# EDGAR Filing Document

**Accession Number:** 0001519449
**File Stem:** 0001519449-25-000033
**Filing Date:** 2025-7
**Character Count:** 38992
**Document Hash:** 4c6cd439013b6518d6e591f1bf5773ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001519449-25-000033.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001519449-25-000033

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Skyward Specialty Insurance Group, Inc.
- **CENTRAL INDEX KEY:** 0001519449
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 141957288
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41591
- **FILM NUMBER:** 251167114

**BUSINESS ADDRESS:**
- **STREET 1:** 800 GESSNER
- **STREET 2:** SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024
- **BUSINESS PHONE:** 713-935-4888

**MAIL ADDRESS:**
- **STREET 1:** 800 GESSNER
- **STREET 2:** SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Houston International Insurance Group LTD
- **DATE OF NAME CHANGE:** 20140801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Houston International Insurance Group
- **DATE OF NAME CHANGE:** 20110428

?xml version='1.0' encoding='ASCII'? skwd-20250730

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K**

**___________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of The Securities Exchange Act of 1934**

Date of Report (date of earliest event reported): **July 30, 2025**

**___________________________________**

**Skyward Specialty Insurance Group, Inc.**

**(Exact name of registrant as specified in its charter)**

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Delaware**<br>(State or other jurisdiction of <br>incorporation or organization) | **001-41591**<br>(Commission File Number) | **14-1957288**<br>(I.R.S. Employer Identification Number) |
| **800 Gessner Road, Suite 600**<br>**Houston, Texas**  | | **77024-4284** |
| (Address of principal executive offices and zip code) |  | (Zip Code) |
| **(713) 935-4800** | **(713) 935-4800** | **(713) 935-4800** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |

---

**___________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| Common stock, par value $0.01 | SKWD | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Emerging growth company | **☐** |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition** |

---

On July 30, 2025, Skyward Specialty Insurance Group, Inc. (the "Company") issued a press release announcing the results of the Company's operations for the quarter and fiscal period ended June 30, 2025. The press release is furnished as Exhibit 99.1 to this Report and is hereby incorporated by reference in this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

**Forward-Looking Statements**

Statements made in this Current Report on Form 8-K, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this report was prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate," and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, changes in interest rate environment, management's business strategy, national, regional, and local market conditions and legislative and regulatory conditions.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |
| (d) | &nbsp;&nbsp;&nbsp;&nbsp; Exhibits |

---

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u> |
| 99.1 | <u>[Press Release dated July 30, 2025](earningsrelease-ex9912q2025.htm)</u> |
| 104.1 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **SKYWARD SPECIALTY INSURANCE GROUP, INC.** |
| Date: | July 30, 2025 | /s/ Mark Haushill |
| | | Mark Haushill |
| | | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![skwdlogo.jpg](skwdlogo.jpg)

**Skyward Specialty Insurance Group Reports Second Quarter 2025 Results**

Houston, TX – July 30, 2025 – Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) ("Skyward Specialty" or the "Company") today reported second quarter 2025 net income of $38.8 million, or $0.93 per diluted share, compared to $31.0 million, or $0.75 per diluted share, for the same 2024 period. Net income for the first half of 2025 was $80.9 million, or $1.94 per diluted share, compared to $67.8 million, or $1.65 per diluted share, for the same 2024 period.

Adjusted operating income<sup>(1)</sup> for the second quarter of 2025 was $37.1 million, or $0.89 per diluted share, compared to $33.0 million, or $0.80 per diluted share, for the same 2024 period. Adjusted operating income<sup>(1)</sup> for the first half of 2025 was $74.5 million, or $1.78 per diluted share, compared to $63.9 million, or $1.56 per diluted share, for the same 2024 period.

Highlights for the second quarter included:

• Gross written premiums of $584.9 million, an increase of 17.9% compared to 2024;

• Combined ratio of 89.4%;

• Ex-Cat combined ratio of 88.0%;

• Annualized return on equity of 19.1% for the six months ended June 30, 2025; and,

• Book value per share of $22.23, an increase of 12% compared to December 31, 2024.

<sup>(1)</sup> *See "Reconciliation of Non-GAAP Financial Measures"*

Skyward Specialty Chairman and CEO Andrew Robinson commented, "Our results for the second quarter and for the first half of the year have been outstanding and reflect the strength of our specialized underwriting and claims capabilities, and our execution excellence. In an increasingly challenging market environment, our 18% growth for the second quarter and best ever 89.4% combined ratio are again a demonstration of the power of our portfolio diversity and our ability to deploy capital to attractive markets that enable us to grow underwriting profitability while managing our volatility. As market conditions continue to evolve, we are confident that the disciplined execution of our "Rule Our Niche" strategy will enable us to continue to deliver top quartile returns to our shareholders."

