Skyward Specialty第二季管理保費增17.5% 淨收入升26%

EX-99.1
2
earningsrelease-ex9912q2026.htm
EX-99.1

Document
Exhibit 99.1

Skyward Group Reports Second Quarter 2026 Results
Houston, TX – August 4, 2026 – Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Group” or the “Company”) today reported second quarter 2026 results.

Summary Financial Data
($ in thousands, except per share amounts)Three months ended June 30,Six months ended June 30,
unaudited20262025(1)
20262025(1)

Managed Premiums$1,058,675$900,849$2,026,384$1,710,234
Gross written premiums(2)
$740,554$653,861$1,408,258$1,248,431
Fee generating gross written premiums(2)
$318,121$246,988$618,126$461,803
Net written premiums$485,616$339,213$918,499$682,484
Net income$49,038$38,839$98,769$80,897
Net operating income(3)
$59,198$37,496$116,091$75,233
Basic earnings per share$1.10 $0.96 $2.22 $2.01 
Diluted operating earnings per share$1.30 $0.89 $2.55 $1.78 
Annualized ROE (4)
15.7 %17.7 %17.3 %19.1 %
Annualized operating ROE (5)
19.0 %17.1 %20.4 %17.8 %
(1) Select second quarter 2025 metrics for the Skyward Group and Apollo are presented on a pro forma basis for comparative purposes only and are not necessarily indicative of the operating results that Skyward Group would have recognized had the acquisition actually been completed on January 1, 2025. Pro forma information is unaudited

(2) Prior year pro forma gross written premiums are adjusted for the impact of the change in participations. See “Reconciliation of Non-GAAP Financial Measures”.

(3) See “Reconciliation of Non-GAAP Financial Measures”

(4) Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

(5) Annualized operating ROE is operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

Highlights for the second quarter included:
•Managed premiums increased 17.5%(2) compared to 2025;
•Gross written premiums increased 13.3%(1)(2) compared to 2025;
•Combined ratio of 89.5%; 
•Ex-Cat combined ratio of 87.6%;
•Repurchased 223 thousand shares of common stock for $9.7 million and expanded the share repurchase authorization from $50 million to $100 million;
•Annualized return on equity(4) and annualized operating return on equity(5) of 17.3% and 20.4%, respectively, for the six months ended June 30, 2026; and,
•Book value per share of $28.55, an increase of 14.6% compared to December 31, 2025. 
Skyward Group Chairman and CEO Andrew Robinson commented, “We delivered another quarter of excellent results reflecting the strength, resilience and earnings power of our Rule Our Niche strategy, our uniquely diversified business portfolio, and disciplined execution. Diluted operating earnings per share of $1.30 increased 46% year over year, and our annualized operating return on equity of 20.4% for the first half of the year underscores our continued strong returns and outstanding earnings growth. Our combined ratio of 89.5%, inclusive of 1.9 points of catastrophe losses, again demonstrates the quality of our underwriting and disciplined risk management. Gross written premiums grew 13% and fee generating premiums grew 29% to $318 million in the quarter. Book value per share increased to $28.55 during the quarter. We believe we are exceptionally well positioned to continue to deliver top quartile results and long-term value for shareholders.”

Results of Operations

Gross Written Premiums By Underwriting Division

($ in thousands)Three months ended June 30,Six months ended June 30,
20262025%Change20262025% Change
Skyward Specialty Segment
Accident & Health$95,456$60,48957.8 %$187,465$123,65851.6 %
Captives64,25176,994(16.6)%122,165143,923(15.1)%
Credit & Surety63,75955,13115.6 %127,933100,15927.7 %
Energy Solutions62,69074,822(16.2)%111,556150,416(25.8)%
Global Agriculture111,93957,17995.8 %214,291137,79655.5 %
Global Property71,10983,992(15.3)%105,626130,678(19.2)%
Professional Lines34,97837,555(6.9)%71,20677,772(8.4)%
Specialty Programs111,44185,95529.7 %206,208148,63038.7 %
Transactional E&S52,29653,461(2.2)%102,360105,467(2.9)%
Total continuing business$667,919$585,57814.1 %$1,248,810$1,118,49911.7 %
Exited business(146)(664)(78.0)%7671,741(55.9)%
Total Skyward Specialty Segment gross written premiums$667,773$584,91414.2 %$1,249,577$1,120,24011.5 %
Apollo Segment(1)(2)

