Skyward Specialty Insurance Group, a property and casualty (P&C) specialist insurance company, has reported a net income of $49.7 million for the first quarter of 2026, an 18.2% increase compared to $42.1 million in the same period a year earlier.
In Q1’26, operating income amounted to $56.8 million, up 51.2% from $37.6 million in Q1’25.
Total gross written premiums stood at $667.7 million, an increase of 9.9% from $607.7 million.
Net written premiums grew 26.1% to $432.9 million from $343.3 million, while net earned premiums rose 44.5% to $434 million from $300.4 million.
Total revenues for the quarter were $475.9 million, up 44.8% from $328.5 million.
Underwriting income increased 81.2% to $51.6 million from $28.5 million.
Skyward Group’s combined ratio improved to 89.5% from 90.5%, driven by a lower loss ratio of 61.1% versus 62.4%, while the expense ratio rose slightly to 28.4% from 28.1%.
Net investment income totalled $27.1 million, up 39.3% from $19.4 million, driven by the addition of the Apollo portfolio, a higher yield, and a larger asset base.
Andrew Robinson, Chairman and CEO of Skyward Group, said, “We are off to an excellent start to the year as we report our first quarter consolidated results for Skyward Specialty and Apollo under the Skyward Group brand. Diluted operating EPS of $1.25 increased 39% year over year, driven by strong underlying earnings growth and the accretive consolidation of Apollo. Our annualized operating return on equity of 20% reflects the strength and quality of our performance. We delivered an outstanding combined ratio of 89.5%, inclusive of 1.8 points of catastrophe losses. Pro forma gross written premiums growth of 10% was solid, while total managed premiums grew 20%, including 49% growth in fee generating gross written premiums, an encouraging early indicator of the fee based earnings growth we expect over time. Most importantly, the continued diversification of our portfolio, particularly in lines with lower exposure to P&C underwriting cycles, positions us to deliver strong top‑line and bottom‑line results in a disciplined manner, consistent with our commitment to top‑quartile performance across the market cycle.”