------

**Results of Operations**

*Underwriting Results*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Premiums** | | | | | | |
| *($ in thousands)* | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *unaudited* | **2025** | 2024 | %<br>Change | **2025** | 2024 | %<br>Change |
| Gross written premiums | $**584914** | $496243 | 17.9% | $**1120240** | $954863 | 17.3% |
| Ceded written premiums | $**(245701)** | $(199114) | 23.4% | $**(437756)** | $(370634) | 18.1% |
| &nbsp;&nbsp;Net retention | **58.0%** | 59.9% | NM <sup>(1)</sup> | **60.9%** | 61.2% | NM <sup>(1)</sup> |
| Net written premiums | $**339213** | $297129 | 14.2% | $**682484** | $584229 | 16.8% |
| Net earned premiums | $**295542** | $257583 | 14.7% | $**595908** | $493925 | 20.6% |
| <sup>(1)</sup> *Not meaningful* |  |  |  |  |  |  |

---

The increases in gross written premiums for the second quarter and first half of 2025, when compared to the same 2024 periods, were driven by double-digit premium growth from the agriculture and credit (re)insurance, specialty programs, accident & health and captives divisions. The increases in gross written premiums were partially offset by decreases in the global property and construction & energy solutions divisions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Combined Ratio** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(unaudited)* | **2025** | 2024 | **2025** | 2024 |
| &nbsp;&nbsp;Non-cat loss and LAE | **59.9%** | 60.6% | **60.1%** | 60.6% |
| &nbsp;&nbsp;Cat loss and LAE<sup>(1)</sup> | **1.4%** | 1.2% | **1.8%** | 0.8% |
| &nbsp;&nbsp;Prior accident year development - LPT | **0.0%** | (0.1)% | **0.0%** | (0.1)% |
| **Loss Ratio** | **61.3%** | 61.7% | **61.9%** | 61.3% |
| &nbsp;&nbsp;Net policy acquisition costs | **15.1%** | 14.0% | **15.0%** | 13.7% |
| &nbsp;&nbsp;Other operating and general expenses | **13.9%** | 15.8% | **13.9%** | 15.9% |
| &nbsp;&nbsp;Commission and fee income | **(0.9)%** | (0.8)% | **(0.8)%** | (0.8)% |
| **Expense ratio** | **28.1%** | 29.0% | **28.1%** | 28.8% |
| **Combined ratio** | **89.4%** | 90.7% | **90.0%** | 90.1% |
| **Ex-Cat Combined Ratio**<sup>(2)</sup> | **88.0%** | 89.5% | **88.2%** | 89.3% |
| <sup>(1)</sup> *Current accident year* | <sup>(1)</sup> *Current accident year* | <sup>(1)</sup> *Current accident year* | <sup>(1)</sup> *Current accident year* | <sup>(1)</sup> *Current accident year* |
| <sup>(2)</sup> *Defined as the combined ratio excluding cat loss and LAE*<sup>(1)</sup> | <sup>(2)</sup> *Defined as the combined ratio excluding cat loss and LAE*<sup>(1)</sup> |  |  |  |

---

The loss ratio for the second quarter improved 0.4 points and it increased 0.6 points for the first half of 2025, when compared to the same 2024 periods, respectively. Catastrophe losses in the second quarter increased marginally when compared to the same 2024 period, driven by convective storms in the South and Midwest. The first half of 2025 was also impacted by convective storms in the Midwest and the California wildfires.

The non-cat loss and LAE ratios for the second quarter and first half of 2025 improved 0.7 points and 0.5 points, respectively, when compared to the same 2024 periods, primarily driven by the business mix shift.

The expense ratios for the second quarter and first half of 2025 improved 0.9 points and 0.7 points, respectively, when compared to the same 2024 periods due to earnings leverage partially offset by higher acquisition costs due to the business mix shift.

The expense ratios for all periods presented exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.

