Skyward Specialty
Underwrites niche commercial P&C risks in the U.S. and through Lloyd’s.
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Profile
Writes admitted and excess-and-surplus commercial P&C policies across specialized U.S. niches, while Apollo’s Lloyd’s platform adds global specialty underwriting and managing-agency fees. Revenue comes from premiums, investment income, and fees; results depend on risk selection, loss reserving, reinsurance, distribution partners, and regulated capital.
Writes admitted and excess-and-surplus commercial insurance through nine U.S. divisions: Accident & Health; Agriculture and Credit (Re)insurance; Captives; Construction & Energy Solutions; Global Property; Professional Lines; Specialty Programs; Surety; and Transactional E&S. Policies reach customers through retail agents, wholesale brokers, program administrators, and captive managers, with operations concentrated in the United States.
Adds a Lloyd’s of London platform through Apollo, whose managed syndicates write specialty risks and generate underwriting results, managing-agency fees, and performance-based income using company and third-party capital. Specialist underwriting and claims teams combine risk-level judgment with data analytics to price complex niches. Results depend on risk selection, loss reserving, catastrophe exposure, distribution relationships, annual reinsurance availability, and insurance regulation across U.S. states and the Lloyd’s market.
Company facts
Key statistics
Year to date +19.9% · Average volume (30d) 465.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 5, 2026 | Barclays | Reiterate | Overweight | $65 | $68 |
| Jul 15, 2026 | Piper Sandler | Reiterate | Overweight | $68 | $72 |
| Jul 7, 2026 | Barclays | Reiterate | Overweight | $63 | $65 |
| Jul 7, 2026 | Piper Sandler | Reiterate | Overweight | $64 | $68 |
| Jun 9, 2026 | Capital One Financial | Target | $59 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $1.17 | $1.30 | +11.1% | $706.6M | $740.6M | +4.8% | +2.39% |
| May 6, 2026Q1 FY26 | $1.11 | $1.25 | +12.6% | $665.1M | $667.7M | +0.4% | +3.81% |
| Feb 23, 2026Q4 FY25 | $0.96 | $1.17 | +21.9% | $434.1M | $439.6M | +1.3% | −4.43% |
| Oct 29, 2025Q3 FY25 | $0.85 | $0.71 | −16.5% | $380.3M | $382.2M | +0.5% | +1.40% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $330.5M | $320.8M | $382.2M | $385.7M | $395.7M | $476.9M | |
| Gross profit | $98.7M | $94.9M | $119.2M | $116.0M | $130.5M | $200.2M | |
| Operating income | $51.4M | $49.8M | $60.5M | $54.6M | $62.1M | $63.6M | |
| Net income | $42.1M | $38.8M | $45.9M | $43.2M | $49.7M | $49.0M | |
| Diluted EPS | $1.01 | $0.93 | $1.10 | $1.03 | $1.09 | $1.07 | |
| Gross margin | 29.9% | 29.6% | 31.2% | 30.1% | 33.0% | 42.0% | |
| Operating margin | 15.6% | 15.5% | 15.8% | 14.2% | 15.7% | 13.3% |
Fiscal years (4-quarter sums)FY21 $535.8M · FY22 $636.4M · FY23 $895.4M · FY24 $1.15B · FY25 $1.42B
Balance sheet, Jun 30, 2026Cash & short-term investments $2.41B · Total debt $437.2M · Total assets $6.78B · Shareholders' equity $1.27B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 40.54M · Float 36.73M · 90.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.68M | 9.07% | 13F | Aug 7, 2026 |
| Reinhart Partners, Inc. | 2.89M | 7.14% | 13F | Jul 8, 2026 |
| James Charles Hays | 2.81M | 7.00% | 13G | Nov 12, 2024 |
| T. Rowe Price Associates, Inc. | 2.44M | 6.00% | 13G | Aug 14, 2026 |
| Price T Rowe Associates Inc /MD/ | 2.44M | 6.02% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 12, 2026 | Thomas N. Schmitt | officer: CPO, Skyward Group | −8,397 | $51.32 |
| May 21, 2026 | Anthony J. Kuczinski | director | +2,000 | $47.10 |
| May 11, 2026 | Gena L. Ashe | director | −740 | $46.35 |
| Feb 27, 2026 | Anthony J. Kuczinski | director | +2,000 | $46.88 |
| Mar 2, 2026 | Anthony J. Kuczinski | director | +2,000 | $48.79 |
Peers
- Kinsale Capital Group
Pure-play E&S pressure across casualty and property
- Markel Group
Large specialty insurer named in Skyward's filing
- W. R. Berkley
Decentralized commercial specialty competitor across many niches
- American Financial Group
Great American specialty P&C overlaps in agriculture and casualty
- RLI
Specialty admitted, E&S, casualty, property, and surety rival
- Bowhead Specialty
E&S-focused casualty and professional liability challenger
- C.N.A. Financial
Commercial P&C scale in specialty, surety, and professional lines
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Skyward Specialty | $58.29 | −0.03% | $2.36B | 13.6 | 11.3 | 1.4 | +130.9% |
| Kinsale Capital Group | $385.00 | +1.13% | $8.67B | 15.4 | 18.1 | 4.3 | −3.7% |
| Markel Group | $1,818.69 | −0.07% | $22.53B | 10.0 | 15.8 | 1.3 | +17.6% |
| W. R. Berkley | $70.65 | +3.20% | $25.48B | 14.1 | 14.5 | 1.4 | +1.2% |
| American Financial Group | $143.62 | +0.05% | $11.93B | 12.5 | 11.4 | 1.5 | −0.5% |
| RLI | $64.31 | +0.03% | $5.90B | 13.5 | 23.8 | 3.0 | +16.0% |
| Bowhead Specialty | $33.60 | 0.00% | $1.10B | 18.2 | 15.4 | 1.8 | +123.5% |
| C.N.A. Financial | $49.31 | +0.02% | $13.34B | 10.8 | 10.6 | 0.9 | +3.0% |
| Median | 13.5 | 15.4 | 1.5 | +3.0% |