Skyward Specialty Insurance (SKWD)


Market Price (7/22/2026): $60.11 | Market Cap: $2.7 BilSector: Financials | Industry: Property & Casualty Insurance

Skyward Specialty Insurance (SKWD)


Market Price (7/22/2026): $60.11
Market Cap: $2.7 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, FCF Yield is 16%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -50%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%

Low stock price volatility
Vol 12M is 35%

Megatrend and thematic drivers
Megatrends include Cybersecurity, Fintech & Digital Payments, and Energy Transition & Decarbonization. Themes include Cloud Security, Show more.

Trading close to highs
Dist 52W High is -3.7%

Key risks
SKWD key risks include [1] the challenge of accurately pricing unique, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, FCF Yield is 16%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -50%
2 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%
4 Low stock price volatility
Vol 12M is 35%
5 Megatrend and thematic drivers
Megatrends include Cybersecurity, Fintech & Digital Payments, and Energy Transition & Decarbonization. Themes include Cloud Security, Show more.
6 Trading close to highs
Dist 52W High is -3.7%
7 Key risks
SKWD key risks include [1] the challenge of accurately pricing unique, Show more.

SKWD in ETFs

Weight = SKWD's share of each fund

VTI0.00%
ITOT0.00%
IWM0.08%
AVUV0.20%
IWO0.10%
VTWO0.07%
DFAS0.06%
IWN0.06%
+5 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/17/2026

Skyward Specialty Insurance (SKWD) stock has gained about 40% since 3/31/2026 because of the following key factors:

1. Exceptional Fiscal Q1 2026 Financial Results Surpassed Analyst Expectations.

Skyward Specialty Insurance reported strong operating results for fiscal Q1 2026 (ended March 31, 2026) on May 6, 2026, significantly contributing to the stock's upward trend. The company posted diluted operating earnings per share (EPS) of $1.25, marking a 39% increase year-over-year, and notably beat analyst estimates by $0.11 to $0.20 per share. Total revenues also saw a substantial increase of 44.8% year-over-year, reaching $475.87 million, surpassing some consensus estimates. Key metrics included gross written premiums growing by 9.9% to $667.7 million and managed premiums rising by 19.6% to $967.7 million on a pro forma basis. The company also achieved an impressive annualized operating return on equity (ROE) of 20.3% and increased its book value per share by 10% to $27.50 compared to December 31, 2025.

2. Accretive Impact from the Apollo Group Holdings Acquisition.

A significant driver of the robust financial performance in fiscal Q1 2026 was the successful and accretive consolidation of Apollo Group Holdings Ltd.. This acquisition broadened Skyward Specialty's offerings in the specialty insurance market and provided access to Apollo's Lloyd's platform, which was a key factor behind the reported revenue and profit growth. The integration contributed to the increased managed premiums, particularly with a 49% rise in fee-generating premiums to $300 million.

Show more
Updated on 7/17/2026

Skyward Specialty Insurance (SKWD) stock has gained about 40% since 3/31/2026 because of the following key factors:

1. Exceptional Fiscal Q1 2026 Financial Results Surpassed Analyst Expectations.

Skyward Specialty Insurance reported strong operating results for fiscal Q1 2026 (ended March 31, 2026) on May 6, 2026, significantly contributing to the stock's upward trend. The company posted diluted operating earnings per share (EPS) of $1.25, marking a 39% increase year-over-year, and notably beat analyst estimates by $0.11 to $0.20 per share. Total revenues also saw a substantial increase of 44.8% year-over-year, reaching $475.87 million, surpassing some consensus estimates. Key metrics included gross written premiums growing by 9.9% to $667.7 million and managed premiums rising by 19.6% to $967.7 million on a pro forma basis. The company also achieved an impressive annualized operating return on equity (ROE) of 20.3% and increased its book value per share by 10% to $27.50 compared to December 31, 2025.

2. Accretive Impact from the Apollo Group Holdings Acquisition.

A significant driver of the robust financial performance in fiscal Q1 2026 was the successful and accretive consolidation of Apollo Group Holdings Ltd.. This acquisition broadened Skyward Specialty's offerings in the specialty insurance market and provided access to Apollo's Lloyd's platform, which was a key factor behind the reported revenue and profit growth. The integration contributed to the increased managed premiums, particularly with a 49% rise in fee-generating premiums to $300 million.

