wholesale brokerage services. RISCOM and the Company also have a managing general agency agreement. The Company holds a 20% ownership interest in RISCOM.
Net earned premium and gross commission expense related to these agreements for the three and six months ended June 30, 2026 and 2025 were as follows:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Net earned premium$32,525 $29,886 $63,449 $58,846 
Commissions7,647 7,533 15,835 15,165 
Premiums receivable as of June 30, 2026 and December 31, 2025 were $17.2 million and $13.9 million, respectively.
33
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
18.    Related Party Transactions (continued)
See Note 6 for investments involving affiliated companies and additional related party transactions.
19.    Acquisitions
On January 1, 2026 (the “Acquisition Date”), the Company completed the acquisition of Apollo Group Holdings Limited (“Apollo”) pursuant to the Apollo share purchase agreements and acquired 100% of the issued and outstanding share capital of Apollo. Apollo is a U.K.-based specialty underwriting platform operating at Lloyd’s of London. Apollo underwrites a multi-class specialty insurance portfolio and offers products across Property, Casualty, Marine, Energy & Transportation, Specialty and Reinsurance, as well as digital and embedded risk programs. The Company acquired Apollo to broaden its specialty insurance platform, expand into additional specialty niches, enhance its innovation and technology capabilities, and strengthen its market position.
The fair value of the consideration transferred, or the purchase price, is approximately $559.1 million. This amount is based on (i) the issuance of 3,679,332 shares of common stock of the Company, using the closing price of Skyward common stock of $51.11 per share on December 31, 2025, the last trading day prior to the Acquisition Date, and (ii) $371.1 million in cash (the “Cash Consideration”). The table below presents the components of the fair value of consideration transferred:
($ in thousands, except for share and per share amounts)
Share consideration
Skyward Specialty Insurance Group, Inc. common stock issued to existing Apollo common stockholders3,679,332 
Skyward Specialty Insurance Group, Inc. closing stock price on December 31, 2025$51.11 
Consideration of Skyward Specialty Insurance Group, Inc. issued common stock$188,051 
Cash consideration371,089 
Total consideration$559,140 
The Company accounted for the transaction as a business combination under ASC 805, Business Combinations (“ASC 805”). The purchase price has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the Acquisition Date. The Company is considered the accounting acquirer in the transaction.
34
SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
19.    Acquisitions (continued)
The following table summarizes the preliminary purchase price allocation as of the Acquisition Date:
($ in thousands)January 1, 2026
Assets acquired, excluding goodwill
Fixed maturity securities, available-for-sale, at fair value$222,460 
Short-term investments, at fair value187,178 
Cash and cash equivalents68,054 
Funds at Lloyd's106,336 
Premiums receivable, net272,803 
Reinsurance recoverables, net165,540 
Ceded unearned premium69,097 
Deferred policy acquisition costs and VOBA56,128 
Deferred income taxes13,966 
Intangible assets, excluding goodwill, net262,000 
Other assets25,830 
Total assets acquired, excluding goodwill1,449,392 
Liabilities assumed
Reserves for losses and loss adjustment expenses477,596 
Unearned premiums233,501 
Reinsurance and premium payables144,536 
Funds held for others18,684 
Accounts payable and accrued liabilities71,506 
Deferred income taxes69,837 
Total liabilities assumed1,015,660 
Fair value of net assets acquired, excluding goodwill$433,732 
Total consideration$559,140 
Preliminary allocation to goodwill$125,408 
The Apollo acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805. The purchase price was allocated to assets acquired and liabilities assumed based on the estimated fair values at the Acquisition Date. Goodwill recognized in the transaction represents the excess of consideration transferred over the fair value of identifiable net assets acquired and will not be deductible for tax purposes and is fully allocated to the U.K. segment. Goodwill primarily represents the expected future economic benefits arising from the acquisition, including anticipated synergies from the integration of operations, Apollo’s established specialty underwriting platform, and access to its distribution network and Lloyd’s market presence.
The identifiable intangible assets primarily relate to syndicate capacity, cover holder relationships, strategic partner syndicates and trade names. The amounts, based on preliminary valuations and subject to final adjustment, allocated to intangible assets are as follows:
($ in thousands)Estimated fair valueEstimated average useful life (in years)Estimated Annual Amortization Expense
Syndicate 1969 capacity - with fees$90,000 IndefiniteN/A, indefinite lived asset
Syndicate 1971 capacity - with fees110,000 IndefiniteN/A, indefinite lived asset
Cover holder relationships25,000 7$3,571 
Strategic partner syndicates2,000 5400 
Trade name35,000 103,500 
Total$262,000 $7,471 
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SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
19.    Acquisitions (continued)
The Company also recognized value of business acquired (“VOBA”), which represents the estimated fair value of the deferred acquisition costs of acquired in‑force insurance contracts. VOBA is amortized over one year, reflecting the expected runoff of the acquired in‑force contracts. VOBA is aggregated with deferred policy acquisition costs and included within deferred policy acquisition costs and VOBA on the consolidated balance sheets. For the three and six months ended June 30, 2026 the Company recognized $7.3 million and $14.6 million, respectively, in underwriting, acquisition and insurance expenses, and $6.7 million and $13.4 million, respectively, in amortization expense on the consolidated statements of operations related to the amortization of VOBA.
Estimated fair values of assets acquired and liabilities assumed from Apollo are subject to change as additional information is obtained, and will be updated and finalized within the measurement period that will not extend beyond 12 months from the Acquisition Date. Any measurement period adjustments will be recorded in the period in which the adjustments are identified, as if they had been recognized as of the acquisition date.
The results of operations for Apollo of $78.7 million and $158.9 million of revenue for the three and six months ended June 30, 2026, respectively, and $15.4 million and $37.6 million of net income for the three and six months ended June 30, 2026, respectively, have been included within the accompanying consolidated statements of operations and comprehensive loss. All transaction expenses incurred by the Company were expensed as incurred and reflected in the Company’s results of operations for the period ended December 31, 2025 in accordance with ASC 805. No material transaction expenses were incurred for the period ended June 30, 2026. The Company has not presented the unaudited supplemental pro forma financial information required by ASC 805-10-50-2(h) as it is impractical to do so, as Apollo did not historically prepare quarterly financial statements and its historical financial information was prepared under U.K. GAAP rather than U.S. GAAP.
20.    Commitments and Contingencies
Litigation
The Company is named as a party in various legal actions arising from claims made under insurance policies and contracts. Those actions are considered by the Company in estimating the losses and loss adjustment expense reserves. Also, from time to time, the Company is a defendant in various legal actions that relate to bad faith claims, disputes with third parties or that involve alleged errors and omissions. The Company records accruals for these items to the extent the losses are probable and reasonably estimable. Although the ultimate outcome of these matters cannot be determined at this time, based on present information, the availability of insurance coverage and advice received from outside legal counsel, the Company believes the resolution of any such matters will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.
