# Skyward Specialty Insurance Group, Inc. (SKWD)

Informational only - not investment advice.

CIK: 0001519449
SIC: 6331 Fire, Marine & Casualty Insurance
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6331 Fire, Marine & Casualty Insurance](/industry/6331/)
Latest 10-K filed: 2026-03-02
SEC page: https://www.sec.gov/edgar/browse/?CIK=1519449
Filing source: https://www.sec.gov/Archives/edgar/data/1519449/000151944926000015/skwd-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0001519449-26-000015 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001519449.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,416,541,000 USD | 2025 | verified |
| Net income | 170,028,000 USD | 2025 | verified |
| Assets | 4,791,852,000 USD | 2025 | verified |
| Free cash flow | 402,622,000 USD | 2025 | computed |
| Net margin | 12.00% | 2025 | computed |
| Revenue YoY | +23.16% | 2025 | computed |
| ROE | 16.84% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SKWD | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 12.0% | 12.9% | 44 | 53 |
| Revenue growth | 23.2% | 9.4% | 75 | 53 |
| FCF margin | 28.4% | 19.9% | 69 | 36 |
| ROE | 16.8% | 15.9% | 52 | 53 |
| ROA | 3.5% | 3.9% | 44 | 53 |
| Liabilities / equity | 3.75 | 3.04 | 77 | 53 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6331 Fire, Marine & Casualty Insurance, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1416541000 | USD | 2025 | 2026-03-02 |
| Net income | 170028000 | USD | 2025 | 2026-03-02 |
| Assets | 4791852000 | USD | 2025 | 2026-03-02 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001519449.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 550,181,000 | 642,420,000 | 885,969,000 | 1,150,200,000 | 1,416,541,000 |
| Net income |  | 38,317,000 | 39,396,000 | 85,984,000 | 118,828,000 | 170,028,000 |
| Diluted EPS |  | 1.18 | 1.21 | 2.24 | 2.87 | 4.07 |
| Operating cash flow |  | 175,285,000 | 208,938,000 | 338,187,000 | 305,115,000 | 408,076,000 |
| Capital expenditures |  | 2,154,000 | 2,325,000 | 3,108,000 | 4,224,000 | 5,454,000 |
| Assets |  | 2,118,212,000 | 2,363,439,000 | 2,953,435,000 | 3,729,478,000 | 4,791,852,000 |
| Liabilities |  | 1,692,132,000 | 1,941,777,000 | 2,292,404,000 | 2,935,479,000 | 3,782,287,000 |
| Stockholders' equity | 303,222,000 | 426,080,000 | 421,662,000 | 661,031,000 | 793,999,000 | 1,009,565,000 |
| Cash and cash equivalents |  | 42,107,000 | 45,438,000 | 65,891,000 | 121,603,000 | 168,544,000 |
| Free cash flow |  | 173,131,000 | 206,613,000 | 335,079,000 | 300,891,000 | 402,622,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 6.96% | 6.13% | 9.71% | 10.33% | 12.00% |
| Return on equity |  | 8.99% | 9.34% | 13.01% | 14.97% | 16.84% |
| Return on assets |  | 1.81% | 1.67% | 2.91% | 3.19% | 3.55% |
| Liabilities / equity |  | 3.97 | 4.61 | 3.47 | 3.70 | 3.75 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001519449.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2023-03-31 |  |  | 0.42 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.51 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 19,452,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 239,223,000 |  | 0.57 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 246,295,000 | 29,265,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 264,968,000 | 36,784,000 | 0.90 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 279,942,000 | 30,970,000 | 0.75 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 300,888,000 | 36,668,000 | 0.89 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 304,402,000 | 14,406,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 328,527,000 | 42,058,000 | 1.01 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 319,903,000 | 38,839,000 | 0.93 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 382,526,000 | 45,901,000 | 1.10 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 385,585,000 | 43,230,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 475,867,000 | 49,731,000 | 1.09 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 489,533,000 | 49,038,000 | 1.07 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SKWD's latest 10-K: [/company/SKWD/business/](/company/SKWD/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SKWD's latest 10-K: [/company/SKWD/risk-factors/](/company/SKWD/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1519449/000151944926000054/skwd-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The term “Skyward Group” as used below refers to the unified holding company brand for Skyward Specialty and Apollo and the terms “our Company,” “we,” “us,” and “our” as used below refer to Skyward Specialty Insurance Group and its consolidated subsidiaries. The term “second quarter” as used below refers to the three and six months ended June 30, for the time period then ended. We discuss certain key metrics which provide useful information about our business and the operational factors underlying our financial performance. Many of these metrics are generally standard among insurance companies and help to provide comparability with our peers. Select insurance, accounting, operating and financial terms for Skyward Group are defined in the sections entitled “Select Insurance and Financial Terms” and “Key Operating and Financial Metrics” included in our 2025 Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Following the Apollo Acquisition, select insurance, accounting, operating and financial terms’ definitions have been updated in the “Updates to Key Operating and Financial Metrics” section below in this Form 10-Q.