3. Positive Analyst Sentiment and Upgraded Price Targets.

Analysts responded favorably to Skyward Specialty's performance, leading to a generally positive outlook and revised price targets. The company currently holds a "Moderate Buy" consensus rating with an average price target around $67.00. Notable adjustments include Barclays raising its price target to $65.00 from $60.00 on July 8, 2026, while maintaining an "overweight" rating. Piper Sandler also increased its price target from $55.00 to $68.00 on July 7, 2026, with an "overweight" rating. Additionally, Keefe, Bruyette & Woods upgraded Skyward Specialty from a "moderate buy" to a "strong-buy" rating on March 13, 2026.

4. Expansion of Share Repurchase Program.

On July 15, 2026, Skyward Specialty's Board of Directors approved an expansion of its existing share repurchase program, increasing the total authorization from $50 million to up to $100 million. This move signals strong management confidence in the company's financial health and its commitment to returning capital to shareholders, positively impacting investor sentiment.

5. Strategic Focus on Niche Specialty Markets.

The company's business model, concentrating on complex and underserved niche specialty markets, provided resilience and sustained high-margin growth. This strategic focus, encompassing areas like small group medical stop loss and niche aviation risk, helps insulate over 50% of its business from the softening rates observed in broader commercial Property & Casualty markets during fiscal Q2 2026. This insulation allowed for continued strong retention and margin expansion, underpinning robust earnings quality even amidst wider market trends.

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Stock Movement Drivers

Fundamental Drivers

The 37.6% change in SKWD stock from 3/31/2026 to 7/21/2026 was primarily driven by a 44.6% change in the company's P/E Multiple.
(LTM values as of)33120267212026Change
Stock Price ($)43.6860.1137.6%
Change Contribution By: 
Total Revenues ($ Mil)1,4191,56610.3%
Net Income Margin (%)12.0%11.3%-5.3%
P/E Multiple10.415.044.6%
Shares Outstanding (Mil)4044-8.9%
Cumulative Contribution37.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/21/2026
ReturnCorrelation
SKWD37.6% 
Market (SPY)15.1%-22.5%
Sector (XLF)13.7%30.2%

Fundamental Drivers

The 17.6% change in SKWD stock from 12/31/2025 to 7/21/2026 was primarily driven by a 17.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120257212026Change
Stock Price ($)51.1160.1117.6%
Change Contribution By: 
Total Revenues ($ Mil)1,3381,56617.0%
Net Income Margin (%)10.6%11.3%7.5%
P/E Multiple14.715.02.6%
Shares Outstanding (Mil)4044-8.9%
Cumulative Contribution17.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/21/2026
ReturnCorrelation
SKWD17.6% 
Market (SPY)10.0%-3.7%
Sector (XLF)3.0%25.5%

Fundamental Drivers

The 4.0% change in SKWD stock from 6/30/2025 to 7/21/2026 was primarily driven by a 29.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257212026Change
Stock Price ($)57.7960.114.0%
Change Contribution By: 
Total Revenues ($ Mil)1,2141,56629.0%
Net Income Margin (%)10.2%11.3%11.0%
P/E Multiple18.715.0-19.6%
Shares Outstanding (Mil)4044-9.6%
Cumulative Contribution4.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/21/2026
ReturnCorrelation
SKWD4.0% 
Market (SPY)22.1%4.2%
Sector (XLF)8.4%31.3%

Fundamental Drivers

The 136.7% change in SKWD stock from 6/30/2023 to 7/21/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)63020237212026Change
Stock Price ($)25.4060.11136.7%
Change Contribution By: 
Total Revenues ($ Mil)1,5660.0%
Net Income Margin (%)11.3%0.0%
P/E Multiple15.00.0%
Shares Outstanding (Mil)3844-15.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/21/2026
ReturnCorrelation
SKWD136.7% 
Market (SPY)74.8%21.4%
Sector (XLF)73.9%38.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SKWD Return--77%49%1%19%218%
Peers Return19%16%9%28%4%1%103%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
SKWD Win Rate--75%58%50%57% 
Peers Win Rate55%53%55%63%57%57% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
SKWD Max Drawdown----15%-31%-19% 
Peers Max Drawdown-15%-22%-20%-15%-21%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MKL, WRB, KNSL, RLI, CNA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)

