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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): August 5, 2024
___________________________________
Skyward Specialty Insurance Group, Inc.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
(State or other jurisdiction of
incorporation or organization)
001-41591
(Commission File Number)
14-1957288
(I.R.S. Employer Identification Number)
800 Gessner Road, Suite 600
Houston, Texas
77024-4284
(Address of principal executive offices and zip code)
(Zip Code)
(713) 935-4800
(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:
Title of each class
Trading Symbol
Name of each exchange on which registered
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
x
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. o On August 5, 2024, 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, 2024. The press release is furnished as Exhibit 99.1 to this Report and is hereby incorporated by reference in this Item 2.02.




Item 2.02.
Results of Operations and Financial Condition

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.

Item 9.01.
Financial Statements and Exhibits
(d)      Exhibits

Exhibit No. Description
99.1
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:
August 5, 2024
/s/ Mark Haushill
Mark Haushill
Chief Financial Officer



EX-99.1 2 earningsrelease-ex9912q2024.htm EX-99.1 Document
Exhibit 99.1
skwdlogo.jpg
Skyward Specialty Insurance Group Reports Second Quarter 2024 Results
Houston, TX – August 5, 2024 – Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported second quarter 2024 net income of $31.0 million, or $0.75 per diluted share, compared to $19.5 million, or $0.51 per diluted share, for the same 2023 period. Net income for the first half of 2024 was $67.8 million, or $1.65 per diluted share, compared to $35.0 million, or $0.93 per diluted share, for the same 2023 period.
Adjusted operating income(1) for the second quarter of 2024 was $33.1 million, or $0.80 per diluted share, compared to $16.0 million, or $0.42 per diluted share, for the same 2023 period. Adjusted operating income(1) for the first half of 2024 was $64.0 million, or $1.56 per diluted share, compared to $31.5 million, or $0.84 per diluted share, for the same 2023 period.
Highlights for the second quarter included:
•Gross written premiums increased 17.6%.
•Underwriting income(1) of $23.9 million compared to $15.5 million for the second quarter of 2023.
•Adjusted operating income(1) of $33.1 million compared to $16.0 million for the second quarter of 2023.
•Combined ratio of 90.7% compared to 92.0% for the second quarter of 2023.
•Cat loss and LAE ratio of 1.2% compared to 3.5% for the second quarter of 2023.
•Annualized return on equity of 19.6% through the first half of 2024 compared to 14.8% for the same 2023 period.
•Annualized return on tangible equity(1) of 22.4% through the first half of 2024 compared to 18.3% for the same 2023 period.
(1) See "Reconciliation of Non-GAAP Financial Measures"
Skyward Specialty Chairman and CEO Andrew Robinson commented, "Our second quarter results continue the consistently excellent performance we have produced in each of the seven quarters reporting as a public company and our adjusted operating income of $33.1 million was the best in Company history. Our 90.7% combined ratio, inclusive of 1.2% of catastrophe losses, was again excellent. Our 18% gross written premiums growth reflects the power and sustainability of our "Rule our Niche" strategy. We are pleased with the sources of our growth which are increasingly coming from parts of our business that are less exposed to the P&C cycles, including our surety, accident & health and captives divisions and our agriculture business unit within our global property & agriculture division. We continue to be confident that we are well positioned to deliver attractive returns for our shareholders and to profitably grow our Company."
"Last week's AM Best upgrade to A (Excellent) with stable outlook is a testament to the strength of our business model and the dedication of our team. This upgrade reflects our ongoing commitment to delivering exceptional value to our policyholders and shareholders." The increase in gross written premiums for the second quarter and first half of 2024, when compared to the same 2023 periods, was driven by double-digit premium growth primarily from our captives, transactional E&S and surety underwriting divisions.



