Skyward Specialty Insurance Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Skyward Specialty Insurance Group, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

Skyward Specialty Insurance Group, Inc. (SKWD) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Skyward Specialty Insurance Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. The filing was made on May 3, 2024. The company's principal business address is 800 Gessner Street, Suite 600, Houston, TX 77024.

Why It Matters

For investors and stakeholders tracking Skyward Specialty Insurance Group, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Skyward Specialty Insurance Group, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the insurance market.

Risk Assessment

Risk Level: low — Skyward Specialty Insurance Group, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material changes beyond routine financial disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Skyward Specialty Insurance Group's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of 2024)
• 2023-12-31 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• Skyward Specialty Insurance Group, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-03 (date) — Filed as of date
• 800 Gessner Street, Suite 600, Houston, TX 77024 (address) — Business address
• 141957288 (identifier) — IRS number
• 001-41591 (identifier) — SEC file number

FAQ

Industry Context

Skyward Specialty Insurance Group operates within the FIRE, MARINE & CASUALTY INSURANCE industry, a sector characterized by risk assessment, underwriting, and claims management.

Regulatory Implications

The company is subject to regulations governing the insurance industry, which vary by state and federal jurisdiction, impacting its operations and financial reporting.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding changes in accounting policies or significant estimates.
3. Examine the management's discussion and analysis for insights into business trends and future outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year-end report.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 SKWD The Nasdaq Stock Market LLC Indi

Filing Documents

• skwd-20240331.htm (10-Q) — 1545KB
• exhibit311302ceocertificat.htm (EX-31.1) — 11KB
• exhibit312302cfocertificat.htm (EX-31.2) — 11KB
• exhibit321906certification.htm (EX-32.1) — 8KB
• 0001519449-24-000024.txt (&nbsp;) — 8860KB
• skwd-20240331.xsd (EX-101.SCH) — 55KB
• skwd-20240331_cal.xml (EX-101.CAL) — 101KB
• skwd-20240331_def.xml (EX-101.DEF) — 259KB
• skwd-20240331_lab.xml (EX-101.LAB) — 639KB
• skwd-20240331_pre.xml (EX-101.PRE) — 483KB
• skwd-20240331_htm.xml (XML) — 1692KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three-Month Periods Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three-Month Periods Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three-Month Periods Ended March 31, 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 Part II Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 34

Signatures

Signatures 35 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 ($ in thousands, except share and per share amounts) (Unaudited) Assets Investments: Fixed maturity securities, available-for-sale, at fair value (amortized cost of $ 1,102,190 and $ 1,047,713 , respectively) $ 1,065,175 $ 1,017,651 Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $ 329 ) 42,700 42,986 Equity securities, at fair value 117,083 118,249 Mortgage loans, at fair value 44,309 50,070 Equity method investments 103,962 110,653 Other long-term investments 2,045 3,852 Short-term investments, at fair value 297,932 270,226 Total investments 1,673,206 1,613,687 Cash and cash equivalents 85,059 65,891 Restricted cash 30,210 34,445 Premiums receivable, net 273,410 179,235 Reinsurance recoverables, net 612,043 596,334 Ceded unearned premium 204,625 186,121 Deferred policy acquisition costs 104,697 91,955 Deferred income taxes 23,607 21,991 Goodwill and intangible assets, net 88,137 88,435 Other assets 92,063 75,341 Total assets $ 3,187,057 $ 2,953,435 Liabilities and stockholders' equity Liabilities: Reserves for losses and loss adjustment expenses $ 1,376,946 $ 1,314,501 Unearned premiums 621,794 552,532 Deferred ceding commission 41,062 37,057 Reinsurance and premium payables 193,760 150,156 Funds held for others 88,864 58,588 Accounts payable and accrued liabilities 53,443 50,880 Notes payable 100,000 50,000 Subordinated debt, net of debt issuance costs 18,916 78,690 Total liabilities 2,494,785 2,292,404 Stockholders' equity Common stock, $ 0.01 par value, 500,000,000 shares authorized, 39,995,027 and 39,863,756 shares issued and outstanding, respectively 400 399 Additional paid-in capital 711,309 710,855 Stock notes receivable ( 5,234 ) ( 5,562 ) Accumulated other comprehensive loss ( 29,279 ) ( 22,953 ) Reta