Skyward Specialty Insurance Reports Strong Q4 2025 Financial Results

Skyward Specialty Insurance Group, a property and casualty insurance provider, announced impressive financial results for the fourth quarter of 2025, with net income reaching $43.2 million. This represents a remarkable increase compared to $14.4 million during the same period in 2024. Over the full year, the company's net income rose to $170 million, up from $118.8 million in 2024.

The insurer reported growth in adjusted operating income, which climbed to $48.9 million in Q4 2025 from $33.2 million the previous year. For the entire year, adjusted operating income totaled $167.4 million, marking an increase from $126.6 million in 2024. This financial growth underscores the effectiveness of Skyward's underwriting strategies and risk management practices.

Gross written premiums for Q4 2025 increased to $439.5 million, compared to $388.3 million in 2024. Net written premiums saw a 4.3% rise, totaling $282.6 million in the same period. The growth in gross written premiums was primarily driven by advances in accident and health sectors, along with specialty programs, indicating strong demand and successful market positioning.

Skyward Specialty achieved a combined ratio of 88.5% in Q4 2025, improving from 95.8% during the previous year's fourth quarter. The full-year combined ratio also improved to 89.3% from 92.3% in 2024. Loss ratios decreased by 7.3 points in Q4 and 2.5 points for the year, benefiting from favorable prior accident year developments and fewer catastrophe losses, demonstrating effective claims management.

The company's expense ratios remained stable in Q4 and showed a slight improvement of 0.5 points over the year. This was largely due to earnings leverage, despite higher acquisition costs resulting from a shift in business mix. Andrew Robinson, Chairman and CEO, emphasized the successful transformations achieved throughout the year, highlighting record performances in adjusted operating income, underwriting income, and a combined ratio improvement.

Robinson lauded the company's strategic achievements, noting a 13% growth in gross written premiums for Q4, culminating in a year-long growth of 24%. He commended the company's return on equity and return on tangible equity of 18.9% and 20.9% respectively. Looking forward, Robinson expressed confidence in Skyward's strategic positioning, pointing to a diversified portfolio and expanded capabilities via Apollo integration as key to sustained growth and shareholder value.