SKWD
Skyward Specialty Insurance Group, Inc.49.11
+0.31+0.64%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A affirms niches, details pressures
Q&A reinforced Skyward's prepared optimism without walk-backs, fleshing out Surety's diversified growth from federal funds and solar avoidance while dismissing construction delay worries. A&H shone with 1/1 blowouts and loss ratios 15 points above peers, fueling lean-in plans. Reserves faced auto adverse development—$25 million, offset—but management proclaimed them stronger than ever. Property pricing eroded further into smaller accounts, yet bind ratios stayed firm. Firm no to broker quota shares underscored niche discipline. Apollo's Uber AVIP sits in guidance, promising embedded fees. Watch liability for redeployed capital.
Key Stats
Market Cap
1.99BP/E (TTM)
14.57Basic EPS (TTM)
3.37Dividend Yield
0%Recent Filings
10-K
FY2025 results
Skyward Specialty crushed FY2025 with gross written premiums jumping 24% y/y to $2.2B, fueled by explosive 193% growth in agriculture/credit reinsurance and 48% in specialty programs, while net earned premiums rose 23% to $1.3B. Q4 momentum accelerated via new dairy/livestock opportunities and high-deductible A&H captives, delivering a pristine 89.3% combined ratio—2 points better than 2024—on favorable prior-year development and non-cat loss discipline. Underwriting income doubled to $139M; net income hit $170M. Debt funded the January 2026 Apollo buy; liquidity solid with $408M operating cash flow. Yet reserves could prove inadequate if claims spike.
8-K
Execs ink rich deals
Skyward Specialty locked in employment agreements for CEO Andrew Robinson and President John Burkhart on February 25, 2026. Robinson gets $1.1M base, 150% target bonus, $4M equity; Burkhart $600K base, 100% bonus, $1M equity—effective April 1 and January 1. Both score 12-month severance, accelerated vesting on qualifying exits, but face two-year non-compete. Secures top talent amid scrutiny.
8-K
Q4 net income triples
Skyward Specialty Insurance Group reported Q4 2025 net income of $43.2M, up from $14.4M a year ago, with gross written premiums hitting $439.5M, a 13.2% jump, and full-year growth at 24.3%. Combined ratio sharpened to 88.5%, fueled by favorable prior-year development and lower cat losses. ROE hit 18.9%. Niche strategy shines.
8-K
Skyward closes $555M Apollo deal
Skyward Specialty closed its $555M acquisition of Apollo Group Holdings on January 1, 2026, paying $371M cash funded by a new $300M unsecured term facility (two $150M tranches maturing 2028/2029 at SOFR+150-190bps) and stock. The deal secures 100% ownership, bolstering specialty insurance via Lloyd's platform. Covenants include debt-to-cap ≤0.35:1.
8-K
Apollo acquisition approved
Skyward Specialty secured regulatory and minority shareholder approvals for its Apollo Group acquisition on December 3, 2025, with closure eyed early Q1 2026. Pro forma 2026 guidance projects gross written premiums of $2.65B-$2.8B, combined ratio 90.5%-91.5%, and net income $207M-$216M. Apollo bolsters specialty insurance scale. Risks hinge on final conditions.
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