株探米国株
エドガーで原本を確認する
false000151944900015194492026-02-232026-02-23

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): February 23, 2026
___________________________________
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
☐
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 February 23, 2026, 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 December 31, 2025. 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.
Forward-Looking Statements
Statements made in this Current Report on Form 8-K, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this report was prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate,” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, changes in interest rate environment, management’s business strategy, national, regional, and local market conditions and legislative and regulatory conditions.
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:
February 23, 2026
/s/ Mark Haushill
Mark Haushill
Chief Financial Officer

EX-99.1 2 earningsrelease-ex9914q2025.htm EX-99.1 Document
Exhibit 99.1
picture2.jpg
Skyward Specialty Insurance Group Reports Fourth Quarter 2025 Results
Houston, TX – February 23, 2026 – Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Group” or the “Company”), today reported fourth quarter 2025 net income of $43.2 million, or $1.03 per diluted share, compared to $14.4 million, or $0.35 per diluted share, for the same 2024 period. Net income for the year ended 2025 was $170.0 million, or $4.07 per diluted share, compared to $118.8 million, or $2.87 per diluted share, for the same 2024 period.
Adjusted operating income(1) for the fourth quarter of 2025 was $48.9 million, or $1.17 per diluted share, compared to $33.2 million, or $0.80 per diluted share, for the same 2024 period. Adjusted operating income(1) for the year ended 2025 was $167.4 million, or $4.00 per diluted share, compared to $126.6 million, or $3.06 per diluted share, for the same 2024 period.
Highlights for the fourth quarter included:
•Gross written premiums of $439.5 million, an increase of 13.2% compared to 2024;
•Combined ratio of 88.5%;
•Ex-Cat combined ratio of 87.7%;
•Return on equity of 18.9% for the year ended December 31, 2025; and,
•Book value per share of $24.92, an increase of 26% compared to December 31, 2024.
(1) See “Reconciliation of Non-GAAP Financial Measures”
Skyward Group Chairman and CEO Andrew Robinson commented, “The fourth quarter was another excellent quarter and capped off a truly transformational year for the Company. Similar to the previous three quarters, we delivered Company bests in adjusted operating income(1), underwriting income(1) and the combined ratio of 88.5%. Our gross written premiums growth in the quarter of 13% culminated a year of 24% growth, and our return on equity and return on tangible equity of 18.9% and 20.9%(1) respectively for the full year are simply outstanding.”
“Our focus and disciplined execution of our ‘Rule Our Niche’ strategy, underscored by the strength of our intentionally built, diversified portfolio, where nearly half of our business is in non-cycle exposed lines, positions us particularly well given the evolving property and casualty market backdrop. As we look forward, together with additional capabilities and the outstanding Apollo team, we are extremely well-positioned as a Company to continue to build and maintain winning positions across the specialty insurance market and generate top quartile returns and long-term, sustainable shareholder value.”


Results of Operations
Underwriting Results
Premiums
($ in thousands)
Three months ended December 31,
Twelve months ended December 31,
unaudited
2025
2024
%
Change
2025
2024
%
Change
Gross written premiums
$
439,487
$
388,355
 
13.2%
$
2,166,236
$
1,743,232
24.3%
Ceded written premiums
$
(156,906)
$
(117,328)
33.7%
$
(760,004)
$
(619,654)
22.6%
Net retention
64.3%
69.8%
 NM (1)
64.9%
64.5%
 NM (1)
Net written premiums
$
282,581
$
271,027
4.3 
%
$
1,406,232
$
1,123,578
25.2%
Net earned premiums
$
356,800
$
293,240
21.7 
%
$
1,304,505
$
1,056,722
23.4%
(1) Not meaningful
The increase in gross written premiums for the fourth quarter, compared to the same period in 2024, was primarily driven by growth in accident & health, specialty programs and surety, while the year‑over‑year increase for 2025 was driven by these divisions, as well as the agriculture and credit (re)insurance division.
Combined Ratio
Three months ended December 31,
Twelve months ended December 31,
(unaudited)
2025
2024
2025
2024
Non-cat loss and LAE
60.9 
%
60.5 
%
60.3 
%
60.6 
%
Cat loss and LAE(1)
0.8%
2.2 
%
1.2 
%
1.7 
%
Prior accident year development(2)
(2.1)%
4.2%
(0.6)%
1.1%
Loss Ratio
59.6 
%
66.9 
%
60.9 
%
63.4 
%
Net policy acquisition costs
16.0 
%
15.3 
%
15.0 
%
14.2 
%
Other operating and general expenses
13.0 
%
13.9 
%
13.9 
%
15.3 
%
Commission and fee income
(0.1)
%
(0.3)
%
(0.5)
%
(0.6)
%
Expense ratio
28.9 
%
28.9 
%
28.4 
%
28.9 
%
Combined ratio
88.5 
%
95.8 
%
89.3 
%
92.3 
%
Ex-Cat Combined Ratio(3)
87.7 
%
93.6 
%
88.1 
%
90.6 
%
(1) Current accident year
(2) Prior accident year development for the fourth quarter and year-ended 2024 was due to the net impact of the LPT..
(3) Defined as the combined ratio excluding cat loss and LAE(1)
    
