Skyward Specialty Insurance Group reported net income of $45.9 million, or $1.10 per diluted share, for the third quarter of 2025, the Houston-based company announced Wednesday. The results marked an increase from $36.7 million, or $0.89 per diluted share, in the same period last year.
For the first nine months of 2025, net income reached $126.8 million, or $3.03 per diluted share, compared to $104.4 million, or $2.53 per diluted share, during the same 2024 period.
The company’s adjusted operating income for the third quarter totaled $44.0 million, or $1.05 per diluted share, up from $29.4 million, or $0.71 per diluted share, in the third quarter of 2024.
Gross written premiums reached $606.5 million, representing a 51.6% increase compared to the prior year’s third quarter. The company achieved a combined ratio of 89.2% and an ex-cat combined ratio of 88.6%. Book value per share stood at $23.75, a 20% increase from Dec. 31, 2024. Annualized return on equity measured 19.3% for the nine months ended Sept. 30, 2025.
“Our third quarter results were exceptional, extending our track record of profitable growth and double-digit returns,” chairman and CEO Andrew Robinson said. “Gross written premiums grew more than 50%, we achieved a company-best combined ratio of 89.2% and annualized return on equity of 19.3%. Five of our nine divisions grew by more than 25% in the quarter.”
The agriculture and credit (re)insurance division led premium growth during the quarter, Robinson noted. Specialty programs, accident and health, captives, and surety also contributed to the expansion.
The company’s loss ratio improved 2.5 percentage points in the third quarter compared to the same 2024 period. Catastrophe losses decreased from the prior year’s quarter, which experienced higher losses from Hurricanes Helene and Beryl. The first nine months of 2025 saw impacts from convective storms in the Midwest and California wildfires.
The expense ratio improved 0.5 percentage points in the third quarter due to earnings leverage, partially offset by higher acquisition costs from business mix changes.
Net investment income increased $2.6 million in the third quarter compared to the same 2024 period, driven by higher income from the fixed income portfolio due to increased yield and a larger asset base.
“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,” Robinson said.
Stockholders’ equity totaled $961.4 million by Sept. 30, 2025, a 6.8% increase from $899.9 million by June 30, 2025.
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