Skyward Specialty Insurance Group, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout 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, 2026 · Filed Nov 6, 2026
SKWD$63.30+5.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Balance Sheets as of and (unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| ($ 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 $5,910 and $7,000, respectively) (amortized cost of $2,265,283 and $1,848,755, respectively) | $2,191,576 | $1,856,303 |
| Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $4,228 and $468, respectively) | 26,446 | 32,822 |
| Equity securities, at fair value | 1,088 | 1,174 |
| Mortgage loans, at fair value | 6,712 | 9,902 |
| Equity method investments | 62,686 | 77,365 |
| Other long-term investments | 66,847 | 58,650 |
| Short-term investments, at fair value | 531,449 | 264,299 |
| Total investments | 2,886,804 | 2,300,515 |
| Cash and cash equivalents | 187,615 | 168,544 |
| Restricted cash | 96,675 | 30,570 |
| Funds at Lloyd’s | 121,630 | 2,509 |
| Options, at fair value | 31,846 | 34,857 |
| Premiums and commissions receivable, net | 1,091,077 | 544,217 |
| Reinsurance recoverables, net | 1,460,189 | 1,119,880 |
| Ceded unearned premium | 389,749 | 238,948 |
| Deferred policy acquisition costs and VOBA | 190,373 | 136,100 |
| Deferred tax assets | 65,773 | 27,865 |
| Goodwill and intangible assets, net | 469,054 | 88,040 |
| Other assets | 155,661 | 99,807 |
| Total assets | $7,146,446 | $4,791,852 |
| Liabilities and stockholders’ equity | ||
| Liabilities: | ||
| Reserves for losses and loss adjustment expenses | $3,208,137 | $2,318,894 |
| Unearned premiums | 1,225,726 | 774,035 |
| Deferred ceding commission | 62,708 | 46,453 |
| Reinsurance and premium payables | 565,980 | 279,888 |
| Funds held for others | 151,163 | 128,003 |
| Deferred tax liabilities | 66,924 | — |
| Accounts payable and accrued liabilities | 152,910 | 115,034 |
| Notes payable | 417,037 | 100,411 |
| Subordinated debt, net of debt issuance costs | 19,593 | 19,569 |
| Total liabilities | 5,870,178 | 3,782,287 |
| Stockholders’ equity | ||
| Common stock, $0.01 par value, 500,000,000 shares authorized, 44,846,532 shares issued and 44,413,449 shares outstanding at September 30, 2026; 40,511,222 shares issued and outstanding at December 31, 2025 | 448 | 405 |
| Treasury stock, at cost, 433,083 and 0 shares, respectively | (19,552) | — |
| Additional paid-in capital | 933,877 | 730,555 |
| Accumulated other comprehensive (loss) income | (54,218) | 11,457 |
| Retained earnings | 415,713 | 267,148 |
| Total stockholders’ equity | 1,276,268 | 1,009,565 |
| Total liabilities and stockholders’ equity | $7,146,446 | $4,791,852 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (UNAUDITED)
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| ($ in thousands, except share and per share amounts) | 2026 | 2025 | 2026 | 2025 |
| Revenues: | ||||
| Net earned premiums | $406,864 | $351,797 | $1,285,343 | $947,705 |
| Underwriting fee income | 11,000 | — | 33,666 | — |
| Commission and fee income | 3,118 | 1,904 | 6,979 | 6,440 |
| Net investment income | 33,879 | 22,014 | 91,661 | 60,140 |
| Net investment gains | 466 | 7,047 | 3,050 | 16,887 |
| Other income (loss) | 14 | (236) | 42 | (216) |
| Total revenues | 455,341 | 382,526 | 1,420,741 | 1,030,956 |
| Expenses: | ||||
| Losses and loss adjustment expenses | 251,036 | 213,780 | 793,000 | 582,351 |
| Underwriting, acquisition and insurance expenses | 118,002 | 101,676 | 365,897 | 273,823 |
| Fee‑based service expenses | 4,075 | — | 12,807 | — |
| Interest expense | 6,997 | 1,919 | 23,528 | 5,629 |
| Amortization expense | 8,843 | 455 | 26,529 | 1,164 |
| Other expenses | 2,744 | 4,149 | 9,703 | 6,212 |
| Total expenses | 391,697 | 321,979 | 1,231,464 | 869,179 |
| Income before income taxes | 63,644 | 60,547 | 189,277 | 161,777 |
| Income tax expense | 13,848 | 14,646 | 40,712 | 34,979 |
| Net income | $49,796 | $45,901 | $148,565 | $126,798 |
| Comprehensive income | ||||
| Net income | $49,796 | $45,901 | $148,565 | $126,798 |
| Other comprehensive (loss) income: | ||||
| Unrealized gains and losses on investments: | ||||
| Net change in unrealized (losses) gains on investments, net of tax | (47,742) | 6,740 | (65,584) | 30,000 |
| Reclassification adjustment for gains on securities no longer held, net of tax | 849 | 5,465 | 861 | 1,659 |
| Foreign currency translation adjustment | (234) | — | (952) | — |
| Total other comprehensive (loss) income | (47,127) | 12,205 | (65,675) | 31,659 |
| Comprehensive income | $2,669 | $58,106 | $82,890 | $158,457 |
| Per share data: | ||||
| Basic earnings per share | $1.12 | $1.13 | $3.34 | $3.14 |
| Diluted earnings per share | $1.09 | $1.10 | $3.26 | $3.03 |
| Weighted-average common shares outstanding | ||||
| Basic | 44,405,132 | 40,487,069 | 44,462,989 | 40,377,864 |
| Diluted | 45,799,617 | 41,868,449 | 45,618,514 | 41,784,976 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.