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

{{Indexing|Cover|CoverDocument pagetype, forperiod 10-Kend documentdate, 12fiscal Monthsyear Endedend Dec. 31date, 2025entity file number, filedentity Feb.registrant 26name, 2026.entity incorporation state or country code|kind=table|order=1}}

{{Indexing|Audit Information|Auditor: Ernstname, &auditor Young LLPlocation, Houston,auditor Texas; Auditor Firmfirm ID: 42 for 12 Months Ended Dec. 31, 2025.|x856lnzuq2|kind=table|order=2}}

{{Indexing|Apollo Acquisition|Acquisition of Apollo Group Holdings Limited (87% initially, thenApollo 100%)Majority closedSPAs, JanApollo 1,Minority 2026SPAs, forSyndicate common1969, stockSyndicate and cash;1971|c5r2rmwxo6|kind=prose|order=4|f1=Acquisition target|v1=Apollo isGroup US-centricHoldings Lloyd'sLimited|f2=Acquisition underwritingclosing platform.date|c5r2rmwxo6v2=January 1, 2026|kindf3=proseAcquisition consideration|v3=Common stock, cash}}

{{Indexing|Our Business and Our Strategy|One reportable segment with nine underwritingUnderwriting divisions; FY25 gross written premiums 41% admitted, 59% non-admitted; Accident & Health, andA&H captives program, Agriculture and Credit (Re)insurance, divisionsGlobal described.agriculture book, Mortgage portfolio, Credit portfolio|1ut79wn2dy|8c6rwjjmzflht8rybaqk|kind=prose|order=5|f1=Number of segments|v1=1|f2=Reportable segments|v2=One reportable segment|f3=Gross written premiums admitted|v3=41%|f4=Gross written premiums non-admitted|v4=59%}}

{{Indexing|Our Strategy in Action|“RuleRule Our Niche”Niche strategy for, underwriting profitability and shareholder value; focuses onclaims talent acquisition, technology leverageDNA, (SkyBI), and core operating platforms., climate change, 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=Attracting and retaining talent, leveraging technology, 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/distribution alignsand withdistribution approach, “RuleRule Our Niche”Niche strategy; strong relationships with, distribution partners, (retail agents, wholesale brokers, program administrators, captive managers).|la5wuhtx31|kind=prose|order=8|f1=Distribution channels|v1=Retail agents, wholesale brokers, select program administrators, captive managers}}

{{Indexing|Underwriting|Underwriting approach, central to “RuleRule Our Niche”Niche strategy;, specializedunderwriting teams in nine divisions; uses advanced, technology, data analytics, and SkyBI, foradmitted riskmarket, E&S selection/pricing.market|cos78e4bvi|2264mja9fc|kind=prose|order=9|f1=Underwriting divisions|v1=Nine|f2=Technology platform|v2=SkyBI}}

{{Indexing|Claims Management|Claims department, principles:advanced promptanalytics, technology, Third Party Administrators (TPAs), independent legal counsel, legal spend management solution, Claims Development Severity Predictor model|drz6uloidk|kind=prose|order=10|f1=Claims handling principles|v1=Prompt investigations, quality claims handling, timely reservingreserve establishment, effective pursuit of contribution and subrogation, fraud detection and prevention, disciplined litigation management;|f2=Technology mostused|v2=Claims claimsDevelopment handledSeverity in-house,Predictor TPAs for specific instances.|drz6uloidk|kind=prosemodel}}

{{Indexing|Maximum company retention by line of business.|Maximum company retention by line of business: Accident & Health ($0.90M), Commercial Auto ($1.00M), Excess Casualty ($2.25M), General Liability ($1.50M), Ocean Marine ($3.00M), Professional Lines ($5.25M), Property ($3.50M), Representation and Warranty ($3.25M), Surety ($5.00M), Workers’ Compensation ($1.00M).|8ihdrbirer|kind=table|order=13}}

{{Indexing|Reinsurance coverage by reinsurer.company|Reinsurance recoverables, byAM reinsurer:Best ratings, eMaxx Capitves ($197,989k, n/r), Everest Reinsurance Co. ($123,925k, A+), General Reinsurance Corp ($70,355k, A++), Partner Reinsurance Co. of the US ($65,446k, A+), ACE ($48,344k,Chubb A+Property & Casulty Ins Company), RGA Reinsurance Company, ($47Lloyds Syndicate 4711,000k Swiss Reinsurance America Corp, Lloyds Syndicate 2987, A+).Aspen Insurance UK Limited|tc5fw176pu|kind=table|order=14}}

| style="text-align:left" | '''Top 10 Total'''

| class="col-m" style="text-align:right" | '''661,130'''

| style="text-align:left; font-weight:bold" | '''Total'''

| class="col-m" style="text-align:right; font-weight:bold" | '''1,119,880'''

| class="col-m" style="text-align:right; font-weight:bold" | '''—'''

{{Indexing|Reserves|Reserves, maintainedclaims forincurred reportedand claimsreported, IBNR reserves, uncollectible reinsurance; monitored continually; anticipated inflation reflected;, case reservesreserve, establishedactuarial uponreserving claim reportingtechniques, revisedloss periodically.reserves|rmmhubj8mh|do9an7x5kpe40m7ou132|kind=prose|order=16|f1=Reserves not discounted|v1=True}}

{{Indexing|Investments|Balanced investmentInvestment portfolio for predictable/stable returns, augmented by strategic investments; Enterprise Based Asset Allocation model integrated into, Economic Capital Model;, primarilyinvestment risk, cash, cash equivalents, investment-grade fixed-maturity securities., Investment Committee of the Board of Directors|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|Our Structure|Operations through Great Midwest Insurance Company (GMIC), Houston Specialty Company (HSIC), Imperium Insurance Company (IIC), Oklahoma Specialty Insurance Company (OSIC);, GMICSkyward largestRe, underwritesSkyward admittedUnderwriters inAgency, allInc., 50Skyward states;Service HSICCompany, surplusSkyward lines;Specialty IICNo. admitted;1 OSICLimited approved surplus lines.Company|cmtswfs0go|kind=prose|order=19|f1=Legal name|v1=Skyward Specialty Insurance Group, Inc.|f2=Holding-company structure|v2=Insurance holding company system|f3=State of incorporation|v3=Delaware}}

{{Indexing|Direct relationshipswritten betweenpremiums insuranceby companies.state|Direct relationshipswritten between insurance companiespremiums by state: Texas (10.7%), Pennsylvania (7.6%), Florida (7.2%), California (7.1%), New York (6.3%), Louisiana (6.1%), Illinois (4.1%), New Jersey (4.1%), Georgia (3.8%), Delaware (3.1%), All other states and countries (39.9%).|kynhd2bvm1|kind=table|order=20}}

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

{{Indexing|Regulation|RegulatedInsurance by state insuranceregulatory authorities;, state insurance laws protectand policyholdersregulations, consumers, claimants; regulators havecapital broadand powersurplus over capital/surplusrequirements, licensing, product/rate approvalforms and rates, reserve adequacy, statutory accounting methods, affiliate transactions with affiliates, investments., National Association of Insurance Commissioners (NAIC), federal government|1nma8v7gjs|kind=prose|order=22|f1=Primary regulators|v1=State insurance regulatory authorities|f2=Holding company regulation|v2=Texas}}

{{Indexing|Intellectual Property|Applied for various trademarkTrademark registrations, inintellectual US (federal/state); plans additional IPproperty protection, iftrademarks, beneficial/cost-effective; monitors/protects trademarks/service marks from unauthorized use.|nd7yoiixiy|kind=prose|order=23}}

{{Indexing|Employees and Human Capital|611 employees as of Dec 31Employees, 2025; no collective bargaining; fostersagreement, diversity, aims to attract/develop/retain talent;, offers competitiveemployee benefits, (medical, dental, vision insurance, 401(k) plan, PTOpaid time off, family leave, EAPemployee assistance programs, ESPP)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|SummaryUnderwriting of material risks: inaccurate underwritingrisk, intense competition, reliance on distribution channels, inability to purchase third-party reinsurance, inadequateloss and loss expense reserves, decline in financial strength rating, unexpectedcoverage changesinterpretation, inreinsurer coverageclaims, interpretationclaim payment, reinsurersadverse noteconomic reimbursingfactors, claims.insurance cyclicality, regulation|w8ma8usdpx|gva2857foa|8ihdrbirerm0cjxgvmvi|81oaprhocb|nad00g0zfb|kind=prose|order=25}}

{{Indexing|Risks Related to Our Business and Industry|RisksUnderwriting related to business and industry: underwriting accuracyrisk, intense competition from specialty/standard insurers and underwriting agencies, industrydistribution consolidationchannels, pricing pressure, retention of existing business, distribution channel reliance (retail agents, brokers, wholesalers, program administrators).|w8ma8usdpx|gva2857foa|c6zoq3weio|la5wuhtx31|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|Risks related to market andAdverse economic conditions:factors, recession, inflation, unemployment, reduced economic activity, impactingcapital policymarket salesvolatility, claiminsurance frequencycyclicality, premium defaultscompetition, claimcatastrophic falsificationevents, growth,capacity profitabilitylevels, andlitigation abilitytrends, toregulatory charge appropriate rates.constraints|w8ma8usdpx|7nc9h3zzvs|kind=prose|order=27}}

{{Indexing|Risks Related to the Regulatory Environment|Risks related to regulatory environment: extensive regulationRegulation, non-compliance penalties, stateprimary insurance subsidiaries, state departments (Texas)of oversightinsurance, capital/ and surplus, investment/ and underwriting limits, affiliate transactions, dividend limits, changes in control, solvency, periodicfinancial/non-financial examinationsaspects, annualinsurance reports.holding company system, Texas Department of Insurance, licenses/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|Risks related to liquidity and access to capital: futureFuture capital requirements, insufficient cash flows, negativeinvestment impact from investmentportfolio declines, catastrophe losses, adverse reserve development, need for additionalequity fundsfinancing, equity/debt financing, availabilitysecurities, restrictivecredit covenantsaccess, accessRevolving toCredit Facility, Term Loan Facility, covenants, assets, credit.|w8ma8usdpx market environment|trbk6wt4s9|f8km91nllc|b3bc9gy5x7|kind=prose|order=29}}

{{Indexing|Risks Related to Our Operations|Risks related to operations: loss of key personnel, inability to attract/retain qualifiedKey personnel, security breaches, data loss, cyberattacks, IT failures, dependence on information technology and telecommunications systems, underwriting 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|RisksPublic related to common stock ownership: increasedcompany costs as public company, management time for compliance initiatives, federal securities laws, (Sarbanes-Oxley Act, Dodd-Frank) Act, SEC/, Nasdaq, financial requirementsstatements, disclosure, financial controls, corporate governance, Section 404, compliance.internal control over financial reporting, accounting and finance staff, internal audit services|w8ma8usdpxch7st6ifed|l96bfbct4s|sj5skd0tp7|kind=prose|order=31}}