How Low Can It Go

EventSKWDS&P 500
2023 SVB Regional Banking Crisis
  % Loss-13.8%-6.7%
  % Gain to Breakeven16.0%7.1%
  Time to Breakeven15 days31 days

Compare to MKL, WRB, KNSL, RLI, CNA

In The Past

Skyward Specialty Insurance's stock fell -4.7% during the 2025 US Tariff Shock. Such a loss loss requires a 4.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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Compare to MKL, WRB, KNSL, RLI, CNA

In The Past

Skyward Specialty Insurance's stock fell -4.7% during the 2025 US Tariff Shock. Such a loss loss requires a 4.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Skyward Specialty Insurance (SKWD)

Skyward Specialty Insurance (SKWD) is a commercial Property & Casualty (P&C) insurer focused on delivering specialized solutions across the United States. The company primarily targets underserved, dislocated, or complex market niches where conventional insurance products are insufficient. Skyward operates on both an admitted and non-admitted (excess and surplus, or E&S) basis, providing highly customized underwriting and claims services to businesses with unique needs. Its core strategy, "Rule Our Niche," emphasizes developing differentiated products, utilizing advanced technology and analytics, and empowering expert underwriting and claims teams to establish strong, defensible market positions and achieve consistent profitability.

The company offers a broad and diversified portfolio of insurance products, including general liability, excess liability, professional liability, commercial auto, group accident and health, property, surety, and workers' compensation. These offerings are structured across eight distinct underwriting divisions, such as Accident & Health, Captives, Global Property, Industry Solutions (covering Construction, Energy, and Specialty Trucking), Professional Lines, Programs, Surety, and Transactional E&S. Skyward leverages proprietary technologies like SkyDrive for enhanced risk management in trucking and SkyVantage for advanced health risk evaluation in Accident & Health, demonstrating its commitment to innovation within its chosen segments.

Skyward's approach is underpinned by a strong focus on specialized, in-house claims management, which is crucial for handling the complex nature of its niche markets. The company maintains a robust financial position, characterized by rigorous reserving practices, a high proportion of IBNR reserves, and a conservative investment portfolio primarily composed of investment-grade fixed-maturity securities. By consistently focusing on superior risk selection, pricing, and claims outcomes, Skyward aims to generate best-in-class underwriting profitability and long-term value for its shareholders across varying P&C market cycles.

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Here are 1-2 brief analogies for Skyward Specialty Insurance (SKWD):

  • A more tech-driven W.R. Berkley, specializing in underserved and hard-to-place commercial insurance niches.

  • Markel for the modern era, using advanced data and specialized expertise to provide tailored insurance for unique, complex business risks.

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  • Accident & Health Insurance: Provides medical stop loss solutions for organizations looking to self-insure a portion of their healthcare costs, augmented by SkyVantage technology.
  • Captive Solutions: Offers group captive programs, including a specific Construction Captive, enabling companies to self-insure various P&C lines.
  • Global Property Insurance: Delivers specialized property-only insurance for large, multi-jurisdictional entities with complex exposures.
  • Industry-Specific Commercial P&C Insurance: Provides comprehensive coverages, such as general liability, commercial auto, and workers' compensation, tailored for the Construction, Energy, and Specialty Trucking sectors (utilizing SkyDrive).
  • Professional Lines Insurance: Includes management liability, professional liability, and allied health claims-made liability products for various professionals and organizations.
  • Programs Insurance: Collaborates with program administrators to offer a range of property, general liability, commercial auto, excess liability, and workers' compensation lines.
  • Surety Bonds: Provides contract and commercial surety solutions (bonding) primarily for small to medium-sized enterprises.
  • Transactional E&S Insurance: Offers primary and excess non-catastrophe prone property and general liability solutions for complex, hard-to-place, or new businesses.
  • Cannabis Industry Insurance: Develops and offers specialized property, general liability, professional & executive liability, and commercial surety products for the growing cannabis market.

