Property and casualty insurer Skyward Specialty Insurance Group Inc. has secured the required regulatory and minority shareholders’ approvals for the 100% acquisition of Lloyd’s specialist, Apollo Group Holdings Limited.
As announced in September 2025, the transaction is expected to close early in the first quarter of 2026, subject to final closing conditions.
The insurer will acquire Apollo’s shares for a total consideration of $555 million from Alchemy, management, employees, and other strategic investors.
Additionally, Skyward Specialty has disclosed its financial guidance, inclusive of Apollo’s performance, for the 2026 fiscal year. In this, gross written premiums at the end of December 31st, 2026, are projected between $2.65 billion and $2.8 billion and net retention of approximately 65%.
The pro forma guidance, which is subject to closing, projects a combined ratio between 90.5% and 91.5%, inclusive of 2.0 to 2.5 points of catastrophe losses, with a net investment income ranging between $115 million and $120 million.
Additionally, syndicate management service fee income is expected to be between $30 million and $35 million, which is excluded from the combined ratio. While commission and fee income is expected to range between $5 million and $8 million.
Lastly, net income is projected between $207 million and $216 million, and adjusted operating income would range $221 million and $230 million.
Skyward Specialty explained that this outlook reflects its commitment to delivering top-quartile underwriting and sustainable earnings and shareholder growth.
The firm emphasises that it is providing 2026 financial guidance as a result of, and assuming the closing of, the Apollo acquisition and the anticipated impact on the company’s future results.
Andrew Robinson, Chairman and Chief Executive Officer, Skyward Specialty, commented, “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.
“As we move toward closing our transaction with Apollo, Skyward is operating from a position of exceptional strength and executing at a high level. We anticipate reporting a fiscal year 2025 combined ratio between 89% and 91%. Our pro forma guidance for 2026 reflects this strong starting point, our commitment to ‘Rule Our Niche’ and to deliver top quartile results.”
He continued, “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. The combination of our companies represents a significant step forward in our ability to innovate, lead with talent and technology, and build winning positions across the specialty insurance market.”
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