Syndicate 196959,43155,2077.7 %124,43999,05925.6 %
Syndicate 197113,35013,740(2.8)%34,24229,13217.5 %
Total Apollo Segment gross written premiums72,78168,9475.6 %158,681128,19123.8 %
Total gross written premiums(1)(2)
$740,554$653,86113.3 %$1,408,258$1,248,43112.8 %

(1) Prior year information is pro forma.

(2) Prior year information is adjusted for the impact of the change in participations. See “Reconciliation of Non-GAAP Financial Measures”.

2

Managed Premiums
Apollo provides managing agency services to nine syndicates within its Lloyd’s platform. The capital-aligned syndicates, Syndicate 1969, Syndicate 1971 and Syndicate 1972, are wholly managed and partly capitalized by Apollo with Apollo retaining a portion of the underwriting risk via its Lloyd's Corporate Member, Apollo No. 16. Platform Partner syndicates are managed by Apollo on behalf of third‑party partners and Apollo does not currently provide capital for underwriting of these syndicates. Apollo receives managing agency fees and performance‑based income for their managing agency services from all syndicates on its Lloyd's platform.

($ in thousands)Three months ended June 30,Six months ended June 30,
20262025% Change20262025% Change
Total gross written premiums(1)(2)
$740,554$653,86113.3%$1,408,258$1,248,43112.8%
Fee generating gross written premiums(1)(2):

Aligned Syndicates217,196191,52713.4%427,745347,63023.0%
Partner Syndicates100,92555,46182.0%190,381114,17366.7%
Total fee generating gross written premiums$318,121$246,98828.8%$618,126$461,80333.9%
Total Skyward Group managed premiums$1,058,675$900,84917.5%$2,026,384$1,710,23418.5%

(1) Prior year information is pro forma.

(2) Prior year information is adjusted for the impact of the change in participations. See “Reconciliation of Non-GAAP Financial Measures”.

3

Underwriting Results

($ in thousands)Three Months Ended June 30, 2026Six Months Ended June 30, 2026

Skyward SpecialtyApolloCorporateTotalSkyward SpecialtyApolloCorporateTotal
Revenues:

Net earned premiums$378,346$66,126$—$444,472$742,289$136,190$—$878,479
Underwriting fee income—12,588—12,588—22,666—22,666
Commission and fee income2,334——2,3343,861——3,861

Total revenues380,68078,714—459,394746,150158,856—905,006
Expenses:
Losses and loss adjustment expenses236,96739,774—276,741465,19876,766—541,964
Underwriting, acquisition and insurance expenses94,13124,7784,372123,281191,09447,5209,281247,895
Fee‑based service expenses—4,562—4,562—8,732—8,732

Total expenses331,09869,1144,372404,584656,292133,0189,281798,591

Underwriting Income$49,582$9,600$—$54,810$89,858$25,838$—$106,415

Combined Ratio
Non-cat loss and LAE
61.3 %54.7 %— %60.4 %61.0 %53.8 %— %59.8 %
Cat loss and LAE
1.3 %5.4 %— %1.9 %1.7 %2.6 %— %1.9 %