Indemnification
In conjunction with the sale of business assets and subsidiaries, the Company has provided indemnifications to certain buyers. Certain indemnifications cover typical representations and warranties related to the responsibilities to perform under the sales contracts. The amount of potential exposure covered by the indemnifications is difficult to determine because the indemnifications cover a variety of matters, operations and scenarios. Certain of these indemnifications have no time limit. At this time, the Company does not have reason to believe any such significant claims exist.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The term “Skyward Group” as used below refers to the unified holding company brand for Skyward Specialty and Apollo and the terms “our Company,” “we,” “us,” and “our” as used below refer to Skyward Specialty Insurance Group and its consolidated subsidiaries. The term “second quarter” as used below refers to the three and six months ended June 30, for the time period then ended. We discuss certain key metrics which provide useful information about our business and the operational factors underlying our financial performance. Many of these metrics are generally standard among insurance companies and help to provide comparability with our peers. Select insurance, accounting, operating and financial terms for Skyward Group are defined in the sections entitled “Select Insurance and Financial Terms” and “Key Operating and Financial Metrics” included in our 2025 Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Following the Apollo Acquisition, select insurance, accounting, operating and financial terms’ definitions have been updated in the “Updates to Key Operating and Financial Metrics” section below in this Form 10-Q.
The discussion and analysis below include certain forward-looking statements that are subject to risks, uncertainties and other factors described in “Risk Factors” in our 2025 Form 10-K. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors.
The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2026, or for any other future period. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in Part I, Item 1 of this Quarterly Report, and in conjunction with our audited consolidated financial statements and the notes thereto included in our 2025 Form 10-K.
The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”).
Overview
Founded in 2006, Skyward Group is the holding company brand for its U.S. and U.K. businesses, Skyward Specialty Insurance Group, Inc. and Apollo, respectively, delivering a comprehensive suite of specialized insurance and reinsurance solutions across global specialty property and casualty markets. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers operating in these markets. Our customers typically require highly specialized, customized underwriting solutions and claims capabilities. As such, we develop and deliver tailored insurance products and services to address each of the niche markets we serve.
As previously disclosed, on January 1, 2026, the acquisition with Apollo closed. We subsequently announced the introduction of Skyward Group as the unified holding company brand for Skyward Specialty and Apollo, following the successful completion of the transaction. The consideration for the entire issued share capital of Apollo under the Apollo SPAs was $559.1 million, which included (i) $371.1 million in cash (the “Cash Consideration”) and (ii) the issuance of 3,679,332 shares of the Company’s common stock.
Apollo is an integrated specialty insurance and reinsurance group operating within the Lloyd’s of London market, leveraging Lloyd’s global licensing, centralized underwriting infrastructure, and long‑standing distribution networks to access innovative specialty classes across international markets. Apollo’s model incorporates technology enabled underwriting, innovative risk assessment tools, and data driven portfolio management frameworks that are closely aligned with our strategic priorities. Apollo’s operations also include the management of a dedicated syndicate focused on emerging digital economy, autonomy, and platform‑based risks, reflecting a long standing emphasis on innovation and forward‑looking underwriting practices.
Skyward Specialty and Apollo continue to operate as distinct, market facing brands under the newly introduced Skyward Group brand. This brand architecture preserves the equity and reputational strength of both organizations while supporting a unified strategic direction and enhanced collaboration across the combined enterprise.
Skyward Specialty’s U.S. insurance companies are rated ‘A’ (Excellent) by AM Best, while Apollo’s underwriting operations continue within the highly rated Lloyd’s market, which carries an ‘A+' (Superior) rating by AM Best and 'AA-' (Very Strong) ratings by S&P Global and Fitch Ratings.
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Table of Contents
Updates to Key Operating and Financial Metrics
We discuss certain key metrics which provide useful information about our business and the operational factors underlying our financial performance. These metrics are generally standard among insurance companies and help to provide comparability with our peers. For a glossary of terms for Skyward Specialty Insurance Group, Inc. and its subsidiaries and affiliates and a glossary of selected insurance and accounting terms, see the section entitled “Key Operating and Financial Metrics” included in the 2025 Form 10-K. The following terms have been updated after the Apollo acquisition.
Operating income (loss) is a non-GAAP financial measure defined as net income excluding net investment gains and losses, amortization expense, goodwill impairment charges and other income and expenses. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of operating income (loss) to net income (loss), which is the most directly comparable financial metric prepared in accordance with GAAP.
Underwriting income (loss) is a non-GAAP financial measure defined as income (loss) before income taxes excluding net investment income, net investment gains and losses, impairment charges, interest expense, amortization expense and other income and expenses. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of underwriting income (loss) to net income, which is the most directly comparable financial metric prepared in accordance with GAAP.
Adjusted pro forma gross written premiums is a non-GAAP financial measure defined as pro forma gross written premiums adjusted for the impact of changes in Apollo syndicate participation to evaluate premium growth trends on a consistent participation basis across periods.
Adjusted pro forma fee generating gross written premiums is a non-GAAP financial measure defined as pro forma fee generating gross written premiums adjusted for the impact of changes in Apollo syndicate participation percentages that provide a more meaningful comparison of fee generating business on a consistent participation basis across periods.
Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity excluding goodwill and intangible assets and the related deferred tax impact. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of tangible stockholders’ equity to stockholders’ equity, which is the most directly comparable financial metric prepared in accordance with GAAP.
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Table of Contents
Consolidated Results of Operations
The following table summarizes our consolidated results 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
Gross written premiums$740,554 $584,914 $1,408,258$1,120,240
Ceded written premiums(254,938)(245,701)(489,759)(437,756)
Net written premiums$485,616 $339,213 $918,499$682,484
Net earned premiums$444,472 $295,542 $878,479$595,908
Underwriting fee income(1)
12,588 — 22,666—
Commission and fee income2,334 2,560 3,8614,536
Non-cat loss and LAE
268,141 177,262 525,579358,071
Cat loss and LAE(2)
8,600 4,000 16,38510,500
Losses and LAE276,741 181,262 541,964368,571
Net policy acquisition costs
71,154 44,636 130,77089,126
Other operating and general expenses
47,755 37,730 107,84475,878
Corporate expense
4,372 3,230 9,2817,143
Underwriting, acquisition and insurance expenses123,281 85,596 247,895172,147
Fee‑based service expenses(1)
4,562 — 8,732—
Underwriting income(3)
$54,810 $31,244 $106,415$59,726
Net investment income$30,727 $18,704 $57,782$38,126
Net investment (loss) gains$(601)$3,090 $2,584$9,840
Interest expense$8,812 $1,876 $16,531$3,710
Amortization expense$8,843 $372 $17,686$709
Income before income taxes$63,557 $49,795 $125,633$101,230
Net income$49,038 $38,839 $98,769$80,897
Operating income(3)
$59,198 $37,496 $116,091$75,233
Non-cat loss and LAE
60.4 %59.9 %59.8 %60.1 %
Cat loss and LAE(2)
1.9 %1.4 %1.9 %1.8 %
Net loss and LAE ratio62.3 %61.3 %61.7 %61.9 %
Net policy acquisition costs
16.0 %15.1 %14.8 %15.0 %
Other operating and general expenses
10.7 %12.8 %12.3 %12.7 %
Commission and fee income
(0.5)%(0.9)%(0.4)%(0.8)%
Corporate expense
1.0 %1.1 %1.1 %1.2 %
Net expense ratio27.2 %28.1 %27.8 %28.1 %
Combined ratio89.5 %89.4 %89.5 %90.0 %
Annualized return on equity15.7 %17.7 %17.3 %19.1 %
Annualized return on tangible equity(3)
23.4 %19.7 %22.2 %21.3 %
Annualized operating return on equity(3)
19.0 %17.1 %20.4 %17.8 %
Annualized operating return on tangible equity(3)
28.2 %19.0 %26.0 %19.8 %
(1) Not included in the combined ratio
(2) Current accident year
(3) See “Reconciliation of Non-GAAP Financial Measures” in this Item 2
(4) The underwriting, acquisition and insurance expense ratio includes corporate expenses not allocated to underwriting segments.
