Skyward Specialty Insurance Group, Inc. Files 2023 Annual Report (10-K)

Ticker: SKWD · Form: 10-K · Filed: 2024-04-01T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, Annual Report, Skyward Specialty Insurance, SKWD, Financials

TL;DR

<b>Skyward Specialty Insurance Group, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

Skyward Specialty Insurance Group, Inc. (SKWD) filed a Annual Report (10-K) with the SEC on April 1, 2024. Skyward Specialty Insurance Group, Inc. filed its 2023 10-K report on April 1, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Fire, Marine & Casualty Insurance. Skyward Specialty Insurance Group, Inc. was formerly known as Houston International Insurance Group LTD. The company is incorporated in Delaware and headquartered in Houston, Texas.

Why It Matters

For investors and stakeholders tracking Skyward Specialty Insurance Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Skyward Specialty Insurance Group's financial performance, operations, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. As a publicly traded entity, the timely filing of this 10-K is a regulatory requirement that ensures transparency and allows stakeholders to make informed investment decisions based on audited financial data.

Risk Assessment

Risk Level: low — Skyward Specialty Insurance Group, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain any immediate red flags or unusual disclosures that would suggest a high-risk situation.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Skyward Specialty Insurance Group's performance and potential challenges in the upcoming fiscal year.

Key Numbers

Key Players & Entities

FAQ

When did Skyward Specialty Insurance Group, Inc. file this 10-K?

Skyward Specialty Insurance Group, Inc. filed this Annual Report (10-K) with the SEC on April 1, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Skyward Specialty Insurance Group, Inc. (SKWD).

Where can I read the original 10-K filing from Skyward Specialty Insurance Group, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Skyward Specialty Insurance Group, Inc..

What are the key takeaways from Skyward Specialty Insurance Group, Inc.'s 10-K?

Skyward Specialty Insurance Group, Inc. filed this 10-K on April 1, 2024. Key takeaways: Skyward Specialty Insurance Group, Inc. filed its 2023 10-K report on April 1, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is Fire, Marine & Casualty Insurance..

Is Skyward Specialty Insurance Group, Inc. a risky investment based on this filing?

Based on this 10-K, Skyward Specialty Insurance Group, Inc. presents a relatively low-risk profile. The filing is a standard annual report (10-K) and does not contain any immediate red flags or unusual disclosures that would suggest a high-risk situation.

What should investors do after reading Skyward Specialty Insurance Group, Inc.'s 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand Skyward Specialty Insurance Group's performance and potential challenges in the upcoming fiscal year. The overall sentiment from this filing is neutral.

How does Skyward Specialty Insurance Group, Inc. compare to its industry peers?

Skyward Specialty Insurance Group operates within the Fire, Marine & Casualty Insurance sector, a segment of the broader insurance industry focused on property and casualty risks.

Are there regulatory concerns for Skyward Specialty Insurance Group, Inc.?

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to disclose material information to investors.

Industry Context

Skyward Specialty Insurance Group operates within the Fire, Marine & Casualty Insurance sector, a segment of the broader insurance industry focused on property and casualty risks.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to disclose material information to investors.

What Investors Should Do

  1. Analyze the financial statements within the 10-K for revenue, net income, and balance sheet details.
  2. Examine the risk factors section for potential threats to the company's operations and profitability.
  3. Review any executive compensation details or significant business segment information provided in the filing.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, providing detailed financial and operational information for the fiscal year.)
SEC
Securities and Exchange Commission, the U.S. government agency responsible for regulating the securities industry. (The SEC mandates the filing of 10-K reports to ensure transparency for investors.)

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following the company's reporting cycle.

Filing Stats: 4,379 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-04-01 14:47:43

Key Financial Figures

Filing Documents

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 29

Cybersecurity

Item 1C. Cybersecurity 29

Properties

Item 2. Properties 30

Legal Proceedings

Item 3. Legal Proceedings 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

[Reserved]

Item 6. [Reserved] 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 50

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 51

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 96

Controls and Procedures

Item 9A. Controls and Procedures 96

Other Information

Item 9B. Other Information 96

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 97

Executive Compensation

Item 11. Executive Compensation 97

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 97

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 97

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 97 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 98

Signatures

Signatures 108

Forward-Looking Statements

Forward-Looking Statements All statements, other than statements of historical facts, included in this Annual Report on Form 10-K of Skyward Specialty Insurance Group, Inc. ("Skyward Specialty" or "SKWD") for the fiscal year ended December 31, 2023 (this "Form 10-K"), or incorporated herein by reference, including, without limitation, statements regarding Skyward Specialty's future financial position, business strategy, budgets, projected costs, goals and plans and objectives of management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "project," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Forward-looking statements speak only as the date the statements were made. Although Skyward Specialty believes that the expectations reflected in forward-looking statements have a reasonable basis, it can give no assurance that these expectations will prove to be correct. Forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. For a discussion of the most significant risks and uncertainties that could cause Skyward Specialty's actual results to differ materially from those projected, see "Risk Factors" in Item 1A of this Form 10-K. Except to the limited extent required by applicable law, Skyward Specialty undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Table of Contents Select Insurance and Financial Terms Gross written premiums Gross written premiums are the amounts received, or to be received, for insurance policies written or assumed by us during a specific

Business

Item 1. Business Who We Are Skyward Specialty was formed as a Delaware corporation on January 3, 2006 as an insurance holding company. We operated under the name Houston International Insurance Group, Ltd. until we re-branded as Skyward Specialty in November 2020. References to "the Company," "we," "our," "us" or like terms refer to the business of Skyward Specialty Insurance Group, Inc. and its subsidiaries. We are a growing specialty insurance company delivering commercial property and casualty (P&C) products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers operating in these markets. Our customers typically require highly specialized, customized underwriting solutions and claims capabilities. As such, we develop and deliver tailored insurance products and services to address each of the niche markets we serve. Our portfolio of insured risks is highly diversified—we insure customers operating in a wide variety of industries; we distribute through multiple channels; we write multiple lines of business, including general liability, excess liability, professional liability (including cyber insurance), commercial auto, group accident and health, property, agriculture, surety and workers' compensation; we insure both short and medium duration liabilities; and our business mix is balanced between E&S and admitted markets. All of these factors enable us to respond to market opportunities and dislocations by deploying capital where we believe we can consistently earn attractive risk-adjusted returns. We believe this diversification, combined with our underwriting and claims expertise, will produce strong growth and consistent profitability across P&C insurance pricing cycles. We are led by an entre

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