Loss Ratio62.6 %60.1 %— %62.3 %62.7 %56.4 %— %61.7 %
Net policy acquisition costs14.0 %27.6 %— %16.0 %14.0 %19.7 %— %14.8 %
Other operating and general expenses10.9 %9.9 %— %10.7 %11.7 %15.2 %— %12.3 %
Commission and fee income(0.6)%— %— %(0.5)%(0.5)%— %— %(0.4)%
Corporate expenses(1)
— %— %1.0 %1.0 %— %— %1.1 %1.1 %
Expense ratio24.3 %37.5 %1.0 %27.2 %25.2 %34.9 %1.1 %27.8 %
Combined ratio86.9 %97.6 %— %89.5 %87.9 %91.3 %— %89.5 %
Ex-Cat Combined Ratio85.6 %92.2 %— %87.6 %86.2 %88.7 %— %87.6 %
(1) Calculated using consolidated net earned premiums

4

($ in thousands)Three Months Ended June 30, 2025Six Months Ended June 30, 2025

Skyward SpecialtyCorporateTotalSkyward SpecialtyCorporateTotal
Revenues:

Net earned premiums$295,542$—
$295,542$595,908$—$595,908

Commission and fee income2,560—2,5604,536—4,536

Total revenues298,102—298,102600,444—600,444
Expenses:
Losses and loss adjustment expenses181,262—181,262368,571—368,571
Underwriting, acquisition and insurance expenses82,3663,23085,596165,0047,143172,147

Total expenses263,6283,230266,858533,5757,143547,200

Underwriting Income$34,474$—
$31,244$66,869$—$59,726

Combined Ratio
Non-cat loss and LAE
59.9 %— %59.9 %60.1 %— %60.1 %
Cat loss and LAE
1.4 %— %1.4 %1.8 %— %1.8 %

Loss Ratio61.3 %— %61.3 %61.9 %— %61.9 %
Net policy acquisition costs15.1 %— %15.1 %15.0 %— %15.0 %
Other operating and general expenses12.8 %— %12.8 %12.7 %— %12.7 %
Commission and fee income(0.9)%— %(0.9)%(0.8)%— %(0.8)%
Corporate expenses(1)
— %1.1 %1.1 %— %1.2 %1.2 %
Expense ratio27.0 %1.1 %28.1 %26.9 %1.2 %28.1 %
Combined ratio88.3 %— %89.4 %88.8 %— %90.0 %
Ex-Cat Combined Ratio86.9 %— %88.0 %87.0 %— %88.2 %
(1) Calculated using consolidated net earned premiums

The Skyward Specialty segment loss and LAE ratios for the second quarter and first half of 2026 increased 1.3 points and 0.8 points, respectively, when compared to the same 2025 periods primarily due to shifts in business mix driven by growth in the accident & health and global agriculture divisions. The Apollo segment loss and LAE ratios for the second quarter and first half of 2026 were impacted by catastrophe losses, primarily from the conflict in the Middle East.
The expense ratios for the second quarter and first half of 2026 improved 0.9 points and 0.3 points, respectively, when compared to the same 2025 periods. The Skyward Specialty segment’s expense ratio improved 2.7 points and 1.7 points, respectively, when compared to the same 2025 periods, primarily driven by business mix shift, enhanced operating efficiencies, and scale benefits as net earned premiums outpaced expense growth. In the first quarter of 2026, the Company revised its expense presentation to report corporate expenses separately from segment expenses following the closing of the Apollo acquisition. The prior year period has been recast to reflect this change.
5

Investment Results

Net Investment Income
$ in thousandsThree months ended June 30,Six months ended June 30,
(unaudited)2026202520262025
Short-term investments$2,469 $3,713 $4,957 $6,914 
Cash and cash equivalents2,583 976 4,2421,900 
Fixed income
29,310 17,822 56,67534,552 

Alternative & strategic investments
(3,635)(3,807)(8,092)(5,240)
     Net investment income
$30,727 $18,704 $57,782 $38,126 
Net unrealized gains (losses) on securities still held
$1,927$(3,181)$3,702$2,310
Net realized (losses) gains
(2,528)6,271(1,118)7,530
Net investment (losses) gains$(601)$3,090$2,584$9,840

