Skyward Specialty Insurance Group, a property and casualty (P&C) specialist insurance company, reported a net income of $45.9 million for the third quarter of 2025, representing a 25.1% increase compared to $36.7 million in the same period a year earlier.
Gross written premiums amounted to $606.5 million, an increase of 51.6% compared to $400 million, primarily driven by growth in the agriculture and credit re/insurance division. Specialty programs, accident & health, captives, and surety also contributed to the growth.
Net written premiums were up 64.4% to $441.2 million from $268.3 million, while net earned premiums rose 30.5% to $351.8 million from $269.6 million.
In Q3’25, the combined ratio was 89.2%, an improvement from 92.2% a year earlier. The company reported a loss ratio of 60.8% and an expense ratio of 28.4%, compared to 63.3% and 28.9%, respectively, in Q3’24.
The loss ratio improved 2.5 points year on year, reflecting lower catastrophe losses compared to the same period in 2024, which had been impacted by Hurricanes Helene and Beryl.
The expense ratio improved 0.5 points due to earnings leverage, partially offset by higher acquisition costs due to the business mix shift.
Skyward Specialty’s net investment income totalled $22.2 million, up from $19.5 million, driven by increased income from its fixed income portfolio due to a higher yield and larger asset base.
Andrew Robinson, Chairman and CEO of Skyward Specialty, commented, “Our third quarter results were exceptional, extending our track record of profitable growth and double-digit returns. Gross written premiums grew more than 50%, we achieved a Company-best combined ratio of 89.2% and annualised return on equity of 19.3%. Five of our nine divisions grew by more than 25% in the quarter, led by the agriculture and credit (re)insurance division. These results underscore the strength and discipline of our “Rule Our Niche” strategy and the benefits of our intentionally diversified portfolio, much of which is less exposed to P&C market cycles. Even as competition increases in parts of the market, our teams continue to respond with discipline, leaning in where returns meet our standards and stepping back where they do not.
“Our results reflect our excellent execution of our “Rule Our Niche” strategy and relentless focus on creating sustainable value. As we prepare for the expected close of the Apollo acquisition early in the new year, we remain confident in our outlook for the balance of the year and beyond.”
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