SKWD · Skyward Specialty Insurance Group, Inc.

Skyward Specialty’s Q1 2026 results reflect a successful integration of Apollo, delivering robust top- and bottom-line growth anchored by disciplined underwriting and strategic portfolio diversification. Diluted operating EPS surged 39% year-over-year to $1.25, outpacing GAAP EPS growth (8%) and underscoring the contribution of non-catastrophe earnings quality. The 89.5% combined ratio — inclusive of 1.8 points of catastrophe losses — represents a 1.0-point improvement over Q1 2025, driven by a 1.3-point decline in the non-cat loss ratio to 61.1%, partially offset by a modest increase in the expense ratio to 28.4%. Management attributes the loss ratio improvement to favorable business mix, particularly in accident & health, credit & surety, global agriculture, and specialty programs within Skyward Specialty, while Apollo’s syndicate 1969 contributed 18.7% gross written premium growth. Fee-generating gross written premiums grew 49%, signaling early traction in the Company’s shift toward more stable, fee-based earnings. The 10% increase in book value per share to $27.50 — alongside $215.3 million growth in total stockholders’ equity — reflects both retained earnings and capital raised via Apollo-related common stock issuance. With no forward guidance disclosed in Exhibit 99.1, investors should focus on the sustained execution against the Company’s stated objective of top-quartile performance across market cycles, now reinforced by dual-segment reporting and enhanced geographic and product diversification.