Skyward Specialty Insurance Group, Inc.

For the period ended Jun 30, 2026. Filed Aug 7, 2026.

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, 2026 · Filed Aug 7, 2026

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, 2026	December 31, 2025
($ 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 $6,228 and $7,000, respectively) (amortized cost of $2,206,626 and $1,848,755, respectively)	$2,192,183	$1,856,303
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $2,256 and $468, respectively)	28,192	32,822
Equity securities, at fair value	1,141	1,174
Mortgage loans, at fair value	9,218	9,902
Equity method investments	62,725	77,365
Other long-term investments	52,295	58,650
Short-term investments, at fair value	392,634	264,299
Total investments	2,738,388	2,300,515
Cash and cash equivalents	219,221	168,544
Restricted cash	83,302	30,570
Funds at Lloyd’s	121,630	2,509
Options, at fair value	40,535	34,857
Premiums and commissions receivable, net	978,409	544,217
Reinsurance recoverables, net	1,411,648	1,119,880
Ceded unearned premium	337,180	238,948
Deferred policy acquisition costs and VOBA	186,491	136,100
Deferred tax assets	47,987	27,865
Goodwill and intangible assets, net	471,185	88,040
Other assets	145,163	99,807
Total assets	$6,781,139	$4,791,852
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses	$3,070,598	$2,318,894
Unearned premiums	1,078,246	774,035
Deferred ceding commission	54,466	46,453
Reinsurance and premium payables	509,081	279,888
Funds held for others	169,051	128,003
Deferred tax liabilities	67,801	—
Accounts payable and accrued liabilities	127,154	115,034
Notes payable	417,620	100,411
Subordinated debt, net of debt issuance costs	19,585	19,569
Total liabilities	5,513,602	3,782,287
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 44,827,499 shares issued and 44,396,493 shares outstanding at June 30, 2026; 40,511,222 shares issued and outstanding at December 31, 2025	448	405
Treasury stock, at cost, 431,006 and 0 shares, respectively	(19,427)	—
Additional paid-in capital	927,690	730,555
Accumulated other comprehensive (loss) income	(7,091)	11,457
Retained earnings	365,917	267,148
Total stockholders’ equity	1,267,537	1,009,565
Total liabilities and stockholders’ equity	$6,781,139	$4,791,852

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)	2026	2025	2026	2025
Revenues:
Net earned premiums	$444,472	$295,542	$878,479	$595,908
Underwriting fee income	12,588	—	22,666	—
Commission and fee income	2,334	2,560	3,861	4,536
Net investment income	30,727	18,704	57,782	38,126
Net investment (losses) gains	(601)	3,090	2,584	9,840
Other income	13	7	28	20
Total revenues	489,533	319,903	965,400	648,430
Expenses:
Losses and loss adjustment expenses	276,741	181,262	541,964	368,571
Underwriting, acquisition and insurance expenses	123,281	85,596	247,895	172,147
Fee‑based service expenses	4,562	—	8,732	—
Interest expense	8,812	1,876	16,531	3,710
Amortization expense	8,843	372	17,686	709
Other expenses	3,737	1,002	6,959	2,063
Total expenses	425,976	270,108	839,767	547,200
Income before income taxes	63,557	49,795	125,633	101,230
Income tax expense	14,519	10,956	26,864	20,333
Net income	$49,038	$38,839	$98,769	$80,897
Comprehensive income
Net income	$49,038	$38,839	$98,769	$80,897
Other comprehensive (loss) income:
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax	(625)	11,005	(17,842)	23,260
Reclassification adjustment for (losses) gains on securities no longer held, net of tax	(490)	(3,624)	12	(3,806)
Foreign currency translation adjustment	150	—	(718)	—
Total other comprehensive (loss) income	(965)	7,381	(18,548)	19,454
Comprehensive income	$48,073	$46,220	$80,221	$100,351
Per share data:
Basic earnings per share	$1.10	$0.96	$2.22	$2.01
Diluted earnings per share	$1.07	$0.93	$2.17	$1.94
Weighted-average common shares outstanding
Basic	44,521,162	40,445,391	44,492,608	40,322,051
Diluted	45,692,641	41,871,496	45,526,233	41,771,215

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

	Three months ended June 30,
($ in thousands, except share amounts)	2026	2025
Common shares:
Balance at beginning of period	44,543,065	40,402,879
(Acquisition) issuance of common stock	(146,572)	83,777
Balance at June 30,	44,396,493	40,486,656
Treasury shares:
Balance at beginning of period	(185,022)	—
Shares acquired	(245,984)	—
Balance at June 30,	(431,006)	—
Common stock:
Balance at beginning of period	$484	$404
(Acquisition) issuance of common stock	(36)	1
Balance at June 30,	$448	$405
Treasury stock:
Balance at beginning of period	$(8,665)	$—
Issuance of treasury stock	(10,762)	—
Balance at June 30,	$(19,427)	$—
Additional paid-in capital:
Balance at beginning of period	$922,311	$721,186
Issuance of common stock	5,379	2,973
Balance at June 30,	$927,690	$724,159
Accumulated other comprehensive loss:
Balance at beginning of period	$(6,126)	$(10,047)
Other comprehensive (loss) income, net of tax	(965)	7,381
Balance at June 30,	$(7,091)	$(2,666)
Retained earnings:
Balance at beginning of period	$316,879	$139,178
Net income	49,038	38,839
Balance at June 30,	$365,917	$178,017
Total stockholders’ equity	$1,267,537	$899,915

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

	Six months ended June 30,
($ in thousands, except share amounts)	2026	2025
Common shares:
Balance at beginning of year	40,511,222	40,127,908
Issuance of shares	3,885,271	358,748
Balance at June 30,	44,396,493	40,486,656
Treasury shares:
Balance at beginning of year	—	—
Shares acquired	(431,006)	—
Balance at June 30,	(431,006)	—
Common stock:
Balance at beginning of year	$405	$401
Issuance of common stock	43	4
Balance at June 30,	$448	$405
Treasury stock:
Balance at beginning of year	$—	$—
Treasury stock acquired	(19,427)	—
Balance at June 30,	$(19,427)	$—
Additional paid-in capital:
Balance at beginning of year	$730,555	$718,598
Issuance of common stock	197,135	5,561
Balance at June 30,	$927,690	$724,159
Accumulated other comprehensive loss:
Balance at beginning of year	$11,457	$(22,120)
Other comprehensive (loss) income, net of tax	(18,548)	19,454
Balance at June 30,	$(7,091)	$(2,666)
Retained earnings:
Balance at beginning of year	$267,148	$97,120
Net income	98,769	80,897
Balance at June 30,	$365,917	$178,017
Total stockholders’ equity	$1,267,537	$899,915

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