Skyward Specialty Insurance Group, Inc. SKWD
Skyward Specialty was formed as a Delaware corporation on January 3, 2006 as an insurance holding company. We operated under the name Houston International Insurance Group, Ltd. until we re-branded as Skyward Specialty in November 2020. References to "the Company," "we," "our," "us" or like terms refer to the business of Skyward Specialty Insurance Group, Inc. and its subsidiaries.
We are a growing specialty insurance company delivering commercial insurance 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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $12.4M | $10.7M | $9.8M | $5.2M | $4.0M | — |
| Interest expense | $7.9M | $9.5M | $10.0M | $6.4M | $4.6M | — |
| Pre-tax income | $216.4M | $152.7M | $110.1M | $49.8M | $48.3M | — |
| Income tax | $46.4M | $33.9M | $24.1M | $10.4M | $10.0M | — |
| Net income | $170.0M | $118.8M | $86.0M | $39.4M | $38.3M | — |
| EPS, basic | 4.21 | 2.97 | 2.34 | 1.24 | 1.21 | — |
| EPS, diluted | 4.07 | 2.87 | 2.24 | 1.21 | 1.18 | — |
| Shares, diluted (wtd. avg.) | $41.8M | $41.4M | $38.3M | $32.7M | $32.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $168.5M | $121.6M | $100.3M | $125.0M | $107.3M | $113.6M |
| Property, plant and equipment | $15.1M | $12.2M | $9.1M | $8.7M | $9.6M | — |
| Goodwill | $65.7M | $65.7M | $65.7M | $65.7M | $65.7M | — |
| Other intangibles | $22.3M | $21.6M | $22.7M | $24.1M | $25.6M | — |
| Total assets | $4.79B | $3.73B | $2.95B | $2.36B | $2.12B | — |
| Total liabilities | $3.78B | $2.94B | $2.29B | $1.94B | $1.69B | — |
| Retained earnings | $267.1M | $97.1M | -$21.7M | -$105.4M | -$144.8M | — |
| Total equity | $1.01B | $794.0M | $661.0M | $421.7M | $426.1M | $303.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $408.1M | $305.1M | $338.2M | $208.9M | $175.3M | — |
| Depreciation and amortisation | $3.5M | $3.4M | $3.9M | $4.1M | $5.6M | — |
| Stock-based compensation | $12.0M | $9.4M | $8.5M | $2.3M | $522.0K | — |
| Capital expenditure | $5.5M | $4.2M | $3.1M | $2.3M | $2.2M | — |
| Investing cash flow | -$366.9M | -$243.7M | -$493.8M | -$193.4M | -$183.0M | — |
| Financing cash flow | $411.0K | -$4.2M | $130.9M | $2.2M | $1.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001519449-26-000015.
Others in SIC 6331
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |