Core Viewpoint - Skyward Specialty announced the acquisition of Apollo, indicating a strategic move to enhance its market position and capabilities in the industry [2]. Group 1: Acquisition Details - The acquisition of Apollo was discussed during a webcast, highlighting the involvement of key executives from both companies [2]. - Andrew Robinson, Chairman and CEO of Skyward Specialty, and Mark Haushill, CFO, provided prepared remarks regarding the acquisition [2]. Group 2: Executive Participation - The call featured participation from David Ibeson, CEO of Apollo, who joined from London, emphasizing the collaborative nature of the acquisition process [2]. - The webcast format allowed for a structured presentation followed by a Q&A session, facilitating direct communication with stakeholders [2].

Summary of Skyward Specialty Insurance Group (SKWD) M&A Announcement Company and Industry - **Company**: Skyward Specialty Insurance Group (SKWD) - **Acquisition Target**: Apollo Group Holdings Limited - **Industry**: Specialty Insurance Core Points and Arguments 1. **Acquisition Announcement**: Skyward Specialty announced the acquisition of Apollo Group Holdings for $555 million, structured as approximately two-thirds cash and one-third stock, with the deal expected to close in Q1 2026, pending regulatory approvals [7][8][20]. 2. **Strategic Alignment**: The acquisition aligns with Skyward's strategy to build a premier specialty insurance company focused on niche markets, leveraging technology and talent to achieve top quartile underwriting returns [3][4][5]. 3. **Financial Metrics**: Skyward has consistently delivered an adjusted combined ratio at or below 92%, top line growth above 12%, and exceeded consensus EPS expectations since its IPO in January 2023 [3][4]. 4. **Apollo's Portfolio**: Apollo's portfolio is largely additive with minimal overlap, focusing on U.S.-based risks and innovative technology, enhancing Skyward's specialty insurance offerings [4][10]. 5. **Growth Opportunities**: The acquisition provides access to new specialty niches, including the sharing economy and electrification, and enhances technology capabilities across the combined organization [9][10][14]. 6. **Fee-Based Income**: Apollo generates approximately 60% of its non-investment income from fees, which will complement Skyward's existing income streams, potentially increasing fee-based income to nearly 25% of total non-investment income post-acquisition [17][22]. 7. **Cultural Fit**: Both companies share a similar culture focused on talent, performance, and innovation, which is expected to facilitate a smooth integration process [18][22]. 8. **Earnings Accretion**: The acquisition is expected to deliver double-digit operating EPS accretion in the first full year post-closing, with multiple avenues for value creation identified [7][20][22]. Important but Overlooked Content 1. **Lloyd's Market Entry**: The acquisition allows Skyward to enter the Lloyd's market, which is crucial for accessing certain classes of insurance that are difficult to write in the U.S. [8][9]. 2. **Apollo's Performance**: Apollo has been a top quartile performer at Lloyd's, with a capital-light model and a strong track record of innovation, which will enhance Skyward's competitive position [11][12][13]. 3. **Integration Experience**: Skyward's leadership team has extensive experience in executing successful acquisitions in the Lloyd's market, which positions them well to realize the strategic and financial benefits of this transaction [10][21]. 4. **Market Trends**: The growth in Apollo's business, particularly in the IBOD syndicate, has been driven by strong industry tailwinds and a unique partnership approach with clients, which aligns with Skyward's niche strategy [14][15][42]. 5. **Technological Advancements**: Apollo's data science-led approach and partnerships with technology firms provide a distinct advantage in underwriting and claims management, which Skyward aims to leverage [64][66]. This summary encapsulates the key points from the conference call regarding the acquisition of Apollo by Skyward Specialty Insurance Group, highlighting the strategic rationale, financial implications, and potential growth opportunities within the specialty insurance industry.

Core Viewpoint - Skyward Specialty Insurance Group, Inc. has announced a definitive agreement to acquire Apollo Group Holdings Limited for a total consideration of $555 million, which includes $184 million in stock and $371 million in cash, expected to enhance its position in the U.S. specialty insurance market and deliver double-digit adjusted operating EPS accretion in the first full year post-closing [1][4]. Company Overview - Skyward Specialty is a rapidly growing specialty insurance company that provides commercial property and casualty products through nine underwriting divisions [8]. - Apollo is a leading U.S. centric specialty underwriting platform operating at Lloyd's of London, known for its low volatility and high growth, with a compound annual growth rate of approximately 20% since its formation in 2010 [2][10]. Acquisition Details - The acquisition will add over $1.5 billion of managed premium to Skyward Specialty's portfolio, reinforcing its leadership in specialty markets [1]. - The transaction is expected to close in the first quarter of 2026, pending regulatory approvals [4]. Strategic Alignment - The acquisition aligns well with Skyward Specialty's strategy, bringing new specialty niches and advanced technology capabilities, enhancing innovation and market offerings [3][4]. - Apollo's Syndicate 1969 will provide access to specialty classes such as Political Violence and Product Recall, while Syndicate 1971 will enhance the portfolio with innovative solutions for new economy industries [4]. Leadership and Management - Apollo's CEO David Ibeson and his management team will join Skyward Specialty and continue to lead the Apollo business, indicating a strong cultural and strategic alignment between the two organizations [3][4]. Financial Advisory - Barclays acted as financial advisor to Skyward Specialty, providing committed financing for the transaction, while Evercore served as lead financial advisor to Apollo [5].

Core Insights - Skyward Specialty Insurance Group has been recognized as a 2025 "Best Places to Work in Insurance" for the third consecutive year, highlighting its strong workplace culture and employee engagement [1][2][3] Company Overview - Skyward Specialty is a rapidly growing specialty insurance company that provides commercial property and casualty products through nine underwriting divisions, including Accident & Health, Agriculture, and Construction & Energy Solutions [4] - The company's subsidiary insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company, indicating strong financial health [5] Employee Engagement and Satisfaction - A significant 91% of Skyward Specialty employees participated in the company-wide engagement survey, resulting in an impressive overall employee satisfaction rate of 94% [3] - Key employee satisfaction metrics include: - 97% of employees are very satisfied with their employer - 95% understand the importance of their role to the organization's success - 92% report overall role satisfaction, with a 94% approval rating of their supervisor relationship [6]

【环球网财经综合报道】8月8日，彭博社报道称，美国银行认为，美国主要保险公司股票的艰难时期即将结束，因为具有吸引力的估值和利润反弹可能会吸 引投资者回流。 报道指出，过去三个月，美国保险股下跌了2.5%，而同期标准普尔500指数反弹了12%。沃伦·巴菲特旗下的伯克希尔·哈撒韦公司在此期间下跌了8.6%，前进 保险公司则下跌了13%。美国银行分析师Joshua Shanker在接受采访时表示，更糟糕的是，投资者似乎已从保险公司转向银行。回报率的巨大差异为买入这 一遭受重创的板块创造了机会。 "大型保险公司过去四个月下跌了10%、15%，甚至20%，而一些大型银行却上涨了30%，"Joshua Shanker表示，"这是否都是基本面因素导致的，还是存在板 块轮动，即一个板块受到青睐，而另一个板块则失宠。"银行和保险公司往往都能吸引那些寻求稳定回报的保守型价值投资者。但最近，受监管改革可能引 发区域银行并购潮的猜测推动，美国银行股受到追捧，KBW纳斯达克银行指数今年以来上涨了13%。而保险公司却未从中受益。 此次抛售使得标准普尔500指数中保险公司的市盈率从三个月前的16倍以上降至14倍以下。彭博行业研究预计，20 ...

Part I - Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Skyward Specialty Insurance Group, Inc.'s unaudited condensed consolidated financial statements as of June 30, 2025, and for the three and six-month periods then ended, including Balance Sheets, Statements of Operations, Stockholders' Equity, Cash Flows, and notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$4.34 billion** as of June 30, 2025, from **$3.73 billion**, driven by investments and receivables, while total liabilities and stockholders' equity also grew Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$4,336,392** | **$3,729,478** | | Total Investments | $2,080,507 | $1,870,820 | | Premiums receivable, net | $518,441 | $321,641 | | **Total Liabilities** | **$3,436,477** | **$2,935,479** | | Reserves for losses and LAE | $1,918,753 | $1,782,383 | | Unearned premiums | $814,063 | $637,185 | | **Total Stockholders' Equity** | **$899,915** | **$793,999** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Net income for H1 2025 increased to **$80.9 million** from **$67.8 million**, driven by a **20.6%** rise in net earned premiums, with diluted EPS reaching **$1.94** Key Performance Indicators (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Earned Premiums | $295,542 | $257,583 | $595,908 | $493,925 | | Total Revenues | $319,903 | $279,942 | $648,430 | $544,910 | | Income Before Income Taxes | $49,795 | $40,355 | $101,230 | $87,332 | | **Net Income** | **$38,839** | **$30,970** | **$80,897** | **$67,754** | | **Diluted EPS** | **$0.93** | **$0.75** | **$1.94** | **$1.65** | | Comprehensive Income | $46,220 | $29,113 | $100,351 | $59,571 | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Total stockholders' equity increased to **$899.9 million** by June 30, 2025, from **$794.0 million**, primarily due to **$80.9 million** in net income and **$19.5 million** in other comprehensive income - Retained earnings increased by **$80.9 million** due to net income for the six months ended June 30, 2025; accumulated other comprehensive loss decreased from **$(22.1) million** to **$(2.7) million**, mainly due to net unrealized gains on investments[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to **$184.9 million** in H1 2025, while **$169.3 million** was used in investing activities, with no financing cash flows Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $184,940 | $115,220 | | Net Cash Used in Investing Activities | $(169,301) | $(97,824) | | Net Cash Used in Financing Activities | $0 | $(9,465) | | **Net Increase in Cash** | **$15,639** | **$7,931** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies, including a credit loss allowance change, investment portfolio breakdowns, updated segment reporting with a new Agriculture and Credit (Re)insurance division, and information on reinsurance, taxes, and contingencies - Effective June 30, 2025, the company updated its accounting policy to recognize changes in the allowance for credit losses in 'net investment gains (losses)' rather than 'net investment income'; prior periods were conformed to this presentation[23](index=23&type=chunk)[24](index=24&type=chunk) - The company has one reportable segment, now composed of nine distinct underwriting divisions, with a new Agriculture and Credit (Re)insurance division added in Q1 2025 and other divisions renamed or reorganized[67](index=67&type=chunk)[98](index=98&type=chunk) - The company is assessing the impact of the newly enacted 'One Big Beautiful Bill Act' (OBBBA), which includes significant changes to the U.S. tax framework with multiple effective dates[76](index=76&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2025 financial results, highlighting **17.3%** gross written premium growth, a **90.0%** combined ratio, and sufficient liquidity with an **11.7%** debt-to-capital ratio Key Operating Metrics | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Gross Written Premiums | $1,120.2M | $954.9M | | Net Written Premiums | $682.5M | $584.2M | | Net Income | $80.9M | $67.8M | | Combined Ratio | 90.0% | 90.1% | | Annualized Return on Equity | 19.1% | 19.6% | [Underwriting Results](index=36&type=section&id=Underwriting%20Results) Gross written premiums grew **17.3%** to **$1.12 billion** in H1 2025, driven by strong divisional performance, while the combined ratio slightly improved to **90.0%** despite a higher loss ratio Gross Written Premiums by Underwriting Division - H1 2025 vs H1 2024 (in thousands) | Division | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Agriculture and Credit (Re)insurance | $159,420 | $79,913 | 99.5% | | Accident & Health | $123,658 | $84,989 | 45.5% | | Specialty Programs | $148,630 | $111,822 | 32.9% | | Captives | $145,362 | $130,507 | 11.4% | | Surety | $78,535 | $71,484 | 9.9% | | Global Property | $130,678 | $145,543 | (10.2%) | Combined Ratio Components - H1 2025 vs H1 2024 | Ratio | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss and LAE Ratio | 61.9% | 61.3% | | Expense Ratio | 28.1% | 28.8% | | **Combined Ratio** | **90.0%** | **90.1%** | [Investment Results](index=38&type=section&id=Investment%20Results) Net investment income decreased to **$37.9 million** in H1 2025 due to alternative investment losses, partially offset by higher fixed income returns, with the total portfolio growing to **$2.22 billion** - Net investment income decreased in H1 2025 due to losses in alternative & strategic investments, which was partially offset by higher income from the fixed income portfolio, where the book yield increased to **5.3%** from **4.4%** YoY[117](index=117&type=chunk)[118](index=118&type=chunk) - A provision for credit losses of **$6.2 million** was recognized for two available-for-sale corporate securities due to deteriorating conditions and credit concerns[119](index=119&type=chunk) Investment Portfolio Composition (in thousands) | Asset Class | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Fixed income | $1,639,632 | $1,318,708 | | Short-term investments | $214,338 | $274,929 | | Alternative and strategic investments | $168,536 | $170,929 | | Cash and cash equivalents | $136,617 | $121,603 | | Equities | $58,001 | $106,254 | | **Total portfolio** | **$2,217,124** | **$1,992,423** | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) Net cash from operations increased to **$184.9 million** in H1 2025, with a debt-to-total capitalization ratio of **11.7%** and no shares repurchased under the **$50.0 million** program - Cash from operating activities increased to **$184.9 million** in H1 2025 from **$115.2 million** in H1 2024, primarily due to positive cash flow from insurance operations[129](index=129&type=chunk) - The ratio of total debt to total capitalization was **11.7%** at June 30, 2025, down from **13.1%** at year-end 2024[139](index=139&type=chunk) - In October 2024, the Board approved a **$50.0 million** share repurchase program; as of June 30, 2025, no shares had been repurchased under this plan[140](index=140&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk have occurred since the December 31, 2024 Annual Report on Form 10-K - There have been no material changes in market risk since the 2024 year-end 10-K filing[146](index=146&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were ineffective as of June 30, 2025, due to a material weakness in ITGCs related to user access, though remediation efforts are ongoing - A material weakness related to ineffective IT general controls (ITGCs) in user access for financial reporting systems continues to exist as of June 30, 2025[148](index=148&type=chunk) - Due to the material weakness, the CEO and CFO concluded that disclosure controls and procedures were not effective[148](index=148&type=chunk) - Remediation activities are in progress, focusing on reviewing and enhancing access controls, strengthening system access procedures, and employee training; significant resources will continue to be invested to improve ITGCs[149](index=149&type=chunk)[150](index=150&type=chunk) Part II - Other Information [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, which are not expected to materially adversely affect its financial position - The company is involved in ordinary course legal proceedings and does not expect them to have a material adverse effect on its financial position[154](index=154&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred in H1 2025 compared to prior disclosures - No material changes in risk factors have occurred in H1 2025 compared to those previously disclosed in the 2024 Form 10-K and Q1 2025 Form 10-Q[155](index=155&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[156](index=156&type=chunk) [Other Information](index=44&type=section&id=Item%205.%20Other%20Information) Tom Schmitt, Chief People Officer, entered a Rule 10b5-1 Trading Arrangement on May 9, 2025, allowing sale of up to 8,485 shares Rule 10b5-1 Trading Arrangement | Name (Title) | Date of Adoption | Duration of Trading Arrangement | Aggregate Number of Securities | | :--- | :--- | :--- | :--- | | Tom Schmitt (Chief People Officer) | May 9, 2025 | 11/10/2025 – 6/9/2026 | Up to 8,485 shares | [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications by the Principal Executive and Financial Officers, and Inline XBRL documents

Group 1: Market Overview - Major U.S. insurance stocks are poised for a rebound after significant declines, driven by attractive valuations and expected profit recovery [1] - Over the past three months, U.S. insurance stocks have dropped 2.5%, while the S&P 500 index has risen 12% [1] - The property and casualty insurance sector faces challenges due to a series of disaster events, including wildfires and active tornado seasons [1][2] Group 2: Investment Sentiment - Investors have shifted focus from insurance companies to banks, with the KBW Nasdaq Bank Index up 13% year-to-date [2] - The price-to-earnings ratio for insurance stocks in the S&P 500 has fallen from over 16 times to below 14 times during the recent sell-off [2] - Bloomberg Intelligence forecasts a profit growth of over 10% for the insurance industry by 2026, compared to a projected growth rate of 7.4% for this year [2] Group 3: Analyst Perspectives - Daneshvar Rohinton from Industrial Alliance expresses caution, noting the upcoming hurricane season and a predicted increase in named storms [5] - Rohinton would consider re-entering the insurance sector if stock prices drop another 10% [5] - Joshua Shanker is more optimistic, giving "buy" ratings to companies like Arch Capital and RenaissanceRe, despite their stock declines of 2.8% and nearly 3% respectively [5][6] Group 4: Company-Specific Insights - Progressive Insurance is highlighted for its strong rebound potential due to precise risk pricing, despite a 15% stock price drop in the last two months [6] - Skyward Specialty Insurance's CEO expresses frustration over the undervaluation of their stock, which has dropped about 25% since June, despite a growth rate of 18% and annual profit growth of 25% [6] - Analysts generally agree that Skyward is undervalued, with six sell-side analysts rating it as "outperform" [6] Group 5: Reinsurance Sector - The reinsurance industry is viewed as a value opportunity, with U.S. listed reinsurers having lower valuations compared to their European counterparts [7] - Joshua Shanker expresses a bullish outlook on U.S. listed reinsurers due to the significant valuation gap with European competitors [7]

Financial Data and Key Metrics Changes - The company reported adjusted operating income of $37.1 million or $0.89 per diluted share, with net income of $38.8 million or $0.93 per diluted share [5][7] - Gross written premiums grew by 18% for the quarter, while net written premiums increased by 14% [8][10] - The year-to-date annualized return on equity was 19.1%, and the combined ratio was 89.4%, marking the best in company history [5][8] Business Line Data and Key Metrics Changes - Growth was driven by agriculture, credit, accident and health, captives, and specialty programs [8][19] - The non-cat loss ratio improved to 59.9%, the best in company history, while the expense ratio improved to 28.1% [9][10] - The company maintained a strong reserve position, with IBNR making up over 70% of net reserves [10] Market Data and Key Metrics Changes - The company observed favorable pricing and conditions in agriculture and credit markets, while being selective in exposure growth due to loss inflation concerns [16][20] - The surety market showed moderate growth, driven by reduced federal funding, but the company remains optimistic about future growth [18][70] Company Strategy and Development Direction - The company continues to execute its "Rule Our Niche" strategy, focusing on segments where expertise and technology provide a competitive advantage [14][24] - The company is adapting to market conditions by reallocating capital to areas with favorable growth opportunities while moderating exposure in less favorable conditions [5][24] - Investment in technology, particularly AI, is seen as a key differentiator in the specialty insurance market [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate softening market conditions while maintaining disciplined underwriting [14][24] - The company is bullish about future contributions from agriculture and credit markets, despite economic uncertainties [16][20] - Management highlighted the importance of maintaining a conservative reserving philosophy in volatile lines of business [29] Other Important Information - The company will be filing an amended 10-K, which is an administrative update and does not affect the unqualified opinion [13][75] - The company is experiencing strong submission growth, which is expected to continue [22] Q&A Session Summary Question: Discussion on growth areas and reserving approach - Management emphasized a conservative reserving philosophy, particularly in agriculture due to its volatility, while highlighting growth in various divisions [27][29] Question: Investment performance and future projections - Management acknowledged volatility in investment income but expressed confidence in the core fixed income strategy moving forward [31][34] Question: Alignment with MGAs and their impact - Management detailed strategic partnerships with MGAs, emphasizing the alignment of interests and shared compensation structures [41][45] Question: Captive premium growth and market sensitivity - Management attributed strong captive growth to innovative risk management solutions, particularly in the automotive dealers market [56][57] Question: Medical cost inflation in Accident and Health - Management discussed proactive medical cost management strategies, including negotiation before payment, to mitigate inflation impacts [60][64] Question: Surety market performance and loss activity - Management reported strong performance in the surety market, with no current loss activity concerns [70] Question: Changes in loss picks and guidance - Management confirmed no changes to loss picks, attributing variations to business mix rather than underlying performance [110][112] Question: Third and fourth quarter outlook - Management expressed optimism for a strong third quarter, driven by the right business mix, while cautioning about potential market volatility in the fourth quarter [116][122]

Core Viewpoint - Skyward Specialty Insurance (SKWD) has experienced significant selling pressure, resulting in a 9.9% decline over the past four weeks, but analysts anticipate better earnings than previously expected, indicating potential for recovery [1]. Technical Analysis - The Relative Strength Index (RSI) for SKWD is currently at 27.89, suggesting that the stock is oversold and may be nearing a reversal point due to exhaustion of selling pressure [5]. - RSI is a momentum oscillator that helps identify overbought or oversold conditions, with readings below 30 typically indicating an oversold status [2][3]. Fundamental Indicators - There has been a consensus among sell-side analysts to raise earnings estimates for SKWD, resulting in a 0.2% increase in the consensus EPS estimate over the last 30 days, which often correlates with price appreciation [7]. - SKWD holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a turnaround [8].

Core Insights - Skyward Specialty Insurance reported revenue of $319.9 million for the quarter ended June 2025, reflecting a year-over-year increase of 14.3% [1] - The earnings per share (EPS) for the quarter was $0.89, up from $0.80 in the same quarter last year, resulting in an EPS surprise of +3.49% against the consensus estimate of $0.86 [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $324.36 million, resulting in a revenue surprise of -1.37% [1] Financial Metrics - Loss ratio was reported at 61.3%, better than the six-analyst average estimate of 62.4% [4] - Combined ratio stood at 89.4%, outperforming the average estimate of 91.1% from six analysts [4] - Expense ratio was 28.1%, compared to the estimated 28.9% by six analysts [4] Revenue Breakdown - Net earned premiums were $295.54 million, slightly below the average estimate of $299.67 million, but represented a year-over-year increase of 14.7% [4] - Net investment income was reported at $18.59 million, significantly lower than the estimated $22.62 million, marking a year-over-year decrease of 16% [4] - Commission and fee income reached $2.56 million, exceeding the average estimate of $2.09 million, with a year-over-year increase of 24.7% [4] Stock Performance - Skyward's shares have returned -9.8% over the past month, contrasting with the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]