------

*Investment Results*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Investment Income** | | | | |
| *$ in thousands* | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(unaudited)* | **2025** | 2024 | **2025** | 2024 |
| Short-term investments & cash and cash equivalents | $**4574** | $4021 | $**8615** | $9108 |
| Fixed income | **17822** | 13786 | **34552** | 26264 |
| Equities | **531** | 751 | **1188** | 1378 |
| Alternative & strategic investments | **(4338)** | 3476 | **(6428)** | 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $**18589** | $22034 | $**37927** | $40331 |
| Net unrealized (losses) gains on securities still held | $**(3181)** | $(1760) | $**2310** | $7231 |
| Net realized gains (losses) | **6386** | (39) | **7729** | (649) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | $**3205** | $(1721) | $**10039** | $6582 |

---

Net investment income for the second quarter and first half of 2025 decreased $3.4 million and $2.4 million, respectively when compared to the same 2024 periods. The decreases were primarily driven by losses from our alternative & strategic investments portfolio due to the decline in the fair value of limited partnership investments. Partially offsetting the decreases were increases in income from our fixed income portfolio due to a higher yield and larger asset base.

**Stockholders' Equity**

Stockholders' equity was $899.9 million at June 30, 2025 which represented an increase of 5.8% when compared to stockholders' equity of $850.7 million at March 31, 2025. The increase in stockholders' equity was primarily due to an increase in the market value of our investment portfolio and net income.

------

**Conference Call**

At 12:00 p.m. eastern time tomorrow, July 31, 2025, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at <u>investors.skywardinsurance.com</u> under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

**Non-GAAP Financial Measures**

This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). We refer to these measures as "non-GAAP financial measures." We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled "Reconciliation of Non-GAAP Financial Measures."

**About Skyward Specialty Insurance Group, Inc.**

Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions - Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

Skyward Specialty's subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at <u>www.skywardinsurance.com</u>.

------

**Forward-Looking Statements**

*Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words "believe," "expect," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty's Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.*

Skyward Specialty Insurance Group, Inc.

Investor contact:

Natalie Schoolcraft,

nschoolcraft@skywardinsurance.com

614-494-4988

or

Media contact:

Haley Doughty

hdoughty@skywardinsurance.com

713-935-4944

------

**Skyward Specialty Insurance Group, Inc.** 

---

| | | |
|:---|:---|:---|
| **Consolidated Balance Sheets** | | |
| *($ in thousands, except share and per share amounts)* |  |  |
| *(unaudited)* | **June 30,<br>2025** | December 31, 2024 |
| **Assets** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | $**1629464** | $1292218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $268 and $243, respectively) | **35253** | 39153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | **58001** | 106254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans, at fair value | **10168** | 26490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investments | **88804** | 98594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term investments | **44479** | 33182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, at fair value | **214338** | 274929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | **2080507** | 1870820 |
| Cash and cash equivalents | **136617** | 121603 |
| Restricted cash | **36547** | 35922 |
| Premiums receivable, net | **518441** | 321641 |
| Reinsurance recoverables, net | **925291** | 857876 |
| Ceded unearned premium | **294124** | 203901 |
| Deferred policy acquisition costs | **140903** | 113183 |
| Deferred income taxes | **28727** | 30486 |
| Goodwill and intangible assets, net | **88795** | 87348 |
| Other assets | **86440** | 86698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**4336392** | $3729478 |
| **Liabilities and stockholders' equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for losses and loss adjustment expenses | $**1918753** | $1782383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | **814063** | 637185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred ceding commission | **54952** | 40434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance and premium payables | **299481** | 177070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds held for others | **127377** | 102665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **102298** | 76206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable | **100000** | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt, net of debt issuance costs | **19553** | 19536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **3436477** | 2935479 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **724159** | 718598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(2666)** | (22120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **178017** | 97120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | **899915** | 793999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $**4336392** | $3729478 |

