]> 2026-07-06T18:11:32+08:00 Skyward/2025/FY/Annual report 0 en-us Annual report Skyward Specialty Insurance Group 2025 Form 10-K Form 10-K English Skyward doc_archive FY FY25 2026-03-02Z 2461101.5 2025 2026-06-29T15:30:07Z 2461221.1459144 2026-07-05T01:40:20Z 2461226.5696759 false Skyward/2025/FY/Annual report 0 Cover 1 Document type, period end date, fiscal year end date, entity file number, entity registrant name, entity incorporation state or country code table Skyward/2025/FY/Annual report# b0e814a440a46256b3e17ef9f8e99299 0 Audit Information 2 Auditor name, auditor location, auditor firm ID table Skyward/2025/FY/Annual report# d7b7dd2f6c72f92907cfaa441356696a 0 Year founded = 2006 Founding legal form = Delaware corporation Former name(s) = Houston International Insurance Group, Ltd. Major acquisitions = Apollo Group Holdings Limited Primary segments = Commercial insurance products Principal lines = General liability, excess liability, professional liability, commercial auto, group accident and health, property, agriculture, credit, surety, workers’ compensation Who We Are 3 Skyward Specialty, Houston International Insurance Group, commercial insurance products, non-admitted and admitted basis, specialty reinsurance prose Skyward/2025/FY/Annual report# 7b3b6ef8e2250a9a01094f659ed8d496 0 Acquisition target = Apollo Group Holdings Limited Acquisition closing date = January 1, 2026 Acquisition consideration = Common stock, cash Apollo Acquisition 4 Apollo Group Holdings Limited, Apollo Majority SPAs, Apollo Minority SPAs, Syndicate 1969, Syndicate 1971 prose Skyward/2025/FY/Annual report# 45248b22c8dcbb64283002ce6f52874d 0 Number of segments = 1 Reportable segments = One reportable segment Gross written premiums admitted = 41% Gross written premiums non-admitted = 59% Our Business and Our Strategy 5 Underwriting divisions, Accident & Health, A&H captives program, Agriculture and Credit (Re)insurance, Global agriculture book, Mortgage portfolio, Credit portfolio prose Skyward/2025/FY/Annual report# 2371865e1839c4a7152d52adbddb9b1a 0 Competitive advantages = Technical underwriting, claims management, data and predictive analytics, experienced underwriting teams, specialized claims professionals Our Competitive Strengths 6 Commercial lines P&C markets, specialty and standard insurers, program administrators, underwriting divisions, claims professionals prose Skyward/2025/FY/Annual report# 2c2f0cf88e2ec50f52194b07d03a7cb6 0 Strategic priorities = Attracting and retaining talent, leveraging technology, profitably growing existing lines, expanding with new underwriting divisions Strategy name = Rule Our Niche Technology platform = SkyBI Our Strategy in Action 7 Rule Our Niche strategy, underwriting and claims talent, technology DNA, SkyBI, core operating platforms, climate change, supply chain uncertainty, financial inflation, cyber risk, novel health risks, litigation, jury awards, healthcare delivery prose Skyward/2025/FY/Annual report# 77425e93660886d831399c1256defcb2 0 Distribution channels = Retail agents, wholesale brokers, select program administrators, captive managers Marketing and Distribution 8 Marketing and distribution approach, Rule Our Niche strategy, distribution partners, retail agents, wholesale brokers, program administrators, captive managers prose Skyward/2025/FY/Annual report# 59b499e41d53ea491b6fcb8f81b6bf35 0 Underwriting divisions = Nine Technology platform = SkyBI Underwriting 9 Underwriting approach, Rule Our Niche strategy, underwriting teams, technology, data analytics, SkyBI, admitted market, E&S market prose Skyward/2025/FY/Annual report# ecdd0b57572b04e8dfd52f3bb75cb554 0 Claims handling principles = Prompt investigations, quality claims handling, timely reserve establishment, effective pursuit of contribution and subrogation, fraud detection and prevention, disciplined litigation management Technology used = Claims Development Severity Predictor model Claims Management 10 Claims department, advanced analytics, technology, Third Party Administrators (TPAs), independent legal counsel, legal spend management solution, Claims Development Severity Predictor model prose Skyward/2025/FY/Annual report# 88181ac9c4998304d47d7c1ac1849894 0 Technology platform = SkyBI Technology type = Predictive analytics technology, AI Core transactional platforms = Policy administration, underwriting workbench, billing, claims systems Technology 11 Skyward Specialty Insurance Group, SkyBI, predictive analytics technology, AI, core transactional platforms, policy administration, underwriting workbench, billing, claims systems, accident & health, global property, agriculture, credit (re)insurance, surety prose Skyward/2025/FY/Annual report# 1a2443deb3827d9c27694680e4d4a98e 0 Reinsurance contract length = One year Reinsurance renewal frequency = Annually Reinsurance renewal months = January, June Reinsurance types = Quota share, excess of loss, facultative Property insurance GWP = 34% as of December 31, 2025 Reinsurance 12 Reinsurance, severity