The discussion and analysis below include certain forward-looking statements that are subject to risks, uncertainties and other factors described in “Risk Factors” in our 2025 Form 10-K. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors.

The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2026, or for any other future period. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in Part I, Item 1 of this Quarterly Report, and in conjunction with our audited consolidated financial statements and the notes thereto included in our 2025 Form 10-K.

The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”).

Overview

Founded in 2006, Skyward Group is the holding company brand for its U.S. and U.K. businesses, Skyward Specialty Insurance Group, Inc. and Apollo, respectively, delivering a comprehensive suite of specialized insurance and reinsurance solutions across global specialty property and casualty markets. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers operating in these markets. Our customers typically require highly specialized, customized underwriting solutions and claims capabilities. As such, we develop and deliver tailored insurance products and services to address each of the niche markets we serve.

As previously disclosed, on January 1, 2026, the acquisition with Apollo closed. We subsequently announced the introduction of Skyward Group as the unified holding company brand for Skyward Specialty and Apollo, following the successful completion of the transaction. The consideration for the entire issued share capital of Apollo under the Apollo SPAs was $559.1 million, which included (i) $371.1 million in cash (the “Cash Consideration”) and (ii) the issuance of 3,679,332 shares of the Company’s common stock.

Apollo is an integrated specialty insurance and reinsurance group operating within the Lloyd’s of London market, leveraging Lloyd’s global licensing, centralized underwriting infrastructure, and long‑standing distribution networks to access innovative specialty classes across international markets. Apollo’s model incorporates technology enabled underwriting, innovative risk assessment tools, and data driven portfolio management frameworks that are closely aligned with our strategic priorities. Apollo’s operations also include the management of a dedicated syndicate focused on emerging digital economy, autonomy, and platform‑based risks, reflecting a long standing emphasis on innovation and forward‑looking underwriting practices.

Skyward Specialty and Apollo continue to operate as distinct, market facing brands under the newly introduced Skyward Group brand. This brand architecture preserves the equity and reputational strength of both organizations while supporting a unified strategic direction and enhanced collaboration across the combined enterprise.

Skyward Specialty’s U.S. insurance companies are rated ‘A’ (Excellent) by AM Best, while Apollo’s underwriting operations continue within the highly rated Lloyd’s market, which carries an ‘A+' (Superior) rating by AM Best and 'AA-' (Very Strong) ratings by S&P Global and Fitch Ratings.

37

Table of Contents

Updates to Key Operating and Financial Metrics

We discuss certain key metrics which provide useful information about our business and the operational factors underlying our financial performance. These metrics are generally standard among insurance companies and help to provide comparability with our peers. For a glossary of terms for Skyward Specialty Insurance Group, Inc. and its subsidiaries and affiliates and a glossary of selected insurance and accounting terms, see the section entitled “Key Operating and Financial Metrics” included in the 2025 Form 10-K. The following terms have been updated after the Apollo acquisition.

Operating income (loss) is a non-GAAP financial measure defined as net income excluding net investment gains and losses, amortization expense, goodwill impairment charges and other income and expenses. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of operating income (loss) to net income (loss), which is the most directly comparable financial metric prepared in accordance with GAAP.

