Skyward Specialty Insurance Group, Inc.

Listed Company

SKWDCIK 0001519449NasdaqLarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.42B

Net Income

$170.03M

Total Assets

$4.79B

Equity

$1.01B

Shares Out

44.47M

Op. Cash Flow

$408.08M

Business

Skyward Specialty Insurance Group, Inc. is a specialty insurance holding company that underwrites commercial property and casualty insurance on admitted and surplus lines, focusing on underserved or dislocated niche markets. It offers tailored insurance products and services including general and excess liability, professional liability (including cyber and media), commercial auto, property, agriculture, surety, workers’ compensation, accident & health, and specialty reinsurance. The company operates through one reportable segment composed of eight distinct underwriting divisions (e.g., Accident & Health, Captives, Global Property and Agriculture, Industry Solutions, Professional Lines, Programs, Surety, Transactional E&S). It distributes primarily in the United States through retail agents, wholesale brokers, program administrators, and captive managers.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earned premiums	1,305	1,057	829	616	500
Commission and fee income	7	7	6	5	4
Net investment income	84	81	40	37	25
Net investment gains	22	6	11	−16	17
Other loss	−587,000	−167,000	−632,000	1,000	−445,000
Total revenues	1,417	1,150	886	642	550
Losses and loss adjustment expenses	795	670	515	403	354
Underwriting, acquisition and insurance expenses	377	312	243	182	138
Transaction costs	14	0	0	—	—
Interest expense	8	9	10	6	5
Amortization expense	2	2	2	2	2
Other expenses	4	4	5	0	—
Total expenses	1,200	997	776	593	502
Income before income taxes	216	153	110	50	48
Income tax expense	46	34	24	10	10
Net income	170	119	86	39	38
Net income attributable to participating securities	0	0	2	19	19
Net income attributable to common stockholders	170	119	84	21	20
Net change in unrealized gains on investments, net of tax	33	10	26	−49	−8
Reclassification adjustment for gains (losses) on securities no longer held, net of tax	485,000	−9	−5	420,000	597,000
Total other comprehensive income	34	833,000	21	−48	−8
Comprehensive income	204	120	107	−9	31
Basic earnings per share (in dollar per share)	4.21	2.97	2.34	1.24	1.21
Diluted earnings per share (in dollar per share)	4.07	2.87	2.24	1.21	1.18
Basic (in shares)	40	40	36	17	16
Diluted (in shares)	42	41	38	33	32

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $7,000 and $0, respectively) (amortized cost of $1,848,755 and $1,320,266, respectively)	1,856	1,292	1,018	608	458
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $468 and $243, respectively)	33	39	43	52	47
Equity securities, at fair value	1	106	118	120	118
Mortgage loans, at fair value	10	26	50	52	30
Equity method investments	77	99	111	—	—
Other long-term investments	59	33	4	129	132
Short-term investments, at fair value	264	275	270	121	164
Total investments	2,301	1,871	1,614	1,082	949
Cash and cash equivalents	169	122	66	45	42
Restricted cash	31	36	34	80	65
Premiums receivable, net	544	322	179	139	112
Reinsurance recoverables, net	1,120	858	858	596	536
Ceded unearned premium	239	204	186	158	138
Deferred policy acquisition costs	136	113	92	69	59
Deferred income taxes	28	30	22	36	34
Goodwill and intangible assets, net	88	87	88	90	91
Other assets	137	87	75	83	91
Total assets	4,792	3,729	2,953	2,363	2,118
Reserves for losses and loss adjustment expenses	2,319	1,782	1,315	1,142	980
Unearned premiums	774	637	553	443	363
Deferred ceding commission	46	40	37	30	31
Reinsurance and premium payables	280	177	150	114	120
Funds held for others	128	103	59	37	30
Accounts payable and accrued liabilities	115	76	51	48	41
Carrying Value	100	100	50	50	50
Subordinated debt, net of debt issuance costs	20	20	79	79	79
Total liabilities	3,782	2,935	2,292	1,942	1,692
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,511,222 and 40,127,908 shares issued and outstanding, respectively	405,000	401,000	399,000	168,000	168,000
Additional paid-in capital	731	719	711	577	575
Accumulated other comprehensive income (loss)	11	−22	−23	−43	5
Retained earnings	267	97	−22	−105	−145
Total stockholders equity	1,010	794	661	422	426
Total liabilities and stockholders equity	4,792	3,729	2,953	2,363	2,118

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net investment (gains) losses	−22	−6	−11	16	−2
Depreciation and amortization expense	4	3	4	4	6
Stock-based compensation expense	12	9	9	2	522,000
Undistributed earnings (loss) from long-term investments	10	−6	7	−16	−11
Net change in fair value of derivatives	−35	0	0	—	—
Deferred income tax, net	−6	−9	9	10	10
Premiums receivable, net	−223	−142	−40	−27	2
Reinsurance recoverables, net	−262	−262	−17	−45	1
Ceded unearned premium	−35	−18	−28	−20	9
Deferred policy acquisition costs	−23	−21	−23	−9	−6
Federal income taxes	2	5	−2	0	—
Losses and loss adjustment expenses	537	468	173	162	124
Unearned premiums	137	85	110	79	21
Deferred ceding commission	6	3	7	−651,000	−5
Reinsurance and premium payables	103	27	36	−6	−4
Funds held for others	25	44	22	7	3
Accounts payable and accrued liabilities	37	19	2	8	1
Other, net	−28	−13	−5	5	7
Net cash provided by operating activities	408	305	338	209	175
Purchase of fixed maturity securities, available-for-sale	−910	−618	−460	−269	−255
Purchase of illiquid investments	0	−75,000	−2	−5	−48
Purchase of equity securities	−13	−14	−26	−54	−60
Purchase of equity method investments and other long-term investments	−7	−32	0	0	−16
Purchase of intangible assets and goodwill	−2	0	−50,000	—	—
Investment in direct and indirect loans	20	27	3	−10	—
Purchase of property and equipment	−5	−4	−3	−2	−2
Proceeds from the sales of fixed maturity securities, available-for-sale	198	217	27	14	135
Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale	184	123	49	45	—
Maturities, calls and paydowns of fixed maturity securities held-to-maturity	4	6	11	0	—
Proceeds from the sales of equity securities	127	38	40	37	—
Sales of and distributions from equity method and other long-term investments	12	14	4	3	—
Change in short-term investments	11	−5	−149	43	—
Change in receivable/payable for securities	12	34,000	76,000	529,000	−725,000
Cash provided by deposit accounting	3	4	12	3	−6
Net cash used in investment activities	−367	−244	−494	−193	−183
Employee share purchases	0	0	1	2	—
Repayment of stock notes receivable	0	6	0	0	—
Proceeds from long term borrowings	43	107	50	0	—
Payments on long term borrowings and trust preferred	−43	−117	−50	0	—
Proceeds from initial public offering	0	0	130	0	—
Net cash provided by (used in) financing activities	411,000	−4	131	2	1
Net increase (decrease) in cash and cash equivalents and restricted cash	42	57	−25	18	−6
Cash paid for interest	6	9	11	6	5

Filings

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