Every 10-K that Skyward Specialty Insurance Group, Inc. (SKWD) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SKWD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SKWD filings page.
Skyward Specialty Insurance Group describes itself as a growing U.S.-focused specialty insurer, writing admitted and non-admitted commercial lines across nine underwriting divisions, including accident & health, agriculture and credit (re)insurance, captives, construction and energy, global property, professional lines, specialty programs, surety and transactional E&S. The company emphasizes technical underwriting, advanced analytics and its SkyBI business intelligence platform to target complex, underserved niches and pursue what it calls its “Rule Our Niche” strategy.
The filing highlights the completed acquisition of Apollo Group Holdings Limited, a Lloyd’s-based specialty underwriting platform, on January 1, 2026, paid with a mix of company stock and cash. Apollo adds multi-class specialty business and digital-economy liability products through Lloyd’s syndicates, along with fee and profit-commission income from managing agency services. Skyward describes a diversified property and casualty portfolio, significant use of quota share and catastrophe reinsurance, a maximum property catastrophe program of $36.0 million in excess of $12.0 million, and an “A” (Excellent) financial strength rating from A.M. Best.
The company outlines extensive enterprise risk management, reserving and technology practices, while also listing numerous risk factors. These include potential mispricing of underwriting risk, intense competition, reliance on brokers and program administrators, dependence on third-party reinsurance, reserve uncertainty, economic and inflation pressures, regulatory constraints, cybersecurity threats, and integration risks associated with the Apollo acquisition.
Skyward Specialty Insurance Group reported material insurance reserves and a control weakness while maintaining regulatory capital and recent financing activity. The company held $1.8 billion of reserves for unpaid losses and loss adjustment expenses at December 31, 2024, with a significant portion as IBNR estimated by actuarial methods and subject to estimation uncertainty. The auditor communicated a valuation critical audit matter on reserve estimates and expressed an adverse opinion on internal control over financial reporting. Reinsurance recoverables included concentrations with Everest Reinsurance Co. (18.0%) and eMaxx Captives (16.8%) and reinsurance collateral totaled $337.0 million. Financing actions included a $57.0 million FHLB term loan secured by pledged securities and earlier IPO and follow-on offerings that generated approximately $62.0 million and $62.5 million net proceeds respectively. Statutory measures showed net income of $108.2 million and statutory capital and surplus of $710.6 million for 2024.