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Skyward Specialty Insurance (SKWD) primarily sells its insurance products and solutions to other companies and organizations, rather than to individuals. The company does not list specific customer names (public or private) in the provided description, but rather describes the types of businesses and market niches it serves.

Based on the company's "Rule Our Niche" strategy and its various underwriting divisions, Skyward Specialty Insurance serves the following major categories of business customers:

  1. Businesses in Specialized & Underserved Industries: These include companies operating in sectors such as construction, energy, and specialty trucking, as well as large multi-jurisdictional entities with complex property exposures. Skyward Specialty also explicitly targets businesses in the growing cannabis industry, offering tailored property, general liability, professional liability, and surety products. These customers typically require highly specialized, customized underwriting solutions due to the unique nature of their operations or market dislocation.
  2. Small to Medium-Sized Enterprises (SMEs) and Organizations Seeking Alternative Risk Transfer or Healthcare Cost Control Solutions: This category encompasses organizations with less than 2,500 employees seeking medical stop-loss solutions to self-insure a portion of their healthcare costs. It also includes companies seeking group captive solutions for various lines of business and small to medium-sized trade and services organizations requiring contract and commercial surety bonds. These customers are looking for flexible and tailored approaches to managing their specific risks and costs.
  3. Companies with Complex, "Hard-to-Place" Risks or Specialized Liability Needs: Skyward Specialty serves businesses that are considered difficult to insure due to factors such as complex underlying exposures, challenging loss histories, or limited operating histories (e.g., start-ups and newer businesses). Additionally, this category includes businesses and professionals requiring specialized liability coverages, such as management liability, professional liability, and allied health products. These customers often find standard insurance coverages insufficient or inadequate for their needs.

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Andrew Robinson, Chairman of the Board and Chief Executive Officer

Andrew Robinson joined Skyward Specialty in 2020 as CEO and later became Chairman of the Board. He possesses over 30 years of experience as a global insurance executive. Prior to Skyward Specialty, he served as President of Specialty Insurance, Executive Vice President of Corporate Development, and Chief Risk Officer at The Hanover Insurance Group, Inc. He was also the Global Chief Operating Officer and Executive Vice-President at Crawford & Co. Before his tenure at Hanover, he was the managing partner of Global Insurance at Diamond (now PWC) Consulting. Additionally, he held the role of Executive in Residence and Senior Advisor at Oak HC/FT, a private equity firm. He was also previously Chairman of Groundspeed Analytics, Inc. and WeGoLook LLC.

Taryn Leonie McHarg, Chief Financial Officer

Taryn Leonie McHarg is the Chief Financial Officer of Skyward Specialty Insurance Group (SKWD). She was also identified as the CFO of Apollo and Deputy Chief Financial Officer of Skyward Group following the acquisition of Apollo by Skyward Specialty. She recently reported purchasing shares of the company's common stock in open-market transactions in February 2026.

John Burkhart, President, U.S. Property and Casualty

John Burkhart joined Skyward Specialty in January 2021. He brings 30 years of experience in specialty lines insurance, including management and professional liability, healthcare, financial institutions, and transactional liability. Before joining Skyward Specialty, he held various roles at QBE North America and Chubb.

Sean Duffy, Executive Vice President & Chief Claims Officer

Sean Duffy serves as the Executive Vice President and Chief Claims Officer at Skyward Specialty.

Kirby Hill, President, Industry Solutions, Specialty Programs and Captives

Kirby Hill holds the title of President for Industry Solutions, Specialty Programs, and Captives at Skyward Specialty.

