Skyward Specialty Insurance Group has announced a definitive agreement to acquire 100% of Apollo Group Holdings Limited for a total consideration of $555 million.
The purchase will be made from sellers including Alchemy, management, employees, and other strategic investors. Under the terms, $184 million of the consideration will be paid in stock to employees and strategic investors, while $371 million will be paid in cash.
The acquisition is expected to deliver double-digit adjusted operating earnings per share accretion in the first full year after closing. Skyward Specialty projects the deal will add more than $1.5 billion in managed premium, further strengthening its position in the US specialty insurance market. The transaction is anticipated to close in the first quarter of 2026, pending regulatory approvals.
Apollo operates as a specialty underwriting platform at Lloyd’s of London, focusing on low volatility and high growth, with a capital-light business model. Since its formation in 2010, Apollo has achieved a compound annual growth rate of approximately 20% in gross written premium.
Through Syndicate 1969, Apollo underwrites a multi-class specialty insurance portfolio. Syndicate 1971, also known as Apollo ibott, delivers liability products for the digital and sharing economy.
Additionally, Apollo has also been recognized for its efforts to support a resilient and sustainable world through its insurance offerings and capital partnerships at Lloyd’s.
David Ibeson (pictured above, left), Apollo’s chief executive officer, has led the business since 2012 and will continue to lead Apollo as part of Skyward Specialty. Ibeson and Apollo’s management team are set to join Skyward Specialty following the completion of the transaction.
Ibeson commented, “We have been building a relationship with Skyward Specialty for nearly two years, and during that time, we have had a number of opportunities to collaborate. We very quickly understood that we had a common view of the future of the specialty market and a shared understanding of how to position our respective organizations to win.”
Meanwhile, Skyward Specialty has also been recognized as one of the “Best Places to Work in Insurance” for three consecutive years. The company’s leadership has emphasized that a strong internal culture is a key factor in its ability to deliver innovative solutions and maintain its competitive edge.
Skyward Specialty chairman and CEO Andrew Robinson (pictured above, right) said, “We are delighted to reach an agreement to acquire Apollo. Their underwriting leadership and unique market positioning are exceptionally well-matched to Skyward Specialty’s strengths and vision and fit with our strategy to ‘Rule Our Niche.’”
Robinson highlighted that Apollo’s Syndicate 1969 will provide access to specialty classes such as political violence, product recall, and specialty disruption. He also noted that Syndicate 1971 will enhance Skyward Specialty’s portfolio with solutions for new economy industries.
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