Skyward/2025/FY/Annual report: Difference between revisions

{{Indexing|Cover|Document type, period end date, fiscal year end date, entity file number, entity registrant name, entity incorporation state or country code|kind=table|order=1}}

{{Indexing|Audit Information|Auditor name, auditor location, auditor firm ID|x856lnzuq2|kind=table|order=2}}

{{Indexing|Who We Are|CompanySkyward formationSpecialty, rebranding,Houston businessInternational modelInsurance Group, productcommercial offeringsinsurance products, linesnon-admitted and ofadmitted businessbasis, liabilityspecialty durationreinsurance|2ku0sqq9xf|lht8rybaqk|kind=prose|order=3|f1=Year founded|v1=2006|f2=Founding legal form|v2=Delaware corporation|f3=Former name(s)|v2v3=Houston International Insurance Group, Ltd.|f3f4=RebrandingMajor yearacquisitions|v3v4=NovemberApollo 2020|f4=FoundingGroup legalHoldings form|v4=Delaware corporationLimited|f5=Primary segments|v5=commercialCommercial insurance products|f6=Principal lines|v6=General liability, specialtyexcess reinsuranceliability, professional liability, commercial auto, group accident and health, property, agriculture, credit, surety, workers’ compensation}}

{{Indexing|Apollo Acquisition|Apollo Group Holdings Limited acquisition, shareApollo purchaseMajority agreementsSPAs, transactionApollo closingMinority SPAs, Apollo'sSyndicate 1969, businessSyndicate model1971|c5r2rmwxo6|kind=prose|order=4|f1=AcquiredAcquisition companytarget|v1=Apollo Group Holdings Limited|f2=Acquisition closing date|v2=January 1, 2026|f3=AcquiredAcquisition stakeconsideration|v3=87%Common stock, cash}}

{{Indexing|Our Business and Our Strategy|Reportable segment, underwritingUnderwriting divisions, Accident & Health, A&H captives program, Agriculture and Credit (Re)insurance, Global agriculture book, Mortgage portfolio, Credit portfolio|1ut79wn2dy|lht8rybaqk|kind=prose|order=5|f1=Number of segments|v1=one1|f2=Reportable segments|v2=oneOne reportable segment|f3=Gross written premiums admitted|v3=41%|f4=Gross written premiums non-admitted|v4=59%}}

{{Indexing|Our Competitive Strengths|MarketCommercial nicheslines P&C markets, underwritingspecialty divisionsand standard insurers, program administrators, underwriting expertisedivisions, claims professionals, technology|c6zoq3weio|8c6rwjjmzf|kind=prose|order=6|f1=Competitive advantages|v1=Technical underwriting, claims management, data and predictive analytics, experienced underwriting teams, specialized claims professionals}}

{{Indexing|Our Strategy in Action|Rule Our Niche strategy, underwriting and claims talent, technology leverageDNA, SkyBI, core operating platforms, marketclimate trendschange, supply chain uncertainty, financial inflation, cyber risk, novel health risks, litigation, jury awards, healthcare delivery|8c6rwjjmzf|2264mja9fc|kind=prose|order=7|f1=Strategic priorities|v1=Rule Our Niche strategy, attractingAttracting and retaining talent, leveraging technology DNA, profitably growing existing lines, expanding with new underwriting divisions|f2=Strategy name|v2=Rule Our Niche|f3=Technology platform|v3=SkyBI}}

{{Indexing|Marketing and Distribution|Marketing and distribution approach, Rule Our Niche strategy, distribution partners, productretail distributionagents, wholesale brokers, program administrators, captive managers|la5wuhtx31|kind=prose|order=8|f1=Distribution channels|v1=retailRetail agents, wholesale brokers, select program administrators, captive managers}}

{{Indexing|Underwriting|Underwriting approach, Rule Our Niche strategy, underwriting teams, technology and, data analytics, SkyBI, risk selection, pricing, admitted market, E&S market|cos78e4bvi|llbwb4tj3c2264mja9fc|kind=prose|order=9|f1=Underwriting divisions|v1=Nine|f2=Technology platform|v2=SkyBI}}

{{Indexing|Claims Management|Claims department principles, claimsadvanced handlinganalytics, technology, Third Party Administrators (TPAs), independent legal counsel, legal spend management solution, Claims Development Severity Predictor model|drz6uloidk|zy07b9ocmk|kind=prose|order=10|f1=Claims handling principles|v1=Prompt investigations, quality claims handling, timely reserve establishment, effective pursuit of contribution and subrogation, fraud detection and prevention, disciplined litigation management|f2=Technology used|v2=Claims Development Severity Predictor model}}

{{Indexing|Technology|TechnologySkyward Specialty Insurance Group, SkyBI, predictive analytics technology, AI, core transactional platforms, customizedpolicy third-partyadministration, vendorunderwriting workbench, billing, claims systems, accident & health, global property, agriculture, credit (re)insurance, applicationssurety|2264mja9fc|kind=prose|order=11|f1=Technology platform|v1=SkyBI|f2=Technology type|v2=Predictive analytics technology, AI|f3=Core transactional platforms|v3=Policy administration, underwriting workbench, billing, claims systems}}

{{Indexing|Reinsurance|Reinsurance purchases, reinsuranceseverity contractevents, typesearnings volatility, quota share reinsurance, excess of loss reinsurance, facultative coverage, property insurance, catastrophe reinsurance|20fueoa3q1|8ihdrbirer|kind=prose|order=12|f1=PropertyReinsurance insurancecontract grosslength|v1=One writtenyear|f2=Reinsurance premiumsrenewal frequency|v1v2=Annually|f3=Reinsurance renewal months|v3=January, June|f4=Reinsurance types|v4=Quota share, excess of loss, facultative|f5=Property insurance GWP|v5=34% as of December 31, 2025}}

{{Indexing|Maximum company retention by line of business|Maximum company retention by line of business: Accident & Health, Commercial Auto, Excess Casualty, General Liability, Ocean Marine, Professional Lines, Property, Representation and Warranty, Surety, Workers’ Compensation|kind=table|order=13}}

{{Indexing|Reinsurance by company|Reinsurance recoverables, byAM reinsurerBest andratings, AMeMaxx BestCapitves, Everest Reinsurance Co., General Reinsurance Corp, Partner Reinsurance Co. of the US, ACE (Chubb Property & Casulty Ins Company), RGA Reinsurance Company, Lloyds Syndicate 4711, Swiss Reinsurance America Corp, Lloyds Syndicate 2987, Aspen Insurance UK ratingLimited|tc5fw176pu|kind=table|order=14}}

{{Indexing|Enterprise Risk Management|Enterprise Risk Management (ERM), underwriting and, asset portfolio construction, reinsuranceliability duration, investmentmarket strategycyclicality, SVPreinsurance, CFOinvestment & Head of ERMstrategy, Economic Capital Model (ECM), risk tolerances, risk register, top 10 risks, operational processes and controls|w8ma8usdpx|d00txlz1as|kind=prose|order=15|f1=ERM oversight|v1=SVP, CFO & Head of ERM - US Operations|f2=ERM Committee|v2=Cross-functional corporate ERM Committee|f3=Risk tolerances review|v3=Annually by ERM Committee, discussed with Risk Committee of the Board of Directors|f4=Top 10 risks review|v4=Quarterly}}

{{Indexing|Reserves|Reserves, claims incurred and reported, IBNR reserves, uncollectible reinsurance, case reservesreserve, actuarial reserving techniques, loss reserves|rmmhubj8mh|e40m7ou132|kind=prose|order=16|f1=Reserves not discounted|v1=True}}

{{Indexing|Investments|Investment portfolio, investment allocation strategy, Enterprise Based Asset Allocation model, Economic Capital Model, investment risk, Investmentcash, Committeecash equivalents, selfinvestment-managedgrade investmentsfixed-maturity securities, third-partyInvestment investmentCommittee of the Board managementof firmsDirectors|966xer0dpm|kind=prose|order=17|f1=Investment allocation strategy|v1=Enterprise Based Asset Allocation model|f2=Investment portfolio composition|v2=Cash, cash equivalents, investment-grade fixed-maturity securities|f3=Investment policy approval|v3=Investment Committee of the Board of Directors}}

{{Indexing|Competition|Specialty lines property & casualty insurance market, competitionunderwriting factorsdivisions, notablespecialty competitorsinsurers, standard insurers, program administrators|c6zoq3weio|kind=prose|order=18|f1=Key competitors|v1=Markel Corporation, W.R. Berkley Corporation, American Financial Group Inc., Tokio Marine Holdings, Inc., CNA Financial Corporation, Hiscox, Ltd., RLI Corp., Intact Finance Corporation, Kinsale Capital Group, Inc., Arch Capital Group, AXIS Capital Holdings, Ltd.}}

* The specialty lines property & casualty insurance market comprises numerous markets and sub-markets, each with distinct customer needs, products, services, and specific economic and structural features ^{p. 14}.

* CompetitionEach ismarket facedhas indistinct underwritingcustomer divisionsneeds, fromproducts, other specialtyservices, and standardspecific insurerseconomic and programstructural administratorsfeatures ^{p. 14}.

{{Indexing|Our Structure|Insurance companies, Great Midwest Insurance Company (GMIC), Houston Specialty Company (HSIC), Imperium Insurance Company (IIC), Oklahoma Specialty Insurance Company (OSIC), Skyward Re, non-insuranceSkyward companiesUnderwriters Agency, Inc., Skyward Service Company, Skyward Specialty No. 1 Limited Company|cmtswfs0go|kind=prose|order=19|f1=Legal name|v1=Great Midwest Insurance Company (GMIC), HoustonSkyward Specialty Company (HSIC), Imperium Insurance Company (IIC)Group, Oklahoma Specialty Insurance Company (OSIC)Inc.|f2=Holding-company structure|v2=insuranceInsurance holding company system|f3=SkywardState Reof incorporation date|v3=January 7, 2020Delaware}}

{{Indexing|Direct written premiums by state|Direct written premiums by state: Texas, Pennsylvania, Florida, California, New York, Louisiana, Illinois, New Jersey, Georgia, Delaware, All other states and countries|kind=table|order=20}}

{{Indexing|Ratings|A.M.Skyward BestSpecialty Insurance ratingGroup, rating factorsInc., financialA.M. strengthBest, operatinginsurance performancecompanies, policyholder obligationspolicyholders|u6q0bi3ei3|kind=prose|order=21|f1=Financial strength rating|v1=A (Excellent)|f2=Rating outlook|v2=stableStable|f3=Rating agencies|v3=A.M. Best}}

{{Indexing|Regulation|Insurance regulationregulatory authorities, state insurance laws, regulatoryand authoritiesregulations, capital and surplus requirements, licensing, product forms and rates, reserve adequacy, statutory accounting methods, transactions with affiliates, investments, NAIC,National federalAssociation government,of insuranceInsurance holdingCommissioners company(NAIC), lawsfederal government|1nma8v7gjs|kind=prose|order=22|f1=Primary regulators|v1=State insurance regulatory authorities|f2=Holding company regulation|v2=Texas}}

{{Indexing|Intellectual Property|Trademark registrations, intellectual property protection, trademarks and, service marks|nd7yoiixiy|kind=prose|order=23}}

{{Indexing|Employees and Human Capital|Employees, collective bargaining agreement, companydiversity, culturetalent, diversityemployee benefits, talentmedical, developmentdental, benefitsvision packageinsurance, 401(k) plan, paid time off, family leave, employee assistance programs, employee stock purchase plan, employee training and development|v84q3tomll|kind=prose|order=24|f1=Employees|v1=611 as of December 31, 2025|f2=Collective bargaining agreement|v2=None}}

{{Indexing|Summary of Material Risk Factors|Underwriting risk, competition, distribution channels, third-party reinsurance, loss and loss expense reserves, financial strength rating, coverage interpretation, reinsurer claims, claimsclaim payment, adverse economic factors, insurance cyclicality, regulation|w8ma8usdpx|gva2857foa|c6zoq3weiom0cjxgvmvi|u6q0bi3ei381oaprhocb|rmmhubj8mhnad00g0zfb|kind=prose|order=25}}

{{Indexing|Risks Related to Our Business and Industry|Underwriting successrisk, competition, distribution channels, productretail distributionagents, distributorbrokers, relationshipswholesalers, creditprogram risk, brokersadministrators|w8ma8usdpx|gva2857foa|c6zoq3weio|la5wuhtx31|m0cjxgvmvi|kind=prose|order=26}}

* ''Competition''Underwriting insuccess thedepends insuranceon industryaccurately isassessing intense,risks comingand fromestablishing otherappropriate specialtypremium andrates, standardrelying insuranceon companies,the andexperience of underwriting agenciesstaff ^{p. 22}.

* ''Consolidation of insurance distribution firms'' couldmay negativelyincrease affecttheir salesinfluence channelson throughcommission loss of market access, market share, talent, or increased commissionrates costsand dueconcentrate tobusiness greaterwith negotiatingparticular leveragebrokers ^{p. 22}.