{{Indexing|Securities Authorized for Issuance Under Equity Compensation Plans|Information on equityEquity compensation plans, todefinitive beproxy includedstatement, inSEC, 2026 ProxyAnnual Statement,Meeting incorporated byof referenceStockholders, and2026 foundProxy inStatement, Part III of the document.|ch7st6ifed|kind=prose|order=32}}

{{Indexing|Recent Sales of Unregistered Equity Securities|Unregistered securities, informationAnnual forReport periodon covered byForm 10-K; $555.0 million paid for, Apollo acquisition on Jan 1, 2026,Apollo including $371.0 million cash and 3SPAs,679,332 unregistered shares.|ch7st6ifed|c5r2rmwxo6|kind=prose|order=33|f1=Apollo acquisition payment|v1=$555.0 million|f2=CashApollo paymentacquisition forcash Apollo acquisitionpayment|v2=$371.0 million|f3=Unregistered shares issued for Apollo acquisition|v3=3,679,332|f4=Apollo acquisition date|v4=January 1, 2026}}

{{Indexing|Performance Graph|Performance graph compares cumulativeCumulative total shareholder return of Skyward Specialty Insurance Group, common stock, Nasdaq Composite Index, and Nasdaq Insurance Index, fromcomparison Jan 13period, 2023initial investment, tohistorical Decresults, 31future performance, 2025soliciting material, assumingSection $10018 initialof investment.the Exchange Act, Securities Act|ch7st6ifed|4mxy6ccbgj|kind=prose|order=34|f1=CommonComparison stock tradingperiod start date|v1=January 13, 2023|f2=InitialComparison investmentperiod for graphend|v2=December 31, 2025|f3=Initial investment|v3=$100|f3f4=Skyward performanceSpecialty Insurance Group, Inc. cumulative total return (Jan 13, 2023)|v3v4=$100.00|f4f5=Skyward performanceSpecialty Insurance Group, Inc. cumulative total return (Dec 31, 2023)|v4v5=$175.00|f5f6=Skyward performanceSpecialty Insurance Group, Inc. cumulative total return (Dec 31, 2024)|v5v6=$265.00|f6f7=Skyward performanceSpecialty Insurance Group, Inc. cumulative total return (Dec 31, 2025)|v6v7=$268.00}}

* AThe performance graph compares the cumulative total shareholder return of an investment in Skyward Specialty Insurancethe Groupcompany's common stock, the Nasdaq Composite Index, and the Nasdaq Insurance Index ^{p. 34}.

* The comparison period is frombegins January 13, 2023, which is the date the company's common stock began trading on Nasdaq, and extends through December 31, 2025 ^{p. 34}.

* ''JanuaryAn 13,initial 2023''investment of $100 is theassumed datefor the common stock began trading on Nasdaqgraph ^{p. 34}.

* The graphreturns assumesare anbased initialon investmenthistorical results and are not indicative of $100future performance ^{p. 34}.

* The graph is not deemed to be incorporated by reference into any of the company's filings under the Securities Act ^{p. 34}.

* ''Skyward Specialty Insurance Group, Inc. performancecumulative total return'':

** December 31, 2023: Approximately $175.00 ^{p. 34}

** December 31, 2024: Approximately $265.00 ^{p. 34}

** December 31, 2025: Approximately $268.00 ^{p. 34}

* ''Nasdaq Composite Index performancecumulative total return'':

** December 31, 2023: Approximately $138.00 ^{p. 34}

** December 31, 2024: Approximately $173.00 ^{p. 34}

** December 31, 2025: Approximately $210.00 ^{p. 34}

* ''Nasdaq Insurance Index performancecumulative total return'':

** December 31, 2023: Approximately $105.00 ^{p. 34}

** December 31, 2024: Approximately $128.00 ^{p. 34}

** December 31, 2025: Approximately $128129.00 ^{p. 34}

{{Indexing|Stock performance of Skyward Specialty Insurance Group, Inc. stockand indices|Stock performance, compared to indices.|Skyward Specialty Insurance Group, Inc. stock performance compared to, Nasdaq Composite Index and, Nasdaq Insurance Index from January 13, 2023, to December 31, 2025.|ch7st6ifed|4mxy6ccbgj|kind=table|order=35}}

{{Indexing|Overview|Specialty insurance provider, commercial P&C insurerproducts, inUnited USStates, non-admitted (E&S) and, admitted bases, focusedunderserved onmarkets, underserveddislocated markets, diversifiedunderwriting solutions, claims capabilities, portfolio acrossof insured risks, industries, distribution channels, and lines: of business, general liability, excess liability, professional liability, (cyber liability, media) liability, commercial auto, group A&Haccident and health, property, agriculture, credit, surety, workers’ compensation;, short duration liabilities, medium duration liabilities, primary insurance, specialty reinsurance, in agricultureunderwriting and credit.claims expertise, Rule Our Niche strategy, market niches, competitive moat, risk selection, pricing, analytics|4cr8sbi842|lht8rybaqk|8c6rwjjmzf|mz4ournjwh|kind=prose|order=36}}

{{Indexing|Results of Operations|Net income, net income attributable to common stockholders, basic EPSearnings per share, diluted EPSearnings per share, gross written premiums, net written premiums, net earned premiums, and net investment income, net realized and forunrealized yearsgains ended(losses) Decon 31investments, 2025other income, total revenues, losses and 2024.loss adjustment expenses, underwriting expenses|y30gelxv10|ed0t39ch3f|v7ij6av24f|wpkf9ycgxf|jpoeftv18u|kind=prose|order=37|f1=Net income (FY25)|v1=FY25: USD 100.0m|f2=Net income attributable to common stockholders(FY24)|v2=FY25: USD 100.0m|f3=Basic earnings per share (FY25)|v3=FY25: USD 1.00|f4=DilutedBasic earnings per share (FY24)|v4=FY25: USD 1.00|f5=Gross written premiums (FY25)|v5=FY25: USD 1,000.0m|f6=NetGross written premiums (FY24)|v6=USD 1,000.0m|f7=Net written premiums (FY25:)|v7=USD 1,000.0m|f8=Net written premiums (FY24)|v8=USD 1,000.0m|f9=Net earned premiums (FY25)|v9=USD 1,000.0m}}

{{Indexing|ExpenseUnderwriting results and combinedkey ratios for years ended December 31.|Gross written premiums, ceded written premiums, net written premiums, net earned premiums, commission and fee income, losses and LAE, and underwriting, acquisition and insurance expenses, forunderwriting 2025income, andnet 2024.investment income, net investment gains, income before income taxes, net income, adjusted operating income|cos78e4bvied0t39ch3f|wpkf9ycgxf|irxh3hcbqzcos78e4bvi|jpoeftv18u|kind=table|order=38}}

! class="col-sm" style="text-align:right" | 2025

! class="col-sm" style="text-align:right" | 2024

| style="text-align:left" | '''Net written premiums'''

| style="text-align:right" | '''1,406,232'''

| style="text-align:right" | '''1,123,578'''

| style="text-align:left" | '''Net earned premiums'''

| style="text-align:right" | '''1,304,505'''

| style="text-align:right" | '''1,056,722'''

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

| style="text-align:right" | '''138,979'''

| style="text-align:right" | '''81,859'''

| style="text-align:left" | '''Combined ratio'''

| style="text-align:right" | '''89.3%'''

| style="text-align:right" | '''92.3%'''

| style="text-align:left" | '''Adjusted combined ratio (1)'''

| style="text-align:right" | '''NM (2)'''

| style="text-align:right" | '''91.2%'''

{{Indexing|Reconciliation of Non-GAAP Financial Measures|ReconciliationAdjusted tablesoperating forincome, adjusted operatingnet income, underwriting income, income before federal income tax expense, adjusted loss and LAE ratio, adjusted combined ratio, loss and LAE ratio, combined ratio, tangible stockholders’ equity, stockholders’ equity, adjusted return on equity, andreturn on equity, return on tangible equity, toadjusted GAAPreturn figureson for 2024tangible and 2025.equity|n63zd2qo95|kind=prose|order=39}}

{{Indexing|Reconciliation of adjusted operating income.|ReconciliationIncome, ofnet adjustedinvestment operatinggains, incomenet toimpact netof incomeLPT, pre-tax andtransaction after-taxcosts, forother 2024loss, andother 2025expenses, includingadjusted netoperating investment gains and net impact of LPT.income|n63zd2qo95|y30gelxv10|kind=table|order=40}}

| style="text-align:left" | '''Adjusted operating income'''

| style="text-align:right" | '''213,043'''

| style="text-align:right" | '''167,372'''

| style="text-align:right" | '''162,554'''

| style="text-align:right" | '''126,582'''

{{Indexing|Reconciliation of income before income taxes.EBITDA|Reconciliation of incomeIncome before income taxes for 2025 and 2024, including interest expense, amortization expense, transaction costs, other expenses, net investment income, and net investment gains., other loss, underwriting income|n63zd2qo95|y30gelxv10|kind=table|order=41}}

| style="text-align:left" | '''Underwriting income'''

| style="text-align:right" | '''138,979'''

| style="text-align:right" | '''81,859'''

{{Indexing|Adjusted lossLoss and combined ratios.|ReconciliationNet ofearned adjustedpremiums, losslosses and LAE, ratiopre-tax andnet adjustedimpact combinedof ratioloss toportfolio reported ratios for 2024transfer, including net earned premiums,adjusted losses and LAE, andloss pre-taxratio, net impact of LPT, adjusted loss portfolioratio, transfer.combined ratio, adjusted combined ratio|n63zd2qo95|cos78e4bvi|kind=table|order=42}}

| style="text-align:left" | '''Adjusted losses and LAE'''

| style="text-align:right" | '''658,211'''

| style="text-align:left" | '''Adjusted loss ratio'''

| style="text-align:right" | '''62.3%'''

| style="text-align:left" | '''Adjusted combined ratio'''

| style="text-align:right" | '''91.2%'''

{{Indexing|Stockholders’Stockholders' equity and tangible stockholders’stockholders' equity.|Reconciliation of stockholders’Stockholders’ equity to tangible stockholders’ equity for 2025 and 2024, deducting goodwill and intangible assets., tangible stockholders’ equity|n63zd2qo95|0lk0pqg9zh|kind=table|order=43}}

| style="text-align:left" | '''Tangible stockholders’ equity'''

| style="text-align:right" | '''921,525'''

| style="text-align:right" | '''706,651'''