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Here are the key risks to Skyward Specialty Insurance (SKWD):
  1. Risk of Adverse Loss Reserve Development: Skyward Specialty has faced and continues to manage risks related to the adequacy of its historical loss reserves. The company entered into a Loss Portfolio Transfer (LPT) agreement in 2020 covering policy years 2017 and prior to limit exposure to potential loss reserve development on covered business, much of which was subsequently exited. In February 2025, the company commuted this LPT, and at December 31, 2024, it strengthened LPT loss reserves by $25.3 million and recognized approximately $9.8 million, net of tax, of uncollectible reinsurance recoverable. This demonstrates that adverse development on these older reserves has continued to materialize, impacting financial performance.
  2. Increased Competition and Challenges in Niche Market Selection: Skyward Specialty's strategy revolves around "Rule Our Niche," focusing on underserved, dislocated, or complex markets. However, this strategy carries the inherent risk of selecting and maintaining profitable niches. The company's significant volume of "exited business," which generated gross written premiums of $225.3 million in 2020 and $72.0 million in 2021 before being placed into run-off for not fitting the strategy, highlights past challenges in this area. Furthermore, the specialty insurance market is becoming increasingly attractive, leading to intensified competition that could result in pricing pressure and potentially erode Skyward Specialty's market share or underwriting margins.
  3. Regulatory and Legislative Changes: As an insurer operating predominantly in the United States and serving various specialized markets, Skyward Specialty is susceptible to a dynamic regulatory and legislative environment. Changes in insurance laws and regulations, particularly within the specific niches the company serves, could impose additional compliance costs, necessitate changes to business practices, or limit the products and services Skyward Specialty can offer, potentially impacting its profitability and operational flexibility.

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Addressable Markets for Skyward Specialty Insurance's Main Products and Services

Skyward Specialty Insurance (SKWD) operates predominantly in the United States, offering a diversified portfolio of commercial property and casualty (P&C) products across several specialized underwriting divisions. The addressable market sizes for their main products and services, primarily within the U.S. region, are as follows: * Accident & Health (Medical Stop Loss): The U.S. stop loss insurance market was valued at approximately $26.9 billion in 2024 and is estimated to reach $113.5 billion by 2034. North America, particularly the United States, holds the largest market share in stop loss insurance. * Captives: While there is significant activity in the captive insurance market, with U.S. domestic captives increasing to 3,466 in 2024, a direct overall market size in terms of premiums for "group captive solutions" was not available. The North American captive insurance market is projected to dominate globally. * Global Property (Commercial Property): The global commercial property insurance market was valued at $254.93 billion in 2022 and is estimated to reach $724 billion by 2032. In 2023, North America was the largest regional market with over 5 million commercial building policies active. The commercial property insurance market globally grew from $378.18 billion in 2025 to $422.74 billion in 2026. * Industry Solutions: * **Construction:** The U.S. construction insurance market is valued at $13.9 billion in 2024. The global construction insurance market is expected to reach $92.0 billion by 2034, increasing from $39.2 billion in 2024, with North America holding a 37.3% market share and generating approximately $14.6 billion in revenue in 2024. * **Energy:** The global energy insurance market covered insured assets exceeding $4.2 trillion in 2024. North America leads in energy insurance uptake. The global energy insurance market size was valued at USD 6.32 million in 2025 and is projected to reach USD 8.72 million by 2033. * **Specialty Trucking (Commercial Auto):** The U.S. Commercial Auto Insurance Market size was valued at $40.45 billion in 2023 and is anticipated to exceed $90.41 billion by 2033. Globally, the commercial auto insurance market was valued at $199.9 billion in 2025 and is projected to reach $459.1 billion by 2035. North America is expected to hold a 38.8% share of the commercial auto insurance market by 2035. * Professional Lines (Professional Liability): The global professional liability insurance market is estimated at $51.4 billion in 2026 and is expected to grow to $69.2 billion by 2035. In 2024, North America dominated this market, with the U.S. accounting for more than 11 million active policies and a market size of approximately $17.1 billion. * Programs: null * Surety: The U.S. surety bond market writes approximately $7-9 billion in premiums annually. Globally, the surety market was estimated at $19.14 billion in 2024 and is projected to grow to $27.7 billion by 2035. North America is the largest market for surety bonds, accounting for approximately 60% of the global share. * Transactional E&S (Excess & Surplus Lines): The U.S. excess and surplus lines market reached just under $130 billion in 2024. For full-year 2024, the U.S. E&S direct premiums written were nearly $100 billion. In 2025, surplus lines premium volume across the 15 stamping office states totaled $90.3 billion. * Cannabis Industry Insurance: The legal U.S. cannabis industry would potentially generate about $1 billion in annual insurance premiums if insured to normal levels. The global cannabis insurance market was valued at $1.76 billion in 2024 and is expected to grow to $10 billion by 2035. North America's cannabis insurance market was valued at $1 billion in 2024 and is projected to reach $6 billion by 2035.

