Skyward Specialty Insurance Group (SKWD) Q1 2026 earnings summary

Executive summary

• First quarter 2026 marked the initial reporting period as a combined entity, including both Skyward Specialty and Apollo segments, delivering strong financial and operational results.

• Operating income rose to $56.8 million ($1.25 per diluted share), a 51% increase from $37.6 million ($0.90 per diluted share) in Q1 2025; annualized operating ROE was 20.3%.

• Gross written premiums increased 9.9% to $667.7 million; managed premiums rose 19.6% to $967.7 million, and fee-generating premiums grew 49%.

• Book value per share increased 10% sequentially to $27.50, up from $24.92 at year-end 2025.

• Portfolio construction emphasizes niche, cycle-resistant segments, with over 50% of business in areas less exposed to P&C cycles.

Financial highlights

• Net income for the quarter was $50 million; operating income reached $57 million.

• Net earned premiums were $434.0 million, up from $300.4 million in Q1 2025.

• Net investment income grew to $27.1 million from $19.4 million year-over-year, driven by the Apollo acquisition and higher yields.

• Total revenues reached $475.9 million, a 45% increase from $328.5 million in Q1 2025.

• Stockholders’ equity rose 21.3% to $1,224.9 million, mainly due to Apollo-related stock issuance.

Outlook and guidance

• 2026 guidance remains unchanged from prior disclosures.

• Leadership expects continued double-digit earnings growth, driven by diversification and niche focus.

• Growth in A&H, Credit and Surety, and Ag expected to remain strong, with over 50% of business considered cycle-resistant.

• Management expects continued fee-based earnings growth, supported by 49% growth in fee-generating gross written premiums.

• Management remains confident in achieving or exceeding guidance, with a track record of surpassing consensus.