{{Indexing|Adjusted return on equity.|ReconciliationAdjusted ofoperating adjustedincome, returnaverage onstockholders’ equity for 2025 and 2024, using adjusted operatingreturn income as numerator and average stockholders’on equity as denominator.|n63zd2qo95|y30gelxv10|kind=table|order=44}}

| style="text-align:left" | '''Denominator: average stockholders’ equity'''

| style="text-align:right" | '''901,782'''

| style="text-align:right" | '''727,515'''

{{Indexing|Return on tangible equity.|ReconciliationNet ofincome, return onaverage tangible stockholders’ equity for 2025 and 2024, usingreturn net income as numerator and averageon tangible stockholders’ equity as denominator.|n63zd2qo95|y30gelxv10|kind=table|order=45}}

| style="text-align:left" | '''Denominator: average tangible stockholders’ equity'''

| style="text-align:right" | '''814,088'''

| style="text-align:right" | '''639,624'''

{{Indexing|Adjusted return on tangible equity.|ReconciliationAdjusted ofoperating adjustedincome, return onaverage tangible stockholders’ equity for 2025 and 2024, using adjusted operatingreturn income as numerator and averageon tangible stockholders’ equity as denominator.|n63zd2qo95|y30gelxv10|kind=table|order=46}}

| style="text-align:left" | '''Denominator: average tangible stockholders’ equity'''

| style="text-align:right" | '''814,088'''

| style="text-align:right" | '''639,624'''

{{Indexing|Underwriting Results|Gross written premiums increased by $423.1m YoY in 2025, driven by agriculture and credit (re)insurance, dairy, livestock, crop, credit portfolio, specialty programs, accident & health, surety, and captives; offset by decreases in, global property, construction and energy solutions, and professional lines., net written premiums, net earned premiums, reinsurance programs|wpkf9ycgxf|n13vjesiav|cos78e4bvi20fueoa3q1|kind=prose|order=47|f1=Gross written premiums increase YoY|v1=FY25: USD 423.1m|f2=Net YoYwritten 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%|f6=Net earned premiums (2025)|v6=USD 1,304.5m|f7=Net earned premiums (2024)|v7=USD 1,056.7m|f8=Net earned premiums increase|v8=+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, forProfessional 2025Lines, andSpecialty 2024Programs, withSurety, changeTransactional and percentage change.E&S|wpkf9ycgxf|n13vjesiav|kind=table|order=48}}

| style="text-align:left; font-weight:bold" | '''Total gross written premiums (1)'''

| style="text-align:right; font-weight:bold" | '''2,166,317'''

| style="text-align:right; font-weight:bold" | '''1,743,249'''

| style="text-align:right; font-weight:bold" | '''423,068'''

| style="text-align:right; font-weight:bold" | '''24.3%'''

{{Indexing|Losses and LAE by type.|Non-catLosses and LAE by type, Non-cat loss and LAE, andCat priorloss accident yearand developmentLAE, asPrior %accident of Net Earned Premiums for 2025year and 2024.development|cos78e4bvi|caxaby4jlv|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)

| style="text-align:left; font-weight:bold" | '''Total losses and LAE'''

| style="text-align:right; font-weight:bold" | '''795,022'''

| style="text-align:right; font-weight:bold" | '''60.9%'''

| style="text-align:right; font-weight:bold" | '''669,809'''

| style="text-align:right; font-weight:bold" | '''63.4%'''

{{Indexing|ReserveLoss developmentand on losses.|Favorable/adverseLAE reserve development|Loss onand lossesLAE byreserve accidentdevelopment, yearAccident forYear, 2025Reserve anddevelopment 2024,on including LPTlosses subject losses.to LPT|rhstabgyn2|do9an7x5kp|kind=table|order=50}}

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''-7,475'''

| style="text-align:right; font-weight:bold" | '''25,728'''

| style="text-align:left" | '''Reserve development on losses subject to LPT'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''25,300'''

| style="text-align:left" | '''Reserve development on losses excluding losses subject to LPT'''

| style="text-align:right" | -'''(7,475)'''

| style="text-align:right" | '''428'''

{{Indexing|NetUnderwriting, expensesacquisition forand underwritinginsurance expenses|Underwriting, acquisition, and insurance.| expenses, Net policy acquisition expenses, otherOther operating and general expenses, and underwriting, acquisitionCommission and insurance expenses as % of Net Earned Premiums for 2025 andfee 2024.income|irxh3hcbqz|cos78e4bvi|kind=table|order=51}}

| style="text-align:left" | '''Underwriting, acquisition and insurance expenses'''

| style="text-align:right" | '''377,359'''

| style="text-align:right" | '''28.9%'''

| style="text-align:right" | '''311,757'''

| style="text-align:right" | '''29.5%'''

| style="text-align:left; font-weight:bold" | '''Total net expenses'''

| style="text-align:right; font-weight:bold" | '''370,504'''

| style="text-align:right; font-weight:bold" | '''28.4%'''

| style="text-align:right; font-weight:bold" | '''305,054'''

| style="text-align:right; font-weight:bold" | '''28.9%'''

{{Indexing|Net investment income and gains.|Net investment income fromand gains, shortShort-term investments, fixedFixed income, equitiesEquities, Alternative and alternativestrategic investments, plus netNet unrealized and realized(losses) gains/losses foron 2025securities, andNet 2024.realized gains (losses)|jpoeftv18u|j8uunnd14x|kind=table|order=52}}

| style="text-align:left" | '''Net investment income'''

| style="text-align:right" | '''83,619'''

| style="text-align:right" | '''80,600'''

| style="text-align:left" | '''Net unrealized (losses) gains on securities still held'''

| style="text-align:right" | -'''(1,555)'''

| style="text-align:right" | '''7,921'''

| style="text-align:left" | '''Net investment gains'''

| style="text-align:right" | '''22,149'''

| style="text-align:right" | '''6,342'''

{{Indexing|Investments|Fixed income portfolio (investment grade, A+Commercial weightedmortgage averageloans, creditEquities ratingportfolio, inAlternative 2025investments, 3.60Strategic years duration in 2025)investments, equitiesMarket portfolio (100% publicly tradedrisk, soldCredit in Q3 2025)risk, andInterest alternativerate investments.risk|966xer0dpm|p7k94aok7u|m0cjxgvmvi|utnmaoxh50|gp3o3dfk95|kind=prose|order=53|f1=WeightedFixed averageincome portfolio credit rating (fixed income)2025|v1=A+|f2=Fixed (Decemberincome 31,portfolio 2025)credit rating 2024|f2v2=AA-|f3=AverageFixed durationincome (fixedportfolio income)average duration 2025|v2v3=3.60 years|f4=Fixed (Decemberincome 31,portfolio 2025)average duration 2024|f3v4=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 carrying value and % of total by asset class:, Cash and cash equivalents, shortShort-term investments, fixedFixed income, equitiesEquities, Alternative and alternativestrategic investments for 2025 and 2024.|966xer0dpm|1f87rdfb5o|kind=table|order=54}}

| style="text-align:left; font-weight:bold" | '''Total portfolio'''

| style="text-align:right; font-weight:bold" | '''2,469,059'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

| style="text-align:right; font-weight:bold" | '''1,992,423'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

{{Indexing|Fixed income portfolio by security type.|Fixed income portfolio carrying value and % of total by security type:, U.S. government securities, corporateCorporate securities, municipalMunicipal securities, residentialResidential MBSmortgage-backed securities, commercialCommercial mortgage-backed MBSsecurities, andOther otherasset-backed forsecurities, 2025Commercial andmortgage 2024.loans|utnmaoxh50|966xer0dpm|kind=table|order=55}}

| style="text-align:left; font-weight:bold" | '''Total fixed income portfolio, available-for-sale'''

| style="text-align:right; font-weight:bold" | '''1,856,303'''

| style="text-align:right; font-weight:bold" | '''99.5%'''

| style="text-align:right; font-weight:bold" | '''1,292,218'''

| style="text-align:right; font-weight:bold" | '''98.0%'''

| style="text-align:left" | '''Commercial mortgage loans'''

| style="text-align:right" | '''9,902'''

| style="text-align:right" | '''0.5%'''

| style="text-align:right" | '''26,490'''

| style="text-align:right" | '''2.0%'''

| style="text-align:left; font-weight:bold" | '''Total fixed income portfolio'''

| style="text-align:right; font-weight:bold" | '''1,866,205'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

| style="text-align:right; font-weight:bold" | '''1,318,708'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

{{Indexing|Fixed income portfolio by credit rating.|Fixed income portfolio fair value and % of total by credit rating, (AAA, toAA, A, BBB, BB and Lower) for 2025 and 2024.|ooly7l7133|utnmaoxh50|kind=table|order=56}}

| style="text-align:left; font-weight:bold" | '''Total fixed income portfolio, available-for-sale'''

| style="text-align:right; font-weight:bold" | '''1,856,303'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

| style="text-align:right; font-weight:bold" | '''1,292,218'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

{{Indexing|Equities portfolio by type.|Equities portfolio fair value and % of total by type:, domesticDomestic common equities, internationalInternational common equities, and preferredPreferred stock for 2025 and 2024.|966xer0dpm|kind=table|order=57}}

| style="text-align:left" | '''Equities'''

| style="text-align:right" | '''1,174'''

| style="text-align:right" | '''100.0%'''

| style="text-align:right" | '''106,254'''

| style="text-align:right" | '''100.0%'''

{{Indexing|EstimatedSensitivity changeof ininvestment fair value dueportfolio to interest rate changes.|EstimatedSensitivity changeof ininvestment fairportfolio valueto andinterest %rate increase/decreasechanges, dueEstimated toFair interestValue, rateEstimated changesChange fromin -200Fair toValue, +300Estimated basis% points.Increase (Decrease) in Fair Value|p7k94aok7u|966xer0dpm|kind=table|order=58}}

{{Indexing|Other Items|Income tax expense, ofEffective USD 46.4m (2025) andtax USD 33.9m (2024)rate, withFederal effectiveincome tax rates of 21.4% (2025)expense and 22.2% (2024).reconciliation|kmocop7wiu|kind=prose|order=59|f1=Income tax expense 2025|v1=USD 46.4m|f2=Income (Decembertax 31,expense 2025)2024|f2v2=USD 33.9m|f3=Effective tax rate 2025|v2v3=21.4%|f4=Effective (Decembertax 31,rate 2025)2024|v4=22.2%}}