* ''ReinsurersFollowing mayreviews, excludethe coverages''company ormay alterrestrict terms,distributor leadingaccess to gapsproducts inor reinsuranceterminate protectionrelationships, andsubject greaterto potentialcontractual lossesand forregulatory the companyrequirements ^{p. 22}.

* ''IncreasedReinsurers claimmay frequency''exclude couldcertain escalatecoverages evaluationor andalter handlingterms costsin beyondcontracts, establishedleading reserves,to especiallygaps in newreinsurance linesprotection ofand businessgreater orpotential due tolosses newfor claimthe theoriescompany ^{p. 22}.

* ''InadequateLosses and loss expense reserves'' wouldmay requirebe increases,inadequate reducingto netcover incomeactual andlosses, stockholders'materially equityadversely inaffecting thefinancial periodcondition, results, and ofcash identificationflows ^{p. 22}.

* ''FutureReserves lossare experience''estimates substantiallyof exceedingultimate reservesclaim couldsettlement materiallyand adverselyadministration affectcosts, futurenot earnings,exact liquiditycalculations, and financialultimate liability may ratingdiffer ^{p. 22}.

* ''ReinsurersA maydecline notin reimbursethe claims'company's timelyfinancial orstrength atrating all, materiallymay adversely affectingaffect the amount of business written ^{p. 22}.

* ''ReinsuranceIndependent contracts''ratings requireagencies, premiumsuch paymentsas toA.M. reinsurersBest, whoare reimburseused forby coveredthe policyinsurance claims,industry to oftenassess yearsfinancial laterstrength ^{p. 22}.

* A.M. Best''Factorss affectinganalysis claimincludes paymentpeer ability''comparisons, includeindustry staff training/experiencestandards, managementoperating effectivenessplans, philosophy, and appropriatemanagement procedures/systemsassessments ^{p. 22}.

** ''ChangingUnfavorable weatherfinancial, patterns and climatic conditions'' (e.g.regulatory, global warming) increase unpredictability and frequency ofor naturalmarket disasterstrends, including inexcess newmarket areascapacity ^{p. 22}.

** ''LossesSignificant frominvestment catastrophes''portfolio dependlosses onor frequency,limited severity, and insured exposure in affected areasliquidity ^{p. 22}.

** ''InabilityAlterations toin obtainA.M. reinsurance coverage'Best's atcapital reasonableadequacy ratesassessment formethodology severe weather and catastrophes could materiallythat adversely affect businessthe rating ^{p. 22}.

* ''ChangesThere inis climateno policyassurance programs'the company's andrating legislationwill couldremain haveat aits materialcurrent level, and adverse effectratings onconsequences could materially affect financial condition and businessresults ^{p. 22}.

* ''ProgramUnexpected administrators''changes within quotingthe andinterpretation bindingof authoritycoverage or provisions, ifincluding non-compliantloss withlimitations guidelinesand exclusions, could bindmaterially theadversely companyaffect tofinancial unanticipatedcondition risks, adversely affectingand results ^{p. 22}.

* ''MostChanging contracts''industry arepractices, one-yearlegal, termjudicial, social, and renewable;other someconditions insuredsmay arelead repeatto customersunexpected withclaims and newcoverage contractsissues ^{p. 22}.

* ''DamageReinsurers tomay reputation''not fromreimburse providingclaims policiestimely toor certainat insureds could decrease demandall, materially adversely affectaffecting business, andfinancial requirecondition, resources toand rebuildresults ^{p. 22}.

* ''ImpactReinsurance ofmakes accountingthe changes''reinsurer cannot be predictedliable but maydoes affectnot netrelieve income,the shareholder'scompany equity,of andits otherprimary financialliability statementto itemspolicyholders ^{p. 22}.

* ''TheseFailure risks''to couldaccurately preventand hedgingtimely strategiespay fromclaims effectivelycould reducing volatilitymaterially and materially adversely impactaffect business, financial condition, results, and prospects ^{p. 22}.

{{Indexing|Risks Related to the Market and Economic Conditions|EconomicAdverse economic factors, recession, inflation, unemployment, economic activity, capital market volatility, economicinsurance downturncyclicality, policy salescompetition, claimcatastrophic frequencyevents, premiumcapacity defaultslevels, claimlitigation falsificationtrends, underwritingregulatory profit, insurance cyclicalityconstraints|w8ma8usdpx|7nc9h3zzvs|kind=prose|order=27}}

{{Indexing|Risks Related to the Regulatory Environment|Regulation, non-compliance penalties, stateprimary insurance departmentssubsidiaries, Texasstate Departmentdepartments of Insuranceinsurance, capital and surplus, investment and underwriting limits, affiliate transactions, dividend limits, changes in control, solvency, financial/non-financial aspects, insurance holding company system, regulatoryTexas examinations,Department licenseof denialInsurance, license revocationlicenses/approvals|w8ma8usdpx|1nma8v7gjs|kind=prose|order=28}}

* TheWe company isare subject to extensive regulation, and non-compliancefailure canto leadcomply tomay result in penalties like fines and suspensions, adversely affecting financial condition and results of operations ^{p. 24}.

* PrimaryOur primary insurance subsidiaries (GMIC, HSIC, IIC) are extensively regulated in Texas, their state of domicile, and to a lesser degree in other operating states ^{p. 24}.

* Most insuranceInsurance regulations primarily protect policyholders' interests, not investors' or stockholders' ^{p. 24}.

* StateRegulations insuranceare administered by state departments administerof regulationsinsurance and coveringcover capital and surplus, investment and underwriting limitationslimits, affiliate transactions, dividend limitationslimits, changes in control, solvency, and other financial/non-financial aspects ^{p. 24}.

* InsuranceOur insurance subsidiaries are subject to risk-based capital requirements based on the NAIC's "risk based capital model" and other minimum capital/surplus restrictions under Texas law ^{p. 24}.

* These requirements establish minimum risk-based capital to support overall business operations and identify inadequately capitalized property and casualty insurers basedby onassessing asset/liability risks and net written premium mix ^{p. 24}.

* Falling below a calculated thresholdrisk-based capital thresholds can lead to regulatory actionsaction, including supervision, rehabilitation, or liquidation ^{p. 24}.

* Failure to maintain required risk-based capital levels could adversely affect theour insurance subsidiary's ability to maintain regulatory authority and itsour A.M. Best Rating ^{p. 24}.

* The companyWe may become subject to additional government or market regulation, potentiallywhich havingcould amaterially material adverseadversely impact on itsour business ^{p. 24}.

* Business could be adversely affected by changesChanges in laws related to asset/reserve valuation, surplus, investment/dividend limitations, enterprise risk, and risk-based capital requirements could adversely affect our business ^{p. 24}.

* The U.S. federal government, which generally hasdoes not directly regulated theregulate insurance industry, except for flood, nuclear, and terrorism risks, couldbut may consider legislation affecting the industry in areas like privatization of government entities (Freddie Mac, /Fannie Mae), reduction in federal subsidiessubsidiaries for (agriculture), tort reform, corporate governance, and taxationreinsurance ofcompany reinsurance companiestaxation ^{p. 24}.

* Changes to U.S. tax laws and new tax policies could negatively impact the overall economy and the company'sour business ^{p. 24}.

* Legislative or other tax actions related to taxes could negatively affect the companyus, itsour investments, or our stockholders ^{p. 24}.

* The rulesRules for U.S. federal income taxation are constantly under review by legislators, the IRS, and the U.S. Department of the Treasury ^{p. 24}.

* The OBBBA modifies key business tax provisions, including restoring 100% bonus depreciation under Section 168(k) of the IRC, immediate deduction of U.S. domestic research and experimental expenditures under Section 174A of the IRC, the EBITDA-based business interest expense limitation under Section 163(j) of the IRC, and changes to international operations tax computation ^{p. 24}.

* Based on current analysis, thethese companyOBBBA doesprovisions are not believeexpected OBBBAto provisionshave willa materiallymaterial impact itson our business or results of operations ^{p. 24}.

* Regulations and other IRS guidance implementing the OBBBA may create unforeseen issues, and further tax law changes maycould occur, so there is no assurance our business will not be adversely affected ^{p. 24}.

* ThereOur isability noto assuranceuse thatnet theoperating company'sloss businesscarryforwards will(NOLs) notand beother adverselytax affectedattributes bymay the OBBBA or other tax lawbe changeslimited ^{p. 24}.

* Future ownership changes, duesome tooutside shiftsour incontrol, stockor ownership,regulatory somechanges outsidecould thelimit company'sour control,ability to mayuse occurNOLs ^{p. 24}.

* FutureIf regulatorywe changescannot couldoffset alsofuture limittaxable theincome abilitywith toNOLs, utilizeour NOLsnet income and cash flows may be adversely affected ^{p. 24}.

* ContinuedWe operationdo not intend to declare and growthpay cash dividends on our common stock in requirethe substantialforeseeable capitalfuture ^{p. 24}.

* TheOur companyability doesto notpay intendstockholder to declaredividends and paymeet cashdebt dividendsobligations largely depends on commondividends stockand indistributions thefrom foreseeableGMIC, HSIC, and futureIIC ^{p. 24}.

* State insurance regulators may adopt more restrictive statutory provisions regarding dividend payments by our insurance subsidiaries in the future ^{p. 24}.

* Any futureFuture dividend determinationdeterminations will beare at the discretion of theour Board of Directors, basedand depend on results of operations, financial condition, contractual debt restrictions, indebtedness, applicable law, and other relevant factors ^{p. 24}.

* Investors may need to sell common stock after price appreciation, which may not occur, toas realizethe gains,only asway immediateto cashrealize dividendsfuture are not expectedgains ^{p. 24}.

* Approval depends on factors includinglike the acquirer's financial strength, plans for the insurer's future operations, and potential anti-competitive results ^{p. 24}.

* Acquiring 10% or more of the company'sour common stock would be considered an indirect change of control of Skyward Specialty, triggering change of control filing requirements under Texas insurance laws, unless a disclaimer of control filing is accepted by the Texas Insurance Department ^{p. 24}.

* These requirements may discourage acquisition proposals and delay, deter, or prevent a change of control of Skyward Specialty, even if desirable to some stockholders ^{p. 24}.

{{Indexing|Risks Related to Our Liquidity and Access to Capital|CapitalFuture capital requirements, cash flows, investment portfolio declines, catastrophe losses, adverse reserve development, equity financing, debt financing, securities, credit access, Revolving Credit Facility, Term Loan Facility, covenants, assets, credit market environment|w8ma8usdpx|trbk6wt4s9|f8km91nllc|b3bc9gy5x7|kind=prose|order=29}}

{{Indexing|Risks Related to Our Operations|Key personnel, talent recruitment, security breaches, data loss, cyberattacks, IT failures, information technology and telecommunications systems, telecommunicationsunderwriting systems, claims systems, third-party systems, natural catastrophes, terrorist attacks, industrial accidents, computer viruses, hackers, employee misconduct, external hazards, data incident|w8ma8usdpx|v84q3tomll|3sevlm3ozh|zy07b9ocmk|kind=prose|order=30}}

{{Indexing|Risks Related to Ownership of Our Common Stock|Public company costs, compliance initiatives, federal securities laws, Sarbanes-Oxley Act, Dodd-Frank Act, SEC, Nasdaq, financial statements, Nasdaqdisclosure, financial controls, corporate governance, listingSection requirements404, internal control over financial reporting, accounting staff,and finance staff, internal audit services|l96bfbct4sch7st6ifed|x856lnzuq2l96bfbct4s|kind=prose|order=31}}

* As of February 26, 2026, there were approximately ''117 holders of record'' of the company's common stock ^{p. 31}.

* ThisThe number of holders of record does not represent the total number of stockholders due to shares being held by brokers and other institutions on behalf of stockholders ^{p. 31}.