Underwriting income (loss) is a non-GAAP financial measure defined as income (loss) before income taxes excluding net investment income, net investment gains and losses, impairment charges, interest expense, amortization expense and other income and expenses. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of underwriting income (loss) to net income, which is the most directly comparable financial metric prepared in accordance with GAAP.

Adjusted pro forma gross written premiums is a non-GAAP financial measure defined as pro forma gross written premiums adjusted for the impact of changes in Apollo syndicate participation to evaluate premium growth trends on a consistent participation basis across periods.

Adjusted pro forma fee generating gross written premiums is a non-GAAP financial measure defined as pro forma fee generating gross written premiums adjusted for the impact of changes in Apollo syndicate participation percentages that provide a more meaningful comparison of fee generating business on a consistent participation basis across periods.

Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity excluding goodwill and intangible assets and the related deferred tax impact. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of tangible stockholders’ equity to stockholders’ equity, which is the most directly comparable financial metric prepared in accordance with GAAP.

38

Table of Contents

Consolidated Results of Operations

The following table summarizes our consolidated results for the three and six months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","","Three months ended June 30,","","Six months ended June 30,"],["($ in thousands)","","2026","","2025","","2026","","2025"],["Gross written premiums","","$","740,554","","","$","584,914","","","$","1,408,258","","$","1,120,240"],["Ceded written premiums","","(254,938)","","","(245,701)","","","(489,759)","","(437,756)"],["Net written premiums","","$","485,616","","","$","339,213","","","$","918,499","","$","682,484"],["Net earned premiums","","$","444,472","","","$","295,542","","","$","878,479","","$","595,908"],["Underwriting fee income(1)","","12,588","","","\u2014","","","22,666","","\u2014"],["Commission and fee income","","2,334","","","2,560","","","3,861","","4,536"],["Non-cat loss and LAE","","268,141","","","177,262","","","525,579","","358,071"],["Cat loss and LAE(2)","","8,600","","","4,000","","","16,385","","10,500"],["Losses and LAE","","276,741","","","181,262","","","541,964","","368,571"],["Net policy acquisition costs","","71,154","","","44,636","","","130,770","","89,126"],["Other operating and general expenses","","47,755","","","37,730","","","107,844","","75,878"],["Corporate expense","","4,372","","","3,230","","","9,281","","7,143"],["Underwriting, acquisition and insurance expenses","","123,281","","","85,596","","","247,895","","172,147"],["Fee\u2011based service expenses(1)","","4,562","","","\u2014","","","8,732","","\u2014"],["Underwriting income(3)","","$","54,810","","","$","31,244","","","$","106,415","","$","59,726"],["Net investment income","","$","30,727","","","$","18,704","","","$","57,782","","$","38,126"],["Net investment (loss) gains","","$","(601)","","","$","3,090","","","$","2,584","","$","9,840"],["Interest expense","","$","8,812","","","$","1,876","","","$","16,531","","$","3,710"],["Amortization expense","","$","8,843","","","$","372","","","$","17,686","","$","709"],["Income before income taxes","","$","63,557","","","$","49,795","","","$","125,633","","$","101,230"],["Net income","","$","49,038","","","$","38,839","","","$","98,769","","$","80,897"],["Operating income(3)","","$","59,198","","","$","37,496","","","$","116,091","","$","75,233"],["Non-cat loss and LAE","","60.4","%","","59.9","%","","59.8","%","","60.1","%"],["Cat loss and LAE(2)","","1.9","%","","1.4","%","","1.9","%","","1.8","%"],["Net loss and LAE ratio","","62.3","%","","61.3","%","","61.7","%","","61.9","%"],["Net policy acquisition costs","","16.0","%","","15.1","%","","14.8","%","","15.0","%"],["Other operating and general expenses","","10.7","%","","12.8","%","","12.3","%","","12.7","%"],["Commission and fee income","","(0.5)","%","","(0.9)","%","","(0.4)","%","","(0.8)","%"],["Corporate expense","","1.0","%","","1.1","%","","1.1","%","","1.2","%"],["Net expense ratio","","27.2","%","","28.1","%","","27.8","%","","28.1","%"],["Combined ratio","","89.5","%","","89.4","%","","89.5","%","","90.0","%"],["Annualized return on equity","","15.7","%","","17.7","%","","17.3","%","","19.1","%"],["Annualized return on tangible equity(3)","","23.4","%","","19.7","%","","22.2","%","","21.3","%"],["Annualized operating return on equity(3)","","19.0","%","","17.1","%","","20.4","%","","17.8","%"],["Annualized operating return on tangible equity(3)","","28.2","%","","19.0","%","","26.0","%","","19.8","%"],["(1) Not included in the combined ratio"],["(2) Current accident year"],["(3) See \u201cReconciliation of Non-GAAP Financial Measures\u201d in this Item 2"],["(4) The underwriting, acquisition and insurance expense ratio includes corporate expenses not allocated to underwriting segments."]]
[[/GREPCENT_TABLE]]

