Skyward Specialty Insurance Group Files Q3 2024 10-Q

Ticker: SKWD · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, insurance, financials

TL;DR

Skyward Specialty Insurance Group filed its Q3 2024 10-Q, showing updated financials and operations.

AI Summary

Skyward Specialty Insurance Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial metrics and business activities are presented, reflecting the company's ongoing operations in the insurance sector.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Skyward Specialty Insurance Group, crucial for understanding the company's current health and future prospects in the insurance market.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal positive or negative trends impacting the company's stock.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Skyward Specialty Insurance Group, Inc.?

Skyward Specialty Insurance Group, Inc. operates in the FIRE, MARINE & CASUALTY INSURANCE sector, as indicated by its SIC code 6331.

What is the fiscal year end for Skyward Specialty Insurance Group, Inc.?

The fiscal year end for Skyward Specialty Insurance Group, Inc. is December 31st.

When was the company formerly known as Houston International Insurance Group LTD?

The company's name changed from Houston International Insurance Group LTD on August 1, 2014.

What is the SEC file number for Skyward Specialty Insurance Group, Inc.?

The SEC file number for Skyward Specialty Insurance Group, Inc. is 001-41591.

What is the business address of Skyward Specialty Insurance Group, Inc.?

The business address is 800 GESSNER STREET, SUITE 600, HOUSTON, TX 77024.

Filing Stats: 4,620 words · 18 min read · ~15 pages · Grade level 19.8 · Accepted 2024-11-07 13:01:56

Key Financial Figures

Filing Documents

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Nine -Month Periods Ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine -Month Periods Ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Nine -Month Periods Ended September 30, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38 Part II Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures 42 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 September 30, 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 $ 1,359,700 and $ 1,047,713 , respectively) $ 1,357,500 $ 1,017,651 Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $ 239 and $ 329 , respectively) 39,321 42,986 Equity securities, at fair value 124,719 118,249 Mortgage loans, at fair value 36,267 50,070 Equity method investments 102,111 110,653 Other long-term investments 23,802 3,852 Short-term investments, at fair value 206,358 270,226 Total investments 1,890,078 1,613,687 Cash and cash equivalents 105,573 65,891 Restricted cash 45,783 34,445 Premiums receivable, net 327,176 179,235 Reinsurance recoverables, net 686,725 596,334 Ceded unearned premium 236,962 186,121 Deferred policy acquisition costs 119,910 91,955 Deferred income taxes 18,502 21,991 Goodwill and intangible assets, net 87,607 88,435 Other assets 80,547 75,341 Total assets $ 3,598,863 $ 2,953,435 Liabilities and stockholders' equity Liabilities: Reserves for losses and loss adjustment expenses $ 1,568,777 $ 1,314,501 Unearned premiums 692,452 552,532 Deferred ceding commission 44,984 37,057 Reinsurance and premium payables 200,967 150,156 Funds held for others 102,219 58,588 Accounts payable and accrued liabilities 73,001 50,880 Notes payable 100,000 50,000 Subordinated debt, net of debt issuance costs 18,956 78,690 Total liabilities 2,801,356 2,292,404 Stockholders' equity Common stock, $ 0.01 par value, 500,000,000 shares authorized, 40,099,931 and 39,863,756 shares issued and outstanding, respectively 401 399 Additional paid-in capital 716,095 710,855 Stock notes receivable — ( 5,562 ) Accumulated other comprehensive loss ( 1,

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