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Skyward Specialty Insurance (SKWD) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
  1. Strategic Expansion in Niche Markets: The company's core "Rule Our Niche" strategy focuses on underserved, dislocated, and specialized markets, which provides opportunities for growth. This is evidenced by continued strong performance in divisions like Transactional E&S, Captives, Industry Solutions, and Professional Lines, and the development of specialized offerings for emerging sectors such as the cannabis industry. Additionally, Skyward Specialty has expanded its underwriting divisions to include areas like Agriculture and Credit (Re)insurance and Media Liability, further diversifying its revenue streams within specialty insurance.
  2. Impact of Strategic Acquisitions: The acquisition of Apollo Group Holdings is a significant driver, expected to expand Skyward Specialty's presence in specialty insurance lines and enhance its digital and analytical capabilities. This acquisition is also anticipated to introduce new growth areas, notably a partnership related to autonomous vehicles.
  3. Leveraging Advanced Technology and Analytics: Skyward Specialty consistently invests in and utilizes advanced technology and analytics to improve risk selection, pricing, and claims management. Proprietary platforms like SkyDrive for specialty trucking and SkyVantage for Accident & Health exemplify this approach, enabling more efficient data capture, risk scoring, and ultimately, profitable premium growth.
  4. Disciplined Underwriting and Favorable Pricing: The company's strong underwriting discipline and ability to secure favorable pricing contribute to its premium growth. Management has reported achieving mid-single-digit pure rate increases (excluding global property) and robust submission growth, indicating a healthy environment for premium expansion in their chosen niches.

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Share Repurchases

  • Skyward Specialty Insurance Group, Inc. announced a share repurchase program in October 2024, authorizing the purchase of up to $50 million of its common stock.
  • The company indicated in February 2026 that it plans to opportunistically use its share repurchase program to deploy excess capital, taking advantage of its share price.

Share Issuance

  • Skyward Specialty Insurance Group, Inc. became a public company on January 13, 2023.
  • In early 2026, shares were issued to executives and officers upon the settlement of Restricted Stock Unit (RSU) grants originating from the 2023 IPO.
  • A new US$41.7 million shelf registration for ESOP related common stock was noted in March 2026.

Outbound Investments

  • Skyward Specialty completed the acquisition of Apollo Group Holdings Limited, which expanded its capabilities by adding Lloyd's-based specialty capacity and digital-economy liability products.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SKWDMKLWRBKNSLRLICNAMedian
NameSkyward .Markel WR Berkl.Kinsale .RLI CNA Fina. 
Mkt Price60.111,962.9372.16339.4660.2052.6266.18
Mkt Cap2.724.828.37.85.514.311.0
Rev LTM1,56615,88414,8191,9171,89914,7648,341
Op Inc LTM-------
FCF LTM4212,1883,3531,0145482,1641,589
FCF 3Y Avg3492,3813,3659475322,3461,647
CFO LTM4282,4013,5071,0635542,2451,654
CFO 3Y Avg3542,6253,4719775372,4341,706

Growth & Margins

SKWDMKLWRBKNSLRLICNAMedian
NameSkyward .Markel WR Berkl.Kinsale .RLI CNA Fina. 
Rev Chg LTM29.0%2.1%6.2%17.0%9.5%4.1%7.9%
Rev Chg 3Y Avg31.7%8.5%9.9%28.4%2.3%6.7%9.2%
Rev Chg Q44.4%-13.5%5.1%10.2%4.0%1.4%4.5%
QoQ Delta Rev Chg LTM10.3%-2.7%1.2%2.3%0.9%0.3%1.0%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM27.3%15.1%23.7%55.4%29.2%15.2%25.5%
CFO/Rev 3Y Avg28.8%16.3%25.3%60.5%30.9%17.3%27.0%
FCF/Rev LTM26.9%13.8%22.6%52.9%28.9%14.7%24.7%
FCF/Rev 3Y Avg28.5%14.8%24.5%58.8%30.6%16.7%26.5%