---

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**Skyward Specialty Insurance Group, Inc.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Condensed Consolidated Statements of Operations and Comprehensive Income** | **Condensed Consolidated Statements of Operations and Comprehensive Income** | **Condensed Consolidated Statements of Operations and Comprehensive Income** | **Condensed Consolidated Statements of Operations and Comprehensive Income** | **Condensed Consolidated Statements of Operations and Comprehensive Income** |
| *($ in thousands)* | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(unaudited)* | **2025** | 2024 | **2025** | 2024 |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earned premiums | $**295542** | $257583 | $**595908** | $493925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission and fee income | **2560** | 2053 | **4536** | 4079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | **18589** | 22034 | **37927** | 40331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | **3205** | (1721) | **10039** | 6582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (loss) | **7** | (7) | **20** | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **319903** | 279942 | **648430** | 544910 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment expenses | **181262** | 159054 | **368571** | 302968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting, acquisition and insurance expenses | **85596** | 76679 | **172147** | 146453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **1876** | 2449 | **3710** | 5176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | **372** | 360 | **709** | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | **1002** | 1045 | **2063** | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **270108** | 239587 | **547200** | 457578 |
| Income before income taxes | **49795** | 40355 | **101230** | 87332 |
| Income tax expense | **10956** | 9385 | **20333** | 19578 |
| **Net income** | $**38839** | $30970 | $**80897** | $67754 |
| Comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;Net income | $**38839** | $30970 | $**80897** | $67754 |
| &nbsp;&nbsp;Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains and losses on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments, net of tax | **11005** | (1451) | **23260** | (6869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for losses on securities no longer held, net of tax | **(3624)** | (406) | **(3806)** | (1314) |
| &nbsp;&nbsp;Total other comprehensive income (loss) | **7381** | (1857) | **19454** | (8183) |
| **Comprehensive income** | $**46220** | $29113 | $**100351** | $59571 |

---

------

**Skyward Specialty Insurance Group, Inc.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share and Per Share Data**  | | | | | |
| *($ in thousands, except share and per share amounts)* | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(unaudited)* | **2025** | **2025** | 2024 | **2025** | 2024 |
| Weighted average basic shares | **40445391** | **40445391** | 39177457 | **40322051** | 39142825 |
| Weighted average diluted shares | **41871496** | **41871496** | 41168082 | **41771215** | 41110384 |
| Basic earnings per share | **$** | **0.96** | $0.79 | $**2.01** | $1.73 |
| Diluted earnings per share | **$** | **0.93** | $0.75 | $**1.94** | $1.65 |
| Basic adjusted operating earnings per share | **$** | **0.92** | $0.84 | $**1.85** | $1.64 |
| Diluted adjusted operating earnings per share | **$** | **0.89** | $0.80 | $**1.78** | $1.56 |
| Annualized ROE <sup>(1)</sup> | **17.7%** | **17.7%** | 17.5% | **19.1%** | 19.6% |
| Annualized adjusted ROE <sup>(2)</sup> | **17.0** | **17.0%** | 18.7% | **17.6%** | 18.5% |
| Annualized ROTE <sup>(3)</sup> | **19.7%** | **19.7%** | 20.0% | **21.3%** | 22.4% |
| Annualized adjusted ROTE <sup>(4)</sup> | **18.9** | **18.9%** | 21.3% | **19.6%** | 21.2% |
|  |  |  |  | **June 30** | December 31 |
|  |  |  |  | **2025** | 2024 |
| Shares outstanding |  |  |  | **40486656** | 40127908 |
| Fully diluted shares outstanding |  |  |  | **42339395** | 42059182 |
| Book value per share |  |  |  | $**22.23** | $19.79 |
| Fully diluted book value per share |  |  |  | $**21.25** | $18.88 |
| Fully diluted tangible book value per share |  |  |  | $**19.16** | $16.80 |
| <sup>(1)</sup> *Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(1)</sup> *Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(1)</sup> *Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(1)</sup> *Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(1)</sup> *Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(1)</sup> *Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* |
| <sup>(2)</sup> *Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(2)</sup> *Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(2)</sup> *Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(2)</sup> *Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(2)</sup> *Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* | <sup>(2)</sup> *Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period* |
| <sup>(3)</sup> *Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(3)</sup> *Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(3)</sup> *Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(3)</sup> *Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(3)</sup> *Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(3)</sup> *Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* |
| <sup>(4)</sup> *Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(4)</sup> *Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(4)</sup> *Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(4)</sup> *Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(4)</sup> *Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* | <sup>(4)</sup> *Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period* |

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**Skyward Specialty Insurance Group, Inc.** 

**Reconciliation of Non-GAAP Financial Measures**

**Adjusted operating income** – We define adjusted operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted operating income differently.&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(unaudited)* | **2025** | **2025** | 2024 | 2024 | **2025** | **2025** | 2024 | 2024 |
|  | **Pre-tax** | **After-tax** | Pre-tax | After-tax | **Pre-tax** | **After-tax** | Pre-tax | After-tax |
| Income as reported | $**49795** | $**38839** | $40355 | $30970 | $**101230** | $**80897** | $87332 | $67754 |
| Less (add): |  |  |  |  |  |  |  |  |
| Net investment gains (losses) | **3205** | **2500** | (1721) | (1360) | **10039** | **8023** | 6582 | 5200 |
| Net impact of loss portfolio transfer | **—** | **—** | 241 | 190 | **—** | **—** | 482 | 381 |
| Other income (loss) | **7** | **5** | (7) | (6) | **20** | **16** | (7) | (6) |
| Other expenses | **(1002)** | **(782)** | (1045) | (826) | **(2063)** | **(1649)** | (2233) | (1764) |
| **Adjusted operating income** | $**47585** | $**37116** | $42887 | $32972 | $**93234** | $**74507** | $82508 | $63943 |