Results of Operations
Underwriting Results
Premiums
($ in thousands) Three months ended June 30, Six months ended June 30,
unaudited 2024 2023 %
Change
2024 2023 %
Change
Gross written premiums $ 496,243 $ 421,994   17.6% $ 954,863 $ 782,492 22.0%
Ceded written premiums $ (199,114) $ (208,257) (4.4)% $ (370,634) $ (366,614) 1.1%
Net retention 59.9% 50.6%
 NM (1)
61.2% 53.1%
 NM (1)
Net written premiums $ 297,129 $ 213,737 39.0  % $ 584,229 $ 415,878 40.5%
Net earned premiums $ 257,583 $ 194,347 32.5  % $ 493,925 $ 377,178 31.0%
(1) Not meaningful
Combined Ratio Three months ended June 30, Six months ended June 30,
(unaudited) 2024 2023 2024 2023
Non-cat loss and LAE(1)
60.6  % 60.7  % 60.6  % 60.9  %
Cat loss and LAE(1)
1.2% 3.5  % 0.8  % 2.7  %
Prior accident year development - LPT(2)
(0.1) % (0.2)% (0.1) % (0.2)%
Loss Ratio 61.7  % 64.0  % 61.3  % 63.4  %
Net policy acquisition costs 14.0  % 11.9  % 13.7  % 11.7  %
Other operating and general expenses 15.8  % 17.3  % 15.9  % 17.0  %
Commission and fee income (0.8) % (1.2) % (0.8) % (1.0) %
Expense ratio 29.0  % 28.0  % 28.8  % 27.7  %
Combined ratio 90.7  % 92.0  % 90.1  % 91.1  %
Adjusted Underwriting Ratios
Adjusted loss ratio(2)
61.8  % 64.2  % 61.4  % 63.6  %
Expense ratio 29.0  % 28.0  % 28.8  % 27.7  %
Adjusted combined ratio(2)
90.8  % 92.2  % 90.2  % 91.3  %
(1) Current accident year
(2) See "Reconciliation of Non-GAAP Financial Measures"
The loss ratios for the second quarter and first half of 2024 improved 2.3 points and 2.1 points, respectively, when compared to the same 2023 periods, driven by less severity of convective storms.
The expense ratios for the second quarter and first half of 2024 increased 1.0 point and 1.1 points, respectively, when compared to the same 2023 periods driven by the business mix shift partially offset by earnings leverage.
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.
2


Investment Results
Net Investment Income
$ in thousands Three months ended June 30, Six months ended June 30,
(unaudited) 2024 2023 2024 2023
Short-term investments & cash and cash equivalents   $ 4,021  $ 3,206  $ 9,108  $ 4,985 
Fixed income
13,786  7,919 26,264 15,380
Equities
751  684 1,378 682
Alternative & strategic investments
3,580  (3,226) 3,685 (7,818)
     Net investment income
$ 22,138  $ 8,583  $ 40,435  $ 13,229 
Net unrealized (losses) gains on securities still held
$ (1,760) $ 5,017 $ 7,231 $ 8,784
Net realized (losses) gains
(65) 334 (753) (2,472)
Net investment (losses) gains $ (1,825) $ 5,351 $ 6,478 $ 6,312

Beginning January 1, 2024 we simplified the investment portfolio classifications to align with our strategy and the underlying risk characteristics of the portfolio. The prior period has been reclassified to conform to the current period presentation.
Net investment income for the second quarter and first half of 2024 increased $13.6 million and $27.2 million, respectively when compared to the same 2023 periods, driven by (i) increased income from our fixed income portfolio and short-term investments & cash and cash equivalents due to higher yields and larger asset bases and (ii) an increase in the fair value of limited partnership investments in our alternative and strategic investments portfolio.
Stockholders’ Equity
Stockholders’ equity was $723.6 million at June 30, 2024 which represents an increase of 4.5% when compared to stockholders' equity of $692.3 million at March 31, 2024. The increase in stockholders’ equity was primarily due to net income.
3


Conference Call
At 9 a.m. central time tomorrow, August 6, 2024, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com 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 have chosen to exclude the net impact of the Loss Portfolio Transfer (“LPT”), all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening in certain non-GAAP metrics, where noted, as the business subject to the LPT is not representative of our continuing business strategy. The business subject to the LPT is primarily related to policy years 2017 and prior, was generated and managed under prior leadership, and has either been exited or substantially repositioned during the reevaluation of our portfolio. 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 eight underwriting divisions - Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, 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 Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest 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 www.skywardinsurance.com.
4


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.
Media contact:
Haley Doughty
hdoughty@skywardinsurance.com
713-935-4944
or
Investor contact:
Natalie Schoolcraft,
nschoolcraft@skywardinsurance.com
614-494-4988