{{Indexing|Securities Authorized for Issuance Under Equity Compensation Plans|Equity compensation plans, definitive proxy statement, SEC, 2026 Annual Meeting of Stockholders, 2026 Proxy Statement, unregisteredPart securitiesIII|ch7st6ifed|kind=prose|order=32}}

{{Indexing|Recent Sales of Unregistered Equity Securities|Unregistered securities, Annual Report on Form 10-K, Apollo acquisition, Apollo SPAs, commonunregistered stockshares|ch7st6ifed|c5r2rmwxo6|kind=prose|order=33|f1=Apollo acquisition payment|v1=$555.0 million|f2=Apollo acquisition cash payment|v2=$371.0 million|f3=Unregistered shares issued for Apollo acquisition|v3=3,679,332}}

{{Indexing|Performance Graph|Cumulative total shareholder return, common stock, Nasdaq Composite Index, Nasdaq Insurance Index, comparison period, initial investment, historical results, future performance, soliciting material, Section 18 of the Exchange Act, Securities Act|4mxy6ccbgjch7st6ifed|kind=prose|order=34|f1=Comparison period start|v1=January 13, 2023|f2=Comparison period end|v2=December 31, 2025|f3=Initial investment|v3=$100|f4=Skyward Specialty Insurance Group, Inc. cumulative total return (Jan 13, 2023)|v4=$100.00|f5=Skyward Specialty Insurance Group, Inc. cumulative total return (Dec 31, 2023)|v5=$175.00|f6=Skyward Specialty Insurance Group, Inc. cumulative total return (Dec 31, 2024)|v6=$265.00|f7=Skyward Specialty Insurance Group, Inc. cumulative total return (Dec 31, 2025)|v7=$268.00|f8=Nasdaq Composite Index cumulative total return (Dec 31, 2025)|v8=$210.00|f9=Nasdaq Insurance Index cumulative total return (Dec 31, 2025)|v9=$129.00}}

{{Indexing|Stock performance comparisonof Skyward Specialty Insurance Group, Inc. and indices|Stock performance comparison, Skyward Specialty Insurance Group, Inc., Nasdaq Composite Index, Nasdaq Insurance Index|4mxy6ccbgjch7st6ifed|kind=table|order=35}}

{{Indexing|Overview|Specialty insurance provider, commercial P&C products, United States, non-admitted (E&S) basis, admitted basisbases, underserved markets, dislocated markets, underwriting solutions, claims capabilities, portfolio of insured risks, industries, distribution channels, lines of business, general liability, excess liability, professional liability, cyber liability, media liability, commercial auto, group accident and health, property, agriculture, credit, surety, workers’ compensation, short duration liabilities, medium duration liabilities, primary insurance, specialty reinsurance, underwriting and claims expertise, Rule Our Niche strategy, riskmarket selectionniches, pricingcompetitive moat, claimsrisk outcomesselection, technologypricing, analytics|4cr8sbi842|lht8rybaqk|8c6rwjjmzf|mz4ournjwh|20fueoa3q1|kind=prose|order=36|f1=Lines of business|v1=general liability, excess liability, professional liability (cyber and media liability), commercial auto, group accident and health, property, agriculture, credit, surety, and workers’ compensation|f2=Strategic priorities|v2=Rule Our Niche}}

{{Indexing|Results of Operations|Net income, net income attributable to common stockholders, basic earnings per share, diluted earnings per share, gross written premiums, net written premiums, net earned premiums, net investment income, net realized and unrealized gains (losses) on investments, other income, total revenues, losses and loss adjustment expenses, underwriting expenses|y30gelxv10|ed0t39ch3f|v7ij6av24f|wpkf9ycgxf|jpoeftv18u|kind=prose|order=37|f1=Net income (2025FY25)|v1=USD 100.0m|f2=Net income (2024FY24)|v2=USD 100.0m|f3=NetBasic incomeearnings attributableper to common stockholdersshare (2025FY25)|v3=USD 1001.0m00|f4=NetBasic incomeearnings attributable toper common stockholdersshare (2024FY24)|v4=USD 1001.0m00|f5=BasicGross earningswritten per sharepremiums (2025FY25)|v5=USD 1,000.000m|f6=BasicGross earningswritten per sharepremiums (2024FY24)|v6=USD 1,000.000m|f7=DilutedNet earningswritten per sharepremiums (2025FY25)|v7=USD 1,000.000m|f8=DilutedNet earningswritten per sharepremiums (2024FY24)|v8=USD 1,000.000m|f9=GrossNet writtenearned premiums (2025FY25)|v9=USD 1,000.0m}}

{{Indexing|Underwriting results and key ratios|Underwriting results, key ratios, grossGross written premiums, ceded written premiums, net written premiums, net earned premiums, commission and fee income, losses and LAE, underwriting, acquisition and insurance expenses, underwriting income, net investment income, net investment gains, income before income taxes, net income, adjusted operating income|cos78e4bvied0t39ch3f|wpkf9ycgxf|jpoeftv18ucos78e4bvi|y30gelxv10jpoeftv18u|kind=table|order=38}}

| class="wt-indent-1" style="text-align:left" | '''Underwriting income (1)'''

{{Indexing|Reconciliation of adjusted operating income|Adjusted operating income, income as reportedIncome, net investment gains, net impact of LPT, transaction costs, other loss, other expenses, adjusted operating income|n63zd2qo95|kind=table|order=40}}

{{Indexing|Reconciliation of adjusted EBITDA|Adjusted EBITDA, incomeIncome before income taxes, interest expense, amortization expense, transaction costs, other expenses, net investment income, net investment gains, other loss, underwriting income|n63zd2qo95|kind=table|order=41}}

{{Indexing|Adjusted lossLoss and combined ratios|Adjusted loss and combined ratios, netNet earned premiums, losses and LAE, pre-tax net impact of loss portfolio transfer, adjusted losses and LAE, loss ratio, net impact of LPT, adjusted loss ratio, combined ratio, adjusted combined ratio|n63zd2qo95|kind=table|order=42}}

{{Indexing|Tangible stockholdersStockholders' equity|Tangible and tangible stockholders' equity, stockholders’|Stockholders’ equity, goodwill and intangible assets, tangible stockholders’ equity|n63zd2qo95|kind=table|order=43}}

{{Indexing|Adjusted return on equity|Adjusted return on equity, adjusted operating income, average stockholders’ equity, adjusted return on equity|n63zd2qo95|kind=table|order=44}}

{{Indexing|Return on tangible equity|ReturnNet onincome, average tangible stockholders’ equity, netreturn income, averageon tangible stockholders’ equity|n63zd2qo95|kind=table|order=45}}

{{Indexing|Adjusted return on tangible equity|Adjusted returnoperating onincome, average tangible stockholders’ equity, adjusted operatingreturn income, averageon tangible stockholders’ equity|n63zd2qo95|kind=table|order=46}}

{{Indexing|Underwriting Results|Gross written premiums, agriculture and credit (re)insurance division, dairy, livestock, crop, credit portfolio, specialty programs, accident & health, surety, captives, global property, construction and energy solutions, professional lines divisions, net written premiums, net earned premiums, reinsurance programs|cos78e4bvi|wpkf9ycgxf|n13vjesiav|20fueoa3q1|kind=prose|order=47|f1=Gross written premiums increase YoY|v1=USD 423.1m|f2=Net written premiums (2025)|v2=USD 1,406.2m|f3=Net written premiums (2024)|v3=USD 1,123.6m|f4=Net written premiums increase|v4=+USD 282.7m|f5=Net written premiums increase (%)|v5=+25.2%)|f5f6=Net earned premiums (2025)|v5v6=USD 1,304.5m|f6f7=Net earned premiums (2024)|v6v7=USD 1,056.7m|f7f8=Net earned premiums increase|v7v8=+USD 247.8m|f9=Net earned premiums increase (%)|v9=+23.4%)}}

{{Indexing|Gross written premiums by line of business|Gross written premiums by line of business, Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety, Transactional E&S|wpkf9ycgxf|n13vjesiav|kind=table|order=48}}

{{Indexing|Losses and LAE by type|Losses and LAE by type, Non-cat loss and LAE, Cat loss and LAE, Prior accident year development|cos78e4bvi|caxaby4jlv|rhstabgyn2|kind=table|order=49}}

| class="wt-indent-1" style="text-align:left" | Non-cat loss and LAE

| class="wt-indent-1" style="text-align:left" | Cat loss and LAE (1)

{{Indexing|Loss and LAE reserve development by accident year|Loss and LAE reserve development, Accident yearYear, Reserve development, Losseson losses subject to LPT|rhstabgyn2|hjnlii88rxdo9an7x5kp|kind=table|order=50}}

{{Indexing|Underwriting, acquisition and insurance expenses|Underwriting, acquisition and insurance expenses, Net policy acquisition expenses, Other operating and general expenses, Commission and fee income|irxh3hcbqz|cos78e4bvi|kind=table|order=51}}

{{Indexing|Net investment income and gains|Short-termNet investments,investment Cashincome and cashgains, equivalentsShort-term investments, Fixed income, Equities, Alternative and strategic investments, Net unrealized gains/(losses) gains on securities, Net realized gains/ (losses)|jpoeftv18u|j8uunnd14x|kind=table|order=52}}

{{Indexing|Investments|Fixed income portfolio, Commercial mortgage loans, Equities portfolio, Alternative investments, Strategic investments, Market risk, Credit risk, Interest rate risk, Foreign currency exchange rate risk, Commodity risk|966xer0dpm|p7k94aok7u|m0cjxgvmvi|utnmaoxh50|gp3o3dfk95|kind=prose|order=53|f1=WeightedFixed averageincome portfolio credit rating 2025|v1=2025: "A+"|f2=AverageFixed durationincome ofportfolio fixedcredit incomerating portfolio2024|v2=2025:AA-|f3=Fixed income portfolio average duration 2025|v3=3.60 years|f3f4=Fixed income portfolio average duration 2024|v4=4.34 years|f5=Equities portfolio publiclypublic tradedtrading|v3v5=100.0%|f4f6=Equities portfolio sale|v4v6=Q3third quarter of 2025}}

{{Indexing|Investment portfolio by asset class|Investment portfolio by asset class, Cash and cash equivalents, Short-term investments, Fixed income, Equities, Alternative and strategic investments|966xer0dpm|1f87rdfb5o|kind=table|order=54}}

{{Indexing|Fixed income portfolio by security type|Fixed income portfolio by security type, U.S. government securities, Corporate securities, Municipal securities, Residential mortgage-backed securities, Commercial mortgage-backed securities, Other asset-backed securities, Commercial mortgage loans|utnmaoxh50|966xer0dpm|kind=table|order=55}}

{{Indexing|Fixed income portfolio by credit rating|Fixed income portfolio by credit ratingsrating, (AAA, AA, A, BBB, BB and Lower)|ooly7l7133|utnmaoxh50|kind=table|order=56}}

{{Indexing|Equities portfolio by type|Equities portfolio by type, Domestic common equities, International common equities, Preferred stock|966xer0dpm|kind=table|order=57}}

{{Indexing|InterestSensitivity rateof sensitivityinvestment analysis|Interestportfolio to interest rate sensitivitychanges|Sensitivity of investment portfolio to interest rate analysischanges, Estimated fairFair valueValue, Estimated changeChange in fairFair valueValue, Estimated % increaseIncrease (decreaseDecrease) in fairFair valueValue|p7k94aok7u|966xer0dpm|kind=table|order=58}}

{{Indexing|Other Items|Income tax expense, Effective tax rate, Federal income tax expense reconciliation|kmocop7wiu|kind=prose|order=59|f1=Income tax expense 2025|v1=2025: USD 46.4m|f2=EffectiveIncome tax rateexpense 2024|v2=2025:USD 33.9m|f3=Effective tax rate 2025|v3=21.4%|f4=Effective tax rate 2024|v4=22.2%}}

{{Indexing|Liquidity and Capital Resources|Holding company structure, InsuranceOperating subsidiaries (GMIC, HSIC, IIC, OSIC), Corporate service fees, Consolidated tax allocation agreement, DividendsSubsidiary from subsidiariesdividends, Bank loans, Revolving loan agreement, Equity and debt securities issuance, State insurance laws, Statutory capital and surplus|trbk6wt4s9|75shp9ailk|cmtswfs0go|1nma8v7gjs|kind=prose|order=60|f1=Subsidiaries|v1=GMIC, HSIC, IIC, OSIC|f2=IIC domicile|v2=Texas|f3=OSIC domicile|v3=Oklahoma}}

{{Indexing|Cash Flows|Cash flows, Premiums, Claims, Investment securities, Operating expenses, Capital expenditures, Reinsurance, CashNet flowscash fromused operatingin activities, Investinginvesting activities|cs6p6hop55|20fueoa3q1|kind=prose|order=61}}

{{Indexing|Cash flowflows statementby activity|Cash flows by activity, Operating activities, Investing activities, Financing activities, Change in cash and cash equivalents and restricted cash|cs6p6hop55|kind=table|order=62}}

{{Indexing|Credit Agreements|Credit Agreements, FHLB Loan, Term Loan Facility, Unsecured senior delayed draw term loan facility, (DDTL)Apollo Group Holdings Limited acquisition, Interest ratesrate calculation, SOFR calculation, Base rate, FeeUndrawn onamounts undrawn amountsfee|bhnpa5y4f0|b3bc9gy5x7|c5r2rmwxo6|kind=prose|order=63|f1=FHLB Loan date|v1=August 30, 2024|f2=FHLB Loan principalterm|v2=$574.0 million5-year|f3=FHLB Loan termprincipal|v3=4$57.5-year0 million|f4=FHLB Loan interest rate|v4=4.00%|f5=Term Loan Facility Tranche A DDTL|v5=$150.0 million|f6=Term Loan Facility Tranche B DDTL|v6=$150.0 million|f7=Acquisition|v7=Apollo Group Holdings Limited}}

{{Indexing|Share Repurchase Program|Share repurchaseRepurchase programProgram, Common stock, Repurchase methodsrepurchase, (openOpen market purchases, privatelyPrivately-negotiated transactions, blockBlock purchases, acceleratedAccelerated share repurchase agreements, Rule 10b5-1 trading plans)|70zdwfnrmi|f7q5tvbfqm|kind=prose|order=64|f1=Program approval date|v1=October 2024|f2=Authorized repurchase amount|v2=$50.0 million|f3=Shares repurchased|v3=As as of DecemberDec 31, 2025: 0|v3=None}}

