Skyward Specialty Insurance Group, Inc. announced that it has received all required regulatory approvals and the consent of Apollo Group Holdings Limited’s minority shareholders to complete its $555 million acquisition of the Lloyd’s‑based insurer. The deal, which is expected to close in early 2026, will add more than $1.5 billion in managed premium to Skyward’s book and is projected to generate double‑digit adjusted operating earnings per share accretion in the first full year after closing.
The acquisition lifts Skyward’s combined gross written premiums to an estimated $2.65 billion–$2.80 billion for 2026, with a net retention of roughly 65%. Pro‑forma guidance shows net income of $207 million–$216 million, or $4.50–$4.70 per diluted share, and adjusted operating income of $221 million–$230 million, or $4.80–$5.00 per diluted share. These figures represent a significant upside over Skyward’s Q4 2024 results, which reported net income of $118.8 million and adjusted operating income of $126.7 million.
Strategically, the deal reinforces Skyward’s “Rule Our Niche” focus by adding Apollo’s specialty property and casualty lines and a “new‑economy” product suite. It also marks Skyward’s first entry into the Lloyd’s market, creating a combined group premium exceeding $3 billion. Apollo’s technology platform and experienced management team—led by CEO David Ibeson—will be integrated to accelerate product development and underwriting efficiency.
Management highlighted the deal’s value by noting that the regulatory approvals from the Prudential Regulatory Authority, Lloyd’s of London, and other relevant bodies have removed a key hurdle that had delayed the transaction. Andrew Robinson, Chairman and CEO, said, “We are pleased to announce that all required regulators, including the Prudential Regulatory Authority and Lloyd’s of London, as well as all Apollo minority shareholders, have approved our acquisition of Apollo, key milestones in the closing process.” He added, “We remain incredibly excited about closing the Apollo acquisition early in the new year and beginning to tackle the market together with our new colleagues.”
Apollo’s management team will join Skyward, ensuring continuity and leadership for the newly acquired business. The integration plan focuses on aligning product lines, consolidating underwriting operations, and leveraging Apollo’s technology to enhance Skyward’s digital capabilities. The combined entity is expected to deliver higher underwriting profitability and a stronger competitive moat in specialty markets.
The regulatory approvals de‑risk the transaction, giving investors confidence that the deal will close as scheduled. The combined premium lift and EPS accretion signal robust growth prospects, while the entry into Lloyd’s expands Skyward’s distribution channels and market reach. Together, these factors position the company for sustained long‑term value creation.
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