In the first quarter of 2026, the Company revised its presentation of net investment income to (i) report short-term investments separately from cash and cash equivalents following the closing of the Apollo acquisition, and (ii) include equities in alternative & strategic investments after the sale of the majority of the equity portfolio in 2025. The prior year period has been recast to reflect this change. 
Net investment income for the second quarter and first half of 2026 increased $12.0 million and $19.7 million, respectively, when compared to the same 2025 periods, driven by the addition of the Apollo portfolio, a higher yield and a larger asset base. The increase in income from cash and cash equivalents was due to an overall increase in the invested asset base from the addition of Apollo when compared to the same 2025 periods.
The alternative & strategic investments portfolio continued to be impacted by the decline in the fair value of limited partnership investments. 

Stockholders’ Equity
Stockholders’ equity was $1,267.5 million at June 30, 2026 which represented an increase of 3.5% when compared to stockholders' equity of $1,224.9 million at March 31, 2026. The increase in stockholders’ equity was primarily attributable to net income, partially offset by repurchases of the Company’s common stock.
6

Conference Call
At 9:00 a.m. eastern time tomorrow, August 5, 2026, Company management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

Non-GAAP Financial Measures
This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance. 
We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

About Skyward Specialty Insurance Group, Inc.
Skyward Group is the holding company brand for its U.S. and U.K. businesses, Skyward Specialty Insurance Group, Inc.® and Apollo, respectively, delivering a comprehensive suite of specialized insurance solutions across global specialty property and casualty markets. Focused on the specialty industry’s most niche, complex risks of today and the emerging challenges of tomorrow, Skyward Group leverages the forward-looking insight and disciplined execution of each organization to drive sustainable growth and long-term value for its shareholders, distribution partners, and other stakeholders.
For more information about Skyward Group, Skyward Specialty and Apollo, please visit skywardgroup.com.
7

Forward-Looking Statements
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Group's Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Skyward Specialty Insurance Group, Inc.
Investor Contact
Jordan Arnold
Skyward Specialty Insurance Group
346-215-0250
[email protected]
Media Contact
Haley Doughty
Skyward Specialty Insurance Group
713-935-4944
[email protected]
8

Skyward Specialty Insurance Group, Inc. 

Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
(unaudited)June 30,2026December 31, 2025
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $6,228 and $7,000, respectively) (amortized cost of $2,206,626 and $1,848,755, respectively)$2,192,183 $1,856,303 
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $2,256 and $468, respectively)28,192 32,822 
Equity securities, at fair value1,141 1,174 
Mortgage loans, at fair value9,218 9,902 
Equity method investments62,725 77,365 
Other long-term investments52,295 58,650 
Short-term investments, at fair value392,634 264,299 
Total investments2,738,388 2,300,515 
Cash and cash equivalents219,221 168,544 
Restricted cash83,302 30,570 
Funds at Lloyd’s121,630 2,509 
Options, at fair value40,535 34,857 
Premiums and commissions receivable, net978,409 544,217 
Reinsurance recoverables, net1,411,648 1,119,880 
Ceded unearned premium337,180 238,948 
Deferred policy acquisition costs and VOBA186,491 136,100 
Deferred tax assets47,987 27,865 
Goodwill and intangible assets, net471,185 88,040 
Other assets145,163 99,807 
Total assets$6,781,139 $4,791,852 
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses$3,070,598 $2,318,894 
Unearned premiums1,078,246 774,035 
Deferred ceding commission54,466 46,453 
Reinsurance and premium payables509,081 279,888 
Funds held for others169,051 128,003 
Deferred tax liabilities67,801 — 
Accounts payable and accrued liabilities127,154 115,034 
Notes payable417,620 100,411 
Subordinated debt, net of debt issuance costs19,585 19,569 
Total liabilities5,513,602 3,782,287 
Stockholders’ equity

Common stock, $0.01 par value, 500,000,000 shares authorized, 44,827,499 shares issued and 44,396,493 shares outstanding at June 30, 2026; 40,511,222 shares issued and outstanding at December 31, 2025
448 405 
Treasury stock, at cost, 431,006 and 0 shares, respectively
(19,427)— 
Additional paid-in capital927,690 730,555 

Accumulated other comprehensive (loss) income(7,091)11,457 
Retained earnings365,917 267,148 
Total stockholders’ equity1,267,537 1,009,565 
Total liabilities and stockholders’ equity$6,781,139 $4,791,852 

9

Skyward Specialty Insurance Group, Inc. 

