Skyward Specialty Insurance Group, Inc.

For the period ended Mar 31, 2025. Filed May 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 7, 2025

SKWD$63.30+5.9%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Balance Sheets as of and (unaudited)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31, 2025	December 31, 2024
($ in thousands, except share and per share amounts) · (Unaudited)
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,410,269 and $1,320,266, respectively)	$1,397,508	$1,292,218
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $250 and $243, respectively)	37,519	39,153
Equity securities, at fair value	108,075	106,254
Mortgage loans, at fair value	16,012	26,490
Equity method investments	88,588	98,594
Other long-term investments	37,646	33,182
Short-term investments, at fair value	308,042	274,929
Total investments	1,993,390	1,870,820
Cash and cash equivalents	112,916	121,603
Restricted cash	40,590	35,922
Premiums receivable, net	417,542	321,641
Reinsurance recoverables, net	902,970	857,876
Ceded unearned premium	232,147	203,901
Deferred policy acquisition costs	126,439	113,183
Deferred income taxes	26,984	30,486
Goodwill and intangible assets, net	87,089	87,348
Other assets	90,566	86,698
Total assets	$4,030,633	$3,729,478
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses	$1,871,491	$1,782,383
Unearned premiums	708,347	637,185
Deferred ceding commission	45,544	40,434
Reinsurance and premium payables	243,083	177,070
Funds held for others	113,748	102,665
Accounts payable and accrued liabilities	78,154	76,206
Notes payable	100,000	100,000
Subordinated debt, net of debt issuance costs	19,545	19,536
Total liabilities	3,179,912	2,935,479
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,402,879 and 40,127,908 shares issued and outstanding, respectively	404	401
Additional paid-in capital	721,186	718,598
Accumulated other comprehensive loss	(10,047)	(22,120)
Retained earnings	139,178	97,120
Total stockholders’ equity	850,721	793,999
Total liabilities and stockholders’ equity	$4,030,633	$3,729,478

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (UNAUDITED)

	Three months ended March 31,
($ in thousands, except share and per share amounts)	2025	2024
Revenues:
Net earned premiums	$300,366	$236,342
Commission and fee income	1,976	2,026
Net investment income	19,331	18,297
Net investment gains	6,841	8,303
Other income	13	—
Total revenues	328,527	264,968
Expenses:
Losses and loss adjustment expenses	187,309	143,914
Underwriting, acquisition and insurance expenses	86,551	69,774
Interest expense	1,834	2,727
Amortization expense	337	388
Other expenses	1,061	1,188
Total expenses	277,092	217,991
Income before income taxes	51,435	46,977
Income tax expense	9,377	10,193
Net income	$42,058	$36,784
Comprehensive income
Net income	$42,058	$36,784
Other comprehensive income (loss):
Unrealized gains and losses on investments:
Net change in unrealized gains (losses) on investments, net of tax	12,255	(5,418)
Reclassification adjustment for losses on securities no longer held, net of tax	(182)	(908)
Total other comprehensive income (loss)	12,073	(6,326)
Comprehensive income	$54,131	$30,458
Per share data:
Basic earnings per share	$1.05	$0.94
Diluted earnings per share	$1.01	$0.90
Weighted-average common shares outstanding
Basic	40,196,416	39,108,351
Diluted	41,680,595	41,085,136

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.