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Sep 30, 2025
Skyward Specialty Q3 2025 Earnings Report
Skyward Specialty reported exceptional third quarter 2025 results, driven by significant premium growth and improved underwriting performance.
Key Takeaways
Skyward Specialty delivered an exceptional third quarter in 2025, with net income reaching $45.9 million, a substantial increase from the previous year. The company achieved a record-best combined ratio of 89.2% and saw gross written premiums surge by over 50%, primarily fueled by strong growth in the agriculture and credit (re)insurance division.
Net income for Q3 2025 increased to $45.9 million, up from $36.7 million in Q3 2024.
Gross written premiums grew by 51.6% to $606.5 million compared to the same period last year.
The combined ratio improved to a company-best 89.2%, indicating strong underwriting profitability.
Annualized return on equity for the nine months ended September 30, 2025, was 19.3%.
Revenue by Segment
Forward Guidance
Skyward Specialty remains confident in its outlook for the balance of the year and beyond, anticipating the close of the Apollo acquisition early in the new year.
Positive Outlook
- Continued strong execution of the 'Rule Our Niche' strategy.
- Intentionally diversified portfolio, with much of it less exposed to P&C market cycles.
- Confidence in the outlook for the balance of the year and beyond.
- Expected close of the Apollo acquisition early in the new year.
- Teams continue to respond with discipline, leaning in where returns meet standards.
Challenges Ahead
- Increasing competition in parts of the market.
- Alternative & strategic investments portfolio continued to be impacted by the decline in fair value of limited partnership investments.
- Decrease in income from short-term investments & cash and cash equivalents due to an overall decrease in yields.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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