{{Indexing|Contractual Obligations and Commitments|Contractual Obligations and Commitments, Reserves for losses and LAE, Reinsurance balances recoverable, Claims payment experienceestimation, IndustryActuarial claims payment experience, Peer group claims payment experienceassumptions|wugbjvah7b|rmmhubj8mh|tc5fw176pu|kind=prose|order=65|f1=Reinsurance balances recoverable 2025|v1=2025: $1,119.9 million|f2=Reinsurance balances recoverable 2024|v2=$857.9 million}}

{{Indexing|Reinsurance balances recoverable and debt obligations|Reinsurance balances recoverable and debt obligations, Reserves for losses and LAE, Long-term debt, Interest on debt obligations|rmmhubj8mh|b3bc9gy5x7|tc5fw176pu|kind=table|order=66}}

{{Indexing|Critical Accounting Policies|Critical Accounting Policies, Critical accounting estimates, Consolidated financial statements, Reserves for unpaid losses and LAE, CaseIndividual case-basis valuations, Statistical analyses, Actuarial procedures, Historical information, Industry information,and Peerpeer group information, Future trends (loss severity, loss frequency, inflation)|ie3cmfrol3|rmmhubj8mh|e40m7ou132|kind=prose|order=67}}

{{Indexing|Impact of a 5% change in net IBNR on reserves, income, and equity|NetImpact of a 5% change in net IBNR, Caseon reserves, IBNRincome, Reservesand equity, IncomeCase reserves, EquityIBNR|rmmhubj8mh|e40m7ou132|kind=table|order=68}}

{{Indexing|Recent Accounting Pronouncements|Recent Accounting Pronouncements, ASU 2023-09 (Improvements to, Income Tax Disclosures), ASU 2024-03, (Disaggregated disclosure of incomeIncome statement expenses), ASU 2025-01 (Clarification of ASU 2024-03 effective date)|ie3cmfrol3|kind=prose|order=69|f1=ASU 2023-09 effective dateissuance|v1=Fiscal years beginning after December 15, 20242023|f2=ASU 20242023-0309 effective date|v2=Firstfiscal annual reporting periodyears beginning after December 15, 20262024|f3=ASU 2024-03 issuance|v3=November 2024|f4=ASU 2025-01 effective dateissuance|v3v4=ClarifiesJanuary 2025|f5=ASU 2024-03 effective date|v5=first annual reporting period beginning after December 15, 2026}}

{{Indexing|Report of Independent Registered Public Accounting Firm|Report of Independent Registered Public Accounting Firm, Consolidated financial statements, Internal Control Over Financial Reporting, PCAOBBasis standardsfor Opinion, Responsibilities of the Auditor, responsibilitiesAudit Scope, Critical auditAudit mattersMatters|x856lnzuq2|l96bfbct4s|kind=prose|order=70|f1=AuditorFinancial opinionstatements dateas of|v1=December 31, 2023 and 2022|f2=Internal Control Over Financial Reporting|v2=Effective as of |v2=December 31, 2023|f3=FrameworkAuditor|v3=Internalpublic Control—Integratedaccounting Frameworkfirm (2013)registered issuedwith bythe COSOPCAOB|f4=Auditor|v4=PCAOB registered public accounting firm|f5=Critical Audit Matters|v5v4=None}}

{{Indexing|Opinion on Internal Control Over Financial Reporting|Opinion on Internal Control Over Financial Reporting, Internal control over financial reporting, COSO criteria, Consolidated balance sheets, Consolidated statements of operations and comprehensive income, Stockholders’ equity, Cash flows|l96bfbct4s|x856lnzuq2|kind=prose|order=71|f1=Internal control overaudit financialas reporting audit dateof|v1=December 31, 2025|f2=FrameworkCOSO criteria|v2=Internal Control—Integrated Framework (2013) issued by COSOframework|f3=ReportConsolidated datebalance sheets as of|v3=MarchDecember 231, 20262025 and 2024|f4=OpinionReport dated|v4=UnqualifiedMarch 2, 2026}}

{{Indexing|Basis for Opinion|Basis for Opinion, Management's responsibility, Auditor's responsibility, PCAOB standards, Audit scope, Material weakness assessment, Internal control design and operating effectiveness|x856lnzuq2|l96bfbct4s|kind=prose|order=72}}

{{Indexing|Definition and Limitations of Internal Control Over Financial Reporting|Internal control over financial reporting, financial statement reliability, transaction recording, asset disposition, effectiveness evaluations|l96bfbct4s|x856lnzuq2|kind=prose|order=73|f1=Auditor|v1=Ernst & Young LLP|f2=Auditor location|v2=Houston, Texas|f3=Report date|v3=March 2, 2026}}

{{Indexing|Report of Independent Registered Public Accounting Firm|Consolidated financial statements, internal control over financial reporting, audit basis, auditor responsibilitiesscope, audit scopeprocedures, auditauditor proceduresresponsibilities|x856lnzuq2|l96bfbct4s|kind=prose|order=74|f1=Financial statements as ofAuditor|v1=DecemberErnst 31,& 2023Young and 2022LLP|f2=FinancialAudit statements for years endedopinion|v2=December 31, 2023unqualified|f3=Internal control as ofopinion|v3=December 31, 2023effective|f4=Internal Controlcontrol Frameworkframework|v4=Internal Control—Integrated Framework (2013) issued by theCOSO|f5=Audit Committee of Sponsoring Organizations of the Treadway Commission (COSO)standards|v5=PCAOB}}

{{Indexing|Opinion on the Financial Statements|Consolidated financial statements, consolidatedaudit balance sheetsscope, statements of operations and comprehensivefinancial incomeposition, stockholders'operational equityresults, cash flows, internal control over financial reporting|x856lnzuq2|l96bfbct4s|kind=prose|order=75|f1=FinancialAudit statements as ofopinion|v1=December 31, 2025 and 2024unqualified|f2=FinancialInternal statements for yearscontrol endedopinion|v2=December 31, 2025unqualified|f3=Internal control as offramework|v3=December 31, 2025|f4=Internal Control Framework|v4=2013 framework of Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission|f5f4=ReportAudit datestandards|v5v4=March 2, 2026PCAOB}}

{{Indexing|Basis for Opinion|Financial statements, auditor's opinion, auditor independenceresponsibilities, audit standards, auditmaterial proceduresmisstatement, materialaudit misstatementprocedures|x856lnzuq2|kind=prose|order=76|f1=Audit standards|v1=PCAOB}}

{{Indexing|Critical Audit Matter|Critical audit matter, financial statements, audit committee communication, financial statement materiality, subjective judgments, consolidated financial statements|x856lnzuq2|kind=prose|order=77}}

{{Indexing|Valuation of Reserves for Unpaid Losses and Loss Adjustment Expenses|Reserves for unpaid losses and loss adjustment expenses, incurred but not reported reserves, individual case-basis valuations(IBNR), statisticalestimation analysesmethods, actuarial procedures, historical information, industry information, peer group information, loss severity, loss frequency, inflation, loss development factors, expected loss ratios, internal controls, actuarial methods, assumptions|rmmhubj8mh|e40m7ou132gva2857foa|do9an7x5kpe40m7ou132|kind=prose|order=78|f1=Reserves for unpaid losses and LAE|v1=USD 2.3bn at December 31, 2025}}

{{Indexing|Consolidated balance sheets - assets|Investments, fixed maturity securities, equity securities, mortgage loans, equity method investments, other long-term investments, short-term investments|offa7is5x7|1f87rdfb5o|966xer0dpm|kind=table|order=80}}

| class="wt-indent-1" style="text-align:left" | 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)

| class="wt-indent-1" style="text-align:left" | Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $ 468 and $ 243 , respectively)

| class="wt-indent-1" style="text-align:left" | Common stock, $ 0.01 par value, 500,000,000 shares authorized, 40,511,222 and 40,127,908 shares issued and outstanding, respectively

{{Indexing|Consolidated statements of operations - revenues and expenses|Revenues, net earned premiums, commission and fee income, net investment income, net investment gains, other loss, losses and loss adjustment expenses, underwriting, acquisition and insurance expenses, transaction costs|ed0t39ch3f|wpkf9ycgxf|irxh3hcbqz|jpoeftv18u|irxh3hcbqz|qfq1t7e6o0|kind=table|order=82}}

{{Indexing|Consolidated statements of changes inshareholders' equity - preferred and common shares|Preferred shares, common shares, preferred stock conversion, issuance of shares|ch7st6ifedz6dk9e62ik|z6dk9e62ik0lk0pqg9zh|kind=table|order=84}}

{{Indexing|A. Description of Business|Skyward Specialty Insurance Group, Inc., Delawareinsurance corporation, specialty insuranceholding company, commercial property and casualty insurance products, underwriting divisions, Great Midwest Insurance Company (GMIC), Houston Specialty Insurance Company (HSIC), Imperium Insurance Company (IIC), Oklahoma Specialty Insurance Company (OSIC), Skyward Re, Cayman Islands, Skyward Underwriters Agency, Inc. (SUA), Skyward Service Company, Skyward Specialty No. 1 Limited, Lloyd’sApollo corporateGroup member,Holdings Apollo GroupLimited|cmtswfs0go|lht8rybaqk|20fueoa3q1|kind=prose|order=87|f1=Legal name|v1=Skyward Specialty Insurance Group, Inc.|f2=State of incorporation|v2=Delaware|f3=Year founded|v3=2006|f4=Subsidiaries|v4=Great Midwest Insurance Company (GMIC), Houston Specialty Insurance Company (HSIC), Imperium Insurance Company (IIC), Oklahoma Specialty Insurance Company (OSIC), Skyward Re, Skyward Underwriters Agency, Inc. (SUA), Skyward Service Company, Skyward Specialty No. 1 Limited|f5=Acquisition|v5=Apollo Group Holdings Limited on January 1, 2026}}

* ''Skyward Specialty Insurance Group, Inc.'' (the "Company") is a Delaware corporation organized in 2006, operating as an insurance holding company ^{p. 62}.

* The Company operates as a specialty insurance company in one segment, providingdelivering commercial property and casualty insurance products through its underwriting divisions ^{p. 62}.

* The Company has four wholly owned U.S.-based insurance company subsidiaries based in the United States ^{p. 62}.

** ''Great Midwest Insurance Company'' ("GMIC")'' underwrites insurance on an admitted basis and is a certified surety bond company listed with the U.S. Department of the Treasury ^{p. 62}.

** ''Houston Specialty Insurance Company'' ("HSIC")'', a subsidiary of GMIC, underwrites insurance on a non-admitted basis ^{p. 62}.

** ''Imperium Insurance Company'' ("IIC")'', a subsidiary of HSIC, underwrites insurance on an admitted basis ^{p. 62}.

** ''Oklahoma Specialty Insurance Company'' ("OSIC")'', a subsidiary of IIC, underwrites insurance on a non-admitted basis ^{p. 62}.

** Skyward Re assumed net reserves for certain divisions, related to a retroactive reinsurance contract, from the Company’sCompany's insurance companies and retroceded these net reserves to a third-party reinsurer ^{p. 62}.

** ''Skyward Underwriters Agency, Inc.'' ("SUA")'' is a managing general insurance agent and reinsurance broker for property and casualty risks in specialty niche markets ^{p. 62}.

** ''Skyward Service Company'' provides various administrative services to the Company’sCompany's subsidiaries ^{p. 62}.

** ''Skyward Specialty No. 1 Limited'' is a Lloyd’sLloyd's corporate member authorized to invest in Lloyd’sLloyd's syndicates ^{p. 62}.

