Skyward Specialty Insurance Group, Inc.

For the period ended Jun 30, 2025. Filed Aug 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.

Jun 30, 2025 · Filed Aug 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)

	June 30, 2025	December 31, 2024
($ in thousands, except share and per share amounts) · (Unaudited)
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $6,150 and $0, respectively) (amortized cost of $1,638,973 and $1,320,266, respectively)	$1,629,464	$1,292,218
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $268 and $243, respectively)	35,253	39,153
Equity securities, at fair value	58,001	106,254
Mortgage loans, at fair value	10,168	26,490
Equity method investments	88,804	98,594
Other long-term investments	44,479	33,182
Short-term investments, at fair value	214,338	274,929
Total investments	2,080,507	1,870,820
Cash and cash equivalents	136,617	121,603
Restricted cash	36,547	35,922
Premiums receivable, net	518,441	321,641
Reinsurance recoverables, net	925,291	857,876
Ceded unearned premium	294,124	203,901
Deferred policy acquisition costs	140,903	113,183
Deferred income taxes	28,727	30,486
Goodwill and intangible assets, net	88,795	87,348
Other assets	86,440	86,698
Total assets	$4,336,392	$3,729,478
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses	$1,918,753	$1,782,383
Unearned premiums	814,063	637,185
Deferred ceding commission	54,952	40,434
Reinsurance and premium payables	299,481	177,070
Funds held for others	127,377	102,665
Accounts payable and accrued liabilities	102,298	76,206
Notes payable	100,000	100,000
Subordinated debt, net of debt issuance costs	19,553	19,536
Total liabilities	3,436,477	2,935,479
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,486,656 and 40,127,908 shares issued and outstanding, respectively	405	401
Additional paid-in capital	724,159	718,598
Accumulated other comprehensive loss	(2,666)	(22,120)
Retained earnings	178,017	97,120
Total stockholders’ equity	899,915	793,999
Total liabilities and stockholders’ equity	$4,336,392	$3,729,478

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (UNAUDITED)

	Three months ended June 30,		Six months ended June 30,
($ in thousands, except share and per share amounts)	2025	2024	2025	2024
Revenues:
Net earned premiums	$295,542	$257,583	$595,908	$493,925
Commission and fee income	2,560	2,053	4,536	4,079
Net investment income	18,589	22,034	37,927	40,331
Net investment gains (losses)	3,205	(1,721)	10,039	6,582
Other income (loss)	7	(7)	20	(7)
Total revenues	319,903	279,942	648,430	544,910
Expenses:
Losses and loss adjustment expenses	181,262	159,054	368,571	302,968
Underwriting, acquisition and insurance expenses	85,596	76,679	172,147	146,453
Interest expense	1,876	2,449	3,710	5,176
Amortization expense	372	360	709	748
Other expenses	1,002	1,045	2,063	2,233
Total expenses	270,108	239,587	547,200	457,578
Income before income taxes	49,795	40,355	101,230	87,332
Income tax expense	10,956	9,385	20,333	19,578
Net income	$38,839	$30,970	$80,897	$67,754
Comprehensive income
Net income	$38,839	$30,970	$80,897	$67,754
Other comprehensive income (loss):
Unrealized gains and losses on investments:
Net change in unrealized gains (losses) on investments, net of tax	11,005	(1,451)	23,260	(6,869)
Reclassification adjustment for losses on securities no longer held, net of tax	(3,624)	(406)	(3,806)	(1,314)
Total other comprehensive income (loss)	7,381	(1,857)	19,454	(8,183)
Comprehensive income	$46,220	$29,113	$100,351	$59,571
Per share data:
Basic earnings per share	$0.96	$0.79	$2.01	$1.73
Diluted earnings per share	$0.93	$0.75	$1.94	$1.65
Weighted-average common shares outstanding
Basic	40,445,391	39,177,457	40,322,051	39,142,825
Diluted	41,871,496	41,168,082	41,771,215	41,110,384

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

	Three months ended June 30,
($ in thousands, except share amounts)	2025	2024
Common shares:
Balance at beginning of period	40,402,879	39,995,027
Issuance of shares	83,777	101,105
Balance at June 30	40,486,656	40,096,132
Common stock:
Balance at beginning of period	$404	$400
Issuance of common stock	1	1
Balance at June 30	$405	$401
Additional paid-in capital:
Balance at beginning of period	$721,186	$711,309
Issuance of common stock	2,973	2,233
Balance at June 30	$724,159	$713,542
Stock notes receivable:
Balance at beginning of period	$—	$(5,234)
Employee equity transactions	—	1
Balance at June 30	$—	$(5,233)
Accumulated other comprehensive loss:
Balance at beginning of period	$(10,047)	$(29,279)
Other comprehensive income (loss), net of tax	7,381	(1,857)
Balance at June 30	$(2,666)	$(31,136)
Retained earnings:
Balance at beginning of period	$139,178	$15,076
Net income	38,839	30,970
Balance at June 30	$178,017	$46,046
Total stockholders’ equity	$899,915	$723,620

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

	Six months ended June 30,
($ in thousands, except share amounts)	2025	2024
Common shares:
Balance at beginning of year	40,127,908	39,863,756
Issuance of shares	358,748	232,376
Balance at June 30	40,486,656	40,096,132
Common stock:
Balance at beginning of year	$401	$399
Issuance of common stock	4	2
Balance at June 30	$405	$401
Additional paid-in capital:
Balance at beginning of year	$718,598	$710,855
Issuance of common stock	5,561	2,687
Balance at June 30	$724,159	$713,542
Stock notes receivable:
Balance at beginning of year	$—	$(5,562)
Employee equity transactions	—	329
Balance at June 30	$—	$(5,233)
Accumulated other comprehensive loss:
Balance at beginning of year	$(22,120)	$(22,953)
Other comprehensive income (loss), net of tax	19,454	(8,183)
Balance at June 30	$(2,666)	$(31,136)
Retained earnings (accumulated deficit):
Balance at beginning of year	$97,120	$(21,708)
Net income	80,897	67,754
Balance at June 30	$178,017	$46,046
Total stockholders’ equity	$899,915	$723,620

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