39

Table of Contents

Reconciliation of Non-GAAP Financial Measures

Operating Income

The following table provides a reconciliation of operating income to net income for the three and six months ended June 30, 2026 and 2025:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1519449/000151944926000015/skwd-20251231.htm
Complete FY 2025 MD&A: /company/SKWD/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-02
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a growing specialty insurance company delivering commercial P&C products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers operating in these markets. Our customers typically require highly specialized, customized underwriting solutions and claims capabilities. As such, we develop and deliver tailored insurance products and services to address each of the niche markets we serve.

Our portfolio of insured risks is highly diversified — we insure customers operating in a wide variety of industries; we distribute through multiple channels; we write multiple lines of business, including general liability, excess liability, professional liability (which includes cyber and media liability insurance), commercial auto, group accident and health, property, agriculture, credit, surety and workers’ compensation; we insure both short and medium duration liabilities; and our business mix is principally primary insurance and balanced between E&S and admitted markets. A portion of our business is specialty reinsurance (principally agriculture and credit) which is similarly focused on attractive specialty classes where we believe it is more efficient to approach these classes through reinsurance given factors such as cost of entry, including the costs of geographic expansion. All of these factors enable us to respond to market opportunities and dislocations by deploying capital with attractive risk-adjusted returns. We believe this diversification, which includes businesses not typically aligned with traditional P&C pricing cycles, combined with our underwriting and claims expertise, will more consistently produce strong growth and profitability across all insurance pricing cycles.

We seek to lead in our chosen market niches and establish sustainable competitive positions in these markets. We refer to this strategy as “Rule Our Niche” and it forms the basis of our approach to building a strong defensible market position, creating a competitive moat, and winning our chosen markets. We believe that the principles underlying our strategy are key to achieving and sustaining best-in-class underwriting results through P&C insurance pricing cycles. We consistently strive for excellence in risk selection, pricing, and claims outcomes, and to amplify these critical functions with the use of advanced technology and analytics.

During the first quarter of 2025, we updated our underwriting divisions to align with how management currently oversees the business, allocates resources and evaluates operating performance. We added a ninth division, Agriculture and Credit (Re)insurance, which includes the Global Agriculture unit, previously reported with Global Property, and the Mortgage and Credit units, and focuses on specialty classes for which reinsurance provides a more attractive market entry. The Industry Solutions division is now the Construction & Energy Solutions division and the Inland Marine unit is now included in the Transactional E&S division. Programs is now Specialty Programs. Prior reporting periods have been conformed to reflect the new presentation.