{{Indexing|Liquidity and Capital Resources|Holding company structure, with insuranceOperating subsidiaries GMIC, HSIC,Corporate IIC (Texas), OSIC (Oklahoma); cash sources (service fees, Consolidated tax allocation agreement, Subsidiary dividends, Bank loans, equity/debt)Revolving loan agreement, Equity and usesdebt (fundsecurities subsidiariesissuance, dividendsState insurance laws, taxes).Statutory capital and surplus|trbk6wt4s9|75shp9ailk|cmtswfs0go|kind=prose|order=60|f1=Insurance subsidiariesSubsidiaries|v1=GMIC, HSIC, IIC (Texas), OSIC|f2=IIC (domicile|v2=Texas|f3=OSIC domicile|v3=Oklahoma)}}

{{Indexing|Cash Flows|Cash flowflows, sourcesPremiums, (premiumsClaims, investmentInvestment income) and outflows (claimssecurities, operatingOperating expenses, capitalCapital expenditures);, impactReinsurance, ofNet reinsurancecash andused timingin ofinvesting payments/receipts on operating cash flows.activities|cs6p6hop55|kind=prose|order=61}}

{{Indexing|Cash flows fromby operating, investing, and financing activities.activity|Cash andflows cashby equivalentsactivity, providedOperating byactivities, (usedInvesting in) operatingactivities, investingFinancing activities, andChange financingin activitiescash forand 2025cash equivalents and 2024.restricted cash|cs6p6hop55|kind=table|order=62}}

| style="text-align:left" | '''Change in cash and cash equivalents and restricted cash'''

| style="text-align:right" | '''41,589'''

| style="text-align:right" | '''57,189'''

{{Indexing|Credit Agreements|Credit Agreements, FHLB Loan, (AugustTerm 2024,Loan $57.0mFacility, 4.5-year,Unsecured 4.00%senior fixed,delayed secureddraw byterm HSICloan investments)facility, andApollo TermGroup LoanHoldings FacilityLimited (Q4 2025acquisition, $150.0mInterest Trancherate Acalculation, DDTLSOFR, $150.0mBase Trancherate, BUndrawn DDTLamounts for Apollo acquisition).fee|bhnpa5y4f0|b3bc9gy5x7|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 dateTranche A DDTL|v5=fourth quarter$150.0 of 2025million|f6=Term Loan Facility Tranche AB DDTL|v6=$150.0 million}}

{{Indexing|Share Repurchase Program|Share repurchaseRepurchase programProgram, approvedCommon Octoberstock 2024repurchase, forOpen upmarket topurchases, $50.0Privately-negotiated milliontransactions, ofBlock commonpurchases, stock;Accelerated noshare sharesrepurchase repurchasedagreements, asRule of10b5-1 Decembertrading 31, 2025.plans|70zdwfnrmi|f7q5tvbfqm|kind=prose|order=64|f1=Program approval date|v1=October 2024|f2=AuthorizationAuthorized repurchase amount|v2=$50.0 million|f3=Shares repurchased|v3=no sharesas (Decemberof Dec 31, 2025)|v3=None}}

{{Indexing|Contractual Obligations and Commitments|Contractual Obligations and Commitments, Reserves for losses and LAE, (estimatedReinsurance ultimatebalances costrecoverable, complex judgments,Claims payment timingestimation, uncertainty)Actuarial and reinsuranceassumptions|wugbjvah7b|rmmhubj8mh|tc5fw176pu|kind=prose|order=65|f1=Reinsurance balances recoverable (reported2025|v1=$1,119.9 separatelymillion|f2=Reinsurance asbalances assets).|rmmhubj8mh|wugbjvah7brecoverable 2024|tc5fw176pu|kindv2=prose$857.9 million}}

{{Indexing|Reinsurance balances recoverable onand reservesdebt forobligations|Reinsurance lossesbalances recoverable and LAE.|Paymentsdebt dueobligations, by period for reservesReserves for losses and LAE, longLong-term debt, and interestInterest on debt obligations.|rmmhubj8mh|bhnpa5y4f0b3bc9gy5x7|tc5fw176pu|kind=table|order=66}}

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''2,974,464'''

| style="text-align:right; font-weight:bold" | '''551,157'''

| style="text-align:right; font-weight:bold" | '''2,423,307'''

{{Indexing|Critical Accounting Policies|Critical accountingAccounting estimatesPolicies, requiringCritical significantaccounting judgmentestimates, affectingConsolidated reportedfinancial amounts and disclosures;statements, reservesReserves for unpaid losses and LAE, asIndividual thecase-basis largestvaluations, Statistical analyses, Actuarial procedures, Historical information, Industry and mostpeer complexgroup estimate.information, Future trends|ie3cmfrol3|rmmhubj8mh|e40m7ou132|kind=prose|order=67}}

* ''Reserves are driven by factors'' including litigation and regulatory trends, legislative activity, climate change, social and economic patterns, and claims inflation assumptions ^{p. 46}.

* The impact of potential changes in the regulatory or legislative environment is difficult to quantify without specific, significant new regulation or legislation ^{p. 46}.

* Development is ''Unfavorable developmentunfavorable'' occurs when losses settle for more than reserved or subsequent estimates indicate reserve increases ^{p. 46}.

* Development is ''Favorable developmentfavorable'' occurs when losses settle for less than reserved or subsequent estimates indicate reserve reductions ^{p. 46}.

* Favorable or unfavorable development of loss reserves is reflected in the results of operations in the period the estimates are changed ^{p. 46}.

{{Indexing|Impact of a 5% change in net IBNR on reserves, income, and equity.|Impact of a 5% change in net IBNR on gross and net case reserves, and IBNRincome, and theirequity, %Case ofreserves, total for 2025 and 2024.IBNR|rmmhubj8mh|e40m7ou132|kind=table|order=68}}

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''2,318,894'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

| style="text-align:right; font-weight:bold" | '''1,397,729'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

| style="text-align:right; font-weight:bold" | '''1,782,383'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

| style="text-align:right; font-weight:bold" | '''1,111,537'''

| style="text-align:right; font-weight:bold" | '''100.0%'''

{{Indexing|Recent Accounting Pronouncements|Recent Accounting Pronouncements, ASU 2023-09 (Dec 2023, effectiveIncome afterTax Dec 15, 2024) mandates enhanced income tax disclosures (rate reconciliationDisclosures, disaggregated taxes paid); ASU 2024-03, (Nov 2024) requires disaggregated incomeIncome statement expenses., ASU 2025-01|ie3cmfrol3|kind=prose|order=69|f1=ASU 2023-09 issuance|v1=December 2023|f2=ASU 2023-09 effective date|v2=fiscal years beginning after December 15, 2024|f3=ASU 2024-03 issuance|v3=November 2024|f4=ASU 2025-01 issuance|v4=January 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|UnqualifiedReport opinionof onIndependent consolidatedRegistered financialPublic statementsAccounting (Dec 31Firm, 2023Consolidated &financial 2022)statements, perInternal U.S.Control GAAP;Over effectiveFinancial internalReporting, controlBasis over financialfor reporting (Dec 31Opinion, 2023)Responsibilities perof COSOthe (2013);Auditor, auditAudit perScope, PCAOBCritical Audit standards.Matters|x856lnzuq2|l96bfbct4s|kind=prose|order=70|f1=Financial statementstatements opinionas dateof|v1=December 31, 2023 and 2022|f2=Internal controlControl opinionOver dateFinancial Reporting as of|v2=December 31, 2023|f3=InternalAuditor|v3=public controlaccounting frameworkfirm registered with the PCAOB|v3f4=COSOCritical (2013)Audit Matters|v4=None}}

{{Indexing|Opinion on Internal Control Over Financial Reporting|AuditOpinion ofon internalInternal controlControl overOver financialFinancial reporting (Dec 31Reporting, 2025)Internal basedcontrol onover COSOfinancial (2013)reporting, criteria;Consolidated effectivebalance internalsheets, controlConsolidated maintained;statements unqualifiedof opinionoperations onand consolidatedcomprehensive financialincome, statementsStockholders’ (Dec 31equity, 2025 & 2024) dated March 2,Cash 2026.flows|l96bfbct4s|x856lnzuq2|l96bfbct4s|kind=prose|order=71|f1=Internal control audit dateas of|v1=December 31, 2025|f2=InternalCOSO control frameworkcriteria|v2=COSO2013 (2013)framework|f3=FinancialConsolidated statementbalance auditsheets dateas of|v3=December 31, 2025 and 2024|f4=Report datedated|v4=March 2, 2026}}

{{Indexing|Basis for Opinion|Basis for Opinion, Management's responsibility, for internal control and assessment; auditorAuditor's responsibility, forPCAOB opinionstandards, onAudit internalscope, control;Material auditweakness conductedassessment, perInternal PCAOBcontrol standardsdesign forand reasonableoperating assurance.effectiveness|x856lnzuq2|l96bfbct4s|kind=prose|order=72}}

{{Indexing|Definition and Limitations of Internal Control Over Financial Reporting|Definition and limitations of internalInternal control over financial reporting (ICFR) process; reasonable assurance for, financial reportingstatement reliability, GAAP conformity, transaction recording, asset disposition., effectiveness evaluations|l96bfbct4s|x856lnzuq2|kind=prose|order=73}}

{{Indexing|Report of Independent Registered Public Accounting Firm|Independent Registered Public Accounting Firm's opinion on consolidatedConsolidated financial statements (2023, 2022) and effective internal control over financial reporting, (2023)audit basedscope, onaudit COSOprocedures, 2013auditor framework.responsibilities|x856lnzuq2|l96bfbct4s|kind=prose|order=74|f1=Financial Statements As OfAuditor|v1=DecemberErnst 31,& 2023Young and 2022LLP|f2=FinancialAudit Statementsopinion|v2=unqualified|f3=Internal Forcontrol Period Endedopinion|v2v3=effective|f4=DecemberInternal 31,control 2023framework|f3v4=ICFRInternal AsControl—Integrated OfFramework (2013) issued by COSO|v3f5=DecemberAudit 31, 2023standards|v5=PCAOB}}

{{Indexing|Opinion on the Financial Statements|AuditConsolidated opinionfinancial onstatements, consolidatedaudit scope, financial statementsposition, (2025operational results, 2024)cash andflows, internal control over financial reporting (2025) in conformity with U.S. GAAP and PCAOB standards, using COSO 2013 framework.|x856lnzuq2|l96bfbct4s|kind=prose|order=75|f1=FinancialAudit Statements As Ofopinion|v1=December 31, 2025 and 2024unqualified|f2=FinancialInternal Statementscontrol For Period Endedopinion|v2=December 31, 2025unqualified|f3=ICFRInternal Ascontrol Offramework|v3=December2013 31,framework of 2025Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission|f4=ReportAudit Datedstandards|v4=March 2, 2026PCAOB}}