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**Underwriting income** – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *(unaudited)* | **2025** | 2024 | **2025** | 2024 |
| Income before income taxes | $**49795** | $40355 | $**101230** | $87332 |
| Add: |  |  |  |  |
| Interest expense | **1876** | 2449 | **3710** | 5176 |
| Amortization expense | **372** | 360 | **709** | 748 |
| Other expenses | **1002** | 1045 | **2063** | 2233 |
| Less (Add): |  |  |  |  |
| Net investment income | **18589** | 22034 | **37927** | 40331 |
| Net investment gains (losses) | **3205** | (1721) | **10039** | 6582 |
| Other income (loss) | **7** | (7) | **20** | (7) |
| **Underwriting income** | $**31244** | $23903 | $**59726** | $48583 |

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**Skyward Specialty Insurance Group, Inc.** 

**Reconciliation of Non-GAAP Financial Measures**

**Tangible Stockholders' Equity** – We define tangible stockholders' equity as stockholders' equity less goodwill and intangible assets. Our definition of tangible stockholders' equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders' equity calculated in accordance with GAAP. We use tangible stockholders' equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

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| | | | |
|:---|:---|:---|:---|
| *($ in thousands)* | **June 30,** | **June 30,** | December 31, |
| *(unaudited)* | **2025** | 2024 | 2024 |
| Stockholders' equity | $**899915** | $723620 | $793999 |
| Less: Goodwill and intangible assets | **88795** | 87868 | 87348 |
| **Tangible stockholders' equity** | $**811120** | $635752 | $706651 |

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**Skyward Specialty Insurance Group, Inc.** 

**Gross Written Premiums by Underwriting Division (Unaudited)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| *($ in thousands)* | **2025** | 2024 | %<br>Change | **2025** | 2024 | % Change |
| Accident & Health | $**60489** | $44088 | 37.2% | $**123658** | $84989 | 45.5% |
| Agriculture and Credit (Re)insurance | **71573** | 36592 | 95.6% | **159420** | 79913 | 99.5% |
| Captives | **76961** | 62099 | 23.9% | **145362** | 130507 | 11.4% |
| Construction & Energy Solutions | **73613** | 78214 | (5.9)% | **149184** | 152436 | (2.1)% |
| Global Property | **83992** | 88231 | (4.8)% | **130678** | 145543 | (10.2)% |
| Professional Lines | **38147** | 38106 | 0.1% | **79313** | 80345 | (1.3)% |
| Specialty Programs | **85955** | 59644 | 44.1% | **148630** | 111822 | 32.9% |
| Surety | **40737** | 37642 | 8.2% | **78535** | 71484 | 9.9% |
| Transactional E&S | **53461** | 51609 | 3.6% | **105467** | 97841 | 7.8% |
| &nbsp;&nbsp;**Total gross written premiums**<sup>(1)</sup> | $**584928** | $496225 | 17.9% | $**1120247** | $954880 | 17.3% |
| <sup>(1)</sup> *Excludes exited business* |  |  |  |  |  |  |

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| | | |
|:---|:---|:---|
| | **Twelve months ended June 30,** | **Twelve months ended June 30,** |
| *($ in thousands)* | **2025** | % of Total |
| Accident & Health | $**211742** | 11.1% |
| Agriculture and Credit (Re)insurance | **197578** | 10.4% |
| Captives | **256757** | 13.5% |
| Construction & Energy Solutions | **293329** | 15.4% |
| Global Property | **186930** | 9.8% |
| Professional Lines | **158753** | 8.3% |
| Specialty Programs | **255215** | 13.4% |
| Surety | **151016** | 7.9% |
| Transactional E&S | **197296** | 10.3% |
| &nbsp;&nbsp;**Total gross written premiums**<sup>(1)</sup> | $**1908616** | 100.0% |
| <sup>(1)</sup> *Excludes exited business* |  |  |

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