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Skyward Specialty Q1 Earnings Beat on Apollo Lift, Premium Growth
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Key Takeaways
SKWD posted Q1 2026 EPS of $1.25, up 38.9% year over year and above consensus estimates.
SKWD revenues jumped 44.8% to $475.9M, helped by Apollo's consolidation and higher premium volume.
SKWD's combined ratio improved to 89.5% as loss ratio and policy acquisition costs declined YoY.
Skyward Specialty Insurance Group, Inc. (SKWD - Free Report) delivered a solid first quarter of 2026, with operating earnings per share of $1.25, increased 38.9% from a year ago and beat the Zacks Consensus Estimate of $1.05. Total revenues were $475.87 million, up 44.8% year over year, and came in 19.4% above the consensus mark.
First quarter performance reflected stronger premiums, underlying underwriting results alongside the accretive impact of Apollo, while profitability held firm with a lower combined ratio.
Skyward Specialty Insurance Group, Inc. Price, Consensus and EPS Surprise
SKWD’s Premium Base Expanded Across Both Platforms
Gross written premiums totaled $667.7 million, up 9.9% versus the prior-year period. Growth was broad-based, led by an 8.7% increase in the Skyward Specialty segment and an 18.7% rise in the Apollo segment, supported by higher volume in syndicate 1969.
Net earned premiums climbed to $434 million from $300.4 million a year ago, reflecting higher business volumes and the expanded footprint following the Apollo consolidation. Underwriting fee income of $10.1 million also contributed to the quarter’s top-line mix, tied to Apollo’s managing agency activities.
Net investment income increased to $27.1 million from $19.4 million a year ago, driven by the addition of the Apollo portfolio, a higher yield environment, and a larger invested asset base.
Skyward Group’s Underwriting Mix Drove Growth
Within Skyward Group’s U.S. specialty operations, several underwriting divisions posted notable momentum. Accident & Health gross written premiums increased 45.7% year over year, Credit & Surety rose 42.5%, Global Agriculture advanced 27.0%, and Specialty Programs jumped 51.2%, helping offset declines in Energy Solutions and Global Property.
The portfolio’s evolving composition also reflected a sharper emphasis on businesses positioned for steadier growth. Management highlighted continued diversification, including expansion in areas with lower exposure to property-and-casualty underwriting cycles, as it aims to sustain disciplined top-line and bottom-line progress.
SKWD’s Expenses
Losses and loss adjustment expenses were $265.22 million, up from $187.31 million in the prior-year quarter, in line with the larger premium base. Still, the total loss ratio improved to 61.1% from 62.4% a year ago, supporting underwriting profitability despite business-mix shifts within the Skyward Specialty segment. Total Cat loss and LAE of 1.8% declined from 2.2% a year ago.
Underwriting, acquisition and insurance expenses rose to $124.6 million from $86.6 million a year ago, reflecting higher activity levels and a larger operating platform. On the ratio side, net policy acquisition costs improved to 13.9% from 14.8% in the year-ago quarter, pointing to operating leverage as premium volume expanded.
The combined ratio of 89.5% decreased from 90.5% a year ago.
SKWD’s Financials (As of March 31, 2026)
On the balance sheet, cash and cash equivalentsrose to $255.9 million at first-quarter end, from $168.5 million at 2025-end. Total assets reached $6.55 billion as of March 31, 2026, up from $4.79 billion at 2025-end.
Notes payable jumped to $466.4 million from $100.4 million at 2025-end.
Book value per share of $27.50 in the first quarter increased from $24.92 a year ago.
Skyward Specialty currently has a Zacks Rank #4 (Sell).
Companies like The Hartford Insurance Group, Inc. (HIG - Free Report) , RenaissanceRe Holdings Ltd. (RNR - Free Report) and The Allstate Corporation (ALL - Free Report) have also reported earnings for the March quarter. Here’s how they have performed:
Hartford posted first-quarter 2026 core earnings per share of $3.09, up 40.5% from $2.20 in the prior-year quarter, but missed the Zacks Consensus Estimate of $3.29. Less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits affected results. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Hartford’s Personal Insurance.
RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2% and improved from the year-ago quarter’s operating loss of $1.49. The quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. RenaissanceRe’s improved combined ratio and fee income also contributed to the upside.
Allstate reported a first-quarter 2026 adjusted net income of $10.65 per share, which outpaced the consensus estimate by 43.3% and surged 201.7% year over year.Results were driven by higher property and casualty insurance premiums, improved net investment income and lower catastrophe losses. Lower expenses and strong underwriting performance further aided Allstate’s results.