{{Indexing|Basis for Opinion|Auditor'sFinancial responsibility and independence for financialstatements, statementauditor opinionresponsibilities, based on PCAOBaudit standards, assessing material misstatement risks, examiningaudit evidence, and evaluating accounting principles.procedures|x856lnzuq2|kind=prose|order=76|f1=Audit standards|v1=PCAOB}}

{{Indexing|Critical Audit Matter|Critical audit matter, fromfinancial current period auditstatements, communicated to audit committee communication, involving challenging judgments, not altering overall opinion on consolidated financial statements.|x856lnzuq2|kind=prose|order=77}}

{{Indexing|Valuation of Reserves for Unpaid Losses and Loss Adjustment Expenses|Valuation of $2.3bn reservesReserves for unpaid losses and LAEloss (Decadjustment 31expenses, 2025),incurred includingbut IBNR,not usingreported case-basisreserves valuations(IBNR), statisticalestimation analysesmethods, actuarial procedures, historicalinternal data, and key assumptions.controls|rmmhubj8mh|gva2857foa|e40m7ou132|kind=prose|order=78|f1=Reserves for unpaid losses and LAE|v1=USD 2.3bn at December 31, 2025}}

{{Indexing|Consolidated balance sheets|Consolidated balance sheets with integral, accompanying notes.|offa7is5x7|kind=prose|order=79}}

{{Indexing|Consolidated balance sheets for assets.|Consolidated balance sheet assets: fixed maturity securities (available-for-sale, held-to-maturity), equity securities, other investments, cash, receivables, deferred acquisition costs, reinsurance recoverables, property, goodwill, other assets.|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)

| style="text-align:left; font-weight:bold" | '''Total investments'''

| style="text-align:right; font-weight:bold" | '''2,300,515'''

| style="text-align:right; font-weight:bold" | '''1,870,820'''

| style="text-align:left; font-weight:bold" | '''Total assets'''

| style="text-align:right; font-weight:bold" | '''4,791,852'''

| style="text-align:right; font-weight:bold" | '''3,729,478'''

| style="text-align:left" | '''Liabilities and stockholders’ equity'''

| style="text-align:left; font-weight:bold" | '''Total liabilities'''

| style="text-align:right; font-weight:bold" | '''3,782,287'''

| style="text-align:right; font-weight:bold" | '''2,935,479'''

| style="text-align:left" | '''Stockholders’ equity'''

| 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

| style="text-align:left; font-weight:bold" | '''Total stockholders’ equity'''

| style="text-align:right; font-weight:bold" | '''1,009,565'''

| style="text-align:right; font-weight:bold" | '''793,999'''

| style="text-align:left; font-weight:bold" | '''Total liabilities and stockholders’ equity'''

| style="text-align:right; font-weight:bold" | '''4,791,852'''

| style="text-align:right; font-weight:bold" | '''3,729,478'''

{{Indexing|Consolidated statements of operations and comprehensive income|Consolidated statements of operations and, comprehensive income with integral, accompanying notes.|ed0t39ch3f|utcfjac7ow|kind=prose|order=81}}

{{Indexing|Consolidated statements of income for revenues and expenses.operations|Consolidated income statement revenues (net earned premiums, commission/fee income, net investment income, net investment gains) and expenses (losses/LAE, underwriting, interest, other, income tax) for 2025, 2024, 2023.|ed0t39ch3f|wpkf9ycgxf|jpoeftv18u|irxh3hcbqz|qfq1t7e6o0|kind=table|order=82}}

! class="col-sm" style="text-align:right" | —

! class="col-sm" style="text-align:right" | —

! class="col-sm" style="text-align:right" | —

| style="text-align:left; font-weight:bold" | '''Total revenues'''

| style="text-align:right; font-weight:bold" | '''1,416,541'''

| style="text-align:right; font-weight:bold" | '''1,150,200'''

| style="text-align:right; font-weight:bold" | '''885,969'''

| style="text-align:left; font-weight:bold" | '''Total expenses'''

| style="text-align:right; font-weight:bold" | '''1,200,117'''

| style="text-align:right; font-weight:bold" | '''997,461'''

| style="text-align:right; font-weight:bold" | '''775,867'''

| style="text-align:left" | '''Income before income taxes'''

| style="text-align:right" | '''216,424'''

| style="text-align:right" | '''152,739'''

| style="text-align:right" | '''110,102'''

| style="text-align:left" | '''Net income'''

| style="text-align:right" | '''170,028'''

| style="text-align:right" | '''118,828'''

| style="text-align:right" | '''85,984'''

| style="text-align:left" | '''Net income attributable to participating securities'''

| style="text-align:left; font-weight:bold" | '''Total other comprehensive income'''

| style="text-align:right; font-weight:bold" | '''33,577'''

| style="text-align:right; font-weight:bold" | '''833'''

| style="text-align:right; font-weight:bold" | '''20,532'''

| style="text-align:left" | '''Comprehensive income'''

| style="text-align:right" | '''203,605'''

| style="text-align:right" | '''119,661'''

| style="text-align:right" | '''106,516'''

| style="text-align:left" | '''Diluted earnings per share'''

| style="text-align:right" | '''4.07'''

| style="text-align:right" | '''2.87'''

| style="text-align:right" | '''2.24'''

| style="text-align:left" | '''Weighted-average common shares outstanding'''

| style="text-align:left" | '''Diluted'''

| style="text-align:right" | '''41,808,046'''

| style="text-align:right" | '''41,377,460'''

| style="text-align:right" | '''38,317,534'''

{{Indexing|Consolidated statements of stockholders’ equity|Consolidated statements of stockholders’ equity with integral, accompanying notes.|0lk0pqg9zhz6dk9e62ik|kind=prose|order=83}}

{{Indexing|Consolidated statements of changes in shareholders' equity for preferred and common shares.|Consolidated statements of changes in shareholders' equity for preferred and common shares, including balance movements, conversions, stock-based compensation, and net income for 2025, 2024, 2023.|0lk0pqg9zh|z6dk9e62ik|ch7st6ifed0lk0pqg9zh|kind=table|order=84}}

! class="col-sm" style="text-align:right" | —

! class="col-sm" style="text-align:right" | —

! class="col-sm" style="text-align:right" | —

| style="text-align:left" | '''Balance at December 31'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:left" | '''Balance at December 31'''

| style="text-align:right" | '''40,511,222'''

| style="text-align:right" | '''40,127,908'''

| style="text-align:right" | '''39,863,756'''

| style="text-align:left" | '''Balance at December 31'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:left" | '''Common stock:'''

| style="text-align:left" | '''Balance at December 31'''

| style="text-align:right" | '''405'''

| style="text-align:right" | '''401'''

| style="text-align:right" | '''399'''

| style="text-align:left" | '''Balance at December 31'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:left" | '''Additional paid-in capital:'''

| style="text-align:left" | '''Balance at December 31'''

| style="text-align:right" | '''730,555'''

| style="text-align:right" | '''718,598'''

| style="text-align:right" | '''710,855'''

| style="text-align:left" | '''Stock notes receivable:'''

| style="text-align:left" | '''Balance at December 31'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''( 5,562 )'''

| style="text-align:left" | '''Accumulated other comprehensive income (loss):'''

| style="text-align:left" | '''Balance at December 31'''

| style="text-align:right" | '''11,457'''

| style="text-align:right" | '''( 22,120 )'''

| style="text-align:right" | '''( 22,953 )'''

| style="text-align:left" | '''Retained earnings (accumulated deficit):'''

| style="text-align:left" | '''Balance at December 31'''

| style="text-align:right" | '''267,148'''

| style="text-align:right" | '''97,120'''

| style="text-align:right" | '''( 21,708 )'''

| style="text-align:left; font-weight:bold" | '''Total stockholders’ equity'''

| style="text-align:right; font-weight:bold" | '''1,009,565'''

| style="text-align:right; font-weight:bold" | '''793,999'''

| style="text-align:right; font-weight:bold" | '''661,031'''

{{Indexing|Consolidated statements of cash flows|Consolidated statements of cash flows with integral, accompanying notes.|cs6p6hop55|kind=prose|order=85}}

{{Indexing|Consolidated statements of cash flows from operating activities.|Consolidated cash flows from operating activities: net income, investment gains/losses, depreciation, stock-based compensation, deferred taxes, premium adjustments, changes in reserves, payables, and other.|cs6p6hop55|kind=table|order=86}}

! class="col-sm" style="text-align:right" | —

! class="col-sm" style="text-align:right" | —

! class="col-sm" style="text-align:right" | —

| style="text-align:left" | '''Net cash provided by operating activities'''

| style="text-align:right" | '''408,076'''

| style="text-align:right" | '''305,115'''

| style="text-align:right" | '''338,187'''

| style="text-align:left" | '''Net cash used in investment activities'''

| style="text-align:right" | '''( 366,898 )'''

| style="text-align:right" | '''( 243,694 )'''

| style="text-align:right" | '''( 493,809 )'''

| style="text-align:left" | '''Net cash provided by (used in) financing activities'''

| style="text-align:right" | '''411'''

| style="text-align:right" | '''( 4,232 )'''

| style="text-align:right" | '''130,947'''

| style="text-align:left" | '''Net increase (decrease) in cash and cash equivalents and restricted cash'''

| style="text-align:right" | '''41,589'''

| style="text-align:right" | '''57,189'''

| style="text-align:right" | '''( 24,675 )'''

| style="text-align:left" | '''Cash and cash equivalents and restricted cash at end of period (1)'''

| style="text-align:right" | '''199,114'''

| style="text-align:right" | '''157,525'''

| style="text-align:right" | '''100,336'''

| style="text-align:left" | '''Supplemental disclosure of cash flow information:'''

{{Indexing|A. Description of Business|Skyward Specialty Insurance Group, Inc., ainsurance Delawareholding corporationcompany, organizedunderwriting in 2006divisions, operatesGreat asMidwest aInsurance specialtyCompany, P&CHouston insurerSpecialty withInsurance fourCompany, USImperium subsidiariesInsurance (GMICCompany, HSICOklahoma Specialty Insurance Company, IICSkyward Re, OSIC)Skyward andUnderwriters CaymanAgency, IslandsInc., captiveSkyward reinsurerService Company, Skyward ReSpecialty No.|4cr8sbi842 1 Limited, Apollo Group Holdings Limited|cmtswfs0go|lht8rybaqk|20fueoa3q1|kind=prose|order=87|f1=OrganizedLegal name|v1=2006Skyward Specialty Insurance Group, Inc.|f2=SubsidiariesState of incorporation|v2=4Delaware|f3=CaptiveYear Reinsurerfounded|v3=2006|f4=Subsidiaries|v4=Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, Oklahoma Specialty Insurance Company, Skyward Re, Skyward Underwriters Agency, Inc., 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, preparedGenerally underAccepted USAccounting Principles (GAAP), differingintercompany from regulatory principlestransactions, encompassing holding companyestimates and subsidiaries, with intercompany eliminations and estimates/assumptions.|ow7tevuxxr|ie3cmfrol3|kind=prose|order=88}}

