Skyward Specialty Insurance Group, Inc. (SKWD) Earnings
Skyward Specialty Insurance Group, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $1.18. SKWD has beaten EPS estimates in 5 of its last 7 reported quarters (average surprise +3.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $1.11 | $1.25 | +12.6% | $668M | +0.4% |
| Oct 29, 2025 | $0.85 | $0.71 | -16.5% | $382M | +0.5% |
| Jul 30, 2025 | $0.86 | $0.89 | +3.5% | $321M | -4.3% |
| May 1, 2025 | $0.78 | $0.90 | +15.4% | $331M | +1.3% |
| May 1, 2024 | $0.63 | $0.75 | +19.0% | $264M | -37.9% |
| Feb 27, 2024 | $0.56 | $0.36 | -35.7% | $249M | — |
| Feb 28, 2023 | $0.20 | $0.36 | +80.0% | $189M | +6.0% |
| Sep 30, 2022 | — | $-0.06 | — | $162M | — |
| Jun 30, 2022 | — | $0.13 | — | $142M | — |
| Mar 31, 2022 | — | $0.43 | — | $143M | — |
| Dec 31, 2021 | — | $0.04 | — | $145M | — |
| Sep 30, 2021 | — | $0.27 | — | $135M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• First quarter diluted operating EPS improved to $1.25 from $0.90 per share in the same quarter last year, showing an impressive 39% increase. Annualized operating return on equity was an outstanding 20%, and book value per share grew to $27.50, up 10% over the prior quarter. • On a pro forma basis, growth in gross written premiums was up 10%, and managed premiums were up 20% to $968 million. Managed premiums include a combination of group premiums and premiums supported by third - party capital providers, with fee generating premiums seeing a 49% increase. • The portfolio construction is unique with over 50% of the business in markets less exposed to the P&C cycles. • Launched several important growth initiatives such as the proprietary insurance partnership for Uber's autonomous vehicle insurance program, the launch of the Life Sciences product using Lloyd's paper, and the launch of Syndicate 1972. • Skyward Specialty's pure rate moved up, and Apollo is intently focused on rate adequacy to steer and maximize returns at the account and portfolio level.
Guidance
• The guidance for 2026 provided on December 3rd remains unchanged. • There is an expectation of outstanding returns as a company and a commitment to hitting and potentially meaningfully exceeding the 2026 guidance. • The fee income guidance is in the range of 30 - 35 million.
Segment performance
Skyward Specialty reported a combined ratio of 88.9 or 86.8x cap. Loss ratio of 62.7 includes 2.1 points of catastrophe losses. Non - CAT loss ratio of 60.6. Expense ratio was 26.2. Apollo produced a combined ratio of 85.3. Non - CAT loss ratio of 52.8. Expense ratio of 32.5. Gross written premiums were $668 million, up approximately 10% on a pro forma basis. Managed premiums totaled $968 million, up approximately 20% on a pro forma basis, including fee generating premiums of $300 million, which increased 49%.
Risks & headwinds
• Market conditions are increasingly challenging for significant parts of the P&C sector. • Alternative and strategic investments experience volatility, although they represent a modest portion of total invested assets. • There are concerns about companies compromising terms and conditions in an uneven market, which could impact earnings.
Analyst Q&A
Q: Matt Carletti asked about the differentiated platform, including views on growth, margins compared to peers, and the approach to non - cyclical businesses like surety, A&H, and agriculture.
A: Andrew responded by discussing the niche nature of both Skyward Specialty and Apollo's portfolios, examples of niche businesses, and growth initiatives.
Q: Gregory Peters focused on the gross written premium by underwriting division, managed premium growth, and how the business avoids cyclical businesses.
A: Andrew answered on the sources of fee - generating premiums, underwriting divisions' performance, and the focus on non - cyclical and niche businesses.
Q: Meyer Shields inquired about Apollo's seasonality, Middle Eastern exposure, and the margin of the fee - based business.
A: Mark and Andrew responded on the seasonality factors in Apollo, the Middle Eastern exposure and its management, and the mechanics of the fee - based business margin.
Q: Alex Scott asked about Apollo's cyber business and the market competitiveness.
A: Andrew responded on Apollo's cyber business participation and the market outlook, including competitiveness.
Q: Paul Newsome asked about the proportion of non - cyclical business and the impact of the reinsurance market.
A: Andrew responded on the proportion of non - cyclical business in the portfolio and the impact of the reinsurance market on the business.
Q: Tracy Bingigi asked about Apollo's property growth and underwriting appetites across the two platforms.
A: Andrew and Mark responded on Apollo's property growth and the alignment of underwriting appetites between the two platforms.
Q: Mark Hughes asked about the property market pressure and the sustainability of the A&H business.
A: Andrew responded on the property market pressure and the factors contributing to the sustainability of the A&H business.
Q: Michael Zurimski asked about the fee income mechanics and prior accident year development.
A: Mark responded on the details of fee income mechanics and the status of prior accident year development.
Q: Andrew Kligerman asked about the A&H business growth and the pressures in the captive segment.
A: Andrew responded on the growth drivers of the A&H business and the pressures and opportunities in the captive segment.
Q: Andrew Anderson asked about Apollo's rate change and gross rate.
A: Andrew responded on Apollo's rate change and the nature of the gross rate reporting.