** Additional information regardingon thethis acquisition is provided in Note 24 ^{p. 62}.

{{Indexing|B.     Basis of Presentation|Consolidated financial statements, Generally Accepted Accounting Principles (GAAP), insurance regulatory authorities, holding company, subsidiaries, intercompany transactions, estimates, and assumptions|ow7tevuxxr|ie3cmfrol3|kind=prose|order=88}}

{{Indexing|C.    Consolidation|Consolidation, variable interest entity (VIE), primary beneficiary, voting interest, equity, subordinated financial support, controlling financial interest, non-substantive voting rights, fair value, related party analysis, investmentfair characteristics,value key decisions, operating losses, business activities, consolidation status,of assets, liabilities, noncontrolling interest, equityfinancial interestperformance|ow7tevuxxr|kind=prose|order=89}}

{{Indexing|D.     Cash and Cash Equivalents|Cash, and cash equivalents, fixed maturity securities, fair value|cs6p6hop55|kind=prose|order=90}}

{{Indexing|E.    Restricted Cash|Restricted cash, legal restriction, carrying value, fair value, SUA, premiums, commissions, fees, third-partyunremitted insurance companies, fiduciary capacitypremiums, state regulations, assetscollateral on deposit, collateral,for reinsurance balances, depository account|trbk6wt4s9cs6p6hop55|kind=prose|order=91}}

{{Indexing|F.    Investments|Available for Sale fixed maturities, fair value, unrealized loss position, intent to sell, likelihood of sale, amortized cost, net investment gains, credit-related factors, allowance for credit losses, presentcredit-related value of cash flows, stockholders’ equity, accumulated other comprehensive income (loss)factors, held-to-maturity fixed maturity securities, historical loss rate, Moody’s multi-year cumulative loss rates, asset-backed securities, current conditions, reasonable and s|966xer0dpm|j8uunnd14x|m0cjxgvmvi|kind=prose|order=92|f1=Accounting change effective|v1=2025}}

{{Indexing|G.    Derivatives|Commodity derivatives, risk management, FASB ASC Topic 815, Derivatives and Hedging, fair value, balance sheet, current earnings, nettingnet assets and liabilities, other assets, exchange-traded futures, forward purchase and sale contracts, economic hedges, hedge accounting treatment, quoted prices, broker quotes, valuation models, Note 8|s22xbq0z1h|kind=prose|order=93|f1=Accounting standard|v1=FASB ASC Topic 815, Derivatives and Hedging}}

{{Indexing|H.    Reinsurance|Prospective reinsurance, proportional reinsurance, excess of loss reinsurance, facultative basisreinsurance, ceded unearned premium, reinsurance balances recoverable, policyholders, net earned premiums, losses and loss adjustment expenses, underwriting, acquisition, insurance expenses, retroactive reinsurance, loss portfolio transfers (LPT), adverse development covers, income, net income, losses, full retrospective method|20fueoa3q1|8ihdrbirer|tc5fw176pu|kind=prose|order=94}}

{{Indexing|I.     Concentration of Credit Risk|Financial instruments, cashconcentrations of credit risk, cash and cash equivalents, restricted cash, investments, premiums receivable, reinsurance recoverables, U.S. government securities, money market funds, industries, geographic regions, credit exposure, financial institution, issuer, customer base, lines of business, distribution sources, premium write-offs, loss of income|m0cjxgvmvi|966xer0dpm|kind=prose|order=95|f1=Outstanding premiums receivable as of|v1=December 31, 2025 and 2024}}

{{Indexing|J.     Deferred Policy Acquisition Costs|Policy acquisition costs, commissions, premium taxes, new business, renewal business, ceding commissions, deferred costs, premium earned, policy life, premium deficiency, expected losses, loss adjustment expenses, unamortized acquisition costs, unearned premiums, liability, anticipated investment income|or43xxg565|kind=prose|order=96|f1=Premium deficiency|v1=none as of|v1= December 31, 2025, and 2024: None}}

{{Indexing|K.    Goodwill and Intangible Assets|Goodwill, intangible assets, purchase price allocation, amortization, impairment review|hekiequlv1|ie3cmfrol3|kind=prose|order=97|f1=Goodwill impairment|v1=no goodwill impairment for the years ended December 31, 2025, and 2024}}

{{Indexing|L.    Property and Equipment|Property and equipment, depreciation expense, depreciation periods|ie3cmfrol3|1f87rdfb5o|kind=prose|order=98}}

{{Indexing|M.     Reserves for Losses and Loss Adjustment Expenses|Reserves for unpaid losses, loss adjustment expenses, reserveindividual estimationcase-basis methodsvaluations, statistical analyses, actuarial procedures, historical information, industry datainformation, actuarialpeer proceduresgroup information, future trends, loss severity, loss frequency, inflation|rmmhubj8mh|ie3cmfrol3|kind=prose|order=99}}

* ''Reserves for unpaid losses and loss adjustment expenses (LAE)'' represent the Company's estimated ultimate cost offor all unreported and reported but unpaid insured claims, and the cost to adjust these losses incurred as of the balance sheet date ^{p. 74}.

* EstimatesThese estimates are based on the Company's historical information, industry and peer group information, and estimates of future trends in variable factors such as loss severity, loss frequency, and other factors like inflation ^{p. 74}.

* The Company regularly reviews and adjusts its estimates as experience develops or new information becomes known ^{p. 74}.

{{Indexing|N.    Premiums|Property and casualty premiums, surety premiums, accident and health premiums, gross premiums written, ceded premiums, premiums receivable, deferred premiums, allowance for credit losses, historical loss rate, unearned premiums, ceded unearned premiums|wpkf9ycgxf|ie3cmfrol3|kind=prose|order=100}}

{{Indexing|O.     Commission and Fee Income|SUA commission revenue, SUA fee income, performanceinsurance obligationspolicies, reinsurance programs, third-party insurance company, transaction price, revenueperformance recognitionobligation|qfq1t7e6o0|ie3cmfrol3|kind=prose|order=101}}

{{Indexing|P.     Income Taxes|Income tax expense, provision for income taxes, deferred taxes, temporary differences, valuation allowance, deferred tax assets, anddeferred tax liabilities, uncertain tax positions, net interest income, penalties, consolidated federal income tax return, state tax returns, premium taxes, premium tax expense|kmocop7wiu|ie3cmfrol3|kind=prose|order=102}}

{{Indexing|Q.     Fair Value of Financial Instruments|Fair value of, financial instruments, fair value accounting guidance, observable inputs, unobservable inputs, fair value hierarchy, Level 1 measurements, Level 3 measurements, third-party pricing sources|di0lc3m1jj|ie3cmfrol3|kind=prose|order=103}}

{{Indexing|R.     Stock-Based Compensation|Stock-basedEmployee compensationstock options, employee stock-based optionscompensation, equity instrument awards, compensation expensecost, service period, tax effects, Employee Stock Purchase Plan (ESPP), common stock|ie3cmfrol3|kind=prose|order=104}}

{{Indexing|S.    Earnings Per Share|Basic earnings per share, two-class method, undistributed earnings, participating securities, net income attributable to, common stockholders, weighted-average common shares outstanding, common shares, preferred shares, dividends, distributions, instruments awarded to employees, contingently issuable instruments, treasury stock method, outstanding stock notes, instruments convertible into common shares, share-based awards|v7ij6av24f|ie3cmfrol3|kind=prose|order=105|f1=Outstanding stock notes settlement|v1=settled during 2024}}

{{Indexing|T.    Recent Accounting Pronouncements|ASU 2023-09, ASU 2024-03, ASU 2025-01, income tax disclosures, rate reconciliation disclosures, disaggregated income taxes paid, income statement expenses, expense captions, natural expenses|ie3cmfrol3|kind=prose|order=106|f1=ASU, 2023-09purchases effectiveof date|v1=fiscalinventory, yearsemployee beginningcompensation, after December 15depreciation, 2024|f2=ASUintangible 2024-03asset effectiveamortization, date|v2=firstdepletion annual reporting period beginning after December 15, 2026expenses|f3ie3cmfrol3|kind=ASU 2023-09 impact on financial statementsprose|v3order=no impact106}}

{{Indexing|2. Goodwill and Intangible Assets|Indefinite-lived intangible assets, finite-lived intangible assets, amortization expense|hekiequlv1|kind=prose|order=107|f1=Indefinite-lived intangible assets|v1=insurance licenses, trademarks|f2=Finite-lived intangible assets|v2=policy renewals, agency relationships, non-compete/exclusivity agreements|f3=Weighted average useful life of finite-lived intangible assets|v3=approximately 12 years as of December 31, 2025|f4=Amortization expense|v4=2025FY25: $1.3m}}

{{Indexing|Goodwill by segment at December 31, 2025|Goodwill by segment|hekiequlv1, Accident and Health, Surety, Construction and Energy Solutions, Other|kind=table|order=108}}

{{Indexing|Goodwill by segment at December 31, 2024|Goodwill by segment|hekiequlv1, Accident and Health, Surety, Construction and Energy Solutions, Other|kind=table|order=109}}

{{Indexing|Other intangible assets at December 31, 2025|Other intangible assets|hekiequlv1, Agent Relationships, Non-competes, Trademarks, Licenses|kind=table|order=110}}

{{Indexing|Other intangible assets at December 31, 2024|Other intangible assets|hekiequlv1, Agent Relationships, Non-competes, Trademarks, Licenses|kind=table|order=111}}

{{Indexing|Future amortizationAmortization of intangible assets|Future amortizationAmortization of intangible assets|hekiequlv1|kind=table|order=112}}

{{Indexing|3. Investments|Fixed maturity securities, held-to-maturity, asset-backed securities, U.S. government agencies mortgage-backed fixed maturity securities, FHLB Loan, Federal Home Loan Bank of Dallas (FHLB), assets pledged asassets, collateralreinsurance agreements, residential mortgage-backed securities, cash and cash equivalents, short-term investments, available-for-sale fixed maturity securities, impairment, credit impairments, corporate securities and, miscellaneous|966xer0dpm|utnmaoxh50|m0cjxgvmvi|j8uunnd14x|kind=prose|order=113|f1=Pledged assets for FHLB Loan|v1=December 31, 2025: $68.5 million|f2=Pledged assets for reinsurance agreements|v2=December 31, 2025: $69.5 million|f3=Fixed maturity securities in unrealized loss position|v3=December 31, 2025: 450 lots|f4=Credit impairments identified|v4=December 31, 2025: two available-for-sale securities}}

{{Indexing|Fixed maturity securities at December 31, 2025|Fixed maturity securities, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities|966xer0dpm|j8uunnd14x|kind=table|order=114}}

{{Indexing|Fixed maturity securities at December 31, 2024|Fixed maturity securities, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities|966xer0dpm|j8uunnd14x|kind=table|order=115}}

{{Indexing|Maturity distribution of fixed maturity securities|Maturity distribution of fixed maturity securities, mortgage-backed securities, other asset-backed securities|utnmaoxh50|kind=table|order=116}}

{{Indexing|Fixed maturity securities, available-for-sale, by contractual maturity at December 31, 2025|Fixed maturity securities, available-for-saleby contractual maturity, U.S. government securities, corporate securities, municipal securities|utnmaoxh50|j8uunnd14x|kind=table|order=117}}

{{Indexing|Fixed maturity securities, available-for-sale, by contractual maturity at December 31, 2024|Fixed maturity securities, available-for-saleby contractual maturity, U.S. government securities, corporate securities, municipal securities|utnmaoxh50|j8uunnd14x|kind=table|order=118}}

{{Indexing|Allowance for credit losses on fixed maturity securities at December 31, 2025|Allowance for credit losses on fixed maturity securities, available-for-sale, held-to-maturity|m0cjxgvmvi|kind=table|order=119}}

{{Indexing|Allowance for credit losses on fixed maturity securities at December 31, 2024|Allowance for credit losses on fixed maturity securities, held-to-maturity|m0cjxgvmvi|kind=table|order=120}}

| class="wt-indent-1" style="text-align:left" | '''Net investment gains'''

{{Indexing|ProceedsNet fromunrealized salesinvestment ofgains available-for-saleand securitieslosses|ProceedsUnrealized frominvestment salesgains ofand available-for-sale securitieslosses, fixed maturity securities, equity securities|jpoeftv18uj8uunnd14x|kind=table|order=122}}

{{Indexing|Net investment income by security typesource|Net investment income, fixed maturity securities, equity securities, equity method investments, mortgage loans, indirect loans, short-term investments, cash|jpoeftv18u|kind=table|order=123}}

{{Indexing|Components of accumulated other comprehensivedeferred income (loss)taxes|AccumulatedDeferred otherincome comprehensive incometaxes, fixed maturity securities, deferred income taxes|utcfjac7owkmocop7wiu|kind=table|order=124}}

{{Indexing|4. Fair Value Measurements|Fair value measurements, financial instruments, market approach, third-partyfair value investmentof managersinvestments, pricingperiodic vendorsanalyses, Levelthree-level 1hierarchy|di0lc3m1jj|kind=prose|order=125|f1=Fair inputs,value Level 2 inputs,hierarchy|v1=three-level hierarchy|f2=Level 31 inputs, |v2=U.S. government securities, mutual funds, common stock,|f3=Level preferred2 inputs|v3=Preferred stocks, municipal securities, corporate securities, commercial mortgage-backed securities, residential mortgage-backed securities|di0lc3m1jj|kind=prose|order=125miscellaneous}}

* The Company's financial instruments include assets and liabilities carried at fair value, and those carried at cost or amortized cost but disclosed at fair value in consolidated financial statements ^{p. 84}.

* The ''market approach'' is generally usedapplied to determine fair value, based onusing prices and data from market transactions ofinvolving identical or comparable assets and liabilities ^{p. 84}.

* ''Fair value of investments'' is primarily determined using data primarily from third-party investment managers or pricing vendors ^{p. 84}.

* ''Periodic analyses'' are conductedperformed on third-party prices to ensure they are reasonable estimates of fair value, including reviewing month-to-month fluctuations and comparing valuations from different pricing services for identical securities ^{p. 84}.

* FinancialThe instrumentsCompany areclassifies classifiedfinancial instruments into a ''three-level hierarchy'': ^{p. 84}.

** ''Level 1 inputs'': are unadjustedUnadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date ^{p. 84}.

** ''Level 2 inputs'': are observable inputsInputs other than Level 1 quoted prices, corroboratedthat are observable for the asset or liability through corroboration with market data at the measurement date ^{p. 84}.

** ''Level 3 inputs'': are unobservableUnobservable inputs reflecting management's best estimate of what market participants would use in pricing the asset or liability at the measurement date ^{p. 84}.