5

Skyward Specialty Insurance Group, Inc.
Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
(unaudited) June 30,
2024
December 31, 2023
Assets  
Investments:  
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,239,724 and $1,047,713, respectively) $ 1,200,273  $ 1,017,651 
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $225 and $329, respectively) 39,962  42,986 
Equity securities, at fair value 112,823  118,249 
Mortgage loans, at fair value 43,670  50,070 
Equity method investments 101,903  110,653 
Other long-term investments 2,665  3,852 
Short-term investments, at fair value 215,041  270,226 
Total investments 1,716,337  1,613,687 
Cash and cash equivalents 72,989  65,891 
Restricted cash 35,278  34,445 
Premiums receivable, net 377,333  179,235 
Reinsurance recoverables, net 667,837  596,334 
Ceded unearned premium 255,138  186,121 
Deferred policy acquisition costs 116,499  91,955 
Deferred income taxes 25,107  21,991 
Goodwill and intangible assets, net 87,868  88,435 
Other assets 81,108  75,341 
Total assets $ 3,435,494  $ 2,953,435 
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses $ 1,470,106  $ 1,314,501 
Unearned premiums 711,854  552,532 
Deferred ceding commission 47,948  37,057 
Reinsurance and premium payables 207,638  150,156 
Funds held for others 95,596  58,588 
Accounts payable and accrued liabilities 59,796  50,880 
Notes payable 100,000  50,000 
Subordinated debt, net of debt issuance costs 18,936  78,690 
Total liabilities 2,711,874  2,292,404 
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,096,132 and 39,863,756 shares issued and outstanding, respectively
401  399 
Additional paid-in capital 713,542  710,855 
Stock notes receivable (5,233) (5,562)
Accumulated other comprehensive loss (31,136) (22,953)
Retained earnings (accumulated deficit) 46,046  (21,708)
Total stockholders’ equity 723,620  661,031 
Total liabilities and stockholders’ equity $ 3,435,494  $ 2,953,435 
6

Skyward Specialty Insurance Group, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
($ in thousands) Three months ended June 30, Six months ended June 30,
(unaudited) 2024 2023 2024 2023
Revenues:
Net earned premiums $ 257,583  $ 194,347  $ 493,925  $ 377,178 
Commission and fee income 2,053  2,240  4,079  3,732 
Net investment income 22,138  8,583  40,435  13,229 
Net investment (losses) gains (1,825) 5,351  6,478  6,312 
Other loss (7) —  (7) — 
Total revenues 279,942  210,521  544,910  400,451 
Expenses:
Losses and loss adjustment expenses 159,054  124,405  302,968  239,305 
Underwriting, acquisition and insurance expenses 76,679  56,683  146,453  108,338 
Interest expense 2,449  2,466  5,176  4,618 
Amortization expense 360  486  748  873 
Other expenses 1,045  1,465  2,233  2,579 
Total expenses 239,587  185,505  457,578  355,713 
Income before income taxes 40,355  25,016  87,332  44,738 
Income tax expense 9,385  5,564  19,578  9,730 
Net income 30,970  19,452  67,754  35,008 
Net income attributable to participating securities —  —  —  1,402 
Net income attributable to common stockholders $ 30,970  $ 19,452  $ 67,754  $ 33,606 
Comprehensive income:
Net income $ 30,970  $ 19,452  $ 67,754  $ 35,008 
Other comprehensive income:
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax (1,451) (4,375) (6,869) 3,413 
Reclassification adjustment for losses on securities no longer held, net of tax (406) (1,165) (1,314) (1,212)
Total other comprehensive (loss) income (1,857) (5,540) (8,183) 2,201 
Comprehensive income $ 29,113  $ 13,912  $ 59,571  $ 37,209 
7

Skyward Specialty Insurance Group, Inc.
Share and Per Share Data
($ in thousands, except share and per share amounts) Three months ended June 30, Six months ended June 30,
(unaudited) 2024 2023 2024 2023
Weighted average basic shares 39,177,457 36,603,779 39,142,825 34,746,874
Weighted average diluted shares 41,168,082 38,143,585 41,110,384 37,503,914
Basic earnings per share $ 0.79  $ 0.53  $ 1.73  $ 0.97 
Diluted earnings per share $ 0.75  $ 0.51  $ 1.65  $ 0.93 
Basic adjusted operating earnings per share $ 0.84  $ 0.44  $ 1.64  $ 0.87 
Diluted adjusted operating earnings per share $ 0.80  $ 0.42  $ 1.56  $ 0.84 
Annualized ROE (1)
  17.5% 15.1  % 19.6  % 14.8%
Annualized adjusted ROE (2)
  18.7  % 12.4  % 18.5  % 13.3  %
Annualized ROTE (3)
  20.0% 18.3  % 22.4  % 18.3  %
Annualized adjusted ROTE (4)
  21.3  % 15.1  % 21.2  % 16.5  %
June 30 December 31
2024 2023
Shares outstanding 40,096,132 39,863,756
Fully diluted shares outstanding 41,945,532 41,771,854
Book value per share $ 18.18 $ 16.72
Fully diluted book value per share $ 17.38 $ 15.96
Fully diluted tangible book value per share $ 15.28 $ 13.84
(1) Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period
(2) 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
(3) Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period
(4) 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
8