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Reconciliation of Non-GAAP Financial Measures
Operating Income
The following table provides a reconciliation of operating income to net income for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
2026202520262025
($ in thousands)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Income as reported$63,557 $49,038 $49,795 $38,839 $125,633 $98,769 $101,230 $80,897 
Less (add):
Net investment (losses) gains(601)(464)3,090 2,410 2,584 2,031 9,840 7,864 
Amortization expense(8,843)(6,823)(372)(290)(17,686)(13,904)(709)(567)
Other income13 10 7 5 28 22 20 16 
Other expenses(3,737)(2,883)(1,002)(782)(6,959)(5,471)(2,063)(1,649)
Operating income$76,725 $59,198 $48,072 $37,496 $147,666 $116,091 $94,142 $75,233 
Underwriting Income
The following table provides a reconciliation of underwriting income to income before federal income tax expense for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Income before income taxes$63,557 $49,795 $125,633$101,230
Add:
Interest expense8,812 1,876 16,5313,710 
Amortization expense8,843 372 17,686709
Other expenses3,737 1,002 6,9592,063
Less:
Net investment income30,727 18,704 57,78238,126
Net investment (losses) gains(601)3,090 2,5849,840
Other income13 7 2820
Underwriting income$54,810 $31,244 $106,415$59,726
Adjusted pro forma gross written premiums
The following tables represent pro forma gross written premiums adjusted for the impact of changes in Apollo syndicate participation for the three and six months ended June 30, 2025:
$ in thousandsThree months ended June 30, 2025
Syndicate 1969Syndicate 1971Total Apollo SegmentTotal Skyward Group
Pro forma gross written premiums$65,854 $10,337 $76,191 $661,105 
Impact of the change in participation(s)(10,647)3,403 (7,244)(7,244)
Adjusted pro forma gross written premiums
$55,207 $13,740 $68,947 $653,861 
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$ in thousandsSix months ended June 30, 2025
Syndicate 1969Syndicate 1971Total Apollo SegmentTotal Skyward Group
Pro forma gross written premiums$119,303 $29,278 $148,581 $1,268,821 
Impact of the change in participation(s)(20,244)(146)(20,390)(20,390)
Adjusted pro forma gross written premiums
$99,059 $29,132 $128,191 $1,248,431 
Adjusted pro forma fee generating gross written premiums
The following tables represent pro forma fee generating gross written premiums adjusted for the impact of changes in Apollo syndicate participation for the three and six months ended June 30, 2025:
$ in thousandsThree months ended June 30, 2025
Aligned SyndicatesPartner SyndicatesTotal
Pro forma fee generating gross written premiums$184,283 $55,461 $239,744 
Impact of the change in participation(s)7,244 N/A7,244 
Adjusted pro forma fee generating gross written premiums
$191,527 $55,461 $246,988 
$ in thousandsSix months ended June 30, 2025
Aligned SyndicatesPartner SyndicatesTotal
Pro forma fee generating gross written premiums$327,240 $114,173 $441,413 
Impact of the change in participation(s)20,390 N/A20,390 
Adjusted pro forma fee generating gross written premiums
$347,630 $114,173 $461,803 
347629721
Tangible Stockholders’ Equity
The following table provides a reconciliation of tangible stockholders’ equity to stockholders’ equity for the periods ended June 30, 2026 and 2025:
June 30,December 31,
($ in thousands)202620252025
Stockholders’ equity$1,267,537$899,915$1,009,565
Less: Goodwill and intangible assets471,18588,79588,040
Add: Deferred tax impact65,500——
Tangible stockholders’ equity$861,852$811,120$921,525
Annualized Operating Return on Equity
The following table provides a reconciliation of annualized operating return on equity to annualized return on equity for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Numerator: annualized operating income$236,792 $149,984 $232,182 $150,467 
Denominator: average stockholders’ equity$1,246,210 $875,318 $1,138,551 $846,957 
Annualized operating return on equity
19.0 %17.1 %20.4 %17.8 %
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Annualized Return on Tangible Equity
Annualized return on tangible equity for the three and six months ended June 30, 2026 and 2025 reconciles to annualized return on equity as follows:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Numerator: annualized net income$196,152 $155,356 $197,538 $161,794 
Denominator: average tangible stockholders’ equity$839,460 $787,376 $891,689 $758,886 
Annualized return on tangible equity
23.4 %19.7 %22.2 %21.3 %
Annualized Operating Return on Tangible Equity
Annualized operating return on tangible equity for the three and six months ended June 30, 2026 and 2025 reconciles to annualized return on equity as follows:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Numerator: annualized operating income$236,792 $149,984 $232,182 $150,467 
Denominator: average tangible stockholders’ equity$839,460 $787,376 $891,689 $758,886 
Annualized operating return on tangible equity
28.2 %19.0 %26.0 %19.8 %
Segment Information
Beginning in the first quarter of 2026, we reported our results under two operating segments: the Skyward Specialty segment and the Apollo segment. The Skyward Specialty segment represents our U.S. based specialty insurance operations conducted under the Skyward Specialty brand and the Apollo segment represents Apollo’s U.K. based operations, including its managed Lloyd’s syndicates and managing agency activities.
This revised segment structure reflects the Company’s organizational alignment under Skyward Group, and enhances the transparency of the distinct operating environments, regulatory frameworks, and market dynamics in which the Company operates. Our segments each have managers who are responsible for the overall profitability of their respective segments and who are directly accountable to our chief operating decision makers. The Chief Executive Officer is the Company’s chief operating decision maker. They do not assess performance, measure return on equity or make resource allocation decisions on a line of business basis. Management measures segment performance for our two underwriting segments based on underwriting income or loss. We do not manage our assets by segment, with the exception of goodwill and intangible assets, and investment income and corporate expenses are not allocated to each underwriting segment.
We determined our reportable segments using the management approach described in accounting guidance regarding disclosures about segments of an enterprise and related information. The accounting policies of the segments are the same as those used for the preparation of our consolidated financial statements.
Skyward Specialty Segment
Our Skyward Specialty segment is organized into nine distinct underwriting divisions each of which has dedicated underwriting leadership supported by high-quality technical staff with deep experience in their respective niches. We believe this structure and expertise allow us to serve the needs of our customers effectively and be a value-add partner to our distributors, while earning attractive risk-adjusted returns. During the first quarter of 2026, we updated our underwriting divisions to align with how management currently oversees the business, allocates resources and evaluates operating performance. Our Credit unit is now included in the Surety unit and has been renamed Credit & Surety and Agriculture and Credit (Re)insurance has been renamed Global Agriculture. The Construction & Energy Solutions division is now the Energy Solutions division. Lastly, business that we are no longer writing is reported in exited business. Prior reporting periods have been conformed to reflect the new presentation.
