Skyward Specialty buys Lloyd’s insurer for $555 million

Skyward Specialty said Tuesday it has agreed to buy Lloyd’s of London insurer Apollo Group for $555 million in a cash and stock deal.

Apollo, which is owned by British private equity firm Alchemy Partners, focuses on U.S. business and manages syndicates 1969 and 1971. It provides about 27% of the capital for the syndicates, with the remainder provided by third-party capital providers, Skyward said in a statement.

Apollo was founded in 2009 and reported $1.3 billion in gross written premiums last year, a 30% increase over 2023.

Skyward will pay $371 million in cash and $184 million in stock, the statement said.

Apollo CEO David Ibeson and the rest of the company’s management team will join Skyward Specialty, the statement said. The deal is expected to close in the first quarter of 2026.

Houston-based Skyward, which went public in 2023, offers various specialty property/casualty coverages on an admitted and non-admitted basis.

It recently launched an aviation division through the acquisition of Acceleration Aviation Underwriters.