Skyward Group Reports Second Quarter 2026 Results

HOUSTON, Aug. 04, 2026 (GLOBE NEWSWIRE) — 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,
unaudited	2026				2025(1)				2026				2025(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,
	2026				2025				% Change			2026				2025				% Change
Skyward Specialty Segment
Accident & Health	$	95,456			$	60,489			57.8	%		$	187,465			$	123,658			51.6	%
Captives		64,251				76,994			(16.6	)%			122,165				143,923			(15.1	)%
Credit & Surety		63,759				55,131			15.6	%			127,933				100,159			27.7	%
Energy Solutions		62,690				74,822			(16.2	)%			111,556				150,416			(25.8	)%
Global Agriculture		111,939				57,179			95.8	%			214,291				137,796			55.5	%
Global Property		71,109				83,992			(15.3	)%			105,626				130,678			(19.2	)%
Professional Lines		34,978				37,555			(6.9	)%			71,206				77,772			(8.4	)%
Specialty Programs		111,441				85,955			29.7	%			206,208				148,630			38.7	%
Transactional E&S		52,296				53,461			(2.2	)%			102,360				105,467			(2.9	)%
Total continuing business	$	667,919			$	585,578			14.1	%			1,248,810				1,118,499			11.7	%
Exited business		(146	)			(664	)		(78.0	)%			767				1,741			(55.9	)%
Total Skyward Specialty Segment gross written premiums	$	667,773			$	584,914			14.2	%			1,249,577				1,120,240			11.5	%
Apollo Segment(1)(2)
Syndicate 1969		59,431				55,207			7.7	%			124,439				99,059			25.6	%
Syndicate 1971		13,350				13,740			(2.8	)%			34,242				29,132			17.5	%
Total Apollo Segment gross written premiums		72,781				68,947			5.6	%			158,681				128,191			23.8	%
Total gross written premiums(1)(2)	$	740,554			$	653,861			13.3	%		$	1,408,258			$	1,248,431			12.8	%
(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”.

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,
	2026				2025				% Change			2026				2025				% Change
Total gross written premiums(1)(2)	$	740,554			$	653,861			13.3	%		$	1,408,258			$	1,248,431			12.8	%
Fee generating gross written premiums(1)(2):
Aligned Syndicates		217,196				191,527			13.4	%			427,745				347,630			23.0	%
Partner Syndicates		100,925				55,461			82.0	%			190,381				114,173			66.7	%
Total fee generating gross written premiums	$	318,121			$	246,988			28.8	%		$	618,126			$	461,803			33.9	%
Total Skyward Group managed premiums	$	1,058,675			$	900,849			17.5	%		$	2,026,384			$	1,710,234			18.5	%
(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”.

Underwriting Results

($ in thousands)	Three Months Ended June 30, 2026																Six Months Ended June 30, 2026
	Skyward Specialty				Apollo				Corporate				Total				Skyward Specialty				Apollo				Corporate				Total
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 income		2,334				—				—				2,334				3,861				—				—				3,861
Total revenues		380,680				78,714				—				459,394				746,150				158,856				—				905,006
Expenses:
Losses and loss adjustment expenses		236,967				39,774				—				276,741				465,198				76,766				—				541,964
Underwriting, acquisition and insurance expenses		94,131				24,778				4,372				123,281				191,094				47,520				9,281				247,895
Fee‑based service expenses		—				4,562				—				4,562				—				8,732				—				8,732
Total expenses		331,098				69,114				4,372				404,584				656,292				133,018				9,281				798,591
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 Ratio		62.6	%			60.1	%			—	%			62.3	%			62.7	%			56.4	%			—	%			61.7	%
Net policy acquisition costs		14.0	%			27.6	%			—	%			16.0	%			14.0	%			19.7	%			—	%			14.8	%
Other operating and general expenses		10.9	%			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 ratio		24.3	%			37.5	%			1.0	%			27.2	%			25.2	%			34.9	%			1.1	%			27.8	%
Combined ratio		86.9	%			97.6	%			—	%			89.5	%			87.9	%			91.3	%			—	%			89.5	%
Ex-Cat Combined Ratio		85.6	%			92.2	%			—	%			87.6	%			86.2	%			88.7	%			—	%			87.6	%
(1) Calculated using consolidated net earned premiums

($ in thousands)	Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
	Skyward Specialty				Corporate				Total				Skyward Specialty				Corporate				Total
Revenues:
Net earned premiums	$	295,542			$	—			$	295,542			$	595,908			$	—			$	595,908
Commission and fee income		2,560				—				2,560				4,536				—				4,536
Total revenues		298,102				—				298,102				600,444				—				600,444
Expenses:
Losses and loss adjustment expenses		181,262				—				181,262				368,571				—				368,571
Underwriting, acquisition and insurance expenses		82,366				3,230				85,596				165,004				7,143				172,147
Total expenses		263,628				3,230				266,858				533,575				7,143				547,200
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 Ratio		61.3	%			—	%			61.3	%			61.9	%			—	%			61.9	%
Net policy acquisition costs		15.1	%			—	%			15.1	%			15.0	%			—	%			15.0	%
Other operating and general expenses		12.8	%			—	%			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 ratio		27.0	%			1.1	%			28.1	%			26.9	%			1.2	%			28.1	%
Combined ratio		88.3	%			—	%			89.4	%			88.8	%			—	%			90.0	%
Ex-Cat Combined Ratio		86.9	%			—	%			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.