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Underwriting Results
Premiums
The following tables present the Skyward Specialty segment’s gross written premiums by underwriting division, net written premiums and net earned premiums for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,
($ in thousands)20262025Change% Change
Accident & Health$95,456 $60,489 $34,967 57.8%
Captives64,251 76,994 (12,743)(16.6%)
Credit & Surety63,759 55,131 8,628 15.6%
Energy Solutions62,690 74,822 (12,132)(16.2%)
Global Agriculture111,939 57,179 54,760 95.8%
Global Property71,109 83,992 (12,883)(15.3%)
Professional Lines34,978 37,555 (2,577)(6.9%)
Specialty Programs111,441 85,955 25,486 29.7%
Transactional E&S52,296 53,461 (1,165)(2.2%)
Total continuing business667,919 585,578 82,341 14.1%
Exited business(146)(664)518 (78.0%)
Total Skyward Specialty segment gross written premiums$667,773$584,914$82,859 14.2%
Net written premiums$426,967 $339,213 $87,754 25.9%
Net earned premiums$378,346 $295,542 $82,804 28.0%
Six months ended June 30,
($ in thousands)20262025Change% Change
Accident & Health$187,465 $123,658 $63,807 51.6%
Captives122,165 143,923 (21,758)(15.1%)
Credit & Surety127,933 100,159 27,774 27.7%
Energy Solutions111,556 150,416 (38,860)(25.8%)
Global Agriculture214,291 137,796 76,495 55.5%
Global Property105,626 130,678 (25,052)(19.2%)
Professional Lines71,206 77,772 (6,566)(8.4%)
Specialty Programs206,208 148,630 57,578 38.7%
Transactional E&S102,360 105,467 (3,107)(2.9%)
Total continuing business1,248,810 1,118,499 130,311 11.7%
Exited business7671,741(974)(55.9%)
Total Skyward Specialty segment gross written premiums$1,249,577$1,120,240$129,337 11.5%
Net written premiums$797,996 $682,484 $115,512 16.9%
Net earned premiums$742,289 $595,908 $146,381 24.6%
For the second quarter and first half of 2026, the 14.1% and 11.7% increases in gross written premiums for continuing business, when compared to the same 2025 period, were primarily driven by new business in our global agriculture, accident & health, specialty programs, and credit & surety divisions. Partially offsetting the growth were decreases in the (i) energy solutions and captives divisions due to non-renewing business, and (ii) global property division due to increased competition in the property market and decreases in rates.
Net written premiums for the second quarter of 2026 were $427.0 million compared to $339.2 million for the same 2025 period, an increase of $87.8 million or 25.9%. Net written premiums for the first half of 2026 were $798.0 million compared to $682.5 million for the same 2025 period, an increase of $115.5 million or 16.9%. The increases in net written premiums was primarily driven by the same reasons that drove the increases in gross written premiums discussed above.
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Net earned premiums for the second quarter of 2026 were $378.3 million compared to $295.5 million for the same 2025 period, an increase of $82.8 million or 28.0%. Net earned premiums for the first half of 2026 were $742.3 million compared to $595.9 million for the same 2025 period, an increase of $146.4 million or 24.6%. The increases in net earned premiums was primarily driven by the same reasons that drove the increases in gross written premiums discussed above.
For additional information regarding our reinsurance programs, see the “Reinsurance” discussion included in this Item 2.
Combined Ratio
The following tables set forth the components of the Skyward Specialty segment’s combined ratios for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,
20262025
($ in thousands)
$ Amount
% of
Net Earned
Premiums
$ Amount
% of
Net Earned
Premiums
Losses and LAE:
Non-cat loss and LAE
$231,964 61.3%$177,262 59.9%
Cat loss and LAE(1)
5,003 1.3%4,000 1.4%
Total losses and LAE236,967 62.6%181,262 61.3%
Expenses:
Net policy acquisition expenses52,927 14.0%44,636 15.1%
Other operating and general expenses41,204 10.9%37,730 12.8%
Underwriting, acquisition and insurance expenses94,131 24.9%82,366 27.9%
Less: commission and fee income(2,334)(0.6%)(2,560)(0.9%)
Total net expenses$91,797 24.3%$79,806 27.0%
Combined ratio86.9%88.3%
(1) Current accident year
Six months ended June 30,
20262025
($ in thousands)
$ Amount
% of
Net Earned
Premiums
$ Amount
% of
Net Earned
Premiums
Losses and LAE:
Non-cat loss and LAE
$452,410 61.0%$358,071 60.1%
Cat loss and LAE(1)
12,788 1.7%10,500 1.8%
Total losses and LAE465,198 62.7%368,571 61.9%
Expenses:
Net policy acquisition expenses103,986 14.0%89,126 15.0%
Other operating and general expenses87,108 11.7%75,878 12.7%
Underwriting, acquisition and insurance expenses191,094 25.7%165,004 27.7%
Less: commission and fee income(3,861)(0.5%)(4,536)(0.8%)
Total net expenses$187,233 25.2%$160,468 26.9%
Combined ratio87.9%88.8%
(1) Current accident year
The loss ratios for the second quarter and first half of 2026 increased 1.3 points and 0.8 points, respectively, when compared to the same 2025 periods. Catastrophe losses in the second quarter and first half of 2026 were primarily due to convective storms, while catastrophe losses in the same 2025 periods were driven by convective storms in the South and Midwest and the California wildfires. The first half of 2026 was also impacted by winter storms. In addition, the increases
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in the non-cat loss and LAE ratios, when compared to the same 2025 periods, were due to shifts in business mix, primarily from growth in the accident & health and global agriculture divisions, both of which generally have higher loss ratios.
The expense ratios for the second quarter and first half of 2026 improved 2.7 points and 1.7 points, respectively, when compared to the same 2025 periods, primarily driven by business mix shift, enhanced operating efficiencies, and scale benefits as net earned premiums outpaced expense growth.
The expense ratios for all periods presented exclude the impact of corporate expenses which is presented separately in the combined group’s expense ratio. It also excludes IPO and management incentive plan related stock compensation, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.
Apollo Segment
Our Apollo segment operates within the Lloyd’s of London market, leveraging Lloyd’s global licensing, centralized underwriting infrastructure, and long‑standing distribution networks to access innovative specialty classes across international markets.
Syndicate 1969 – Lloyd’s Specialist Syndicate (“Syndicate 1969”): Syndicate 1969 is a diversified, multi‑class specialty underwriting syndicate. Apollo underwrites a broad portfolio of traditional specialty lines, including property, casualty, marine, energy & transport, and a variety of other specialty classes. The syndicate’s business mix is designed around disciplined risk selection, class‑specific underwriting teams, and a balanced mix of short‑ and medium‑tail exposures.
Syndicate 1971 – Digital Economy Syndicate (“Syndicate 1971”): Syndicate 1971 is a digital‑economy and innovation‑focused underwriting syndicate designed to support clients operating in the new economy, including technology‑enabled platforms, autonomous mobility enterprises, human logistics operators, and other emerging, data‑driven business models. Underwriting emphasizes data rich partnerships, bespoke coverage structures, and advanced analytical tools that inform pricing and risk assessment. The product suite includes liability coverages tailored for platform‑based models, autonomous vehicle ecosystems, electrification transitions, and related next‑generation exposures. The syndicate also partners with clients on ongoing data sharing, enabling enhanced portfolio insights and continuous refinement of underwriting models.
Syndicate 1972 – Reshare (“Syndicate 1972”): Syndicate 1972 commenced underwriting in 2026 and operates as a dedicated quota‑share reinsurance vehicle supporting Apollo’s broader underwriting platform. The syndicate provides proportional reinsurance capacity primarily to Syndicates 1969 and 1971, enabling efficient capital deployment, portfolio optimization, and risk diversification across the Apollo segment.