{{Indexing|C.    Consolidation|Consolidation policy for, variable interest entitiesentity (VIEsVIE) and controlled entities, assessing primary beneficiary status, voting interestsinterest, equityrelated sufficiencyparty analysis, andfair relatedvalue partyof analysis.assets, financial performance|cmtswfs0goow7tevuxxr|kind=prose|order=89}}

{{Indexing|D.     Cash and Cash Equivalents|Cash and cash equivalents definition: cash on hand, fixed maturity securities with original maturities of three months or less; carrying value approximates, fair value.|1f87rdfb5ocs6p6hop55|kind=prose|order=90}}

{{Indexing|E.    Restricted Cash|Restricted cash:, legallylegal restrictedrestriction, fundsSUA, including unremitted insurance premiums held by SUA for third-party insurers, and state-required deposits orregulations, collateral for reinsurance balances.|1f87rdfb5ocs6p6hop55|kind=prose|order=91}}

{{Indexing|F.    Investments|Available- for-sale Sale fixed maturities carried at, fair value;, unrealized lossesloss assessedposition, foramortized intent/likelihoodcost, ofallowance salefor orcredit losses, credit-related factors;, allowanceheld-to-maturity forfixed creditmaturity lossessecurities, recognizedhistorical inloss netrate, investmentMoody’s gainsmulti-year (sincecumulative loss rates, asset-backed 2025).securities|966xer0dpm|j8uunnd14x|m0cjxgvmvi|kind=prose|order=92}}

{{Indexing|G.    Derivatives|Commodity derivatives, usedFASB toASC manageTopic risk815, recordedDerivatives atand Hedging, fair value, oncurrent balanceearnings, sheetnet perassets FASBand ASCliabilities, Topicexchange-traded 815futures, withforward changespurchase reflectedand insale currentcontracts, earnings;economic exchange-tradedhedges, futureshedge consideredaccounting effectivetreatment, economicvaluation hedges.models|s22xbq0z1h|kind=prose|order=93|f1=Accounting standard|v1=FASB ASC Topic 815, Derivatives and Hedging}}

{{Indexing|H.    Reinsurance|ReinsuranceProspective purchasedreinsurance, (proportional reinsurance, excess of loss reinsurance, facultative) for certain lines;reinsurance, ceded unearned premium, andreinsurance recoverablesbalances reportedrecoverable, asretroactive assets;reinsurance, doesloss notportfolio relievetransfers legal(LPT), liabilityadverse todevelopment policyholders.covers|20fueoa3q1|8ihdrbirer|tc5fw176pu|kind=prose|order=94}}

{{Indexing|I.     Concentration of Credit Risk|ConcentrationFinancial instruments, concentrations of credit risk, incash financialand instrumentscash equivalents, restricted (cash, investments, premiums receivable);, diversifiedU.S. investmentsgovernment securities, limitedmoney exposuremarket tofunds, singlecredit institutionsexposure, andcustomer diversifiedbase, premiumsdistribution receivable across customers/lines.sources|m0cjxgvmvi|966xer0dpm|kind=prose|order=95}}

{{Indexing|J.     Deferred Policy Acquisition Costs|Deferred policyPolicy acquisition costs, (commissions, premium taxes), chargedceding proportionally to earnings;commissions, premium deficiency recognized if, expected losses, LAE,loss unamortizedadjustment costs exceedexpenses, unearned premiums;, noanticipated deficiency as of Dec 31, 2025,investment 2024.income|or43xxg565|kind=prose|order=96|f1=Premium Deficiencydeficiency|v1=no premium deficiency existednone as of December 31, 2025, and 2024}}

{{Indexing|K.    Goodwill and Intangible Assets|Goodwill and, intangible assets recorded post-business combination;, purchase price allocation, reviewedamortization, for one year; annual recoverabilityimpairment review in Q4; no impairment in 2024-2025.|hekiequlv1|ie3cmfrol3|kind=prose|f1order=Goodwill impairment|v1=no goodwill impairment for the years ended December 31, 2025, and 202497}}

{{Indexing|L.    Property and Equipment|Property and equipment recorded at cost less accumulated depreciation;, depreciation expense, recognizeddepreciation straight-line over 3-7 years.periods|ie3cmfrol3|1f87rdfb5o|kind=prose|order=98}}

{{Indexing|M.     Reserves for Losses and Loss Adjustment Expenses|Reserves for unpaid losses, andloss LAEadjustment estimatedexpenses, usingindividual case-basis valuations, statistical analyses, and actuarial procedures; estimates based on, historical datainformation, industry infoinformation, andpeer group 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|P&CProperty and suretycasualty premiums, recognized pro-rata; A&Hsurety premiums, earnedaccident asand billed;health premiums, gross premiums written reduced by, ceded premiums;, premiums receivable, netdeferred ofpremiums, 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, fromSUA placingfee income, insurance policies on, reinsurance programs, fixed at contract inception; SUA fee income from placing policies with third-party insurersinsurance company, variabletransaction basedprice, onperformance risk factors.obligation|qfq1t7e6o0|ie3cmfrol3|kind=prose|order=101}}

{{Indexing|P.     Income Taxes|Income tax expense accrued for tax effects;, provision for income taxes includes current and, deferred taxes;, temporary differences, valuation allowance for unrealized, deferred tax assets;, liabilitydeferred fortax 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, estimatedobservable usinginputs, unobservable inputs, fair value accounting guidance; hierarchy prioritizes, Level 1 (quoted prices) and minimizesmeasurements, Level 3 (unobservable inputs);measurements, third-party pricing sources used.|di0lc3m1jj|ie3cmfrol3|kind=prose|order=103}}

{{Indexing|R.     Stock-Based Compensation|Employee stock options, andstock-based similarcompensation, awardsequity expensedinstrument atawards, grant-datecompensation fair value overcost, service period;, tax effects through net earnings;, Employee Stock Purchase Plan (ESPP), compensationcommon cost recognized straight-line.stock|ie3cmfrol3|kind=prose|order=104}}

{{Indexing|S.    Earnings Per Share|Basic EPSearnings calculatedper usingshare, two-class method, allocating undistributed earnings to, participating securities;, net income attributable to, common stockholders divided by, weighted-average common shares, common shares, preferred shares, dividends, distributions, instruments awarded to employees, contingently issuable instruments, treasury stock method, stock notes, instruments convertible into common shares, share-based outstanding.awards|v7ij6av24f|ie3cmfrol3|kind=prose|order=105}}

{{Indexing|T.    Recent Accounting Pronouncements|ASU 2023-09, (IncomeASU Tax2024-03, Disclosures)ASU mandates2025-01, enhancedincome tax disclosures, rate reconciliation and disaggregateddisclosures, income taxes; ASU 2024-03 requires disaggregatedpaid, income statement expenses, forexpense PBEs.|ie3cmfrol3|kind=prose|f1=ASUcaptions, 2023-09natural effectiveexpenses, date|v1=fiscalpurchases yearsof beginninginventory, afteremployee Decembercompensation, 15depreciation, 2024|f2=ASUintangible 2024-03asset issuedamortization, datedepletion expenses|v2ie3cmfrol3|kind=November 2024prose|order=106}}

{{Indexing|2. Goodwill and Intangible Assets|Indefinite-lived intangible assets, finite-lived intangible assets, includeamortization expense|hekiequlv1|kind=prose|order=107|f1=Indefinite-lived intangible assets|v1=insurance licenses and, trademarks; finite|f2=Finite-lived intangible assets (|v2=policy renewals, agency relationships, non-compete/exclusivity agreements) had 12-year weighted average useful life.|hekiequlv1|kind=prose|f1f3=Weighted average useful life of finite-lived intangible assets|v1v3=approximately 12 years as of December 31, 2025|f2f4=Amortization expense|v2v4=approximatelyFY25: $1.3m for the year ended December 31, 2025}}

{{Indexing|Goodwill by segment at December 31, 2025.|Goodwill by segment, (Accident and Health, Surety, Construction and Energy Solutions, Other) at December 31, 2025, showing gross balance, accumulated impairment, and net balance.|hekiequlv1|kind=table|order=108}}

| style="text-align:left" | '''Net balance at December 31, 2025'''

| style="text-align:right" | '''46,756'''

| style="text-align:right" | '''6,781'''

| style="text-align:right" | '''10,204'''

| style="text-align:right" | '''1,993'''

| style="text-align:right" | '''65,734'''

{{Indexing|Goodwill by segment at December 31, 2024.|Goodwill by segment, (Accident and Health, Surety, Construction and Energy Solutions, Other) at December 31, 2024, showing gross balance, accumulated impairment, and net balance.|hekiequlv1|kind=table|order=109}}

| style="text-align:left" | '''Net balance at December 31, 2024'''

| style="text-align:right" | '''46,756'''

| style="text-align:right" | '''6,781'''

| style="text-align:right" | '''10,204'''

| style="text-align:right" | '''1,993'''

| style="text-align:right" | '''65,734'''

{{Indexing|Other intangible assets at December 31, 2025.|Other intangible assets at December 31, 2025, including Agent Relationships, Non-competes, Trademarks, and Licenses, showing gross balance, accumulated amortization, and additions.|hekiequlv1|kind=table|order=110}}

| style="text-align:left" | '''Net balance at December 31, 2025'''

| style="text-align:right" | '''7,288'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''999'''

| style="text-align:right" | '''14,019'''

| style="text-align:right" | '''22,306'''

{{Indexing|Other intangible assets at December 31, 2024.|Other intangible assets at December 31, 2024, including Agent Relationships, Non-competes, Trademarks, and Licenses, showing gross balance, accumulated amortization, and amortization.|hekiequlv1|kind=table|order=111}}

| style="text-align:left" | '''Net balance at December 31, 2024'''

| style="text-align:right" | '''6,596'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''999'''

| style="text-align:right" | '''14,019'''

| style="text-align:right" | '''21,614'''

