Skyward Specialty Insurance Group is set to acquire Apollo Group Holdings Ltd., a Lloyd’s insurer, for $555 million. The Houston-based company will buy Apollo from private equity firm Alchemy, paying partly in cash and partly in Skyward Specialty shares. The deal, which is expected to close in early 2026 pending regulatory approval, brings a new specialty insurer into Skyward’s fold.
Apollo, based in the U.S., operates within Lloyd’s of London and has built a reputation in specialty underwriting since its launch in 2010. With a strong track record, Apollo has grown its gross written premium by about 20% annually. It runs two main syndicates at Lloyd’s: Syndicate 1969 handles a variety of specialty risks such as political violence and product recall, while Syndicate 1971 focuses on insurance products for the digital and sharing economy.
Skyward Specialty sees Apollo as a good fit. The acquisition will introduce new specialty lines, add advanced technology, and support innovation efforts. David Ibeson, who has been Apollo’s CEO since 2012, along with his leadership team, will join Skyward and continue to lead the Apollo business after the deal.
Financially, $184 million of the purchase price will be paid with Skyward stock to Alchemy’s employees and strategic investors. The remaining $371 million will come in cash, backed by committed debt financing.
Skyward’s CEO, Andrew Robinson, highlighted how Apollo’s presence will broaden Skyward’s offerings, especially in hard-to-access specialty areas and emerging sectors in the new economy. This combination aims to strengthen their position in specialty insurance, with a team and culture that work well together.
The acquisition marks a significant step for Skyward Specialty as it expands its footprint and capabilities in the specialty insurance market.