Valuation

SKWDMKLWRBKNSLRLICNAMedian
NameSkyward .Markel WR Berkl.Kinsale .RLI CNA Fina. 
Mkt Cap2.724.828.37.85.514.311.0
P/S1.71.61.94.12.91.01.8
P/Op Inc-------
P/EBIT11.19.911.411.611.08.511.1
P/E15.014.015.114.814.011.714.4
P/CFO6.210.38.17.310.06.47.7
Total Yield6.6%7.2%9.1%7.0%11.5%15.9%8.1%
Dividend Yield0.0%0.0%2.5%0.2%4.4%7.4%1.4%
FCF Yield 3Y Avg17.4%10.3%13.1%10.6%8.7%18.4%11.8%
D/E0.20.20.10.00.10.20.1
Net D/E-0.5-0.3-0.9-0.3-0.3-0.0-0.3

Returns

SKWDMKLWRBKNSLRLICNAMedian
NameSkyward .Markel WR Berkl.Kinsale .RLI CNA Fina. 
1M Rtn18.9%6.3%8.4%9.9%13.4%18.2%11.7%
3M Rtn30.0%-0.1%11.3%-5.3%7.6%10.5%9.0%
6M Rtn32.7%-5.0%7.6%-16.1%5.7%20.6%6.7%
12M Rtn13.7%-1.8%9.4%-28.5%-5.7%30.6%3.8%
3Y Rtn141.1%36.8%91.4%-10.8%-0.7%72.0%54.4%
1M Excs Rtn18.8%6.2%8.3%9.8%13.3%18.1%11.5%
3M Excs Rtn23.6%-5.7%4.4%-10.7%3.0%6.0%3.7%
6M Excs Rtn21.1%-12.9%-0.8%-23.0%-2.0%12.5%-1.4%
12M Excs Rtn-8.2%-22.6%-11.4%-48.4%-26.2%9.7%-17.0%
3Y Excs Rtn77.0%-24.4%33.3%-73.7%-63.3%11.1%-6.7%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Broad array of commercial property and casualty products and solutions on a non-admitted (or E&S)1,4191,148895636
Total1,4191,148895636


Price Behavior

Price Behavior
Market Price$60.11 
Market Cap ($ Bil)2.7 
First Trading Date01/13/2023 
Distance from 52W High-3.7% 
   50 Days200 Days
DMA Price$51.66$47.78
DMA Trendupup
Distance from DMA16.3%25.8%
 3M1YR
Volatility37.6%35.5%
Downside Capture-206.47-7.59
Upside Capture-35.389.17
Correlation (SPY)-30.3%4.4%
SKWD Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.98-0.86-0.430.020.190.50
Up Beta0.300.760.610.480.500.65
Down Beta-1.47-1.92-2.17-0.16-0.070.46
Up Capture53%12%26%4%13%23%
Bmk +ve Days11244067140429
Stock +ve Days16243360123392
Down Capture-289%-221%-165%-30%26%54%
Bmk -ve Days10172358112321
Stock -ve Days5173064126352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SKWD
SKWD11.1%35.5%0.35-
Sector ETF (XLF)8.1%14.6%0.3231.5%
Equity (SPY)20.3%12.6%1.194.2%
Gold (GLD)21.6%28.1%0.69-2.3%
Commodities (DBC)31.4%19.1%1.30-10.0%
Real Estate (VNQ)15.0%14.0%0.7628.1%
Bitcoin (BTCUSD)-44.6%42.9%-1.257.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SKWD
SKWD25.8%34.3%1.01-
Sector ETF (XLF)10.7%18.5%0.4538.6%
Equity (SPY)12.9%17.1%0.5823.7%
Gold (GLD)17.3%18.4%0.76-0.5%
Commodities (DBC)8.9%19.5%0.35-2.2%
Real Estate (VNQ)2.9%18.9%0.0526.0%
Bitcoin (BTCUSD)14.9%53.4%0.469.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SKWD
SKWD12.1%34.3%1.01-
Sector ETF (XLF)13.7%22.0%0.5638.6%
Equity (SPY)15.2%17.9%0.7223.7%
Gold (GLD)11.2%16.1%0.57-0.5%
Commodities (DBC)7.2%17.9%0.32-2.2%
Real Estate (VNQ)5.1%20.7%0.2126.0%
Bitcoin (BTCUSD)58.7%66.2%0.999.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity1.9 Mil
Short Interest: % Change Since 615202641.7%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest2.4 days
Basic Shares Quantity44.5 Mil
Short % of Basic Shares4.3%