Managed Premiums: In addition to its own underwriting syndicates, Apollo operates a managing‑agency platform, administering several third‑party syndicates on behalf of external capital providers. Through this structure, Apollo delivers managing agency services, including oversight, compliance, performance monitoring, and operational support. These arrangements allow Apollo to expand its access to innovative and emerging specialty products while generating fee based income.
U.K. and Lloyd’s of London
In the U.K., under the Financial Services and Markets Act 2000 (“FSMA”), no person may carry on a regulated activity unless authorized or exempt. Effecting or intermediating contracts of insurance or reinsurance are regulated activities requiring authorization. Effecting contracts of insurance requires authorization by the Prudential Regulation Authority (“PRA”) and is regulated by the Financial Conduct Authority (“FCA”). Intermediating contracts of insurance requires authorization by the FCA.
Under the Financial Services Act 2012, the FCA is a conduct regulator for all U.K. firms carrying on regulated activity in the U.K. while the PRA is the prudential regulator for U.K. banks, building societies, credit unions, insurers and major investment firms. As a prudential regulator, the PRA’s general objective is to promote the safety and soundness of the firms it regulates. The PRA rules require financial firms to hold sufficient capital and have adequate risk controls in place.
The FCA’s statutory strategic objective is to ensure that relevant markets function well and have operational objectives to protect consumers and protect financial markets and to promote competition. It makes rules covering how the firm must be managed and requirements relating to the firm’s systems and controls, how business must be conducted and the firm’s arrangements to manage financial crime risk. The PRA and the FCA require regular and ad hoc reporting and monitor compliance with their respective rule books through a variety of means including the collection of data, industry reviews and site visits.
Lloyd’s is a society of corporate and individual members that underwrite insurance and reinsurance as members of syndicates. A syndicate is made up of one or more members that form a group to accept insurance and reinsurance risks.
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Each syndicate is managed by a managing agent that writes insurance business on behalf of the members of the syndicate. Syndicate members receive profits or bear losses in proportion to their respective shares in the syndicate for each underwriting year of account.
Lloyd’s is subject to U.K. law and is authorized under the FSMA. The Lloyd’s Act 1982 defines the governance structure and rules under which the society operates. Under the Lloyd’s Act 1982, the Council of Lloyd’s is responsible for managing, supervising and supporting the Lloyd’s market. Lloyd’s agrees to syndicates’ business plans and evaluates performance against those plans. Syndicates are required to underwrite only in accordance with their agreed business plans. If they fail to do so, Lloyd’s can take a range of actions including, as a last resort, prohibiting a syndicate from underwriting.
Lloyd’s has a global network of licenses and authorizations, and underwriters at Lloyd’s may write business in countries where Lloyd’s has authorized status or exemptions available to non-admitted insurers or reinsurers. Lloyd’s licenses can only be used if the Syndicate Business Forecast, agreed annually with Lloyd’s, names those countries. Lloyd’s also manages and protects the Lloyd’s network of international licenses, monitors syndicates’ compliance with Lloyd’s Principles for doing business and is responsible for setting both member and central capital levels.
Apollo Group Holdings Limited
Apollo Group Holdings Limited, (“Apollo”) through its subsidiary ASML, is authorized and regulated by the PRA and regulated by the FCA to conduct insurance and reinsurance business. ASML is a Lloyd’s managing agent authorized by Lloyd’s to manage approved Lloyd’s syndicates.
Bermuda
Apollo Bermuda Limited (“ABL”) is licensed in Bermuda as a Class 3A commercial insurer with the provisions of the Bermuda Insurance Act 1978 (the “Insurance Act”). ABL is a wholly owned subsidiary of Apollo. The principal activity of ABL is underwriting an affiliated quote share of Apollo 16 Limited, a corporate member supporting the underwriting capital for Syndicate 1969 and Syndicate 1971.
The Insurance Act provides that no person shall carry on any insurance or reinsurance business in or from within Bermuda unless registered as an insurer by the Bermuda Monetary Authority (“BMA”) under the Insurance Act. The Insurance Act imposes upon Bermuda insurance companies, among other things, solvency and liquidity standards, auditing and reporting requirements, and grants the BMA powers to supervise, investigate, require information and demand the production of documents and intervene in the affairs of insurance companies.
In addition, ABL must comply with all requirements pertaining to Class 3A insurers, which includes, among other things: the appointment of a loss reserve specialist and an independent auditor, maintaining a principal office in Bermuda and the appointment of a principal representative in Bermuda, the filing of annual Statutory Financial Returns together with annual GAAP financial statements and an annual Capital and Solvency Return, compliance with minimum and enhanced capital requirements, together with certain restrictions on reductions of capital and the payment of dividends and distributions as well as group solvency and supervision rules, if applicable, and compliance with the Insurance Code of Conduct.
Underwriting Results
Select Apollo metrics for the second quarter and first half of 2025 are presented on a pro forma basis for comparative purposes only and are not necessarily indicative of the operating results that Skyward Group would have recognized had the acquisition actually been completed on January 1, 2025. Pro forma information is unaudited.
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Premiums
The following tables set forth gross written premiums by underwriting division for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,
($ in thousands)2026
2025(1)
Change% Change
Syndicate 1969$59,431 $55,207 $4,224 7.7%
Syndicate 197113,350 13,740 (390)(2.8%)
Total gross written premiums$72,781 $68,947 $3,834 5.6%
Net written premiums$58,649 $— $——%
Net earned premiums$66,126 $— $——%
(1) Prior year information is pro forma and is adjusted for the impact of the change in participations. See Reconciliation of Non-GAAP Financial Measures.
Six months ended June 30,
($ in thousands)2026
2025(1)
Change% Change
Syndicate 1969$124,439 $99,059 $25,380 25.6%
Syndicate 197134,242 29,132 5,110 17.5%
Total gross written premiums$158,681 $128,191 $30,490 23.8%
Net written premiums$120,503 $— $— —%
Net earned premiums$136,190 $— $— —%
(1) Prior year information is pro forma and is adjusted for the impact of the change in participations. See Reconciliation of Non-GAAP Financial Measures.
Gross written premiums for the second quarter and first half of 2026 increased $3.8 million and $30.5 million, or 5.6% and 23.8%, respectively, compared to the same adjusted pro forma 2025 periods. The increases were primarily driven by growth in Syndicate 1969, which benefited from new business and expansion across select specialty lines.
Combined Ratio
The Apollo segment’s combined ratio for the three and six months ended June 30, 2026 was 97.6% and 91.3%, respectively. Total non-cat losses and LAE for the three and six months ended June 30, 2026 were $39.8 million and $76.8 million, or 60.1% and 56.4%, respectively. Cat losses and LAE for the three and six months ended June 30, 2026 were $3.6 million for each period, or 5.4% and 2.6%, respectively, primarily due to the conflict in the Middle East. Total underwriting, acquisition and insurance expenses for the three and six months ended June 30, 2026 were $24.8 million and $47.5 million, or 37.5% and 34.9%, respectively. Net policy acquisition expenses were $18.2 million and $26.8 million, or 27.6% and 19.7%, respectively, and other operating and general expenses were $6.6 million and $20.7 million, or 9.9% and 15.2%, respectively.
