Skyward Specialty Insurance Group (SKWD) Q2 2026 earnings summary

Executive summary

• Diluted Operating EPS rose 46% year-over-year to $1.30, with annualized Operating ROE at 20.4% for the first half and strong premium growth across Skyward Specialty and Apollo.

• Managed premiums rose 17.5% year-over-year to $1.06 billion for Q2 2026, with gross written premiums up 13.3% to $740.6 million.

• Book value per share increased 14.6% since year-end to $28.55; stockholders’ equity at $1.3 billion.

• Disciplined capital allocation included $10 million in share repurchases and an increased authorization to $100 million, alongside a $50 million term loan repayment.

• Net income for Q2 2026 was $49 million, up from $38.8 million in Q2 2025; operating income reached $59.2 million.

Financial highlights

• Net written premiums for Q2 2026 were $485.6 million, up from $339.2 million in Q2 2025.

• Combined Ratio was 89.5% (Ex-CAT 87.6), reflecting strong underwriting and portfolio diversity.

• Net investment income for Q2 2026 was $30.7 million, a $12 million increase year-over-year, mainly from fixed income and the Apollo portfolio.

• Book value per share increased to $28.55 at June 30, 2026, up from $24.92 at December 31, 2025.

• Net income for the first half of 2026 totaled $98.8 million, up from $80.9 million in the prior year period.

Outlook and guidance

• Continued focus on underwriting profitability over volume, especially in soft or competitive markets.

• Growth opportunities remain robust in Accident & Health, Credit & Surety, Global Agriculture, and fee-based income from Apollo.

• Guidance for Apollo’s underwriting fee income remains $30–$35 million for the full year, with leverage expected as the business scales.

• Management expressed confidence in delivering top quartile results and long-term shareholder value, citing strong earnings growth and disciplined execution.