Skyward Specialty Insurance Group, Inc. (SKWD) SEC Filings & Earnings Calls

Merger completion risk

“The completion of the Merger is subject to certain closing conditions, including stockholder approval and certain regulatory conditions, which may not be satisfied on a timely basis or at all, and the failure to consummate the Merger within the expected timeframe or at all could adversely impact our business, financial condition, and results of operations.”

Weather catastrophe exposure

“As a result of the Winter Storms, the Company received approximately 1,800 reported claims totaling $42,736 of losses and loss adjustment expenses for the six months ended June 30, 2026.”

Policy count decline

“For the six months ended June 30, 2026, the Company experienced policy count declines of 8.8% in Private Passenger Automobile and 4.0% in Homeowners lines, partially offset by 2.7% growth in Commercial Automobile policies, compared to the same period in 2025.”

Catastrophe loss exposure remains a risk, though manageable at 1.9 points of combined ratio

“Combined ratio of 89.5%, inclusive of 1.9 points of catastrophe losses” · word for word

Some divisions showing contraction: Captives -16.6%, Energy Solutions -16.2%, Global Property -15.3%

“Captives (16.6)%, Energy Solutions (16.2)%, Global Property (15.3)%”

Regulatory compliance cost

“Compliance with these laws and regulations requires significant and ongoing investment in people, systems, processes, and controls, and as we may be required to modify or enhance our security measures, monitoring systems, training programs, and contractual protections with third parties as these laws and regulations continue to evolve.” · word for word

Tax policy pressure

“We do not expect the OBBB Act to have a material impact on our results of operations.” · word for word

Catastrophe losses of 1.8 points in combined ratio.

“Inclusive of 1.8 points of catastrophe losses.” · word for word

Integration Risk from Apollo Acquisition

“Following the acquisition of Apollo in January 2026, the Company’s organizational structure and compensation programs were updated in order to align with the Company’s post-acquisition business priorities.” · word for word

Key Person Dependency on CEO

“Mr. Robinson's 2026 Compensation: Base salary of $1,100,000; target annual incentive opportunity of 150% of base salary; target long-term incentive opportunity of $4,000,000” · word for word

Adverse development in exited lines

“The adverse development is primarily attributable to commercial auto and excess over auto in divisions that we have non-renewed or significantly reduced our exposure over the past three years.” · word for word

Alternative investment volatility

“The decrease in income from our alternative and strategic investments portfolio in 2025 when compared to 2024 due to a decline in the fair value of limited partnership investments.” · word for word

Interest rate risk on fixed income portfolio

“300 basis point increase in interest rates would reduce fair value of fixed income portfolio by $201.8 million (10.9%).”

Integration risk from Apollo acquisition

“The integration of Apollo into our business involves a number of risks and uncertainties, the occurrence of which could adversely affect our business, financial condition, and operating results.” · word for word

Alternative & strategic investments portfolio continued to be impacted by decline in fair value of limited partnership investments

“Alternative & strategic investments portfolio continued to be impacted by the decline in the fair value of limited partnership investments” · word for word

Acquisition integration risk and increased leverage from term loan.

“Term Loan Credit Agreement dated December 30, 2025.” · word for word

Acquisition integration risk; guidance contingent on closing.

“Guidance assumes closing of Apollo acquisition; subject to final conditions.”

Catastrophe loss exposure; 2.0-2.5 points in combined ratio.

“Combined ratio includes 2.0 to 2.5 points of catastrophe losses.”

Credit loss exposure on fixed maturity securities

“The Company reviewed its investments at September 30, 2025 and determined that for two available-for-sale securities in the 'corporate securities and miscellaneous' category, credit impairments existed, based on new recovery analysis that showed deteriorating conditions raising credit concerns.” · word for word

Market risk from equity securities

“Net unrealized losses on equity securities of $22.9 million for the nine months ended September 30, 2025.”

Interest rate risk on fixed maturity portfolio

“Gross unrealized losses on fixed maturity securities of $18.5 million as of September 30, 2025.”

Catastrophe losses from convective storms and California wildfires impacted first nine months.

“The first nine months of 2025 were impacted by convective storms in the Midwest and the California wildfires.” · word for word

Alternative & strategic investments portfolio impacted by decline in fair value of limited partnership investments.

“The alternative & strategic investments portfolio continued to be impacted by the decline in the fair value of limited partnership investments.” · word for word