Property and casualty insurance company Skyward Specialty Insurance Group Inc. has received required regulatory and minority shareholder approvals to acquire 100% of Lloyds Specialty Insurance Company 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 insurance company will acquire shares of Apollo from Alchemy, management, employees and other strategic investors for a total consideration of $555 million.
In addition, Skyward Specialty disclosed financial guidance for fiscal 2026, including Apollo’s results. Among them, total premiums as of December 31, 2026 are expected to be between US$2.65 billion and US$2.8 billion, with a net retention rate of approximately 65%.
Pro forma guidance expects a combined ratio of 90.5% to 91.5%, including catastrophe losses of 2.0 to 2.5 percentage points, and net investment income of $115 million to $120 million.
In addition, group management services fee revenue is expected to be in the range of US$30 million to US$35 million, which is excluded from the combined ratio. Commission and fee income is expected to be between $5 million and $8 million.
Finally, net income is expected to be between $207 million and $216 million, and adjusted operating income is expected to be between $221 million and $230 million.
Skyward Specialty explained that the outlook reflects its commitment to delivering top-tier underwriting as well as sustainable earnings and shareholder growth.
The company emphasized that it is providing financial guidance for 2026 due to the completion of the Apollo acquisition and the expected impact on the company’s future performance.
Andrew Robinson, Chairman and Chief Executive Officer of Skyward Specialty, commented: “We are pleased to announce that all necessary regulatory authorities, including the Prudential Regulation Authority and Lloyd’s of London, as well as all Apollo minority shareholders, have approved our acquisition of Apollo, a key milestone in the process of completion.
“Skyward has exceptional operating strength and a high level of execution as we near completion of the Apollo transaction. We expect fiscal 2025 combined ratio to be in the range of 89% to 91%. Our pro forma guidance for 2026 reflects this strong starting point, our commitment to ‘dominate our niche’ and deliver top-quarter results.”
He continued: “We remain very excited to close the acquisition of Apollo at the start of the new year and begin addressing the market with our new colleagues. The combination of our companies represents a significant step forward in our ability to innovate, lead with people and technology, and build a winning position in the specialty insurance market.”