On September 2, 2025, we entered into two share purchase agreements (the "Apollo Majority SPAs") with institutional and management shareholders, respectively, of Apollo Group Holdings Limited ("Apollo") (the "Majority Sellers"). Pursuant to the Apollo Majority SPAs and in accordance with the terms and subject to the conditions therein, we agreed to acquire all of the issued shares of Apollo held by the Majority Sellers, representing approximately 87% of the issued share capital of Apollo. In addition, closing of the transaction ("Closing") was conditioned upon our acquiring 100% of the issued share capital of Apollo (the “Acquisition”) at Closing pursuant to additional short-form share purchase agreements (the "Apollo Minority SPAs" and together with the Apollo Majority SPAs, the "Apollo SPAs") with the remaining minority shareholders of Apollo (the "Minority Sellers" and together with the Majority Sellers, the "Sellers"). The consideration for the entire issued share capital of Apollo under the Apollo SPAs was $555.0 million, which included (i) $371.0 million in cash (the “Cash Consideration”) and (ii) the issuance of 3,679,332 shares of the Company’s common stock. In connection with the Apollo SPAs, on December 30, 2025, we entered into a Term Loan Credit Agreement (the “Facility”) we the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), Barclays Bank PLC, as Administrative Agent (the “Agent”), and the Agent, Truist Securities, Inc., Citizens Bank, N.A. and Texas Capital Bank as joint lead arrangers, joint book runners and co-syndication agents for the Tranche B Term Facility. The facility includes (a) an unsecured senior delayed draw term loan facility in the aggregate principal amount of $150.0 million (the “Tranche A Term Facility”) and (b) an additional unsecured senior delayed draw term loan facility in the aggregate principal of $150.0 million. The acquisition closed on January 1, 2026. The consideration for the transaction was satisfied by the issuance of common stock of the Company to certain sellers and the remainder in cash. As of December 31, 2025, we recognized $14.0 million in transaction expenses associated with the transaction.

42

Table of Contents

Results of Operations

The following table summarizes our results for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["","","","","Years Ended December 31,"],["($ in thousands)","","","","","","2025","","2024"],["Gross written premiums","","","","","","$","2,166,236","","","$","1,743,232"],["Ceded written premiums","","","","","","(760,004)","","","(619,654)"],["Net written premiums","","","","","","$","1,406,232","","","$","1,123,578"],["Net earned premiums","","","","","","$","1,304,505","","","$","1,056,722"],["Commission and fee income","","","","","","6,855","","","6,703"],["Losses and LAE","","","","","","795,022","","","669,809"],["Underwriting, acquisition and insurance expenses","","","","","","377,359","","","311,757"],["Underwriting income(1)","","","","","","$","138,979","","","$","81,859"],["Net investment income","","","","","","$","83,619","","","$","80,600"],["Net investment gains","","","","","","$","22,149","","","$","6,342"],["Income before income taxes","","","","","","$","216,424","","","$","152,739"],["Net income","","","","","","$","170,028","","","$","118,828"],["Adjusted operating income(1)","","","","","","$","167,372","","","$","126,582"],["Loss and LAE ratio","","","","","","60.9","%","","63.4","%"],["Expense ratio","","","","","","28.4","%","","28.9","%"],["Combined ratio","","","","","","89.3","%","","92.3","%"],["Adjusted loss and LAE ratio(1)","","","","","","NM(2)","","62.3","%"],["Expense ratio","","","","","","NM(2)","","28.9","%"],["Adjusted combined ratio(1)","","","","","","NM(2)","","91.2","%"],["Return on equity","","","","","","18.9","%","","16.3","%"],["Return on tangible equity(1)","","","","","","20.9","%","","18.6","%"],["Adjusted return on equity(1)","","","","","","18.6","%","","17.4","%"],["Adjusted return on tangible equity(1)","","","","","","20.6","%","","19.8","%"],["(1) See \u201cReconciliation of Non-GAAP Financial Measures\u201d in this Item 7"],["(2) Not meaningful"]]
[[/GREPCENT_TABLE]]

Reconciliation of Non-GAAP Financial Measures

Adjusted Operating Income

The following table provides a reconciliation of adjusted operating income to net income for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["","","","","","","2025","","2024"],["($ in thousands)","","","","","","","","","","Pre-tax","","After-tax","","Pre-tax","","After-tax"],["Income as reported","","","","","","","","","","$","216,424","","","$","170,028","","","$","152,739","","","$","118,828"],["Less (add):"],["Net investment gains","","","","","","","","","","22,149","","","17,401","","","6,342","","","5,010"],["Net impact of LPT","","","","","","","","","","\u2014","","","\u2014","","","(11,598)","","","(9,162)"],["Transaction costs","","","","","","","","","","(14,019)","","","(11,014)","","","\u2014","","","\u2014"],["Other loss","","","","","","","","","","(587)","","","(461)","","","(167)","","","(132)"],["Other expenses","","","","","","","","","","(4,162)","","","(3,270)","","","(4,392)","","","(3,470)"],["Adjusted operating income","","","","","","","","","","$","213,043","","","$","167,372","","","$","162,554","","","$","126,582"]]
[[/GREPCENT_TABLE]]

