The purchase will be made from sellers including Alchemy, management, employees and other strategic investors. Of the total, $184 million will be paid in stock to employees and strategic investors, while $371 million will be paid in cash. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals.
Skyward Specialty said the deal will be accretive to adjusted operating earnings per share in the first full year, with projected double-digit growth. The acquisition is also expected to add more than $1.5 billion in managed premium, strengthening Skyward Specialty’s position in the US specialty insurance market.
Apollo, founded in 2010, operates as a specialty underwriting platform at Lloyd’s of London with a capital-light model focused on low volatility and high growth. It has achieved a compound annual growth rate of around 20 per cent in gross written premium since inception. Through Syndicate 1969, Apollo underwrites a multi-class specialty insurance portfolio, while Syndicate 1971, also known as Apollo ibott, provides liability products for the digital and sharing economy. Apollo has also been recognised for supporting resilience and sustainability through its insurance solutions and capital partnerships at Lloyd’s.
David Ibeson, Apollo’s chief executive officer, has led the business since 2012 and will continue in his role as part of Skyward Specialty. He and Apollo’s management team will join Skyward Specialty following completion of the deal. “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,” Ibeson said. “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.”
Andrew Robinson, chairman and CEO of Skyward Specialty, said the acquisition aligns closely with the company’s growth strategy. “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 said.
He added that Apollo’s Syndicate 1969 will expand access to specialty classes such as political violence, product recall and specialty disruption, while Syndicate 1971 will enhance Skyward Specialty’s portfolio with solutions tailored for the new economy.
Skyward Specialty, which has been recognised as one of the “Best Places to Work in Insurance” for three consecutive years, noted that its strong internal culture continues to underpin its ability to deliver innovative solutions and maintain a competitive edge.