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Skyward Specialty Q1 Earnings Beat on Apollo Lift, Premium Growth
Key Takeaways
Skyward Specialty Insurance Group, Inc. (SKWD - Free Report) delivered a solid first quarter of 2026, with operating earnings per share of $1.25, increased 38.9% from a year ago and beat the Zacks Consensus Estimate of $1.05. Total revenues were $475.87 million, up 44.8% year over year, and came in 19.4% above the consensus mark.
First quarter performance reflected stronger premiums, underlying underwriting results alongside the accretive impact of Apollo, while profitability held firm with a lower combined ratio.
Skyward Specialty Insurance Group, Inc. Price, Consensus and EPS Surprise
Skyward Specialty Insurance Group, Inc. price-consensus-eps-surprise-chart | Skyward Specialty Insurance Group, Inc. Quote
SKWD’s Premium Base Expanded Across Both Platforms
Gross written premiums totaled $667.7 million, up 9.9% versus the prior-year period. Growth was broad-based, led by an 8.7% increase in the Skyward Specialty segment and an 18.7% rise in the Apollo segment, supported by higher volume in syndicate 1969.
Net earned premiums climbed to $434 million from $300.4 million a year ago, reflecting higher business volumes and the expanded footprint following the Apollo consolidation. Underwriting fee income of $10.1 million also contributed to the quarter’s top-line mix, tied to Apollo’s managing agency activities.
Net investment income increased to $27.1 million from $19.4 million a year ago, driven by the addition of the Apollo portfolio, a higher yield environment, and a larger invested asset base.
Skyward Group’s Underwriting Mix Drove Growth
Within Skyward Group’s U.S. specialty operations, several underwriting divisions posted notable momentum. Accident & Health gross written premiums increased 45.7% year over year, Credit & Surety rose 42.5%, Global Agriculture advanced 27.0%, and Specialty Programs jumped 51.2%, helping offset declines in Energy Solutions and Global Property.
The portfolio’s evolving composition also reflected a sharper emphasis on businesses positioned for steadier growth. Management highlighted continued diversification, including expansion in areas with lower exposure to property-and-casualty underwriting cycles, as it aims to sustain disciplined top-line and bottom-line progress.
SKWD’s Expenses
Losses and loss adjustment expenses were $265.22 million, up from $187.31 million in the prior-year quarter, in line with the larger premium base. Still, the total loss ratio improved to 61.1% from 62.4% a year ago, supporting underwriting profitability despite business-mix shifts within the Skyward Specialty segment. Total Cat loss and LAE of 1.8% declined from 2.2% a year ago.
Underwriting, acquisition and insurance expenses rose to $124.6 million from $86.6 million a year ago, reflecting higher activity levels and a larger operating platform. On the ratio side, net policy acquisition costs improved to 13.9% from 14.8% in the year-ago quarter, pointing to operating leverage as premium volume expanded.
The combined ratio of 89.5% decreased from 90.5% a year ago.
SKWD’s Financials (As of March 31, 2026)
On the balance sheet, cash and cash equivalentsrose to $255.9 million at first-quarter end, from $168.5 million at 2025-end. Total assets reached $6.55 billion as of March 31, 2026, up from $4.79 billion at 2025-end.
Notes payable jumped to $466.4 million from $100.4 million at 2025-end.
Book value per share of $27.50 in the first quarter increased from $24.92 a year ago.
Skyward Specialty currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Other Insurers Perform?
Companies like The Hartford Insurance Group, Inc. (HIG - Free Report) , RenaissanceRe Holdings Ltd. (RNR - Free Report) and The Allstate Corporation (ALL - Free Report) have also reported earnings for the March quarter. Here’s how they have performed:
Hartford posted first-quarter 2026 core earnings per share of $3.09, up 40.5% from $2.20 in the prior-year quarter, but missed the Zacks Consensus Estimate of $3.29. Less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits affected results. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Hartford’s Personal Insurance.
RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2% and improved from the year-ago quarter’s operating loss of $1.49. The quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. RenaissanceRe’s improved combined ratio and fee income also contributed to the upside.
Allstate reported a first-quarter 2026 adjusted net income of $10.65 per share, which outpaced the consensus estimate by 43.3% and surged 201.7% year over year.Results were driven by higher property and casualty insurance premiums, improved net investment income and lower catastrophe losses. Lower expenses and strong underwriting performance further aided Allstate’s results.