* ''U.S. government securities, mutual funds, and common stock'' usefair value is measured using unadjusted quoted prices for identical instruments in an active exchange, representing Level 1 inputs ^{p. 84}.

* ''Preferred stocks, municipal securities, corporate securities, and miscellaneous'' usefair value is determined using a pricing model with market-based inputs likesuch as trades in illiquid markets for specific securities or active markets for similar securities, considering benchmark yields, issuer spreads, security terms, and other market data, representing Level 2 fair value inputs ^{p. 84}.

** ''Commercial mortgage-backed securities, residential mortgage-backed securities, and other asset-backed securities'' use a pricingThe model withconsiders market-basedbenchmark inputs such as dealer quotesyields, marketissuer spreads, and yield curves, evaluating individual tranches by determining cash flows using security terms, collateraland performanceconditions, creditand information,other benchmark yields, and estimatedmarket prepaymentsdata, representing Level 2 fair value inputs ^{p. 84}.

* The ''discountFixed ratematurity spread''securities, available for sale classified as Level 3'', fixedinclude maturitycorporate securities representsand theother riskasset-backed associatedsecurities withmanaged futureby cashan flows,independent includingasset inflation,manager opportunityand cost, andpriced timeby valuean ofindependent moneyprovider ^{p. 84}.

** Fair value of mortgage loans is determined using the income approach with observable and unobservable (Level 3) inputs ^{p. 84}.

** The ''unobservable input'' for mortgage loans is the spread applied to a prime rate for discounting cash flows, representing the incremental cost of capital based on borrower's ability to pay and collateral value relative to loan balance, subject to judgment and uncertainty ^{p. 84}.

* ''Derivatives'', consistingincluded in other assets consist of exchange-traded options contracts, are included in other assets ^{p. 84}.

** The fairFair values of these options are measured using quoted prices in active markets on the relevant exchange, specifically the volume-weighted average price of trades in similar contracts or the last trade settlement price, representingif Levelno 1trades inputsoccur ^{p. 84}.

* The Company disclosesmeasures faircertain valuesassets, ofincluding other''investments financialin instrumentsindirect whereloans practicableand toloan estimatecollateral, usingequity quotedmethod marketinvestments, prices orand other valuationinvested assets'', at fair value on a nonrecurring basis only when methodologiesimpaired ^{p. 84}.

** TheAs Companyof mayDecember sell31, its2025, interesttheir infair thisvalue investmentwas withdetermined priorusing writtenthe noticeincome andapproach approvalwith byunobservable theinputs general(Level partner3) ^{p. 84}.

** ''NetThe earnedinvestment premiums''had relateda tofair thisvalue agreementof were USD 41$55.5m for the6 yearmillion endedat December 31, 2025, and USD $28.2.5m formillion the year endedat December 31, 2024, determined using the net asset value ^{p. 84}.

** FairThe valueunfunded forcommitment notesrelated payableto isthe determinedinvestment usingwas the$18.3 million at December 31, 2025, incomeand approach$24.4 withmillion observableat (LevelDecember 2)31, inputs2024 ^{p. 84}.

** ''SubordinatedThe debt'',Company consistingmay ofsell Unsecuredits Subordinatedinterest Noteswith dueprior Maywritten 24,notice 2039,and hasgeneral a fixed interestpartner rateapproval ^{p. 84}.

{{Indexing|Fair value of subordinatedfinancial debtinstruments|Fair value of subordinatedfinancial debt, interest ratesinstruments|bhnpa5y4f0di0lc3m1jj|kind=table|order=126}}

{{Indexing|Weighted average interest rates|Weighted average interest rates|bhnpa5y4f0di0lc3m1jj|kind=table|order=127}}

{{Indexing|Fixed maturity securities as of December 31, 2025|Fixed maturity securities, available-for-sale, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities, Level 1, Level 2, Level 3|di0lc3m1jj|utnmaoxh50|kind=table|order=128}}

{{Indexing|Fixed maturity securities as of December 31, 2024|Fixed maturity securities, available-for-sale, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities, Level 1, Level 2, Level 3|di0lc3m1jj|utnmaoxh50|kind=table|order=129}}

{{Indexing|Fixed maturity securities and mortgage loans activityas forof December 31, 2025|Fixed maturity securities, mortgage loans, gains,net losses,investment issuancesgains, settlements,accumulated transfers,comprehensive purchases, sales/disposals, unrealized gainsincome|di0lc3m1jj|utnmaoxh50|kind=table|order=130}}

{{Indexing|Fixed maturity securities and mortgage loans activityas forof December 31, 2024|Fixed maturity securities, mortgage loans, gains,net losses,investment issuancesgains, settlements,accumulated purchases,comprehensive sales/disposals, unrealized gainsincome|di0lc3m1jj|utnmaoxh50|kind=table|order=131}}

{{Indexing|Notes payable and subordinated debt|Notes payable, subordinated debt, FHLB Loan, Revolving Credit Facility, Term Loan Facility, unsecured subordinated notes|bhnpa5y4f0|b3bc9gy5x7|kind=table|order=132}}

{{Indexing|5. Mortgage Loans|Mortgage loans, Separately Managed Accounts (SMA1, SMA2), realdirect estateinvestments, U.S.mortgage loan portfolios, loan interest, loan maturity, principal amounts of loans, uncollectible amounts on loans|966xer0dpm|kind=prose|order=133|f1=Loan maturity|v1=2 to 4 years|f2=Principal amounts of loans|v2=approximately 64% of the property’s appraised value|f3=Write-offs for uncollectible amounts 2025|v3=Noneno write-offs|f4=Write-offs for uncollectible amounts 2024|v4=Noneno write-offs|f5=Mortgage loans in foreclosure 2025|v5=Noneno mortgage loans|f6=Mortgage loans in foreclosure 2024|v6=Noneno mortgage loans|f7=Mortgage loans not producing income 2025|v7=Noneno mortgage loans|f8=Mortgage loans not producing income 2024|v8=Noneno mortgage loans}}

{{Indexing|Mortgage loan portfolioloans by property type|Mortgage loan portfolioloans, commercial, retail, hospitality property types|966xer0dpm|kind=table|order=134}}

{{Indexing|Mortgage loan portfolioloans by property type|Mortgage loan portfolioloans, commercial, retail, hospitality, office, multi-family property types|966xer0dpm|kind=table|order=135}}

{{Indexing|6. Equity Method Investments and Other|Equity method investments, RISCOM, indirect investments, collateralized loans, loan collateral, SMA1, SMA2|966xer0dpm|kind=prose|order=136|f1=RISCOM amortization period|v1=15-year useful life}}

{{Indexing|Indirect investments in collateralized loans and loan collateral|Indirect investments, collateralized loans, loan collateral, Arena Special Opportunities Fund, Arena SOP LP, Brewer Lane Ventures Fund II LP, Dowling Capital Partners LP, Hudson Ventures Fund 2 LP, JVM Funds LLC, RISCOM|966xer0dpm|kind=table|order=137}}

{{Indexing|Indirect investments in collateralized loans and loan collateral|Indirect investments, collateralized loans, loan collateral, Arena SOP LP, Arena Special Opportunities Fund, Brewer Lane Ventures Fund II LP, Dowling Capital Partners LP, Hudson Ventures Fund II LP, JVM Funds LLC, RISCOM, Universa Black Swan LP|966xer0dpm|kind=table|order=138}}

{{Indexing|Indirect investments in collateralized loans and loan collateral|Indirect investments, collateralized loans, loan collateral, Brewer Lane Ventures Fund II LP, Dowling Capital Partners LP, Hudson Ventures Fund 2 LP, Red Bird Capital Partners LP|966xer0dpm|kind=table|order=139}}

{{Indexing|7. Variable Interest Entity|Variable Interest Entity (VIE), Separate Account HSIC-01, Mangrove Risk Solutions Bermuda Ltd., GAAP consolidation guidance, price volatility risks, insurance products, dairy and livestock commodities, performance guarantees, financial obligation, capital commitments, assets of consolidated variable interest entities, third-party net assets|ie3cmfrol3|kind=prose|order=143|f1=VIE|v1=Separate Account HSIC-01|f2=Primary beneficiary|v2=Company}}

{{Indexing|Derivative instruments in economic hedging relationships|Derivative assets, economic hedgeshedging relationships|s22xbq0z1h|kind=table|order=146}}

{{Indexing|9. Allowance for Credit Losses|Reinsurance recoverables, A.M. Best, financial strength rating, credit enhancements, reinsurance payables, letters of credit, funds held, LPT, R&Q Re (Bermuda) Ltd.|tc5fw176pu|m0cjxgvmvi|kind=prose|order=147|f1=Uncollectible reinsurance recoverable balance increase|v1=FY24: $13.6 million|f2=LPT commuted|v2=January 31, 2025}}

{{Indexing|Premiums receivable and allowance for uncollectible premiums foras of December 31, 2025|Premiums receivable, allowance for uncollectible premiums|tc5fw176pu|kind=table|order=148}}

{{Indexing|Premiums receivable and allowance for uncollectible premiums foras of December 31, 2024|Premiums receivable, allowance for uncollectible premiums|tc5fw176pu|kind=table|order=149}}

{{Indexing|A.M. best ratings|A.M. Best ratings, reinsurance recoverables|tc5fw176pu|u6q0bi3ei3ooly7l7133|kind=table|order=150}}

{{Indexing|Reinsurance recoverables and allowance for uncollectible reinsurance for 2025|Reinsurance recoverables, allowance for uncollectible reinsurance|tc5fw176pu|kind=table|order=151}}

{{Indexing|Reinsurance recoverables and allowance for uncollectible reinsurance foras of December 31, 2024|Reinsurance recoverables, allowance for uncollectible reinsurance|tc5fw176pu|kind=table|order=152}}

{{Indexing|10. Property and Equipment|Depreciation expense, property and equipment, underwriting, acquisition, insurance expenses|irxh3hcbqz1f87rdfb5o|kind=prose|order=153|f1=Depreciation expense|v1=FY25: USD 3.3m}}

{{Indexing|Property and equipment|Property and equipment, leasehold improvements, equipment, software, accumulated depreciation|1f87rdfb5o|kind=table|order=154}}

{{Indexing|11. Notes Payable & Subordinated Debt|FHLB Loan, Advances and Security Agreement, Term Loan Credit Agreement, Term Loan Facility, unsecured senior delayed draw term loan facility, Tranche A DDTL, Tranche B DDTL, Apollo Group Holdings Limited, SOFR, base rate|b3bc9gy5x7|bhnpa5y4f0|kind=prose|order=155|f1=FHLB Loan principal amount|v1=USD 57.0m|f2=FHLB Loan interest rate|v2=4.00%|f3=Term Loan Facility Tranche A DDTL|v3=USD 150.0m|f4=Term Loan Facility Tranche B DDTL|v4=USD 150.0m|f5=FHLB Loan date|v5=August 30, 2024}}

{{Indexing|12. Segment|CommercialReportable segment, commercial property and casualty products, United States, non-admitted (E&S) andbasis, admitted basesbasis, underwriting divisions, Chief Operating Decision Maker (CODM), gross written premiums, net underwriting income, income before income taxes, consolidated assets, consolidated net income, annualized return on equity, growth in book value per share|1ut79wn2dy|kind=prose|order=156|f1=Number of segments|v1=one|f2=Segment basis|v2=howcommercial internallyproperty reportedand financialcasualty information is reviewed by the Chief Operating Decision Maker (CODM)products|f3=Segment profit measure|v3=gross written premiums by net underwriting division, underwriting income, and income before income taxes}}

{{Indexing|Segment information|Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety, Transactional E&S, Total continuing business, exitedExited business|1ut79wn2dy|kind=table|order=157}}

{{Indexing|Underwriting income, revenues, and expenses|Underwriting income, revenues, net earned premiums, commission and fee income, total underwriting revenues, losses and LAE, amortization of policy acquisition costs, other operating and general expenses, total underwriting expenses, net underwriting income|cos78e4bvi|kind=table|order=158}}

{{Indexing|Return on equity and book value per share|Return on equity, book value per share|v7ij6av24f|0lk0pqg9zh|kind=table|order=159}}

{{Indexing|13. Income Taxes|Federal income taxes, federal net operating loss carryforwards, net operating losses, Internal Revenue Code Section 382, 382 limitation, valuation allowance, federal NOL, dual consolidated loss, state and local net operating losses, federal income tax returns, Internal Revenue Service, uncertain tax positions, penalties, interest, uncertain tax benefits, effective tax rate|kmocop7wiu|kind=prose|order=160|f1=Federal income taxes paid|v1=2024: USD 37.0m|f2=Federal net operating loss carryforwards|v2=USD 40.3m|f3=Net operating lossesNOL expiration|v3=beginning in 2032|f4=382 limitation expiration|v4=USD 2.8m|f5=State and local net operating losses|v5=USD 0.9m|f6=Federal income tax returns subject to examination|v6=2022-2024}}