Investment Results

Net Investment Income
$ in thousands	Three months ended June 30,								Six months ended June 30,
(unaudited)	2026				2025				2026				2025
Short-term investments	$	2,469			$	3,713			$	4,957			$	6,914
Cash and cash equivalents	$	2,583			$	976				4,242			$	1,900
Fixed income		29,310				17,822				56,675				34,552
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.

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.

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
jarnold@skywardinsurance.com

Media Contact
Haley Doughty
Skyward Specialty Insurance Group
713-935-4944
hdoughty@skywardinsurance.com

Skyward Specialty Insurance Group, Inc.

Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
(unaudited)	June 30, 2026				December 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 value		1,141				1,174
Mortgage loans, at fair value		9,218				9,902
Equity method investments		62,725				77,365
Other long-term investments		52,295				58,650
Short-term investments, at fair value		392,634				264,299
Total investments		2,738,388				2,300,515
Cash and cash equivalents		219,221				168,544
Restricted cash		83,302				30,570
Funds at Lloyd’s		121,630				2,509
Options, at fair value		40,535				34,857
Premiums and commissions receivable, net		978,409				544,217
Reinsurance recoverables, net		1,411,648				1,119,880
Ceded unearned premium		337,180				238,948
Deferred policy acquisition costs and VOBA		186,491				136,100
Deferred tax assets		47,987				27,865
Goodwill and intangible assets, net		471,185				88,040
Other assets		145,163				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 premiums		1,078,246				774,035
Deferred ceding commission		54,466				46,453
Reinsurance and premium payables		509,081				279,888
Funds held for others		169,051				128,003
Deferred tax liabilities		67,801				—
Accounts payable and accrued liabilities		127,154				115,034
Notes payable		417,620				100,411
Subordinated debt, net of debt issuance costs		19,585				19,569
Total liabilities		5,513,602				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 capital		927,690				730,555
Accumulated other comprehensive (loss) income		(7,091	)			11,457
Retained earnings		365,917				267,148
Total stockholders’ equity		1,267,537				1,009,565
Total liabilities and stockholders’ equity	$	6,781,139			$	4,791,852

Condensed Consolidated Statements of Operations and Comprehensive Income
($ in thousands)	Three months ended June 30,								Six months ended June 30,
(unaudited)	2026				2025				2026				2025
Revenues:
Net earned premiums	$	444,472			$	295,542			$	878,479			$	595,908
Underwriting fee income		12,588				—				22,666				—
Commission and fee income		2,334				2,560				3,861				4,536
Net investment income		30,727				18,704				57,782				38,126
Net investment (losses) gains		(601	)			3,090				2,584				9,840
Other income		13				7				28				20
Total revenues		489,533				319,903				965,400				648,430
Expenses:
Losses and loss adjustment expenses		276,741				181,262				541,964				368,571
Underwriting, acquisition and insurance expenses		123,281				85,596				247,895				172,147
Fee‑based service expenses		4,562				—				8,732				—
Interest expense		8,812				1,876				16,531				3,710
Amortization expense		8,843				372				17,686				709
Other expenses		3,737				1,002				6,959				2,063
Total expenses		425,976				270,108				839,767				547,200
Income before income taxes		63,557				49,795				125,633				101,230
Income tax expense		14,519				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 adjustment		150				—				(718	)			—
Total other comprehensive (loss) income		(965	)			7,381				(18,548	)			19,454
Comprehensive income	$	48,073			$	46,220			$	80,221			$	100,351

Share and Per Share Data
($ in thousands, except share and per share amounts)	Three months ended June 30,								Six months ended June 30,
(unaudited)	2026				2025				2026				2025
Weighted average basic shares		44,521,162				40,445,391				44,492,608				40,322,051
Weighted average diluted shares		45,692,641				41,871,496				45,526,233				41,771,215
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,
									2026				2025
Shares outstanding										44,396,493				40,511,222
Fully diluted shares outstanding										46,605,142				42,292,371
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.

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)	2026								2025								2026								2025
	Pre-tax				After-tax				Pre-tax				After-tax				Pre-tax				After-tax				Pre-tax				After-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 income		13				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)	2026				2025				2026				2025
Income before income taxes	$	63,557			$	49,795			$	125,633			$	101,230
Add:
Interest expense		8,812				1,876				16,531				3,710
Amortization expense		8,843				372				17,686				709
Other expenses		3,737				1,002				6,959				2,063
Less:
Net investment income		30,727				18,704				57,782				38,126
Net investment (losses) gains		(601	)			3,090				2,584				9,840
Other income		13				7				28				20
Underwriting income	$	54,810			$	31,244			$	106,415			$	59,726

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)	2026				2025				2025
Stockholders’ equity	$	1,267,537			$	899,915			$	1,009,565
Less: Goodwill and intangible assets		471,185				88,795				88,040
Add: Deferred tax impact		65,500				—				—
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 thousands	Three months ended June 30, 2025
	Syndicate 1969				Syndicate 1971				Total Apollo Segment				Total 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 thousands	Six months ended June 30, 2025
	Syndicate 1969				Syndicate 1971				Total Apollo Segment				Total 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 thousands	Three months ended June 30, 2025
	Aligned Syndicates				Partner Syndicates				Total
Pro forma fee generating gross written premiums	$	184,283			$	55,461			$	239,744
Impact of the change in participations		7,244			N/A					7,244
Adjusted pro forma fee generating gross written premiums	$	191,527			$	55,461			$	246,988

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