Earnings Returns History

Updated 7/15/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20263.8%0.4%4.8%
2/23/2026-4.4%3.0%-10.1%
10/29/20251.4%4.0%5.8%
7/30/20252.3%-3.1%-2.0%
5/1/20259.4%11.3%21.3%
2/25/2025-0.8%2.7%4.6%
10/29/2024-0.6%-0.9%20.0%
8/5/2024-1.8%-11.5%3.9%
...
SUMMARY STATS   
# Positive91111
# Negative533
Median Positive2.3%4.0%6.4%
Median Negative-1.5%-3.1%-2.8%
Max Positive11.1%12.4%21.3%
Max Negative-4.4%-11.5%-10.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20263.8%0.4%4.8%
2/23/2026-4.4%3.0%-10.1%
10/29/20251.4%4.0%5.8%
7/30/20252.3%-3.1%-2.0%
5/1/20259.4%11.3%21.3%
2/25/2025-0.8%2.7%4.6%
10/29/2024-0.6%-0.9%20.0%
8/5/2024-1.8%-11.5%3.9%
5/1/20240.8%4.7%5.1%
2/20/2024-1.5%5.1%6.4%
11/6/202310.2%11.1%18.3%
8/8/20230.0%2.5%-2.8%
5/9/202311.1%12.4%12.5%
2/28/20230.1%1.0%7.9%
SUMMARY STATS   
# Positive91111
# Negative533
Median Positive2.3%4.0%6.4%
Median Negative-1.5%-3.1%-2.8%
Max Positive11.1%12.4%21.3%
Max Negative-4.4%-11.5%-10.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202403/03/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/03/202410-Q
12/31/202304/01/202410-K
09/30/202311/09/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/28/202310-K
09/30/202201/13/2023424B4
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202403/03/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/03/202410-Q
12/31/202304/01/202410-K
09/30/202311/09/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/28/202310-K
09/30/202201/13/2023424B4

Insider Activity

Updated 6/15/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Schmitt, Thomas NCPO, Skyward GroupDirectSell615202651.328,397430,963531,352Form
2Kuczinski, Anthony JDirectBuy521202647.102,00094,200752,517Form
3Ashe, Gena LDirectSell512202646.3574034,299211,820Form
4Kuczinski, Anthony JDirectBuy304202648.131,00048,132572,916Form
5Kuczinski, Anthony JDirectBuy304202648.792,00097,582531,969Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Schmitt, Thomas NCPO, Skyward GroupDirectSell615202651.328,397430,963531,352Form
2Kuczinski, Anthony JDirectBuy521202647.102,00094,200752,517Form
3Ashe, Gena LDirectSell512202646.3574034,299211,820Form
4Kuczinski, Anthony JDirectBuy304202648.131,00048,132572,916Form
5Kuczinski, Anthony JDirectBuy304202648.792,00097,582531,969Form
6Kuczinski, Anthony JDirectBuy304202646.882,00093,750417,329Form
7Peirce, Christopher LockeDirectBuy303202647.303,200151,360151,360Form
8McHarg, Taryn LeonieCFO - ApolloShares controlled by Reporting Person as CustodianBuy303202646.602009,3204,660Form
9Robinson, Andrew SChairman & CEO, Skyward GroupDirectBuy227202646.7622,1001,033,3707,840,241Form
10Schmitt, Thomas NCPO, Skyward GroupDirectSell210202643.492,616113,774641,371Form
11Kapadia, Sandip AHead of ActuarialDirectSell1219202550.015,030251,550403,031Form
12Kapadia, Sandip AHead of ActuarialDirectSell1216202550.022,686134,357654,726Form
13Schmitt, Thomas NCHIEF PEOPLE & ADMIN.OFFICERDirectSell1211202547.61884,190474,148Form
14Haushill, Mark WEVP & CFODirectSell617202559.0710,566624,1097,269,048Form
15Haushill, Mark WEVP & CFODirectSell617202558.7652,7483,099,5837,852,321Form
16Robinson, Andrew SCHAIRMAN & CEODirectSell610202562.6536,2712,272,3754,089,097Form
Core Cache Last Updated: 7/21/2026