{{Indexing|Income tax expense from continuing operations|Income from continuing operations before income tax expense, United States, Foreign, current tax expense, U.S. state and local, deferred tax benefit, total income tax expense|kmocop7wiu|kind=table|order=161}}

| class="wt-indent-1" style="text-align:left" | '''Total'''

{{Indexing|Current and deferred incomeIncome tax expense|Current income tax expense, deferred tax (benefit) expense, temporary differences, total income tax expense|kmocop7wiu|kind=table|order=162}}

{{Indexing|ReconciliationU.S. offederal statutory income tax expenserate reconciliation|U.S. federal statutory income tax rate, state income taxes, foreign tax effects, Bermuda statutory rate differential, effects of other cross-border tax laws, change of Valuation Allowance, nondeductible and nontaxable items, nondeductible transaction costs, other nondeductible and nontaxable items, effective tax rate, Florida|kmocop7wiu|kind=table|order=163}}

{{Indexing|Income tax expense at federal statutory rate|Income tax expense at federal statutory rate, tax advantaged investments, other, total income tax expense|kmocop7wiu|kind=table|order=164}}

{{Indexing|Total income taxes paid|Total income taxes paid, United States, U.S. state and local, total income taxes paid|kmocop7wiu|kind=table|order=165}}

{{Indexing|Deferred tax assets|Deferred tax assets, net operating losses, losses and loss adjustment expenses, unearned premiums, unrealized losses on fixed maturity securities, available-for-sale, stock options/awards, other, total deferred tax assets before valuation allowance, valuation allowance, total deferred tax assets, deferred policy acquisition costs, other long-term investments, Section 481(a) adjustment, unrealized gains on equity securities|kmocop7wiu|kind=table|order=166}}

{{Indexing|Valuation allowance activity|Valuation allowance activity, balance at beginning of the period, increase related to net operating loss, balance at the end of the period|kmocop7wiu|kind=table|order=167}}

| class="wt-indent-1" style="text-align:left" | Increase related to net operating loss

{{Indexing|Tax Legislative Update|The One Big Beautiful Bill Act, (OBBB Act), tax reform provisions, annual effective tax rate|kmocop7wiu1nma8v7gjs|kind=prose|order=168|f1=OBBB Act signed into law|v1=July 4, 2025}}

{{Indexing|14. Reserves for Losses and Loss Adjustment Expenses|Net ultimate loss and LAE, multi-line solutions, short-tail/monoline specialty lines, exited lines, global property & agriculture, accident & health, surety, professional lines, industry solutions, programs, captives, transactional E&S, occurrence liability, general liability, excess liability,prior-year commercialreserve automovements|rhstabgyn2|do9an7x5kp|j2mg590krh|kind=prose|order=169|f1=Favorable development prior years' loss and loss expense reserves|v1=FY25: USD 7.5m|f2=Favorable development short-tail/monoline specialty lines|v2=FY25: USD 24.6m|f3=Favorable development multi-line solutions|v3=FY25: USD 5.3m}}

{{Indexing|LossReserves for losses and lossLAE, adjustmentnet expenseof reservesreinsurance|LossReserves andfor losslosses adjustment expenseand reservesLAE, reinsurance recoverable on unpaid claims, incurred net of reinsurancelosses, paid net of reinsurancelosses|do9an7x5kp|rmmhubj8mh|kind=table|order=170}}

{{Indexing|Short Duration Contract Disclosures|Losses and LAE reserves, reported and unreported losses, claims reported and unpaid, claims incurred but not reported, expenses for investigating and adjusting claims, claim counts|rmmhubj8mh|do9an7x5kpe40m7ou132|kind=prose|order=171}}

{{Indexing|Incurred losses and ALAE, net of reinsurance|Incurred losses and ALAE, IBNR, reported claims by accident year|hjnlii88rx|do9an7x5kp|kind=table|order=172}}

{{Indexing|Cumulative paid losses and ALAE, net of reinsurance|Cumulative paid losses and ALAE by accident year|hjnlii88rx|do9an7x5kp|kind=table|order=173}}

{{Indexing|Incurred losses and ALAE, net of reinsurance by accident year|Incurred losses and ALAE, IBNR, reported claims by accident year|hjnlii88rx|do9an7x5kp|kind=table|order=174}}

{{Indexing|Cumulative paid losses and ALAE, net of reinsurance by accident year|Cumulative paid losses and ALAE by accident year|hjnlii88rx|do9an7x5kp|kind=table|order=175}}

{{Indexing|Exited Lines — all lines in runoff|NetExited lines, net incurred and paid loss development tables, balance sheet reserves, losses and loss adjustment expenses, historical average annual payout, incurred losses, allocated loss adjustment expenses, claims duration, short-duration contracts, paid loss development tables|j2mg590krh|do9an7x5kp|kind=prose|order=176}}

{{Indexing|Incurred losses and ALAE, net of reinsurance by accident year|Incurred losses and ALAE, IBNR, reported claims by accident year|hjnlii88rx|do9an7x5kp|kind=table|order=177}}

{{Indexing|Cumulative paid losses and ALAE, net of reinsurance by accident year|Cumulative paid losses and ALAE by accident year|hjnlii88rx|do9an7x5kp|kind=table|order=178}}

{{Indexing|Net reserves for losses and ALAE|Net reserves for losses and ALAE, short-tail/monoline specialty lines, multi-line solutions, exited lines, reinsurance recoverable on unpaid claims, unallocated LAE|rmmhubj8mh|1f87rdfb5o|elseqv5tt7|kind=table|order=179}}

{{Indexing|Average annual percentage payout of incurred claims by age|Average annual percentage payout of incurred claims by age, short-tail/monoline specialty lines, multi-line solutions, exited lines|do9an7x5kp|kind=table|order=180}}

{{Indexing|15. Commission and Fee Income|Skyward Underwriters Agency, Inc. (SUA), commission and fee income, managing general insurance agent, reinsurance broker, property and casualty, accident &and health risks, specialty niche markets, commission and fee income, placement of insurance policies|qfq1t7e6o0|kind=prose|order=181|f1=Subsidiary|v1=Skyward Underwriters Agency, Inc. (SUA)}}

{{Indexing|Contract assets balance|Contract assets balance|kind=table|order=183}}

{{Indexing|16. Underwriting, Acquisition and Insurance Expenses|Underwriting, acquisition and insurance expenses, commissions and brokerage, salaries and employee benefits, general and administrative expenses|irxh3hcbqz|kind=prose|order=184|f1=Underwriting, acquisition and insurance expenses 2025|v1=FY25: USD 390.0m|f2=Underwriting, acquisitionCommissions and insurance expenses 2024brokerage|v2=USDFY25: 330.0m|f3=Underwriting, acquisition and insurance expenses 2023|v3=USD 270.0m|f4=Commissions and brokerage 2025|v4=USD 190.0m|f5=Commissions and brokerage 2024|v5=USD 160.0m|f6=Commissions and brokerage 2023|v6=USD 130.0m|f7f3=Salaries and employee benefits 2025|v7v3=FY25: USD 110.0m|f8f4=SalariesGeneral and employeeadministrative benefits 2024expenses|v8v4=FY25: USD 90.0m|f9=Salaries and employee benefits 2023|v9=USD 70.0m}}

{{Indexing|Underwriting, acquisition and insurance expenses|Amortization of policy acquisition costs, other operating and general expenses, total underwriting, acquisition and insurance expenses|irxh3hcbqz|kind=table|order=185}}

{{Indexing|17. Reinsurance|Reinsurance agreements, funded trust accounts, LPT retroactive reinsurance agreement, reinsurance recoverable from R&Q, ceded reinsurance contracts, deposit asset|20fueoa3q1|tc5fw176pu|kind=prose|order=186|f1=Market value of trust accounts 2025|v1=Dec 31, 2025: $233.5 million|f2=Reinsurance recoverable from R&Q 2024|v2=Dec 31, 2024: $22.7 million|f3=LPT commuted|v3=JanuaryJan 31, 2025|f4=Deposit asset 2025|v4=$22.7Dec million|f5=Deposit31, asset2025: 2024|v5=$2522.97 million}}

{{Indexing|Net premiumsPremiums and ceded losses and LAE incurred|Direct premiums, assumed premiums, ceded premiums, net premiums, ceded losses and LAE incurred|wpkf9ycgxf|20fueoa3q1|kind=table|order=187}}

{{Indexing|Reinsurance recoverables and ceded unearned premium|Ceded unpaid losses and LAE, ceded paid losses and LAE, loss portfolio transfer, allowance for credit losses, ceded unearned premium|tc5fw176pu|kind=table|order=188}}

{{Indexing|18. Stock Based Compensation|2022 Long-Term Incentive Plan, 2020 Plan, restricted stock, restricted stock units, performance stock units, stock options, cash-based performance awards, deferral program, Black-Scholes model, volatility, stock options granted to employees, aggregate intrinsic value of options outstanding, weighted-average remaining contractual life of options outstanding|ebig3opk63|kind=prose|order=189|f1=2022 Plan approved|v1=September 23, 2022|f2=2022 Plan effective|v2=January 12, 2023|f3=Shares available for issuance under 2022 Plan|v3v1=3,200,656|f4f2=Deferral program approved|v4v2=November 2024|f5f3=Stock options granted to employees 2023|v5v3=FY23: $4.4 million|f6f4=Aggregate intrinsic value of options outstanding 2025|v6v4=$27.4Dec million|f7=Aggregate31, intrinsic2025: value of options outstanding 2024|v7=$27.04 million|f8f5=Weighted-average remaining contractual life of options outstanding 2025|v8v5=Dec 31, 2025: 7.0 years}}

{{Indexing|AwardESPP payoutawards range,by requisite service period,type and target stock|Award payout range, requisite service period, target stock and stock|ESPP unitsawards, market condition awards, performance condition awards, service condition awards|ebig3opk63|kind=table|order=190}}

{{Indexing|Weighted-averageStock exerciseoption priceactivity|Stock andoption stockactivity, outstanding|Weighted-average exercise pricestock, forfeited stock outstanding|ebig3opk63|kind=table|order=191}}

{{Indexing|StockOutstanding outstandingstock at year-end|StockOutstanding outstandingstock at year-end|ebig3opk63|kind=table|order=192}}

{{Indexing|NonWeighted-vestedaverage stockgrant-date andfair stockvalue units|Non-vestedof stock, and stock units, weighted|Weighted-average grant-date fair value of stock and stock units|kind=table|order=193}}

| class="wt-indent-1" style="text-align:left" | Granted (1)

| class="wt-indent-1" style="text-align:left" | Forfeited (2)

| class="wt-indent-1" style="text-align:left" | Granted (1)

| class="wt-indent-1" style="text-align:left" | Forfeited (2)

| class="wt-indent-1" style="text-align:left" | Granted (1)

| class="wt-indent-1" style="text-align:left" | Forfeited (2)

{{Indexing|19. Earnings Per Share|Basic net earnings per share,and diluted net earnings per share, anti-dilutive instruments, common share equivalents of contingently issuable instruments|v7ij6av24f|kind=prose|order=194|f1=Years ended|v1=December 31, 2025, 2024, and 2023}}

* The tablestable setsets forth the computation of ''basic and diluted net earnings per share'' for the years ended December 31, 2025, 2024, and 2023 ^{p. 102}.

* The tablestable presentpresents ''anti-dilutive instruments'' excluded from the calculation of diluted weighted-average common share equivalents for the years ended December 31, 2025, 2024, and 2023 ^{p. 102}.

* The tablestable presentpresents ''common share equivalents of contingently issuable instruments'' excluded from basic earnings per share for the years ended December 31, 2025, 2024, and 2023 ^{p. 102}.

{{Indexing|Anti-dilutive instruments excluded from diluted weighted-average common share equivalents|NetAnti-dilutive income,instruments undistributedexcluded income,from basicdiluted weighted-average common shares, dilutive effect of preferred shares, dilutive effect of stockshare notesequivalents|kind=table|order=195}}

{{Indexing|Stock units and options for 2023-2025|Stock units, and options|kind=table|order=196}}

{{Indexing|Common shares for 2023-2025|Common shares|kind=table|order=197}}

| class="wt-indent-1" style="text-align:left" | '''Total'''

{{Indexing|20. Employee Benefit Plan|401(k) Plan, discretionary matching contributions, Employee Retirement Income Security Act of 1974, discretionary matching contributions|1eit26wk5cebig3opk63|kind=prose|order=198|f1=401(k)Company Planmatching contributions 2025|v1=TheUSD Plan3.9m|f2=Company matching contributions 2024|v2=2025: USD 3.2m|f3=Company matching contributions 2023|v3=USD 2.9m}}

{{Indexing|Riscom|RISCOM, wholesale brokerage services, managing general agency agreement, premiums receivable|1eit26wk5c|kind=prose|order=199|f1=Ownership interest in RISCOM|v1=20%|f2=Premiums receivable|v2= December 31, 2025:|v2=USD $13.99m|f3=Premiums millionreceivable December 31, 2024|v3=USD 12.6m}}

* ''RISCOM'' provides the Company with wholesale brokerage services to the Company ^{p. 104}.