Managed Premiums and Underwriting Fee Income
Apollo provides managing agency services to nine syndicates within its Lloyd’s managing agency platform. The capital aligned syndicates, Syndicate 1969, Syndicate 1971 and Syndicate 1972, are wholly managed and partly capitalized by Apollo’s Lloyd’s capital member Apollo No. 16. Platform Partner syndicates are managed by Apollo on behalf of third‑party partners and Apollo does not currently provide capital for underwriting of these syndicates. Apollo receives managing agency fees and performance‑based income for their managing agency services from all syndicates on its Lloyd's platform. For the three and six months ended June 30, 2026, underwriting fee income was $12.6 million and $22.7 million, respectively.
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The following table sets forth the fee generating gross written premiums for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026
2025(1)
2026
2025(1)
Aligned Syndicates$217,196$191,527$427,745$347,630
Partner Syndicates100,92555,461190,381114,173
Total fee generating gross written premiums$318,121$246,988$618,126$461,803
(1) Prior year information is pro forma and is adjusted for the impact of the change in participations. See Reconciliation of Non-GAAP Financial Measures.
Total fee generating gross written premiums for the three and six months ended June 30, 2026 increased 28.8% and 33.9%, respectively, compared to the same pro forma 2025 periods, primarily driven by the addition of a new partner syndicate and organic growth across both aligned and partner syndicates.
Investments
Composition of Investment Portfolio
In the first quarter of 2026, we revised the presentation of our investment portfolio to (i) report short-term investments separately from cash and cash equivalents following the closing of the Apollo acquisition, and (ii) include equities in alternative & strategic investments after the sale of the majority of the equity portfolio in 2025. The prior year period has been recast to reflect this change.
The following table sets forth the components of our investment portfolio at carrying value at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
($ in thousands)
Carrying Value
% of Total
Carrying Value
% of Total
Cash and cash equivalents$340,851 11.1 %$171,053 6.9 %
Short-term investments392,634 12.8 %264,299 10.7 %
Fixed income2,201,401 71.5 %1,866,205 75.5 %
Alternative and strategic investments143,212 4.6 %168,837 6.8 %
Total portfolio$3,079,239 100.0 %$2,471,568 100.0 %

Investment Results
The following table sets forth the components of net investment income and net investment gains (losses) for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
$ in thousands2026202520262025
Short-term investments$2,469 $3,713 $4,957 $6,914 
Cash and cash equivalents 2,583 9764,2421,900
Fixed income29,310 17,82256,67534,552
Alternative and strategic investments(3,635)(3,807)(8,092)(5,240)
Net investment income$30,727 $18,704 $57,782 $38,126 
Net unrealized gains (losses) on securities still held
$1,927$(3,181)$3,702$2,310
Net realized (losses) gains(2,528)6,271(1,118)7,530
Net investment (losses) gains$(601)$3,090 $2,584 $9,840 
Net investment income for the second quarter and first half of 2026 increased $12.0 million and $19.7 million, respectively when compared to the same 2025 periods, driven by increased income from our fixed income portfolio as a result of the Apollo acquisition, a higher yield and a larger asset base.
The alternative and strategic investments portfolio continued to be impacted by the decline in the fair value of limited partnership investments.
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When a fixed maturity has been determined to have an impairment, the impairment charge is separated into an amount representing the credit loss, which is recognized in earnings as a realized loss and on the balance sheet as an allowance for credit losses netted with the amortized cost of fixed maturities. Future increases in fair value, if related to credit factors, are recognized through earnings limited to the amount previously recognized as an allowance for credit losses. The amount related to non-credit factors is recognized in accumulated other comprehensive income and future increases or decreases in fair value, if not credit losses, are included in accumulated other comprehensive (loss) income. During the second quarter 2026, we wrote off $2.0 million on a held-to-maturity security and recognized a recovery of $0.3 million of amounts previously written off for credit losses on an available-for-sale “corporate securities and miscellaneous” security. This brings our total allowance to $8.5 million on three securities, an increase of $1.7 million for the second quarter and $1.0 million for the first half of 2026. Other than the securities discussed previously, we determined that no other credit impairment existed at June 30, 2026. See Note 3, “Investments” to our condensed consolidated financial statements included in Item 1 of this Form 10-Q for additional information.
Fixed income
Our fixed income portfolio primarily consists of investment grade fixed income securities, which are predominantly highly-rated and liquid bonds, and commercial mortgage loans.
The following table sets forth the components of our fixed income securities at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
($ in thousands)Carrying Value
% of Total
Carrying Value
% of Total
U.S. government securities$127,064 5.8 %$44,468 2.4 %
Non-U.S. government securities2,677 0.1 %— — %
Corporate securities and miscellaneous790,807 35.9 %636,387 34.1 %
Municipal securities92,213 4.2 %102,116 5.5 %
Residential mortgage-backed securities445,211 20.2 %486,587 26.1 %
Commercial mortgage-backed securities84,624 3.8 %73,050 3.9 %
Other asset-backed securities649,587 29.5 %513,695 27.5 %
Total fixed income portfolio, available-for-sale2,192,183 99.5 %1,856,303 99.5 %
Commercial mortgage loans9,218 0.5 %9,902 0.5 %
Total fixed income portfolio$2,201,401 100.0 %$1,866,205 100.0 %
The weighted average credit rating of our available-for-sale fixed income portfolio was “A+” at June 30, 2026 and December 31, 2025. The following table sets forth the credit quality of our available-for-sale fixed income portfolio at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
($ in thousands)Fair Value% of TotalFair Value% of Total
AAA$305,607 13.9 %$286,563 15.4 %
AA613,374 28.0 %548,030 29.6 %
A713,395 32.5 %620,813 33.5 %
BBB538,517 24.6 %379,586 20.4 %
BB and Lower21,290 1.0 %21,311 1.1 %
Total fixed income portfolio, available-for-sale$2,192,183 100.0 %$1,856,303 100.0 %
Our commercial mortgage loans are primarily senior loans on real estate across the U.S.
The average duration of our fixed income portfolio was approximately 3.85 years and 3.60 years, respectively, as of June 30, 2026 and December 31, 2025.
Alternative and strategic investments
Alternative investments consists of promissory notes, limited partnerships, joint ventures and equity interests. The underlying investments are primarily floating rate senior secured loans, comprised of short duration, collateralized, asset-oriented credit investments. The limited partnerships and joint ventures are subject to future increases or decreases in asset
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value as asset values are monetized and the income is distributed. Strategic investments consists of equity interests in private entities within the insurance industry.
Other Items
Interest expense
Interest expense for the three and six months ended June 30, 2026 was $8.8 million and $16.5 million, respectively, compared to $1.9 million and $3.7 million, respectively, for the same 2025 periods. The increases were due to additional interest expense related to the Term Loan Facility and Revolving Credit Facility (both are defined in the “Credit Agreements” section below).
Amortization expense
Amortization expense for the three and six months ended June 30, 2026 was $8.8 million and $17.7 million, respectively, compared to $0.4 million and $0.7 million, respectively, for the same 2025 periods. The increases were due to the amortization of the value of business acquired (“VOBA”) asset and additional definite-lived intangible assets recognized as a result of the acquisition of Apollo.
