(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices and zip code) | (Zip Code) | |||||||
( | ||||||||
(Registrant's telephone number, including area code) |
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 | ||||||
Emerging growth company |
Item 2.02. | Results of Operations and Financial Condition |
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) |
SKYWARD SPECIALTY INSURANCE GROUP, INC. | |||||||||||
Date: | February 28, 2023 | /s/ Mark Haushill | |||||||||
Mark Haushill | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |
(1) See "Reconciliation of Non-GAAP Financial Measures" | ||||||||||||||||||||
(2) See Share and Per Share data table for additional information |
Premiums | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | Three months ended December 31 | Twelve months ended December 31 | ||||||||||||||||||||||||||||||||||||
unaudited | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Total continuing business | $ | 263,880 | $ | 217,346 | 21.4% | $ | 1,138,627 | $ | 867,906 | 31.2 | % | |||||||||||||||||||||||||||
Exited business | 952 | 6,837 | (86.1)% | 5,325 | 71,953 | (92.6) | % | |||||||||||||||||||||||||||||||
Total gross written premiums | $ | 264,832 | $ | 224,183 | 18.1% | $ | 1,143,952 | $ | 939,859 | 21.7% | ||||||||||||||||||||||||||||
Ceded written premiums | $ | (84,876) | $ | (83,203) | 2.0% | $ | (468,409) | $ | (410,716) | 14.0% | ||||||||||||||||||||||||||||
Net retention | 68.0% | 62.9% | NM (1) | 59.1% | 56.3% | NM (1) | ||||||||||||||||||||||||||||||||
Net written premiums | $ | 179,956 | $ | 140,980 | 27.6 | % | $ | 675,543 | $ | 529,143 | 27.7% | |||||||||||||||||||||||||||
Net earned premiums | $ | 170,143 | $ | 133,771 | 27.2 | % | $ | 615,994 | $ | 499,823 | 23.2% | |||||||||||||||||||||||||||
(1) Not meaningful | ||||||||||||||||||||||||||||||||||||||
Combined Ratio | Three months ended December 31 | Twelve months ended December 31 | |||||||||||||||||||||
(unaudited) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Non-cat loss and LAE(1) | 63.2 | % | 64.3 | % | 62.8 | % | 65.3 | % | |||||||||||||||
Cat loss and LAE(1) | 1.2% | 1.9 | % | 1.1% | 2.4 | % | |||||||||||||||||
Prior accident year development - non-LPT | 0.0% | 0.0% | 0.0% | 0.0% | |||||||||||||||||||
Prior accident year development - LPT(2) | (0.4) | % | 12.0% | 1.4 | % | 3.2% | |||||||||||||||||
Loss Ratio | 64.0 | % | 78.2 | % | 65.3 | % | 70.9 | % | |||||||||||||||
Net policy acquisition costs | 11.8 | % | 12.3 | % | 10.6 | % | 9.4 | % | |||||||||||||||
Other operating and general expenses | 17.5 | % | 17.3 | % | 18.9 | % | 18.3 | % | |||||||||||||||
Commission and fee income | (0.9) | % | (1.0) | % | (0.8) | % | (0.8) | % | |||||||||||||||
Expense ratio | 28.4 | % | 28.6 | % | 28.7 | % | 26.9 | % | |||||||||||||||
Combined ratio | 92.4 | % | 106.8 | % | 94.0 | % | 97.8 | % | |||||||||||||||
Adjusted Underwriting Ratios | |||||||||||||||||||||||
Adjusted loss ratio(2) | 64.4 | % | 66.2 | % | 63.9 | % | 67.7 | % | |||||||||||||||
Expense ratio | 28.4 | % | 28.6 | % | 28.7 | % | 26.9 | % | |||||||||||||||
Adjusted combined ratio(2) | 92.8 | % | 94.8 | % | 92.6 | % | 94.6 | % | |||||||||||||||
(1) Current accident year | |||||||||||||||||||||||
(2) See "Reconciliation of Non-GAAP Financial Measures" | |||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||||
$ in thousands | Three months ended December 31 | Twelve months ended December 31 | ||||||||||||||||||||||||
(unaudited) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Cash and short-term investments (1) | $ | 798 | $ | 119 | $ | 1,443 | $ | 180 | ||||||||||||||||||
Core fixed income | 5,907 | 2,546 | 16,544 | 8,812 | ||||||||||||||||||||||
Opportunistic fixed income | (2,322) | 1,053 | 16,784 | 12,571 | ||||||||||||||||||||||
Equities | 881 | 312 | 2,160 | 3,083 | ||||||||||||||||||||||
