1Q26 Takeaways: '26 Guide Reiterated; Niche Strategy Supports Growth

研报英文原文证据摘录

1Q26 Takeaways: '26 Guide Reiterated; Niche Strategy Supports Growth

USA | P&C Insurance/Insurtech

Skyward Specialty EquityMayResearch12, 2026

ESTIMATE CHANGE1Q26 Takeaways: '26 Guide Reiterated; Niche

RATING HOLDStrategy Supports Growth

PRICE $46.69^

Management remains optimistic the company's niche specialty strategy can

support growth despite increasing competition in the P&C market. The '26E PRICE TARGET | % TO PT $50.00 | +7%

guide was reiterated and the addition of fee-based income with the Apollo 52W HIGH-LOW $65.05 - $40.60

acquisition is expected to be an incremental driver of earnings growth moving FLOAT (%) | ADV MM (USD) 91.3% | 18.50

forward. PT $50 (+10% ETR) unchanged on 1.6x P/B ex AOCI multiple MARKET CAP $2.1B

TICKER SKWD

^Prior trading day's closing price unless otherwise

Our 2026E EPS estimate is unchanged at $4.90. We lower our 2027E/2028E EPS estimates by 2% noted.

to $5.60/$6.35. Our '26E EPS is in-line with Cons while our '27E/'28E estimates are 2% above street

on higher NII and NPE. See the table below for a detailed summary of our estimates.

FY (Dec) CHANGE TO JEFe JEF vs CONS

2026 Guidance: Management reiterated the FY26 guidance originally provided in December 2026 2027 2026 2027

including GPW of $2.65bn-2.80bn. The combined ratio guide of 90.5-91.5% includes 2.0-2.5pts of REV +18% +11% +8% +13%

CAT with the expense ratio benefitting from $5-8mn of commission and fee income. Management EPS NA -2% NM +2%

service fee income is still expected to be $30-$35mn while the NII guide is $115mn-$120mn. All-in

management expects adj. operating income of $221-230mn or $4.80-$5.00 per share. 2026 ($) Q1A Q2 Q3 Q4 FY

Growth: Management noted conditions are increasingly challenging for significant parts of the P&C EPS 1.25 1.15 1.24 1.26 4.90