The loss ratios for the fourth quarter and year ended 2025 improved 7.3 points and 2.5 points, respectively, when compared to the same 2024 periods. The quarter and year ended 2025 benefited from (i) favorable prior accident year development compared to adverse development in the same 2024 periods, and (ii) less catastrophe losses when compared to the same 2024 periods.
The expense ratios for the fourth quarter and year ended 2025 were flat and improved 0.5 points, respectively, when compared to the same 2024 periods due to earnings leverage offset by higher acquisition costs due to the business mix shift.

2

Investment Results
Net Investment Income
$ in thousands
Three months ended December 31,
Twelve months ended December 31,
(unaudited)
2025
2024
2025
2024
Short-term investments & cash and cash equivalents
 
$
3,132 
$
3,998 
$
15,877 
$
17,643 
Fixed income
22,530 
15,909
77,888
57,631
Equities
59 
771
1,380
2,745
Alternative & strategic investments
(2,209)
56
(11,526)
2,581
     Net investment income
$
23,512 
$
20,734 
$
83,619 
$
80,600 
Net unrealized (losses) gains on securities still held
$
5,122
$
(7,688)
$
(1,555)
$
7,921
Net realized gains
107
(2,725)
23,704
(1,579)
Net investment gains (losses)
$
5,229
$
(10,413)
$
22,149
$
6,342

Net investment income for the fourth quarter and year ended 2025 increased $2.8 million and $3.0 million, respectively when compared to the same 2024 periods, driven by increased income from our fixed income portfolio due to a higher yield and larger asset base.
The alternative & strategic investments portfolio continued to be impacted by the decline in the fair value of limited partnership investments. The decreases in income from the short-term investments & cash and cash equivalents was due to an overall decrease in yields when compared to the same 2024 periods. The decrease in income from equities was due to the sale of the equity portfolio in the third quarter of 2025.
Stockholders’ Equity
Stockholders’ equity was $1,009.6 million at December 31, 2025 which represented an increase of 5.0% when compared to stockholders' equity of $961.4 million at September 30, 2025. The increase in stockholders’ equity was primarily due to net income and an increase in the market value of our investment portfolio.
3

Conference Call
At 8:30 a.m. eastern time tomorrow, February 24, 2026, Company 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 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 Group is the holding company brand for its U.S. and Lloyds businesses, Skyward Specialty Insurance Group, Inc.® and Apollo, respectively, delivering a comprehensive suite of specialized insurance solutions across global specialty property and casualty markets. Focused on the specialty industry’s most niche, complex risks of today and the emerging challenges of tomorrow, Skyward Group leverages the forward-looking insight and disciplined execution of each organization to drive sustainable growth and long-term value for its shareholders, distribution partners and other stakeholders.
For more information about Skyward Group, Skyward Specialty and Apollo, please visit skywardgroup.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
Skyward Specialty Insurance Group
713-935-4944
hdoughty@skywardinsurance.com
Investor Contact
Kevin Reed
Skyward Specialty Insurance Group
713-206-7860
kreed@skywardinsurance.com
5
Skyward Specialty Insurance Group, Inc.
Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
(unaudited)
December 31,
2025
December 31, 2024
Assets
 
Investments:
 
