Skyward Specialty Insurance Group, Inc.

For the period ended Sep 30, 2025. Filed Nov 6, 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.

Sep 30, 2025 · Filed Nov 6, 2025

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Balance Sheets as of and (unaudited)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	September 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 $7,000 and $0, respectively) (amortized cost of $1,800,068 and $1,320,266, respectively)	$1,805,218	$1,292,218
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $236 and $243, respectively)	34,568	39,153
Equity securities, at fair value	1,182	106,254
Mortgage loans, at fair value	9,998	26,490
Equity method investments	85,368	98,594
Other long-term investments	50,078	33,182
Short-term investments, at fair value	247,376	274,929
Total investments	2,233,788	1,870,820
Cash and cash equivalents	160,068	121,603
Restricted cash	38,197	35,922
Premiums receivable, net	583,148	321,641
Reinsurance recoverables, net	923,406	857,876
Ceded unearned premium	276,354	203,901
Deferred policy acquisition costs	144,932	113,183
Deferred income taxes	28,022	30,486
Goodwill and intangible assets, net	88,417	87,348
Other assets	117,714	86,698
Total assets	$4,594,046	$3,729,478
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses	$2,061,774	$1,782,383
Unearned premiums	885,669	637,185
Deferred ceding commission	50,995	40,434
Reinsurance and premium payables	276,750	177,070
Funds held for others	123,304	102,665
Accounts payable and accrued liabilities	114,570	76,206
Notes payable	100,000	100,000
Subordinated debt, net of debt issuance costs	19,561	19,536
Total liabilities	3,632,623	2,935,479
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,487,365 and 40,127,908 shares issued and outstanding, respectively	405	401
Additional paid-in capital	727,561	718,598
Accumulated other comprehensive income (loss)	9,539	(22,120)
Retained earnings	223,918	97,120
Total stockholders’ equity	961,423	793,999
Total liabilities and stockholders’ equity	$4,594,046	$3,729,478

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (UNAUDITED)

	Three months ended September 30,		Nine months ended September 30,
($ in thousands, except share and per share amounts)	2025	2024	2025	2024
Revenues:
Net earned premiums	$351,797	$269,557	$947,705	$763,482
Commission and fee income	1,904	1,818	6,440	5,897
Net investment income	22,180	19,535	60,107	59,866
Net investment gains	6,881	10,173	16,920	16,755
Other loss	(236)	(195)	(216)	(202)
Total revenues	382,526	300,888	1,030,956	845,798
Expenses:
Losses and loss adjustment expenses	213,780	170,521	582,351	473,489
Underwriting, acquisition and insurance expenses	101,676	79,817	273,823	226,270
Interest expense	1,919	2,229	5,629	7,405
Amortization expense	455	351	1,164	1,099
Other expenses	4,149	1,117	6,212	3,350
Total expenses	321,979	254,035	869,179	711,613
Income before income taxes	60,547	46,853	161,777	134,185
Income tax expense	14,646	10,185	34,979	29,763
Net income	$45,901	$36,668	$126,798	$104,422
Comprehensive income
Net income	$45,901	$36,668	$126,798	$104,422
Other comprehensive income:
Unrealized gains and losses on investments:
Net change in unrealized gains on investments, net of tax	6,740	31,396	30,000	24,527
Reclassification adjustment for gains (losses) on securities no longer held, net of tax	5,465	(1,963)	1,659	(3,277)
Total other comprehensive income	12,205	29,433	31,659	21,250
Comprehensive income	$58,106	$66,101	$158,457	$125,672
Per share data:
Basic earnings per share	$1.13	$0.91	$3.14	$2.61
Diluted earnings per share	$1.10	$0.89	$3.03	$2.53
Weighted-average common shares outstanding
Basic	40,487,069	40,098,345	40,377,864	40,039,269
Diluted	41,868,449	41,428,557	41,784,976	41,302,108

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

	Three months ended September 30,
($ in thousands, except share amounts)	2025	2024
Common shares:
Balance at beginning of period	40,486,656	40,096,132
Issuance of shares	709	3,799
Balance at September 30	40,487,365	40,099,931
Common stock:
Balance at beginning of period	$405	$401
Issuance of common stock	—	—
Balance at September 30	$405	$401
Additional paid-in capital:
Balance at beginning of period	$724,159	$713,542
Issuance of common stock	3,402	2,553
Balance at September 30	$727,561	$716,095
Stock notes receivable:
Balance at beginning of period	$—	$(5,233)
Employee equity transactions	—	5,233
Balance at September 30	$—	$—
Accumulated other comprehensive income (loss):
Balance at beginning of period	$(2,666)	$(31,136)
Other comprehensive income, net of tax	12,205	29,433
Balance at September 30	$9,539	$(1,703)
Retained earnings:
Balance at beginning of period	$178,017	$46,046
Net income	45,901	36,668
Balance at September 30	$223,918	$82,714
Total stockholders’ equity	$961,423	$797,507

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

	Nine months ended September 30,
($ in thousands, except share amounts)	2025	2024
Common shares:
Balance at beginning of year	40,127,908	39,863,756
Issuance of shares	359,457	236,175
Balance at September 30	40,487,365	40,099,931
Common stock:
Balance at beginning of year	$401	$399
Issuance of common stock	4	2
Balance at September 30	$405	$401
Additional paid-in capital:
Balance at beginning of year	$718,598	$710,855
Issuance of common stock	8,963	5,240
Balance at September 30	$727,561	$716,095
Stock notes receivable:
Balance at beginning of year	$—	$(5,562)
Employee equity transactions	—	5,562
Balance at September 30	$—	$—
Accumulated other comprehensive income (loss):
Balance at beginning of year	$(22,120)	$(22,953)
Other comprehensive income, net of tax	31,659	21,250
Balance at September 30	$9,539	$(1,703)
Retained earnings (accumulated deficit):
Balance at beginning of year	$97,120	$(21,708)
Net income	126,798	104,422
Balance at September 30	$223,918	$82,714
Total stockholders’ equity	$961,423	$797,507

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.