Skyward Specialty Insurance Group has agreed to acquire 100% of Apollo Group Holdings Limited for $555 mn, marking a significant expansion of its specialty footprint.
The deal, expected to close in the first quarter of 2026 pending regulatory approvals, will be funded through $371 mn in cash and $184 mn in stock issued to employees and strategic investors, including Alchemy and management.
Skyward Specialty projects the acquisition will be accretive to adjusted operating EPS in its first full year, with double-digit growth expected. The company said Apollo will add more than $1.5 bn in managed premium, strengthening its position in the U.S. specialty market.
Founded in 2010, Apollo operates as a specialty underwriting platform at Lloyd’s of London. Its capital-light model has delivered a 20% compound annual growth rate in gross written premium since inception.
Syndicate 1969 underwrites a multi-class specialty portfolio spanning political violence, product recall, and specialty disruption, while Syndicate 1971—branded Apollo ibott—focuses on liability products for the digital and sharing economy.
Apollo CEO David Ibeson, who has led the business since 2012, will remain in his role and join Skyward Specialty’s leadership team post-transaction.
“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 organisations to win,” Ibeson said.
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
Apollo CEO David Ibeson
Skyward Specialty CEO Andrew Robinson framed the deal as a strong strategic fit. “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 said.
The acquisition comes as Skyward Specialty continues to build scale in specialty lines. The company emphasized that its internal culture and innovation focus remain central to its competitive advantage.