Condensed Consolidated Statements of Operations and Comprehensive Income
($ in thousands)Three months ended June 30,Six months ended June 30,
(unaudited)2026202520262025
Revenues:
Net earned premiums$
444,472 

$
295,542 

$878,479 $595,908 
Underwriting fee income12,588 — 22,666 — 
Commission and fee income2,334 2,560 3,861 4,536 
Net investment income30,727 18,704 57,782 38,126 
Net investment (losses) gains(601)3,090 2,584 9,840 

Other income13 7 28 20 
Total revenues489,533 319,903 965,400 648,430 
Expenses:
Losses and loss adjustment expenses276,741 181,262 541,964 368,571 
Underwriting, acquisition and insurance expenses123,281 85,596 247,895 172,147 

Fee‑based service expenses4,562 — 8,732 — 
Interest expense8,812 1,876 16,531 3,710 
Amortization expense8,843 372 17,686 709 
Other expenses3,737 1,002 6,959 2,063 
Total expenses425,976 270,108 839,767 547,200 
Income before income taxes63,557 49,795 125,633 101,230 
Income tax expense14,519 10,956 26,864 20,333 
Net income$49,038 $38,839 $98,769 $80,897 

Comprehensive income:
Net income$49,038 $38,839 $98,769 $80,897 
Other comprehensive income:
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax(625)11,005 (17,842)23,260 
Reclassification adjustment for (losses) gains on securities no longer held, net of tax(490)(3,624)12 (3,806)
Foreign currency translation adjustment150 — (718)— 
Total other comprehensive (loss) income(965)7,381 (18,548)19,454 
Comprehensive income$48,073 $46,220 $80,221 $100,351 

10

Skyward Specialty Insurance Group, Inc. 

Share and Per Share Data 

($ in thousands, except share and per share amounts)Three months ended June 30,Six months ended June 30,
(unaudited)2026202520262025
Weighted average basic shares44,521,16240,445,39144,492,60840,322,051
Weighted average diluted shares45,692,64141,871,49645,526,23341,771,215

Basic earnings per share$1.10 $0.96 $2.22 $2.01 
Diluted earnings per share$1.07 $0.93 $2.17 $1.94 
Basic operating earnings per share$1.33 $0.92 $2.61 $1.85 
Diluted operating earnings per share$1.30 $0.89 $2.55 $1.78 

Annualized ROE (1)
15.7 %17.7 %17.3 %19.1 %

Annualized operating ROE (2)
19.0 %17.1 %20.4 %17.8 %

Annualized ROTE (3)
23.4 %19.7 %22.2 %21.3 %
Annualized operating ROTE (4)
28.2 %19.0 %26.0 %19.8 %

June 30,December 31,
20262025
Shares outstanding44,396,49340,511,222
Fully diluted shares outstanding46,605,14242,292,371

Book value per share$28.55$24.92
Fully diluted book value per share$27.20$23.87

(1) Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

(2) Annualized operating ROE is operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

(3) Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period.

(4) Annualized operating ROTE is operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period.

11

Skyward Specialty Insurance Group, Inc. 
Reconciliation of Non-GAAP Financial Measures

Operating income – We define operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define operating income differently.    