Net investment income | $ | 5,264 | $ | 4,030 | $ | 36,931 | $ | 24,646 | ||||||||||||||||||
Net unrealized gains (losses) on securities still held | $ | 11,122 | $ | 6,183 | $ | (15,058) | $ | 15,251 | ||||||||||||||||||
Net realized (losses) gains | $ | (710) | $ | 903 | $ | (647) | $ | 1,856 | ||||||||||||||||||
(1) excludes restricted cash |
Consolidated Balance Sheets | |||||||||||
($ in thousands, except share and per share amounts) | |||||||||||
(unaudited) | December 31 | ||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Fixed maturity securities, available for sale, at fair value (amortized cost of $662,616 and $452,478, respectively) | $ | 607,572 | $ | 458,351 | |||||||
Fixed maturity securities, held to maturity, at amortized cost | 52,467 | 47,117 | |||||||||
Equity securities, at fair value | 120,169 | 117,971 | |||||||||
Mortgage loans | 51,859 | 29,531 | |||||||||
Other long-term investments | 129,142 | 132,111 | |||||||||
Short-term investments, at fair value | 121,158 | 164,278 | |||||||||
Total investments | 1,082,367 | 949,359 | |||||||||
Cash and cash equivalents | 45,438 | 42,107 | |||||||||
Restricted cash | 79,573 | 65,167 | |||||||||
Premiums receivable, net of allowance | 139,215 | 112,158 | |||||||||
Reinsurance recoverables | 581,359 | 536,327 | |||||||||
Ceded unearned premium | 159,423 | 137,973 | |||||||||
Deferred policy acquisition costs | 72,778 | 59,456 | |||||||||
Deferred income taxes | 36,188 | 33,663 | |||||||||
Goodwill and intangible assets, net | 89,870 | 91,336 | |||||||||
Other assets | 82,847 | 90,666 | |||||||||
Total assets | $ | 2,369,058 | $ | 2,118,212 | |||||||
Liabilities and stockholders' equity | |||||||||||
Liabilities: | |||||||||||
Reserves for losses and loss adjustment expenses | $ | 1,141,757 | $ | 979,549 | |||||||
Unearned premiums | 444,288 | 363,288 | |||||||||
Deferred ceding commission | 30,189 | 30,500 | |||||||||
Reinsurance and premium payables | 113,696 | 119,919 | |||||||||
Funds held for others | 36,858 | 29,587 | |||||||||
Accounts payable and accrued liabilities | 51,999 | 40,760 | |||||||||
Notes payable | 50,000 | 50,000 | |||||||||
Subordinated debt, net of debt issuance costs | 78,609 | 78,529 | |||||||||
Total liabilities | 1,947,396 | 1,692,132 | |||||||||
Stockholders' equity | |||||||||||
Series A preferred stock, $0.01 par value; 2,000,000 shares authorized, 1,969,660 and 1,970,124 shares issued and outstanding, respectively | 20 | 20 | |||||||||
Common stock, $0.01 par value, 168,000,000 shares authorized, 16,832,955 and 16,763,069 shares issued, respectively | 168 | 168 | |||||||||
Treasury stock, $0.01 par value, 233,289 and 229,449 shares, respectively | (2) | (2) | |||||||||
Additional paid-in capital | 577,289 | 575,159 | |||||||||
Stock notes receivable | (6,911) | (9,092) | |||||||||
Accumulated other comprehensive (loss) income | (43,485) | 4,640 | |||||||||
Accumulated deficit | (105,417) | (144,813) | |||||||||
Total stockholders' equity | 421,662 | 426,080 | |||||||||
Total liabilities and stockholders' equity | $ | 2,369,058 | $ | 2,118,212 | |||||||
Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||||
($ in thousands, except share and per share amounts) | Three months ended December 31 | Twelve months ended December 31 | |||||||||||||||||||||
(unaudited) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net earned premiums | $ | 170,143 | $ | 133,771 | $ | 615,994 | $ | 499,823 | |||||||||||||||
Commission and fee income | 1,547 | 1,309 | 5,199 | 3,973 | |||||||||||||||||||
Net investment income | 5,264 | 4,030 | 36,931 | 24,646 | |||||||||||||||||||
Net investment gains (losses) | 10,412 | 7,086 | (15,705) | 17,107 | |||||||||||||||||||
Net realized gain on sale of business | — | — | — | 5,077 | |||||||||||||||||||
Other income (loss) | 1 | 1,072 | 1 | (445) | |||||||||||||||||||