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $7,000 and $0, respectively) (amortized cost of $1,848,755 and $1,320,266, respectively)
$
1,856,303 
$
1,292,218 
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $468 and $243, respectively)
32,822 
39,153 
Equity securities, at fair value
1,174 
106,254 
Mortgage loans, at fair value
9,902 
26,490 
Equity method investments
77,365 
98,594 
Other long-term investments
58,650 
33,182 
Short-term investments, at fair value
264,299 
274,929 
Total investments
2,300,515 
1,870,820 
Cash and cash equivalents
168,544 
121,603 
Restricted cash
30,570 
35,922 
Premiums receivable, net
544,217 
321,641 
Reinsurance recoverables, net
1,119,880 
857,876 
Ceded unearned premium
238,948 
203,901 
Deferred policy acquisition costs
136,100 
113,183 
Deferred income taxes
27,865 
30,486 
Goodwill and intangible assets, net
88,040 
87,348 
Other assets
137,173 
86,698 
Total assets
$
4,791,852 
$
3,729,478 
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses
$
2,318,894 
$
1,782,383 
Unearned premiums
774,035 
637,185 
Deferred ceding commission
46,453 
40,434 
Reinsurance and premium payables
279,888 
177,070 
Funds held for others
128,003 
102,665 
Accounts payable and accrued liabilities
115,034 
76,206 
Notes payable
100,411 
100,000 
Subordinated debt, net of debt issuance costs
19,569 
19,536 
Total liabilities
3,782,287 
2,935,479 
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,511,222 and 40,127,908 shares issued and outstanding, respectively
405 
401 
Additional paid-in capital
730,555 
718,598 
Accumulated other comprehensive income (loss)
11,457 
(22,120)
Retained earnings
267,148 
97,120 
Total stockholders’ equity
1,009,565 
793,999 
Total liabilities and stockholders’ equity
$
4,791,852 
$
3,729,478 
6
Skyward Specialty Insurance Group, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
($ in thousands)
Three months ended December 31,
Twelve months ended December 31,
(unaudited)
2025
2024
2025
2024
Revenues:
Net earned premiums
$
356,800 
$
293,240 
$
1,304,505 
$
1,056,722 
Commission and fee income
415 
806 
6,855 
6,703 
Net investment income
23,512 
20,734 
83,619 
80,600 
Net investment gains (losses)
5,229 
(10,413)
22,149 
6,342 
Other (loss) income
(371)
35 
(587)
(167)
Total revenues
385,585 
304,402 
1,416,541 
1,150,200 
Expenses:
Losses and loss adjustment expenses
212,671 
196,320 
795,022 
669,809 
Underwriting, acquisition and insurance expenses
103,536 
85,487 
377,359 
311,757 
Transaction costs
10,944 
— 
14,019 
— 
Interest expense
2,290 
2,091 
7,919 
9,496 
Amortization expense
472 
908 
1,636 
2,007 
Other expenses
1,025 
1,042 
4,162 
4,392 
Total expenses
330,938 
285,848 
1,200,117 
997,461 
Income before income taxes
54,647 
18,554 
216,424 
152,739 
Income tax expense
11,417 
4,148 
46,396 
33,911 
Net income
$
43,230 
$
14,406 
$
170,028 
$
118,828 
Comprehensive income:
Net income
$
43,230 
$
14,406 
$
170,028 
$
118,828 
Other comprehensive income:
Unrealized gains and losses on investments:
Net change in unrealized gains (losses) on investments, net of tax
3,092 
(14,735)
33,092 
9,792 
Reclassification adjustment for (losses) gains on securities no longer held, net of tax
(1,174)
(5,682)
485 
(8,959)
Total other comprehensive income (loss)
1,918 
(20,417)
33,577 
833 
Comprehensive income (loss)
$
45,148 
$
(6,011)
$
203,605 
$
119,661 
7
Skyward Specialty Insurance Group, Inc.
Share and Per Share Data
($ in thousands, except share and per share amounts)
Three months ended December 31,
Twelve months ended December 31,
(unaudited)
2025
2024
2025
2024
Weighted average basic shares
40,494,443
40,107,617
40,407,310
40,056,475
Weighted average diluted shares
41,902,370
41,622,397
41,808,046
41,377,460
Basic earnings per share
$
1.07 
$
0.36 
$
4.21 
$
2.97 
Diluted earnings per share
$
1.03 
$
0.35 
$
4.07 
$
2.87 
Basic adjusted operating earnings per share
$
1.21 
$
0.83 
$
4.14 
$
3.16 
Diluted adjusted operating earnings per share
$
1.17 
$
0.80 
$
4.00 
$
3.06 
Annualized ROE (1)
 
