Skyward Specialty to acquire Apollo Group Holdings for $555M; expects double-digit EPS accretion in first full year

Skyward Specialty Insurance Group, Inc.

Acquisition consideration: $555M total, ~33% in stock (3.68M SKWD shares) and remainder cash, funded via committed $300M term loan from Barclays.
Apollo, a Lloyd's-based specialty underwriter (Syndicates 1969/1971), adds >$1.5B managed premium; CEO David Ibeson to join Skyward.
Deal expected to deliver double-digit adjusted operating EPS accretion in first full year post-close, reinforcing 'Rule Our Niche' strategy.
Closing targeted for Q1 2026, subject to regulatory approvals from UK PRA, Lloyd's, and Bermuda Monetary Authority.
Apollo has grown GWP at ~20% CAGR since 2010; capital-light model provides ~27% of syndicate capital.

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