* ''RISCOM and the Company'' have a managing general agency agreement ^{p. 104}.

* The ''Company'' holds a ''20% ownership interest'' in RISCOM ^{p. 104}.

* ''Premiums receivable'' as of December 31, 2025, were $USD 13.9 million9m ^{p. 104}.

* ''Premiums receivable'' as of December 31, 2024, were $USD 12.6 million6m ^{p. 104}.

{{Indexing|Premiums receivable|Net earnedand commissions|Premiums premiumreceivable, commissions|kind=table|order=200}}

{{Indexing|Other|Advisory and professional services fees, expense reimbursements, affiliated stockholders, directors|1eit26wk5c|kind=prose|order=201|f1=Advisory and professional services fees 2025|v1=USD 0.6m|f2=Advisory and expenseprofessional reimbursementsservices fees 2024|v1v2=2025: USD 0.6m|f3=Advisory and professional services fees 2023|v3=USD 3.6m}}

* The Company is a partyinvolved in various legal actions relatedstemming tofrom claims under insurance policies and contracts ^{p. 106}.

* These legal actions are consideredfactored into the Company's whenestimation estimatingof losses and loss adjustment expense reserves ^{p. 106}.

* The Company is alsooccasionally a defendant in legal actions concerningrelated to bad faith claims, disputes with third parties, or alleged errors and omissions ^{p. 106}.

* Based on presentcurrent information, available insurance coverage, and advice from legal counsel, the Company believes the resolution of these matters will not individually or in aggregate have a material adverse effect on its consolidated financial position, results of operations, or cash flows ^{p. 106}.

{{Indexing|Indemnification|Indemnifications, sale of business assets and subsidiaries, typical representations and warranties, performance responsibilities|wugbjvah7b|kind=prose|order=203}}

{{Indexing|23. Statutory Accounting Principles and Regulatory Matters|Statutory Accounting Principles, regulatory matters, statutory net income, statutory capital and surplus, GMIC, HSIC, IIC, OSIC, dividend payments, Texas state law, Risk Based Capital (RBC) requirements, National Association of Insurance Commissioners (NAIC)|1nma8v7gjs|997lhpef9j|f7q5tvbfqm|997lhpef9jcmtswfs0go|kind=prose|order=204|f1=Statutory net income 2025|v1=2025: $159.1 million|f2=Statutory capitalnet andincome surplus2024|v2=$108.2 million|f3=Statutory net income 2023|v3=$73.1 million|f4=Statutory capital and surplus December 31, 2025: |v4=$872.0 million|f3f5=Statutory capital and surplus December 31, 2024|v5=$710.6 million|f6=Lead insurance company|v3v6=GMIC|f4f7=RBCGMIC requirementsdomicile|v4v7=National Association of Insurance Commissioners (NAIC)Texas}}

{{Indexing|24. Subsequent Events|Subsequent events, shareApollo purchaseMajority agreementsSPAs, Apollo Group Holdings Limited, acquisition, identifiableof assets, liabilities assumed, goodwillApollo, intangibleASC assets805|ogfk3mnpww|c5r2rmwxo6|kind=prose|order=205|f1=Acquisition date|v1=January 1, 2026|f2=Acquisition consideration|v2=USD 555.0 million|f3=Acquired entitycompany|v3=Apollo Group Holdings Limited|f4=Acquired stake|v4=87%}}

{{Indexing|Evaluation of Disclosure Controls and Procedures|Disclosure controls and procedures, principalSecurities executiveExchange officerAct of 1934, principal financialexecutive officer, Securitiesprincipal Exchangefinancial Act of 1934officer|l96bfbct4s|kind=prose|order=206|f1=Effectiveness December 31, 2025|v1=effective at the reasonable assurance level}}

{{Indexing|Management’s Report on Internal Control over Financial Reporting|Internal control over financial reporting, reliabilitySecurities ofExchange financial reporting, preparationAct of financial statements1934, generally accepted accounting principles|l96bfbct4s|kind=prose|order=207}}

{{Indexing|Remediation of Material Weakness in Internal Control Over Financial Reporting|Material weakness, internal control over financial reporting, information technology general controls (ITGCs), user access, IT compliance oversight function, trainingAudit programCommittee, ITChief managementExecutive reviewOfficer, AuditChief Financial Officer, Committee of Sponsoring Organizations of the Treadway Commission|l96bfbct4s|kind=prose|order=208|f1=Material weakness identified|v1=December 31, 2024|f2v1=Frameworkineffective usedimplementation of information technology general controls (ITGCs) in user access for assessmentsystems supporting financial reporting processes|f2=Effectiveness December 31, 2025|v2=effective at a reasonable assurance level|f3=Framework|v3=Committee of Sponsoring Organizations of the Treadway Commission in the Internal Control — Integrated Framework (2013 Framework)}}

{{Indexing|Changes in Internal Control over Financial Reporting|Internal control over financial reporting, remediation of material weakness, Rule 13a-15(d), Rule 15d-15(d), Exchange Act|l96bfbct4s|kind=prose|order=209}}

{{Indexing|Limitations on Effectiveness of Controls and Procedures|Disclosure controls and procedures, control objectives, resource constraints, cost-benefit relationship|l96bfbct4s|kind=prose|order=210}}

* The information required by Item 10 of Form 10-K will be included in the company's 2026 Proxy Statement and is incorporated by reference ^{p. 116}.

* OurThe independent registered public accounting firm is Ernst & Young LLP, located in Houston, Texas ^{p. 120}.

* The ''Auditor Firm ID'' is 42 ^{p. 120}.

* The informationInformation required by Item 14 of Form 10-K will be included in ourthe 2026 Proxy Statement and is incorporated herein by reference ^{p. 120}.

{{Indexing|FinancialExhibits, financial statement schedules|Exhibits, financial statement schedules, Summary of Investments, Financial Information of Registrant, Supplementary Reinsurance Information, Valuation and Qualifying Accounts, Supplementary Information Concerning Property — Casualty Insurance Operations|t53unsd9lu|kind=table|order=211}}

{{Indexing|ExhibitsExhibit numbers and descriptions|Exhibit numbers and descriptions, Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, Amended and Restated Stockholders’ Agreement, Description of Capital Stock, Share Purchase and Award Agreement, 2016 Equity Incentive Program, 2020 Long Term Incentive Plan|t53unsd9lu|kind=table|order=212}}

{{Indexing|ExhibitsExhibit numbers and descriptions|Exhibit numbers and descriptions, Form of Restricted Stock Agreement, Form of Nonstatutory Stock Option Agreement, Form of Incentive Stock Option Agreement, Form of Performance-Based Restricted Stock Units Agreement, Performance Unit Agreement|t53unsd9lu|kind=table|order=213}}

{{Indexing|ExhibitsExhibit numbers and descriptions|Exhibit numbers and descriptions, Guaranty Agreement, Advances and Security Agreement, Form of Severance Agreement, Amendment No. 2 to Employment Agreement, Amended Form of Restricted Stock Unit (Executives) Agreement, Amended Form of the Restricted Stock Unit (Others) Agreement|t53unsd9lu|kind=table|order=214}}

{{Indexing|ExhibitsExhibit numbers and descriptions|Exhibit numbers and descriptions, First Amendment, Skyward Specialty Insurance Securities Trading Policy, List of Subsidiaries, Consent of Ernst & Young LLP, Certification of Principal Executive Officer, Certification of Principal Financial and Accounting Officer|t53unsd9lu|kind=table|order=215}}

{{Indexing|Fixed maturity securities by type|Fixed maturity securities by type, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities|kind=table|order=216}}

{{Indexing|Assets as of December 31|InvestmentsAssets, Cashliabilities, andstockholders' cashequity, equivalentsinvestments, Deferredcash, deferred income taxes, Goodwill andgoodwill, intangible assets, Otheraccounts assetspayable, Accounts payable and accrued liabilities, Notesnotes payable, subordinated debentures|1f87rdfb5o|elseqv5tt7|offa7is5x7|kind=table|order=217}}

{{Indexing|(parent company)|FinancialParent statements,company parentfinancial companystatements|1smvf6a29l|kind=prose|order=218}}

{{Indexing|Revenues and expenses for years ended December 31|NetRevenues, expenses, net investment income, Netnet investment gains (losses), Other loss, Operatingoperating expenses, Interestinterest expense, Amortizationamortization expense, Other expenses|ed0t39ch3f|jpoeftv18u|irxh3hcbqz|kind=table|order=219}}

{{Indexing|Schedule ii — statements of cash flows (parent company)|Cash flows, parentoperating companyactivities, investing activities, financing activities, net increase in cash and cash equivalents|cs6p6hop55|1smvf6a29l|kind=prose|order=220|f1=Cash provided by operating activities|v1=FY23: USD 100,000 for the year ended December 31, 2023|f2=Cash used in investing activities|v2=FY23: USD 100,000 for the year ended December 31, 2023|f3=Cash provided by financing activities|v3=FY23: USD 0 for the year ended December 31, 2023|f4=Net increase in cash and cash equivalents|v4=FY23: USD 0 for the year ended December 31, 2023|f5=Cash and cash equivalents at beginning of period|v5=FY23: USD 0 for the year ended December 31, 2023|f6=Cash and cash equivalents at end of period|v6=FY23: USD 0 for the year ended December 31, 2023}}

{{Indexing|Cash flows|Net income,for Adjustmentsyears toended reconcileDecember net31|Cash incomeflows, tooperating netactivities, cash used in operatinginvesting activities, Purchasenet ofincome, intangible assets and, goodwill, Capitalcapital contributions to subsidiaries, Distributionsdistributions from investment in subsidiaries, Change in short-term investments|cs6p6hop55|kind=table|order=221}}

{{Indexing|Notes to Financial Statements|Intercompany Loan Promissory Note, Skyward Specialty, Houston Specialty Insurance Company (HSIC), Skyward Specialty No. 1 Limited Company, Lloyd’s syndicates|ie3cmfrol31eit26wk5c|1smvf6a29l|kind=prose|order=222|f1=Intercompany Loan Promissory Note date|v1=September 30, 2024|f2=Intercompany Loan Promissory Note parties|v2=Skyward Specialty, Houston Specialty Insurance Company (HSIC)|f3=PromissoryAmount Note amountborrowed|v3=USD 57.0 million|f4=Promissory Note interestInterest rate|v4=4.00%|f5=New subsidiary|v5=Skyward Specialty No. 1 Limited Company|f6=Skyward Specialty No. 1 Limited Company type|v6=UK company, authorized as a Lloyd’s corporate member}}

{{Indexing|Financial Instruments Disclosed, But Not Carried, At Fair Value|Promissory Note, fair value, income approach, observable inputs, financial instruments, insurance-related products|di0lc3m1jj|ie3cmfrol3bhnpa5y4f0|kind=prose|order=223|f1=Promissory Note fair value classification|v1=Level 2 in the fair value hierarchy}}

{{Indexing|PromissoryNotes notepayable fairand valuepromissory note|PromissoryNotes Notepayable, Notespromissory payable|di0lc3m1jjnote, carrying value, fair value|bhnpa5y4f0|b3bc9gy5x7|kind=table|order=224}}

{{Indexing|ReinsuranceGross, ceded, assumed, and net activityamounts|Gross amount, Cededceded to other companies, Assumedassumed from other companies, Netnet amount, Accident & Health, Property & Casualty|wpkf9ycgxf|20fueoa3q1|kind=table|order=225}}

{{Indexing|Valuation allowances|Valuation Allowanceand Forallowances Deferredfor Taxuncollectible Assetsamounts|Valuation allowances, Allowancedeferred fortax Uncollectibleassets, Reinsuranceuncollectible Recoverablereinsurance recoverable, Allowanceuncollectible forpremiums Uncollectiblereceivable, PremiumsASU Receivable|rmmhubj8mh2016-13|kmocop7wiu|tc5fw176pu|wpkf9ycgxf|kind=table|order=226}}

{{Indexing|Deferred policy acquisition costs and reserves|Deferred policy acquisition costs, Reservereserve for losses and loss adjustment expenses, Unearnedunearned premiums, Netnet earned premium, Netnet investment income, Losseslosses and loss adjustment expenses (current year), Losses and loss adjustment expenses (prior years), Amortizationamortization of policy acquisition costs, Paidpaid claims and claim adjustment expenses|or43xxg565|rmmhubj8mh|wpkf9ycgxf|jpoeftv18u|rhstabgyn2drz6uloidk|kind=table|order=227}}

{{Indexing|Signatures|Registrant, signaturesSection 13, Section 15(d), Securities Exchange Act of 1934|t53unsd9lu|kind=prose|order=228}}

{{Indexing|Registrant's signature|Skyward Specialtyand Insurance Group, Inc.date|Registrant's signature, Andrew Robinson, Chairman and Chief Executive Officer|t53unsd9lu|i3be5prevc|kind=table|order=229}}

{{Indexing|Signatures, titles, and titlesdates|Signatures, titles, dates, Andrew Robinson, Mark Haushill, Gena Ashe, Robert Creager, Marcia Dall, James Hays|t53unsd9lu|i3be5prevc|kind=table|order=230}}