Income Taxes
Income tax expense for the three and six months ended June 30, 2026 was $14.5 million and $26.9 million, respectively, compared to $11.0 million and $20.3 million, respectively, for the same 2025 periods. Our effective tax rates for the three and six months ended June 30, 2026 were 22.8% and 21.4%, respectively, compared to 22.0% and 20.1%, respectively, for the same 2025 periods. The increase in the effective tax rate for the three months ended June 30, 2026 was primarily attributable to a reduction in the proportional tax benefit of stock-based compensation as pre-tax income increased. The increase in the effective tax rate for the six months ended June 30, 2026 was primarily attributable to foreign taxes associated with the Apollo acquisition, partially offset by discrete tax benefits, primarily from stock-based compensation. For additional information, see Note 12 of our condensed consolidated financial statements included in Item 1 of this Form 10-Q.
Liquidity and Capital Resources
Sources and Uses of Funds
Our most significant source of cash is from premiums received from our insureds, which, for most policies, we receive at the beginning of the coverage period, net of the related commission for the policies. Our most significant cash outflow is for claims that arise when a policyholder incurs an insured loss. Because the payment of claims occurs after the receipt of the premium, often years later, we invest the cash in various investment securities that generally earn interest and dividends. We also use cash to pay for operating expenses such as salaries, rent and taxes and capital expenditures such as technology systems. We use reinsurance to reduce volatility and as part of our capital management strategy. We cede, or pay out, part of the premiums we receive to our reinsurers and collect cash back when losses subject to our reinsurance coverage are paid.
The timing of our cash flows from operating activities can vary among periods due to the timing by which payments are made or received. Some of our payments and receipts, including loss settlements and subsequent reinsurance receipts, can be significant, and as a result their timing can influence cash flows from operating activities in any given period. Management believes that cash receipts from premiums and proceeds from investment income are sufficient to cover cash outflows in the foreseeable future.
Payments made by our holding company to service the credit agreements are provided by our subsidiaries’ operating activities. During the six months ended June 30, 2026, GMIC paid a dividend of $50.0 million to the holding company to redeem a portion of the Tranche A DDTL detailed below.
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Our cash flows for the six months ended June 30, 2026 and 2025:
($ in thousands)20262025
Cash and cash equivalents provided by (used in):
Operating activities $184,167 $184,940 
Investing activities (382,620)(169,301)
Financing activities 301,862 — 
Change in cash and cash equivalents and restricted cash$103,409 $15,639 
Cash provided by operating activities in 2026 was consistent when compared to 2025 and continued to reflect positive cash flow from our insurance operations. Cash from operations can vary from period to period due to the timing of premium receipts, claim payments and reinsurance activity. Cash flows from operations in each of the past two years were used primarily to fund investing activities.
The increase in net cash used in investing activities in 2026 when compared to 2025 was primarily driven by the cash paid for the acquisition of Apollo and the purchase of fixed maturity securities, partially offset by proceeds from the sales of investment securities.
The increase in net cash provided by financing activities in 2026 when compared to 2025 was due to proceeds from the Term Loan Facility and the draw on the Revolving Credit Facility used to fund the Apollo acquisition.
Credit Agreements
FHLB Loan
On August 30, 2024, we entered into the FHLB Loan pursuant to the Advances and Security Agreement. The FHLB Loan is a 4.5-year term loan in the principal amount of $57.0 million. The FHLB Loan provides for interest-only payments during its term, with principal due in full at maturity. The interest rate is fixed over the term of the loan at 4.00%. The FHLB Loan is fully secured by a pledge of specific investment securities of HSIC. We used the proceeds to fund redemptions of the draws on the prior credit facility.
Term Loan Facility
During the fourth quarter of 2025, we entered into a Term Loan Credit Agreement (the “Term Loan Facility”) with a syndicate of participating banks. The Term Loan Facility includes (a) an unsecured senior delayed draw term loan facility (“DDTL”) in the aggregate principal amount of $150.0 million (the “Tranche A DDTL”) and (b) an additional unsecured senior DDTL in the aggregate principal amount of $150.0 million (the “Tranche B DDTL”) and together with the Tranche A DDTL, the “Term Loan Facility”).
We used the Term Loan Facility to fund a portion of the consideration of the acquisition of Apollo and related transaction fees and expenses. Amounts drawn under the Term Loan Facility will bear interest at either term SOFR plus a margin, which will range from 150 basis points to 190 basis points, or the base rate plus a margin, which will range from 50 basis points to 90 basis points, each depending on our debt to capitalization ratio. SOFR is calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate is the highest of (i) the Agent’s then-current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition, we will also pay a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on our debt to capitalization ratio. The Tranche A DDTL matures on January 1, 2028 and the Tranche B DDTL matures on July 2, 2029. On December 30, 2025, we drew $150.0 million of the Tranche A DDTL and $150.0 million of the Tranche B DDTL for the acquisition of Apollo on January 1, 2026. On June 26, 2026, the Company repaid $50.0 million of outstanding principal related to the Tranche A DDTL.
The Term Loan Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness exceeding $10.0 million and on our ability to make distributions to our stockholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants, including financial covenants relating to our minimum consolidated net worth, maximum total debt to capitalization, minimum A.M. Best rating and minimum liquidity, as well as customary events of default. As of June 30, 2026, we were in compliance with all covenants.
The Term Loan Facility is unsecured. In connection with the Revolving Credit Facility, during the fourth quarter of 2025, we and the subsidiary guarantors party thereto, entered into a guaranty agreement, pursuant to which our obligations under the Term Loan Facility are guaranteed by us and our existing wholly-owned subsidiaries and subsequently acquired or organized subsidiaries, excluding insurance company subsidiaries and subject to certain other exceptions.
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We report debt related to the Term Loan Facility as of June 30, 2026 Condensed Consolidated Balance Sheet, net of debt issuance costs of approximately $3.9 million. These deferred financing costs are presented as a direct deduction from the carrying amount of the debt.
Revolving Credit Facility
During the fourth quarter of 2025, we entered into a Credit Agreement (the “Revolving Credit Facility”) with a syndicate of participating banks. The Revolving Credit Facility is unsecured and provided us with up to an initial maximum principal amount of $150.0 million, which was increased to $250.0 million on the closing date of our acquisition of Apollo.
We initially drew $43.0 million, which was used to redeem our prior revolving credit facility (described below). On December 30, 2025, we drew an additional $71.5 million which was used for the consideration paid for the acquisition of Apollo on January 1, 2026.
Interest on the Revolving Credit Facility is payable quarterly. Amounts drawn under the Facility bear interest at either term SOFR plus a margin, which ranges from 150 and 190 basis points, or the base rate plus a margin, which ranges from 50 basis points to 90 basis points, each depending on our debt to capitalization ratio. SOFR will be calculated using a SOFR floor of 0.00% and a credit spread adjustment of 0.10%. The base rate will be the highest of (i) the Agent’s then current prime lending rate, (ii) the Federal Funds Rate plus 0.50%, (iii) SOFR plus 1.00% and (iv) zero percent (0%). In addition, we also pay a fee ranging from 0.20% to 0.35% on average daily undrawn amounts under the Facility, depending on our debt to capitalization ratio. The availability period under the Facility will terminate on November 12, 2030.
We are subject to covenants on the Revolving Credit Facility based on minimum net worth, maximum debt to capital ratio, minimum A.M. Best Rating and minimum liquidity, as well as customary events of default. As of June 30, 2026, we were in compliance with all covenants.