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.    
($ in thousands) Three months ended June 30, Six months ended June 30,
(unaudited) 2024 2023 2024 2023
Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax
Income as reported $ 40,355  $ 30,970  $ 25,016  $ 19,452  $ 87,332  $ 67,754  $ 44,738  $ 35,008 
Less (add):
Net investment (losses) gains (1,825) (1,442) 5,351  4,227  6,478  5,118  6,312  4,986 
Net impact of loss portfolio transfer 241  190  462  365  482  381  704  556 
Other loss (7) (6) —  —  (7) (6) —  — 
Other expenses (1,045) (826) (1,465) (1,157) (2,233) (1,764) (2,579) (2,037)
Adjusted operating income $ 42,991  $ 33,054  $ 20,668  $ 16,017  $ 82,612  $ 64,025  $ 40,301  $ 31,503 
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.
($ in thousands) Three months ended June 30, Six months ended June 30,
(unaudited) 2024 2023 2024 2023
Income before federal income tax expense $ 40,355  $ 25,016  $ 87,332 $ 44,738
Add:
Interest expense 2,449  2,466  5,176 4,618 
Amortization expense 360  486  748 873
Other expenses 1,045  1,465  2,233 2,579
Less:    
Net investment income 22,138  8,583  40,435 13,229
Net investment (losses) gains (1,825) 5,351  6,478 6,312
Other loss (7) —  (7)
Underwriting income $ 23,903  $ 15,499  $ 48,583 $ 33,267
9

Skyward Specialty Insurance Group, Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted Loss Ratio / Adjusted Combined Ratio – We define adjusted loss ratio and adjusted combined ratio as the corresponding ratio (calculated in accordance with GAAP), excluding losses and LAE related to the LPT and all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening. We use these adjusted ratios as internal performance measures in the management of our operations because we believe they give our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Our adjusted loss ratio and adjusted combined ratio should not be viewed as substitutes for our loss ratio and combined ratio, respectively.
($ in thousands) Three months ended June 30, Six months ended June 30,
(unaudited) 2024 2023 2024 2023
Net earned premiums $ 257,583 $ 194,347 $ 493,925 $ 377,178
       
Losses and LAE 159,054 124,405 302,968 239,305
Add: Pre-tax net impact of LPT (241) (462) (482) (704)
Adjusted losses and LAE $ 159,295 $ 124,867 $ 303,450 $ 240,009
Loss ratio 61.7  % 64.0% 61.3  % 63.4  %
Add: net impact of LPT (0.1) % (0.2)% (0.1) % (0.2)%
Adjusted loss ratio 61.8  % 64.2  % 61.4  % 63.6  %
Combined ratio 90.7  % 92.0  % 90.1  % 91.1  %
Add: net impact of LPT (0.1) % (0.2)% (0.1) % (0.2)%
Adjusted combined ratio 90.8  % 92.2  % 90.2  % 91.3  %
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.
($ in thousands) June 30, December 31,
(unaudited) 2024 2023 2023
Stockholders' equity $ 723,620 $ 522,678 $ 661,031 
Less: Goodwill and intangible assets 87,868 89,181 88,435
Tangible stockholders' equity $ 635,752 $ 433,497 $ 572,596
10

Skyward Specialty Insurance Group, Inc.
Gross Written Premiums by Underwriting Division (Unaudited)
Three months ended June 30, Six months ended June 30,
($ in thousands) 2024 2023 %
Change
2024 2023 % Change
Global Property & Agriculture   $ 124,728   $ 124,080   0.5  % $ 225,361 $ 198,420 13.6  %
Industry Solutions 84,112 79,249   6.1% 162,371 146,882 10.5%
Captives   62,099   39,283   58.1  % 130,507 85,363 52.9  %
Programs   59,644   52,598   13.4  % 111,822 101,297 10.4  %
Transactional E&S   45,711   30,632   49.2  % 87,906 60,249 45.9  %
Accident & Health   44,088   37,252   18.4  % 84,989 73,265 16.0  %
Professional Lines   38,106   32,989   15.5  % 80,345 66,161 21.4  %
Surety 37,737 26,221 43.9  % 71,579 50,922 40.6  %
Total gross written premiums(1)
$ 496,225 $ 422,304 17.5% $ 954,880 $ 782,559 22.0%
(1) Excludes exited business
11