Total revenues | 187,367 | 147,268 | 642,420 | 550,181 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Losses and loss adjustment expenses | 108,976 | 104,583 | 402,512 | 354,411 | |||||||||||||||||||
Underwriting, acquisition and insurance expenses | 49,913 | 39,506 | 182,171 | 138,498 | |||||||||||||||||||
Impairment charges | — | — | — | 2,821 | |||||||||||||||||||
Interest expense | 2,127 | 1,157 | 6,407 | 4,622 | |||||||||||||||||||
Amortization expense | 387 | 386 | 1,547 | 1,520 | |||||||||||||||||||
Total expenses | 161,403 | 145,632 | 592,637 | 501,872 | |||||||||||||||||||
Income before income taxes | 25,964 | 1,636 | 49,783 | 48,309 | |||||||||||||||||||
Income tax expense | 5,545 | 321 | 10,387 | 9,992 | |||||||||||||||||||
Net income | 20,419 | 1,315 | 39,396 | 38,317 | |||||||||||||||||||
Net income attributable to participating securities | 9,755 | 622 | 18,879 | 18,507 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 10,664 | $ | 693 | $ | 20,517 | $ | 19,810 | |||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||
Net income (loss) | $ | 20,419 | $ | 1,315 | $ | 39,396 | $ | 38,317 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized gains (losses) on investments: | |||||||||||||||||||||||
Net change in unrealized gains (losses) on investments, net of tax | 763 | (3,452) | (48,545) | (8,173) | |||||||||||||||||||
Reclassification adjustment for gains on securities no longer held, net of tax | 58 | 184 | 420 | 597 | |||||||||||||||||||
Total other comprehensive income (loss) | 821 | (3,268) | (48,125) | (7,576) | |||||||||||||||||||
Comprehensive income (loss) | $ | 21,240 | $ | (1,953) | $ | (8,729) | $ | 30,741 | |||||||||||||||
Share and Per Share Data | ||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) | Three months ended December 31 | Twelve months ended December 31 | ||||||||||||||||||||||||
(unaudited) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Weighted average basic shares | 16,576,760 | 16,341,011 | 16,568,393 | 16,308,712 | ||||||||||||||||||||||
Weighted average diluted shares | 32,669,335 | 32,567,203 | 32,653,194 | 32,468,048 | ||||||||||||||||||||||
Basic earnings per share | $ | 0.64 | $ | 0.04 | $ | 1.24 | $ | 1.21 | ||||||||||||||||||
Diluted earnings per share | $ | 0.63 | $ | 0.04 | $ | 1.21 | $ | 1.18 | ||||||||||||||||||
Basic adjusted earnings per share | $ | 0.37 | $ | 0.24 | $ | 1.84 | $ | 1.14 | ||||||||||||||||||
Diluted adjusted earnings per share | $ | 0.36 | $ | 0.23 | $ | 1.79 | $ | 1.11 | ||||||||||||||||||
Annualized ROE (1) | 19.9% | 1.2 | % | 9.3 | % | 9.4% | ||||||||||||||||||||
Annualized adjusted ROE (2) | 11.3 | % | 7.1 | % | 13.8 | % | 8.8 | % | ||||||||||||||||||
Annualized ROTE (3) | 25.5% | 1.6 | % | 11.8 | % | 11.9 | % | |||||||||||||||||||
Annualized adjusted ROTE (4) | 14.5 | % | 9.0 | % | 17.6 | % | 11.2 | % | ||||||||||||||||||
Shares outstanding | 16,599,666 | 16,533,620 | ||||||||||||||||||||||||
Fully diluted shares outstanding | 33,290,638 | 33,082,691 | ||||||||||||||||||||||||
Book value per share | $ | 25.82 | $ | 26.32 | ||||||||||||||||||||||
Fully diluted book value per share | $ | 12.87 | $ | 13.15 | ||||||||||||||||||||||
Fully diluted tangible book value per share | $ | 10.17 | $ | 10.39 | ||||||||||||||||||||||
(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 |
($ in thousands) | Three months ended December 31 | |||||||||||||||||||||||||
(unaudited) | 2022 | 2021 | ||||||||||||||||||||||||
Pre-tax | After-tax | Pre-tax | After-tax | |||||||||||||||||||||||
Income as reported | $ | 25,964 | $ | 20,419 | $ | 1,636 | $ | 1,315 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net impact of loss portfolio transfer | 699 | 552 | (16,063) | (12,690) | ||||||||||||||||||||||
Net investment gains | 10,412 | 8,225 | 7,086 | 5,598 | ||||||||||||||||||||||
Other income (expenses) | 1 | 1 | 1,072 | 847 | ||||||||||||||||||||||