{{Indexing|Future amortizationAmortization of intangible assets.|Future amortizationAmortization of intangible assets for years ending December 31, 2026-2030, with corresponding amounts.|hekiequlv1|kind=table|order=112}}

{{Indexing|3. Investments|Fixed maturity securities, held-to-maturity are, asset-backed securities;, U.S. government agencies mortgage-backed fixed maturity securities pledged as collateral for, FHLB Loan, ($68.5M).|966xer0dpm|kind=prose|f1=U.S.Federal governmentHome agenciesLoan mortgage-backedBank fixedof maturityDallas securities(FHLB), pledged|v1=approximately $68.5assets, million|f2=Assetsreinsurance withagreements, fairresidential valuesmortgage-backed pledgedsecurities, ascash collateral|v2=approximatelyand $69.5cash million|f3=Residentialequivalents, mortgageshort-backedterm securitiesinvestments, pledged|v3=$57.8available-for-sale million|f4=Cashfixed andmaturity cashsecurities, equivalentsimpairment, andcredit otherimpairments, assetscorporate pledged|v4=$9.5securities, millionmiscellaneous|f5966xer0dpm|utnmaoxh50|m0cjxgvmvi|kind=Short-term investments pledgedprose|v5order=$2.2 million113}}

{{Indexing|Fixed maturity securities at December 31, 2025.|Fixed maturity securities at December 31, 2025, including U.S. government securities and, corporate securities, showingmunicipal amortized costsecurities, grossresidential unrealizedmortgage-backed gains/lossessecurities, allowancecommercial formortgage-backed credit losses, and fair value.|966xer0dpmsecurities|kind=table|order=114}}

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, available-for-sale'''

| style="text-align:right; font-weight:bold" | '''1,848,755'''

| style="text-align:right; font-weight:bold" | '''31,378'''

| style="text-align:right; font-weight:bold" | '''( 16,830 )'''

| style="text-align:right; font-weight:bold" | '''( 7,000 )'''

| style="text-align:right; font-weight:bold" | '''1,856,303'''

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, held-to-maturity'''

| style="text-align:right; font-weight:bold" | '''33,290'''

| style="text-align:right; font-weight:bold" | '''829'''

| style="text-align:right; font-weight:bold" | '''( 48 )'''

| style="text-align:right; font-weight:bold" | '''( 468 )'''

| style="text-align:right; font-weight:bold" | '''33,603'''

{{Indexing|Fixed maturity securities at December 31, 2024.|Fixed maturity securities at December 31, 2024, including U.S. government securities and, corporate securities, showingmunicipal amortized costsecurities, grossresidential unrealizedmortgage-backed gains/lossessecurities, allowancecommercial formortgage-backed credit losses, and fair value.|966xer0dpmsecurities|kind=table|order=115}}

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, available-for-sale'''

| style="text-align:right; font-weight:bold" | '''1,320,266'''

| style="text-align:right; font-weight:bold" | '''10,636'''

| style="text-align:right; font-weight:bold" | '''( 38,684 )'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''1,292,218'''

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, held-to-maturity'''

| style="text-align:right; font-weight:bold" | '''39,396'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''( 436 )'''

| style="text-align:right; font-weight:bold" | '''( 243 )'''

| style="text-align:right; font-weight:bold" | '''38,717'''

{{Indexing|Maturity distribution of fixed maturity securities.|Maturity distribution of fixed maturity securities by amortized cost and fair value: less than one year, one to five years, five to ten years, after ten years, mortgage-backed securities, and other asset-backed securities.|utnmaoxh50|kind=table|order=116}}

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''1,848,755'''

| style="text-align:right; font-weight:bold" | '''1,856,303'''

{{Indexing|Fixed maturity securities, available-for-sale, by contractual maturity at December 31, 2025.|Fixed maturity securities, available-for-sale, by contractual maturity, atU.S. Decembergovernment 31securities, 2025corporate securities, showingmunicipal fair value and gross unrealized losses for less than 12 months and 12 months or more.|utnmaoxh50securities|kind=table|order=117}}

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, available-for-sale'''

| style="text-align:right; font-weight:bold" | '''233,041'''

| style="text-align:right; font-weight:bold" | '''( 1,436 )'''

| style="text-align:right; font-weight:bold" | '''185,663'''

| style="text-align:right; font-weight:bold" | '''( 15,394 )'''

| style="text-align:right; font-weight:bold" | '''418,704'''

| style="text-align:right; font-weight:bold" | '''( 16,830 )'''

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, held-to-maturity:'''

| style="text-align:right; font-weight:bold" | '''1,912'''

| style="text-align:right; font-weight:bold" | '''( 48 )'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''1,912'''

| style="text-align:right; font-weight:bold" | '''( 48 )'''

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''234,953'''

| style="text-align:right; font-weight:bold" | '''( 1,484 )'''

| style="text-align:right; font-weight:bold" | '''185,663'''

| style="text-align:right; font-weight:bold" | '''( 15,394 )'''

| style="text-align:right; font-weight:bold" | '''420,616'''

| style="text-align:right; font-weight:bold" | '''( 16,878 )'''

{{Indexing|Fixed maturity securities, available-for-sale, by contractual maturity at December 31, 2024.|Fixed maturity securities, available-for-sale, by contractual maturity, atU.S. Decembergovernment 31securities, 2024corporate securities, showingmunicipal fair value and gross unrealized losses for less than 12 months and 12 months or more.|utnmaoxh50securities|kind=table|order=118}}

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, available-for-sale'''

| style="text-align:right; font-weight:bold" | '''480,693'''

| style="text-align:right; font-weight:bold" | '''( 7,353 )'''

| style="text-align:right; font-weight:bold" | '''236,741'''

| style="text-align:right; font-weight:bold" | '''( 31,331 )'''

| style="text-align:right; font-weight:bold" | '''717,434'''

| style="text-align:right; font-weight:bold" | '''( 38,684 )'''

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, held-to-maturity:'''

| style="text-align:right; font-weight:bold" | '''2,144'''

| style="text-align:right; font-weight:bold" | '''( 2 )'''

| style="text-align:right; font-weight:bold" | '''36,573'''

| style="text-align:right; font-weight:bold" | '''( 434 )'''

| style="text-align:right; font-weight:bold" | '''38,717'''

| style="text-align:right; font-weight:bold" | '''( 436 )'''

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''482,837'''

| style="text-align:right; font-weight:bold" | '''( 7,355 )'''

| style="text-align:right; font-weight:bold" | '''273,314'''

| style="text-align:right; font-weight:bold" | '''( 31,765 )'''

| style="text-align:right; font-weight:bold" | '''756,151'''

| style="text-align:right; font-weight:bold" | '''( 39,120 )'''

{{Indexing|Allowance for credit losses on fixed maturity securities at December 31, 2025.|Allowance for credit losses on fixed maturity securities at December 31, 2025, for available-for-sale and, held-to-maturity, showing balance, current period provision, and recoveries.|utnmaoxh50|m0cjxgvmvi|kind=table|order=119}}

| style="text-align:left" | '''Balance at December 31, 2025'''

| style="text-align:right" | '''7,000'''

| style="text-align:right" | '''468'''

{{Indexing|Allowance for credit losses on fixed maturity securities at December 31, 2024.|Allowance for credit losses on fixed maturity securities, held-to-maturity at December 31, 2024, showing balance, current period provision, and recoveries.|utnmaoxh50|m0cjxgvmvi|kind=table|order=120}}

| style="text-align:left" | '''Balance at December 31, 2024'''

| style="text-align:right" | '''243'''

{{Indexing|Net realized investment gains and losses.|Net realizedRealized investment gains and losses from, fixed maturity securities (available-for-sale), equity securities, and other investments for 2023-2025.|jpoeftv18u|kind=table|order=121}}

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''37,949'''

| style="text-align:right; font-weight:bold" | '''10,937'''

| style="text-align:right; font-weight:bold" | '''7,079'''

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''( 14,245 )'''

| style="text-align:right; font-weight:bold" | '''( 12,516 )'''

| style="text-align:right; font-weight:bold" | '''( 7,155 )'''

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

| style="text-align:right" | '''22,149'''

| style="text-align:right" | '''6,342'''

| style="text-align:right" | '''11,054'''

{{Indexing|ProceedsNet fromunrealized salesinvestment ofgains available-for-saleand securities.losses|ProceedsUnrealized frominvestment salesgains ofand available-for-salelosses, fixed maturity securities and, equity securities for 2023-2025.|jpoeftv18uj8uunnd14x|kind=table|order=122}}

{{Indexing|Net investment income by investment type.source|Net investment income by type:, fixed maturity securities (available-for-sale, held-to-maturity), equity securities, equity method investments, and mortgage loans, forindirect 2023loans, short-2025.term investments, cash|jpoeftv18u|kind=table|order=123}}

| style="text-align:left; font-weight:bold" | '''Total investment income'''

| style="text-align:right; font-weight:bold" | '''87,666'''

| style="text-align:right; font-weight:bold" | '''87,513'''

| style="text-align:right; font-weight:bold" | '''45,897'''

| style="text-align:left" | '''Net investment income'''

| style="text-align:right" | '''83,619'''

| style="text-align:right" | '''80,600'''

| style="text-align:right" | '''40,340'''

{{Indexing|Components of accumulated other comprehensivedeferred income (loss).taxes|Components of accumulated other comprehensiveDeferred income (loss) fromtaxes, fixed maturity securities and deferred income taxes for 2023-2025.|utcfjac7owkmocop7wiu|kind=table|order=124}}

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''33,577'''

| style="text-align:right; font-weight:bold" | '''833'''

| style="text-align:right; font-weight:bold" | '''20,532'''

{{Indexing|4. Fair Value Measurements|Fair value measurement ofmeasurements, financial instruments using, market approach, third-partyfair investmentvalue managers/pricingof vendorsinvestments, andperiodic aanalyses, three-level hierarchy|di0lc3m1jj|kind=prose|order=125|f1=Fair (value hierarchy|v1=three-level hierarchy|f2=Level 1 inputs|v2=U.S. government securities, 2mutual funds, 3common stock|f3=Level 2 inputs).|di0lc3m1jj|kindv3=prosePreferred stocks, municipal securities, corporate securities, miscellaneous}}

* 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, utilizingusing prices and data from market transactions ofinvolving identical or comparable assets and liabilities ^{p. 84}.

* ''Fair value of investments'' is primarily determined using data 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, and may evaluate 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''Fixed discountmaturity ratesecurities, spreadavailable for sale classified as Level 3'', fixedinclude maturitycorporate securities representsand theother riskasset-backed associatedsecurities withmanaged futureby cashan flows,independent includingasset inflation, opportunitymanager cost,and 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'', included in other assets, consist of exchange-traded options contracts ^{p. 84}.