($ in thousands)Three months ended June 30,Six months ended June 30,
(unaudited)2026202520262025
Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Income as reported$63,557 $49,038 $49,795 $38,839 $125,633 $98,769 $101,230 $80,897 
Less (add):
Net investment (losses) gains(601)(464)3,090 2,410 2,584 2,031 9,840 7,864 
Amortization expense(8,843)(6,823)(372)(290)(17,686)(13,904)(709)(567)

Other income13 10 7 5 28 22 20 16 
Other expenses(3,737)(2,883)(1,002)(782)(6,959)(5,471)(2,063)(1,649)
Operating income$76,725 $59,198 $48,072 $37,496 $147,666 $116,091 $94,142 $75,233 

Underwriting income – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

($ in thousands)Three months ended June 30,Six months ended June 30,
(unaudited)2026202520262025
Income before income taxes$63,557 $49,795 $125,633$101,230
Add:

Interest expense8,812 1,876 16,5313,710 
Amortization expense8,843 372 17,686709
Other expenses3,737 1,002 6,9592,063
Less:
Net investment income30,727 18,704 57,78238,126
Net investment (losses) gains(601)3,090 2,5849,840
Other income13 7 2820
Underwriting income$54,810 $31,244 $106,415$59,726

12

Skyward Specialty Insurance Group, Inc. 
Reconciliation of Non-GAAP Financial Measures

Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity excluding goodwill and intangible assets and the related deferred tax impact. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

($ in thousands)June 30,December 31,
(unaudited)202620252025
Stockholders’ equity
$1,267,537$899,915$1,009,565 

Less: Goodwill and intangible assets471,18588,79588,040
Add: Deferred tax impact65,500——
Tangible stockholders’ equity
$861,852$811,120$921,525

Adjusted pro forma gross written premiums – We define adjusted pro forma gross written premiums as pro forma gross written premiums adjusted for the impact of changes in Apollo syndicate participation. We use this measure to evaluate premium growth trends on a consistent participation basis across periods. Adjusted pro forma gross written premiums is a non-GAAP financial measure and should not be considered a substitute for gross written premiums calculated in accordance with GAAP.

$ in thousandsThree months ended June 30, 2025
Syndicate 1969Syndicate 1971Total Apollo SegmentTotal Skyward Group
Pro forma gross written premiums$65,854 $10,337 $76,191 $661,105 
Impact of the change in participations(10,647)3,403 (7,244)(7,244)
Adjusted pro forma gross written premiums
$55,207 $13,740 $68,947 $653,861 

$ in thousandsSix months ended June 30, 2025
Syndicate 1969Syndicate 1971Total Apollo SegmentTotal Skyward Group
Pro forma gross written premiums$119,303 $29,278 $148,581 $1,268,821 
Impact of the change in participations(20,244)(146)(20,390)(20,390)
Adjusted pro forma gross written premiums
$99,059 $29,132 $128,191 $1,248,431 

Adjusted pro forma fee generating gross written premiums – We define adjusted pro forma fee generating gross written premiums as pro forma fee generating gross written premiums adjusted for the impact of changes in Apollo syndicate participation percentages. We believe this measure provides a more meaningful comparison of fee generating business on a consistent participation basis across periods. Adjusted pro forma fee generating gross written premiums is a non-GAAP financial measure and may not be comparable to similarly titled measures used by other companies.

$ in thousandsThree months ended June 30, 2025
Aligned SyndicatesPartner SyndicatesTotal 
Pro forma fee generating gross written premiums$184,283 $55,461 $239,744 
Impact of the change in participations7,244 N/A7,244 
Adjusted pro forma fee generating gross written premiums
$191,527 $55,461 $246,988 

13

Skyward Specialty Insurance Group, Inc. 
Reconciliation of Non-GAAP Financial Measures

$ in thousandsSix months ended June 30, 2025
Aligned SyndicatesPartner SyndicatesTotal
Pro forma fee generating gross written premiums$327,240 $114,173 $441,413 
Impact of the change in participation(s)20,390 N/A20,390 
Adjusted pro forma fee generating gross written premiums
$347,630 $114,173 $461,803 

14