AcquisitionsMay 11, 2026, 04:15 PM
Skyward Specialty Completes Apollo Acquisition; Q1 Net Income Up 18%
AI Summary
Skyward Specialty Insurance Group completed its acquisition of Apollo Group Holdings Limited on January 1, 2026, significantly expanding its presence in the Lloyd's of London market. For the first quarter of 2026, the company reported a substantial increase in net earned premiums and net income, driven by the acquisition and organic growth. Total assets and liabilities also saw considerable growth following the transaction.
Key Highlights
- Completed acquisition of Apollo Group Holdings Limited on January 1, 2026.
- Net earned premiums increased 44.5% to $434.0 million in Q1 2026.
- Net income rose 18.2% to $49.7 million for Q1 2026.
- Basic EPS increased 6.7% to $1.12 in Q1 2026.
- Total assets grew 36.6% to $6.55 billion as of March 31, 2026.
- Goodwill and intangible assets, net, increased to $473.3 million from $88.0 million.
- Net cash paid in acquisition was $303.0 million.
- Proceeds from long-term borrowings totaled $371.1 million.