$SKWD
Skyward Specialty Insurance Group, Inc.
CIK:0001519449|SEC Filings
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Revenues: | ||||
| Net earned premiums | $ 444,472 | $ 295,542 | $ 878,479 | $ 595,908 |
| Underwriting fee income | 12,588 | 0 | 22,666 | 0 |
| 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 | 0 | 8,732 | 0 |
| 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 |
| 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 | 0 | (718) | 0 |
| 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 (in dollar per share) | $ 1.10 | $ 0.96 | $ 2.22 | $ 2.01 |
| Diluted earnings per share (in dollar per share) | $ 1.07 | $ 0.93 | $ 2.17 | $ 1.94 |
| Weighted-average common shares outstanding | ||||
| Basic (in shares) | 44,521,162 | 40,445,391 | 44,492,608 | 40,322,051 |
| Diluted (in shares) | 45,692,641 | 41,871,496 | 45,526,233 | 41,771,215 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| 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: | ||
| 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 | 0 |
| 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) | 0 |
| 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 |