43

Table of Contents

Underwriting Income

The following table provides a reconciliation of underwriting income to income before federal income tax expense for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["($ in thousands)","","","","","","2025","","2024"],["Income before income taxes","","","","","","$","216,424","","$","152,739"],["Add:"],["Interest expense","","","","","","7,919","","9,496"],["Amortization expense","","","","","","1,636","","2,007"],["Transaction costs","","","","","","14,019","","\u2014"],["Other expenses","","","","","","4,162","","4,392"],["Less (add):"],["Net investment income","","","","","","83,619","","80,600"],["Net investment gains","","","","","","22,149","","6,342"],["Other loss","","","","","","(587)","","(167)"],["Underwriting income","","","","","","$","138,979","","$","81,859"]]
[[/GREPCENT_TABLE]]

Adjusted Loss Ratio / Adjusted Combined Ratio

The following table provides a reconciliation of the adjusted loss and LAE ratio and adjusted combined ratio to the loss and LAE ratio and combined ratio for the year ended December 31, 2024:

[[GREPCENT_TABLE]]
[["($ in thousands)","","","","","","","","2024"],["Net earned premiums","","","","","","","","$","1,056,722"],["Losses and LAE","","","","","","","","669,809"],["Pre-tax net impact of loss portfolio transfer","","","","","","","","(11,598)"],["Adjusted losses and LAE","","","","","","","","$","658,211"],["Loss ratio","","","","","","","","63.4","%"],["Less: Net impact of LPT","","","","","","","","1.1%"],["Adjusted loss ratio","","","","","","","","62.3","%"],["Combined ratio","","","","","","","","92.3","%"],["Less: Net impact of LPT","","","","","","","","1.1%"],["Adjusted combined ratio","","","","","","","","91.2","%"]]
[[/GREPCENT_TABLE]]

Tangible Stockholders’ Equity

The following table provides a reconciliation of tangible stockholders’ equity to stockholders’ equity for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["($ in thousands)","","2025","","2024"],["Stockholders\u2019 equity","","$","1,009,565","","$","793,999"],["Less: Goodwill and intangible assets","","88,040","","87,348"],["Tangible stockholders\u2019 equity","","$","921,525","","$","706,651"]]
[[/GREPCENT_TABLE]]

44

Table of Contents

Adjusted Return on Equity

The following table provides a reconciliation of adjusted return on equity to return on equity for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["($ in thousands)","","","","","","2025","","2024"],["Numerator: adjusted operating income","","","","","","$","167,372","","","$","126,582"],["Denominator: average stockholders\u2019 equity","","","","","","$","901,782","","","$","727,515"],["Adjusted return on equity","","","","","","18.6","%","","17.4","%"]]
[[/GREPCENT_TABLE]]

Return on Tangible Equity

Return on tangible equity for the years ended December 31, 2025 and 2024 reconciles to return on equity as follows:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SKWD/mda/fy2025/
All MD&A years: /company/SKWD/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SKWD/mda/fy2024/): filed 2025-03-03; accession 0001519449-25-000011 (https://www.sec.gov/Archives/edgar/data/1519449/000151944925000011/skwd-20241231.htm)
- [FY 2023 MD&A](/company/SKWD/mda/fy2023/): filed 2024-04-01; accession 0001519449-24-000012 (https://www.sec.gov/Archives/edgar/data/1519449/000151944924000012/skwd-20231231.htm)
- [FY 2022 MD&A](/company/SKWD/mda/fy2022/): filed 2023-03-28; accession 0001519449-23-000008 (https://www.sec.gov/Archives/edgar/data/1519449/000151944923000008/skwd-20221231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6331 Fire, Marine & Casualty Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SKWD.md · JSON record: /company/SKWD.json · verified financials: /company/SKWD/financials.json / /company/SKWD/financials.csv · machine TOC for the whole site: /llms.txt