Mark Hughes

Andrew Kligerman

Matthew Carletti

Meyer Shields

Alex Scott

Gregory Peters

Michael Phillips

Michael Zaremski

Taylor Scott

Andrew Andersen

C. Gregory Peters

Charlie Rodgers

Matt Carletti

Paul Newsome

Rowland Mayor

Yaron Kinar

- Skyward Specialty announced the acquisition of Apollo Group Holdings Limited for **$555 million**, to be funded by approximately **two-thirds cash** and **one-third Skyward stock**.  **[1519449_tx_382297_1]** 
- The acquisition is valued at less than **9 times 2025 estimated EBITDA** and is expected to deliver **double-digit operating EPS accretion** in the **first full year post-closing**.  **[1519449_tx_382297_1]** 
- Apollo operates a capital-light, fee-based model, with **60% of its non-investment income derived from fees**.  **[1519449_tx_382297_2]** **[1519449_tx_382297_4]**  The combined company is projected to generate almost a **quarter of its non-investment income from fees**.  **[1519449_tx_382297_4]** 
- Apollo generated about **$1.5 billion of managed premiums** in the last 12 months through its two Lloyd's syndicates, 1969 and 1971, with IBOD (syndicate 1971) growing premium at a compound annual rate of over **40%** over the last five years.  **[1519449_tx_382297_2]** **[1519449_tx_382297_3]** **[1519449_tx_382297_6]** **[1519449_tx_382297_8]** 
- The transaction is expected to close in the **first quarter of 2026**, subject to customary regulatory approvals.  **[1519449_tx_382297_1]**

Skyward Specialty to Acquire Apollo Group Holdings Limited

Skyward Specialty Insurance Group (SKWD)