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Skyward Specialty Insurance Group
Skyward Specialty Insurance Group (SKWD) investor relations material
Skyward Specialty Insurance Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved record Q3 2025 results with $44M operating income, $38.2M underwriting income, $45.9M net income, 89.2% combined ratio, and 51.6%–52% gross written premium growth, led by agriculture and credit (re)insurance.
Earnings grew over 40% year-over-year, with annualized ROE of 19.7% and book value per share up 20% to $23.75.
Five of nine divisions grew by over 25%, led by the agriculture unit, while global property and construction saw declines.
Disciplined underwriting and selective market participation amid rising P&C competition.
Entered agreements to acquire Apollo Group Holdings for $555M, with closing expected in Q1 2026, funded by cash, stock, and new debt.
Financial highlights
Adjusted operating income: $44M ($1.05/diluted share); net income: $45.9M ($1.10/diluted share); net earned premiums: $351.8M, up 30.5% year-over-year.
Gross written premiums up 51.6%–52% year-over-year; net written premiums up 64%.
Combined ratio improved to 89.2%; loss ratio at 60.8% (down from 63.3%); expense ratio at 28.4% (down from 28.9%).
Net investment income for Q3 2025 was $22.2M, up $2.7M sequentially, driven by higher fixed income yields.
Book value per share increased to $23.75 at September 30, 2025; stockholders' equity reached $961.4M.
Outlook and guidance
Apollo acquisition expected to close in Q1 2026, with anticipated synergies and expanded operations; guidance on 2026 financials expected in early December.
Management remains confident in continued growth, though quarterly results may be uneven due to renewal cycles.
No material impact from recent U.S. tax legislation expected on future effective tax rates.
How sustainable is agriculture division's growth?
What was the rationale for selling the equity portfolio?
How does competition impact underperforming divisions?
Impact of mix shift on loss and expense ratios?
How does EndWell mitigate Surety market dislocation?
Apollo's capital-light model: fee-based shift?
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Next Skyward Specialty Insurance Group earnings date
Q4 202524 Feb, 2026
Skyward Specialty Insurance Group
Next Skyward Specialty Insurance Group earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Skyward Specialty Insurance Group Inc. is a prominent insurance holding company that specializes in underwriting commercial property and casualty insurance products within the United States. The company's offerings encompass a broad range of insurance products including general liability, excess liability, professional liability, commercial auto, group accident and health, property, surety, and workers' compensation insurance. Skyward Specialty operates through eight underwriting divisions, which are Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety, and Transactional E&S. The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.
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