** Fair values of derivatives 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 if no trades occur, representing Level 1 inputs ^{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}.

* JudgmentsThe areCompany is required into estimatingdisclose fair valuevalues whenof quotedother marketfinancial pricesinstruments arewhere unavailable,practicable andto theseestimate estimatesfair may notvalue, indicateeven amountsif realizablecarried inat acost currentor marketamortized exchangecost ^{p. 84}.

** DifferentEstimated fair value amounts are determined using available market assumptionsinformation orand estimationother valuation methodologies, canbut affectconsiderable estimatedjudgment fairis valuerequired amountswhen quoted market prices are unavailable ^{p. 84}.

** As of December 31, 2025, thetheir fair value of held-to-maturity fixed maturity securities was determined using the income approach with unobservable inputs (Level 3) inputs ^{p. 84}.

* ''Investment in RedBird Capital Partners'' is included in other long-term investments, and is a limited partnership investingthat invests in Bishop Street Underwriters, LLC (MGA) ^{p. 84}.

** The investment had a fair value of ''$55.6 million'' at December 31, 2025, and ''$28.2 million'' at December 31, 2024, determined using the net asset value ^{p. 84}.

** Procedures to assess the reasonableness of the investment's fair value include obtaining and reviewing audited financial statements ^{p. 84}.

** The unfunded commitment related to the investment was ''$18.3 million'' at December 31, 2025, and ''$24.4 million'' at December 31, 2024 ^{p. 84}.

** The Company may sell its interest in the investment with prior written notice and general partner approval ^{p. 84}.

** ThisIn accordance with Accounting Standard Codification 820-10, this investment is measured at fair value using the net asset value per share practical expedient and is not classified in the fair value hierarchy, in accordance with Accounting Standard Codification 820-10 ^{p. 84}.

** Net earned premiums related to this agreement were ''$41.5 million'' for the year ended December 31, 2025, and ''$2.5 million'' for the year ended December 31, 2024 ^{p. 84}.

** Fair value for notes payable is determined using the income approach with observable inputs (Level 2) inputs ^{p. 84}.

** Fair value of subordinated debt is determined using the income approach with observable inputs (Level 2) inputs ^{p. 84}.

* Other financial instruments that qualify as ''insurance-related products'' and are exempt from fair value disclosure requirements ^{p. 84}.

{{Indexing|Fair value of subordinatedfinancial debt.instruments|Fair value of subordinatedfinancial debt with high, low, and weighted average interest rates for 2024 and 2025.instruments|di0lc3m1jj|b3bc9gy5x7|kind=table|order=126}}

{{Indexing|Weighted average interest rates for 2024 and 2025.|Weighted average interest rates (high, low, weighted average) for 2024 and 2025.|p7k94aok7udi0lc3m1jj|kind=table|order=127}}

{{Indexing|Fixed maturity securities available-for-sale and held-to-maturity as of December 31, 2025.|Fixed maturity securities (available-for-sale and held-to-maturity) by fair value hierarchy (Level 1, 2, 3) including U.S. government securities, corporate securities, municipal, andsecurities, residential mortgage-backed securities, ascommercial ofmortgage-backed Dec 31securities, 2025.other asset-backed securities|di0lc3m1jj|utnmaoxh50|kind=table|order=128}}

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, available-for-sale'''

| style="text-align:right; font-weight:bold" | '''44,468'''

| style="text-align:right; font-weight:bold" | '''1,660,918'''

| style="text-align:right; font-weight:bold" | '''150,917'''

| style="text-align:right; font-weight:bold" | '''1,856,303'''

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, held-to-maturity'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''33,603'''

| style="text-align:right; font-weight:bold" | '''33,603'''

| style="text-align:left; font-weight:bold" | '''Total equity securities'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''1,174'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''1,174'''

| style="text-align:left" | '''Mortgage loans'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''9,902'''

| style="text-align:right" | '''9,902'''

| style="text-align:left" | '''Short-term investments'''

| style="text-align:right" | '''264,299'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''264,299'''

| style="text-align:left" | '''Derivatives'''

| style="text-align:right" | '''34,857'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''34,857'''

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''343,624'''

| style="text-align:right; font-weight:bold" | '''1,662,092'''

| style="text-align:right; font-weight:bold" | '''194,422'''

| style="text-align:right; font-weight:bold" | '''2,200,138'''

{{Indexing|Fixed maturity securities available-for-sale and held-to-maturity as of December 31, 2024.|Fixed maturity securities (available-for-sale and held-to-maturity) by fair value hierarchy (Level 1, 2, 3) including U.S. government securities, corporate securities, municipal, andsecurities, residential mortgage-backed securities, ascommercial ofmortgage-backed Dec 31securities, 2024.other asset-backed securities|di0lc3m1jj|utnmaoxh50|kind=table|order=129}}

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, available-for-sale'''

| style="text-align:right; font-weight:bold" | '''26,486'''

| style="text-align:right; font-weight:bold" | '''1,187,812'''

| style="text-align:right; font-weight:bold" | '''77,920'''

| style="text-align:right; font-weight:bold" | '''1,292,218'''

| style="text-align:left; font-weight:bold" | '''Total fixed maturity securities, held-to-maturity:'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''38,717'''

| style="text-align:right; font-weight:bold" | '''38,717'''

| style="text-align:left; font-weight:bold" | '''Total equity securities'''

| style="text-align:right; font-weight:bold" | '''105,090'''

| style="text-align:right; font-weight:bold" | '''1,164'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''106,254'''

| style="text-align:left" | '''Mortgage loans'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''26,490'''

| style="text-align:right" | '''26,490'''

| style="text-align:left" | '''Short-term investments'''

| style="text-align:right" | '''274,929'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''—'''

| style="text-align:right" | '''274,929'''

| style="text-align:left; font-weight:bold" | '''Total'''

| style="text-align:right; font-weight:bold" | '''406,505'''

| style="text-align:right; font-weight:bold" | '''1,188,976'''

| style="text-align:right; font-weight:bold" | '''143,127'''

| style="text-align:right; font-weight:bold" | '''1,738,608'''

{{Indexing|Changes in fixedFixed maturity securities and mortgage loans foras of December 31, 2025.|Changes in fixedFixed maturity securities (available-for-sale) and, mortgage loans, includingnet investment gains/losses, issuances,accumulated settlements,comprehensive transfers, purchases, and sales/disposals for 2025.income|di0lc3m1jj|utnmaoxh50|kind=table|order=130}}

| style="text-align:left; font-weight:bold" | '''Total gains (losses) for the period recognized in net investment gains (losses)'''

| style="text-align:right; font-weight:bold" | '''( 5,180 )'''

| style="text-align:right; font-weight:bold" | '''( 7 )'''

| style="text-align:left; font-weight:bold" | '''Total unrealized gains for the period recognized in accumulated comprehensive income (loss)'''

| style="text-align:right; font-weight:bold" | '''2,797'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:left" | '''Balance at December 31, 2025'''

| style="text-align:right" | '''150,917'''

| style="text-align:right" | '''9,902'''

| style="text-align:left; font-weight:bold" | '''Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''( 201 )'''

{{Indexing|Changes in fixedFixed maturity securities and mortgage loans foras of December 31, 2024.|Changes in fixedFixed maturity securities (available-for-sale) and, mortgage loans, includingnet investment gains/losses, issuances,accumulated settlements,comprehensive purchases, and sales/disposals for 2024.income|di0lc3m1jj|utnmaoxh50|kind=table|order=131}}

| style="text-align:left; font-weight:bold" | '''Total gains (losses) for the period recognized in net investment gains (losses)'''

| style="text-align:right; font-weight:bold" | '''( 195 )'''

| style="text-align:right; font-weight:bold" | '''420'''

| style="text-align:left; font-weight:bold" | '''Total unrealized gains for the period recognized in accumulated comprehensive income (loss)'''

| style="text-align:right; font-weight:bold" | '''510'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:left" | '''Balance at December 31, 2024'''

| style="text-align:right" | '''77,920'''

| style="text-align:right" | '''26,490'''

| style="text-align:left; font-weight:bold" | '''Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end'''

| style="text-align:right; font-weight:bold" | '''—'''

| style="text-align:right; font-weight:bold" | '''411'''

{{Indexing|Notes payable and subordinated debt for 2024 and 2025.|Notes payable and, subordinated debt, including FHLB Loan, Revolving Credit Facility, and Term Loan Facility, withunsecured carrying and fair values for 2024 andsubordinated 2025.notes|b3bc9gy5x7|kind=table|order=132}}

| style="text-align:left" | '''Notes payable'''

| style="text-align:right" | '''471,500'''

| style="text-align:right" | '''471,958'''

| style="text-align:right" | '''100,000'''

| style="text-align:right" | '''99,200'''

| style="text-align:left" | '''Subordinated debt, net of debt issuance costs'''

| style="text-align:right" | '''19,569'''

| style="text-align:right" | '''21,020'''

| style="text-align:right" | '''19,536'''

| style="text-align:right" | '''20,541'''

{{Indexing|5. Mortgage Loans|Investments in mortgageMortgage loans through, Separately Managed Accounts (SMA1, SMA2), on US realdirect estateinvestments, earningmortgage fixedloan spreadportfolios, aboveloan prime rateinterest, with 2-4 yearloan maturity, andprincipal 64%amounts LTV;of noloans, write-offsuncollectible inamounts 2024-2025.on loans|966xer0dpm|kind=prose|order=133|f1=Loan maturity|v1=approximately 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=no write-offs|f4=Write-offs for uncollectible amounts during2024|v4=no thewrite-offs|f5=Mortgage yearsloans endedin Decemberforeclosure 31,2025|v5=no mortgage loans|f6=Mortgage loans in foreclosure 2024|v6=no mortgage loans|f7=Mortgage loans not producing income 2025|v7=no andmortgage loans|f8=Mortgage loans not producing income 2024|v8=no mortgage loans}}

{{Indexing|Mortgage loans by property type as of December 31, 2025 and 2024.|Mortgage loans by type (Commercial, Retailcommercial, Hospitality) as of December 31retail, 2025 and 2024.hospitality|966xer0dpm|kind=table|order=134}}

| style="text-align:right" | '''9,902'''

| style="text-align:right" | '''26,490'''

{{Indexing|Mortgage loans by property type for 2023, 2024, and 2025.|Mortgage loans, by type (Commercialcommercial, Retailretail, Hospitalityhospitality, Officeoffice, Multimulti-family) for 2023, 2024, and 2025.|966xer0dpm|kind=table|order=135}}