17.5%
7.2 
%
18.9 
%
16.3%
Annualized adjusted ROE (2)
 
19.8 
%
16.7 
%
18.6 
%
17.4 
%
Annualized ROTE (3)
 
19.3%
8.1 
%
20.9 
%
18.6 
%
Annualized adjusted ROTE (4)
 
21.8 
%
18.8 
%
20.6 
%
19.8 
%
December 31
December 31
2025
2024
Shares outstanding
40,511,222
40,127,908
Fully diluted shares outstanding
42,292,371
42,059,182
Book value per share
$
24.92
$
19.79
Fully diluted book value per share
$
23.87
$
18.88
Fully diluted tangible book value per share
$
21.79
$
16.80
(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 December 31,
Twelve months ended December 31,
(unaudited)
2025
2024
2025
2024
Pre-tax
After-tax
Pre-tax
After-tax
Pre-tax
After-tax
Pre-tax
After-tax
Income as reported
$
54,647 
$
43,230 
$
18,554 
$
14,406 
$
216,424 
$
170,028 
$
152,739 
$
118,828 
Less (add):
Net investment gains (losses)
5,229 
4,137 
(10,413)
(8,226)
22,149 
17,401 
6,342 
5,010 
Net impact of loss portfolio transfer
— 
— 
(12,398)
(9,794)
— 
— 
(11,598)
(9,162)
Transaction costs
(10,944)
(8,658)
— 
— 
(14,019)
(11,014)
— 
— 
Other (loss) income
(371)
(293)
35 
28 
(587)
(461)
(167)
(132)
Other expenses
(1,025)
(811)
(1,042)
(823)
(4,162)
(3,270)
(4,392)
(3,470)
Adjusted operating income
$
61,758 
$
48,855 
$
42,372 
$
33,221 
$
213,043 
$
167,372 
$
162,554 
$
126,582 
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, transaction costs 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 December 31,
Twelve months ended December 31,
(unaudited)
2025
2024
2025
2024
Income before income taxes
$
54,647 
$
18,554 
$
216,424
$
152,739
Add:
Transaction costs
10,944 
— 
14,019
—
Interest expense
2,290 
2,091 
7,919
9,496 
Amortization expense
472 
908 
1,636
2,007
Other expenses
1,025 
1,042 
4,162
4,392
Less (add):
 
 
Net investment income
23,512 
20,734 
83,619
80,600
Net investment gains (losses)
5,229 
(10,413)
22,149
6,342
Other (loss) gain
(371)
35 
(587)
(167)
Underwriting income
$
41,008 
$
12,239 
$
138,979
$
81,859
9
Skyward Specialty Insurance Group, Inc.
Reconciliation of Non-GAAP Financial Measures
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)
December 31,
(unaudited)
2025
2024
Stockholders’ equity
$
1,009,565
$
793,999
Less: Goodwill and intangible assets
88,040
87,348
Tangible stockholders’ equity
$
921,525
$
706,651
10
Skyward Specialty Insurance Group, Inc.
Gross Written Premiums by Underwriting Division (Unaudited)
Three months ended
December 31,
Twelve months ended
December 31,
($ in thousands)
2025
2024
%
Change
2025
2024
% Change
Accident & Health
 
$
67,297
 
$
44,594
 
50.9 
%
$
254,102
$
173,073
46.8 
%
Agriculture and Credit (Re)insurance
18,687
21,113
(11.5)
%
346,212
118,070
193.2 
%
Captives
 
62,376
 
57,765
 
8.0 
%
275,694
241,902
14.0 
%
Construction & Energy Solutions
58,558
73,837
 
(20.7)%
274,318
296,582
(7.5)%
Global Property
19,801
18,713
5.8 
%
178,128
201,796
(11.7)
%
Professional Lines
 
34,320
 
39,130
 
(12.3)
%
149,231
159,785
(6.6)
%
Specialty Programs
 
91,304
 
52,151
 
75.1 
%
322,705
218,407
47.8 
%
Surety
 
45,876
 
37,889
 
21.1 
%
168,148
143,965
16.8 
%
Transactional E&S
 
41,362
 
43,163
 
(4.2)
%
197,779
189,669
4.3 
%
Total gross written premiums(1)
$
439,581
$
388,355
13.2%
$
2,166,317
$
1,743,249
24.3%
(1) Excludes exited business
11