Adjusted operating income | $ | 14,852 | $ | 11,641 | $ | 9,541 | $ | 7,560 |
($ in thousands) | Twelve months ended December 31 | |||||||||||||||||||||||||
(unaudited) | 2022 | 2021 | ||||||||||||||||||||||||
Pre-tax | After-tax | Pre-tax | After-tax | |||||||||||||||||||||||
Income as reported | $ | 49,783 | $ | 39,396 | $ | 48,309 | $ | 38,317 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net impact of loss portfolio transfer | (8,572) | (6,772) | (16,063) | (12,690) | ||||||||||||||||||||||
Net investment (losses) gains | (15,705) | (12,407) | 17,107 | 13,515 | ||||||||||||||||||||||
Net realized gain on sale of business | — | — | 5,077 | 4,011 | ||||||||||||||||||||||
Impairment charges | — | — | (2,821) | (2,229) | ||||||||||||||||||||||
Other income (loss) | 1 | 1 | (445) | (352) | ||||||||||||||||||||||
Adjusted operating income | $ | 74,059 | $ | 58,574 | $ | 45,454 | $ | 36,062 | ||||||||||||||||||
($ in thousands) | Three months ended December 31 | Twelve months ended December 31 | ||||||||||||||||||||||||
(unaudited) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Income before federal income tax | $ | 25,964 | $ | 1,636 | $ | 49,783 | $ | 48,309 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense | 2,127 | 1,157 | 6,407 | 4,622 | ||||||||||||||||||||||
Amortization expense | 387 | 386 | 1,547 | 1,520 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net investment income | 5,264 | 4,030 | 36,931 | 24,646 | ||||||||||||||||||||||
Net investment gains (losses) | 10,412 | 7,086 | (15,705) | 17,107 | ||||||||||||||||||||||
Impairment charges | — | — | — | 2,821 | ||||||||||||||||||||||
Other income | 1 | 1,072 | 1 | 4,632 | ||||||||||||||||||||||
Underwriting income (loss) | $ | 12,801 | $ | (9,009) | $ | 36,510 | $ | 10,887 | ||||||||||||||||||
($ in thousands) | Three months ended December 31 | Twelve months ended December 31 | ||||||||||||||||||||||||
(unaudited) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net earned premiums | $ | 170,143 | $ | 133,771 | $ | 615,994 | $ | 499,823 | ||||||||||||||||||
Losses and LAE | 108,976 | 104,583 | 402,512 | 354,411 | ||||||||||||||||||||||
Less: Pre-tax net impact of loss portfolio transfer | (699) | 16,063 | 8,572 | 16,063 | ||||||||||||||||||||||
Adjusted losses and LAE | $ | 109,675 | $ | 88,520 | $ | 393,940 | $ | 338,348 | ||||||||||||||||||
Loss ratio | 64.0 | % | 78.2% | 65.3 | % | 70.9 | % | |||||||||||||||||||
Less: Net impact of LPT | (0.4) | % | 12.0% | 1.4 | % | 3.2% | ||||||||||||||||||||
Adjusted Loss Ratio | 64.4 | % | 66.2 | % | 63.9 | % | 67.7 | % | ||||||||||||||||||
Combined ratio | 92.4 | % | 106.8 | % | 94.0 | % | 97.8 | % | ||||||||||||||||||
Less: Net impact of LPT | (0.4) | % | 12.0% | 1.4 | % | 3.2% | ||||||||||||||||||||
Adjusted Combined Ratio | 92.8 | % | 94.8 | % | 92.6 | % | 94.6 | % | ||||||||||||||||||
($ in thousands) | December 31 | |||||||||||||
(unaudited) | 2022 | 2021 | ||||||||||||
Stockholders' equity | $ | 421,662 | $ | 426,080 | ||||||||||
Less: Goodwill and intangible assets | 89,870 | 91,336 | ||||||||||||
Tangible stockholders' equity | $ | 331,792 | $ | 334,744 | ||||||||||
Cover |
Feb. 28, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 28, 2023 |
Entity Registrant Name | Skyward Specialty Insurance Group, Inc. |
Entity Address, Address Line One | 800 Gessner Road, Suite 600 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77024-4284 |
City Area Code | 713 |
Local Phone Number | 935-4800 |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-41591 |
Entity Tax Identification Number | 14-1957288 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.01 |
Trading Symbol | SKWD |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Flag | false |
Entity Central Index Key | 0001519449 |
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