Debentures
In May 2019, we entered into an agreement to issue unsecured subordinated notes (the “Notes”) with an aggregate principal amount of $20.0 million. Interest on the Notes is fixed at 7.25% for the first 8 years and fixed at 8.25% thereafter. Early retirement of the debt ahead of the 8-year commitment requires all interest payments to be paid in full as well as the return of outstanding principal. Principal is due at maturity on May 24, 2039 and interest is payable quarterly. The Notes have junior priority to all previously issued debt. We report debt related to the Notes as of June 30, 2026 Condensed Consolidated Balance Sheet and December 31, 2025 Consolidated Balance Sheet, net of debt issuance costs of approximately $0.4 million. These deferred financing costs are presented as a direct deduction from the carrying amount of the subordinated debt.
Share Repurchase Program
In October 2024, the Board approved a share repurchase program authorizing the repurchase of up to $50.0 million of our common stock. On July 15, 2026, the Board authorized an increase to the share repurchase program authorizing the repurchase of up to an additional $50.0 million of our common stock. As a result, the total amount authorized under the share repurchase program increased to $100.0 million. The shares may be repurchased from time to time in open market purchases, privately-negotiated transactions, block purchases, accelerated share repurchase agreements or a combination of methods, including through Rule 10b5-1 trading plans. The timing, manner, price and amount of any repurchases under the share repurchase program will be determined by us in our discretion. The share repurchase program does not require us to repurchase any specific number of shares, and may be modified, suspended or terminated at any time. During the three and six months ended June 30, 2026, we repurchased 222,635 shares for approximately $9.7 million under this plan. These shares represent the total repurchased under the plan as of June 30, 2026.
Reinsurance
We strategically purchase reinsurance from third parties which enhances our business by protecting capital from severity events (either large single event losses or catastrophes) and reducing volatility in our earnings. Our reinsurance contracts are predominantly one year in length and renew annually throughout the year, primarily in January and April. At each annual renewal, we consider several factors that influence any changes to our reinsurance purchases, including any plans to change the underlying insurance coverage we offer, updated loss activity, the level of our capital and surplus, changes in our risk appetite and the cost and availability of reinsurance treaties.
We purchase quota share reinsurance, excess of loss reinsurance, and facultative reinsurance coverage to limit our exposure from losses on any one occurrence. The mix of reinsurance purchased considers efficiency, cost, our risk appetite and specific factors of the underlying risks we underwrite.
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•Quota share reinsurance refers to a reinsurance contract whereby the reinsurer agrees to assume a specified percentage of the ceding company’s losses arising out of a defined class of business in exchange for a corresponding percentage of premiums, net of a ceding commission.
•Excess of loss reinsurance refers to a reinsurance contract whereby the reinsurer agrees to assume all or a portion of the ceding company’s losses for an individual claim or an event in excess of a specified amount in exchange for a premium payable amount negotiated between the parties, which includes our catastrophe reinsurance program.
•Facultative coverage refers to a reinsurance contract on individual risks as opposed to a group or class of business. It is used for a variety of reasons, including supplementing the limits provided by the treaty coverage or covering risks or perils excluded from treaty reinsurance.
For the three and six months ended June 30, 2026 our net retention on a written basis (calculated as net written premiums as a percentage of gross written premiums) was 65.6% and 65.2%, respectively, compared to 58.0% and 60.9%, respectively, for the same 2025 periods.
Credit and Financial Strength Ratings
On August 14, 2025, A.M. Best affirmed Skyward Specialty’s financial strength rating of A (Excellent) with a stable outlook.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in market risk from the information provided in our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required financial disclosure.
In connection with the preparation of this quarterly report on Form 10-Q, our management carried out an evaluation, under the supervision and with the participation of our management, including the CEO and CFO, as of June 30, 2026, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) under the Exchange Act.
In connection with the evaluation of our disclosure controls and procedures as of June 30, 2026, the scope of such evaluation excluded Apollo, which was acquired on January 1, 2026. The Company excluded Apollo from the evaluation because the entity and its related systems, processes and controls are in the process of being integrated into the Company’s overall financial reporting and disclosure control framework. Management plans to complete the integration and related evaluation of Apollo’s disclosure controls and procedures during 2026.
Based upon this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of June 30, 2026.
Changes in Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. The evaluation of internal control over financial reporting as of June 30, 2026 excluded Apollo, which was acquired on January 1, 2026, as the integration of Apollo’s systems and controls into the Company’s control environment is ongoing.
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Table of Contents
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
We are party to legal proceedings which arise in the ordinary course of business. We believe that the outcome of such matters, individually and in the aggregate, will not have a material adverse effect on our consolidated financial position.
Item 1A. Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risks and uncertainties described under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (our “2025 Form 10-K”), as supplemented by the risk factor updates set forth in our Quarterly Report on Form 10-Q for the period ended March 31, 2026 (our “Q1 10-Q”). There have been no other material changes in our risk factors in the six months ended June 30, 2026 from those disclosed in our 2025 Form 10-K and our Q1 10-Q.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table represents share purchases made by the Company during the three months ended June 30, 2026, and the approximate dollar value of shares remaining that are authorized for purchase by the Company under its publicly announced share repurchase program.
($ in thousands, except share and per share amounts)
Total Number of Shares Purchased(1)
Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet Be Purchased Under Publicly Announced Plans or Programs
April 2026— $— — $50,000 
May 2026— — — $50,000 
June 2026245,984 43.75 222,635 $90,269 
245,984 $43.75 222,635 
(1) Includes shares withheld from participants in the Company’s long-term incentive program for personal income taxes
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Item 5. Other Information
During the quarter ended June 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
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Item 6. Exhibits
(a)Exhibits.
Exhibit NumberExhibit Description
3.1
3.2
4.1
31.1*
31.2*
32.1*
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
(b)Financial Statement Schedules. All financial statement schedules are omitted because the information called for is not required or is shown either in the consolidated financial statements or in the notes thereto.
+    Management contract or compensatory plan or arrangement.
*    Filed herewith.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Skyward Specialty Insurance Group, Inc.
Date: August 7, 2026
By:/s/ Andrew Robinson
Andrew Robinson
Chairman and Chief Executive Officer
(Principal Executive Officer)
Date: August 7, 2026
By:/s/ Mark Haushill
Mark Haushill
Chief Financial Officer
(Principal Financial and Accounting Officer)
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EXHIBIT 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Andrew Robinson, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Skyward Specialty Insurance Group, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date:August 7, 2026By:/s/ Andrew Robinson
Name:Andrew Robinson
Title:Chairman and Chief Executive Officer
EXHIBIT 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Mark Haushill, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Skyward Specialty Insurance Group, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date:August 7, 2026By:/s/ Mark Haushill
Name:Mark Haushill
Title:Chief Financial Officer
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Skyward Specialty Insurance Group, Inc. (the “Company”) for the six months ended June 30, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Andrew Robinson, as Chief Executive Officer of the Company, and Mark Haushill, Chief Financial Officer, hereby certify pursuant to Title 18, Chapter 63, Section 1350 of the United States Code, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:
(1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date:August 7, 2026By:/s/ Andrew Robinson
Name:Andrew Robinson
Title:Chairman and Chief Executive Officer
Date:August 7, 2026By:/s/ Mark Haushill
Name:Mark Haushill
Title:Chief Financial Officer