events, earnings volatility, quota share reinsurance, excess of loss reinsurance, facultative coverage, property insurance, catastrophe reinsurance prose Skyward/2025/FY/Annual report# 96d07f85e8cdb05774ffa4513d3e2e66 0 Maximum company retention by line of business 13 Maximum company retention by line of business: Accident & Health, Commercial Auto, Excess Casualty, General Liability, Ocean Marine, Professional Lines, Property, Representation and Warranty, Surety, Workers’ Compensation table Skyward/2025/FY/Annual report# f5ab8736d24c03b559fc77df440c46d0 0 Reinsurance by company 14 Reinsurance recoverables, AM Best ratings, eMaxx Capitves, Everest Reinsurance Co., General Reinsurance Corp, Partner Reinsurance Co. of the US, ACE (Chubb Property & Casulty Ins Company), RGA Reinsurance Company, Lloyds Syndicate 4711, Swiss Reinsurance America Corp, Lloyds Syndicate 2987, Aspen Insurance UK Limited table Skyward/2025/FY/Annual report# 46bc1f8486e234f89d1056444198524c 0 ERM oversight = SVP, CFO & Head of ERM - US Operations ERM Committee = Cross-functional corporate ERM Committee Risk tolerances review = Annually by ERM Committee, discussed with Risk Committee of the Board of Directors Top 10 risks review = Quarterly Enterprise Risk Management 15 Enterprise Risk Management (ERM), underwriting, asset portfolio construction, liability duration, market cyclicality, reinsurance, investment strategy, Economic Capital Model (ECM), risk tolerances, risk register, top 10 risks, operational processes and controls prose Skyward/2025/FY/Annual report# 5a780f81f058fcd7fba2521cd9e03c60 0 Reserves not discounted = True Reserves 16 Reserves, claims incurred and reported, IBNR reserves, uncollectible reinsurance, case reserve, actuarial reserving techniques, loss reserves prose Skyward/2025/FY/Annual report# 33d1178da5bcb911ad0bc88b8837af2b 0 Investment allocation strategy = Enterprise Based Asset Allocation model Investment portfolio composition = Cash, cash equivalents, investment-grade fixed-maturity securities Investment policy approval = Investment Committee of the Board of Directors Investments 17 Investment portfolio, Enterprise Based Asset Allocation model, Economic Capital Model, investment risk, cash, cash equivalents, investment-grade fixed-maturity securities, Investment Committee of the Board of Directors prose Skyward/2025/FY/Annual report# b2d901fc50c573cc2344b0249fa86691 0 Key competitors = Markel Corporation, W.R. Berkley Corporation, American Financial Group Inc., Tokio Marine Holdings, Inc., CNA Financial Corporation, Hiscox, Ltd., RLI Corp., Intact Finance Corporation, Kinsale Capital Group, Inc., Arch Capital Group, AXIS Capital Holdings, Ltd. Competition 18 Specialty lines property & casualty insurance market, underwriting divisions, specialty insurers, standard insurers, program administrators prose Skyward/2025/FY/Annual report# 6636d5998dc83ceffd4dfa9f4b361d56 0 Legal name = Skyward Specialty Insurance Group, Inc. Holding-company structure = Insurance holding company system State of incorporation = Delaware Our Structure 19 Great Midwest Insurance Company (GMIC), Houston Specialty Company (HSIC), Imperium Insurance Company (IIC), Oklahoma Specialty Insurance Company (OSIC), Skyward Re, Skyward Underwriters Agency, Inc., Skyward Service Company, Skyward Specialty No. 1 Limited Company prose Skyward/2025/FY/Annual report# 858ea5777944441f5f0f70d44ac8c2e6 0 Direct written premiums by state 20 Direct written premiums by state: Texas, Pennsylvania, Florida, California, New York, Louisiana, Illinois, New Jersey, Georgia, Delaware, All other states and countries table Skyward/2025/FY/Annual report# 5ec7688fbcfcf0f3919f6bcaa964b7e7 0 Financial strength rating = A (Excellent) Rating outlook = Stable Rating agencies = A.M. Best Ratings 21 Skyward Specialty Insurance Group, Inc., A.M. Best, insurance companies, policyholders prose Skyward/2025/FY/Annual report# 01b7b27259cd3024b045f9e56afdaac1 0 Primary regulators = State insurance regulatory authorities Holding company regulation = Texas Regulation 22 Insurance regulatory authorities, state insurance laws and regulations, capital and surplus requirements, licensing, product forms and rates, reserve adequacy, statutory accounting methods, transactions with affiliates, investments, National Association of Insurance Commissioners (NAIC), federal government prose Skyward/2025/FY/Annual report# ec1fcc711303bc76d89c39d76d138320 0 Intellectual Property 23 Trademark registrations, intellectual property protection, trademarks, service marks prose Skyward/2025/FY/Annual report# 19ad9e7c243c51b52acfdb2aa11f3ca1 0 Employees = 611 as of December 31, 2025 Collective bargaining agreement = None Employees and Human Capital 24 Employees, collective bargaining agreement, diversity, talent, employee benefits, medical, dental, vision insurance, 401(k) plan, paid time off, family leave, employee assistance programs, employee stock purchase plan, employee training and development prose Skyward/2025/FY/Annual report# 49a98e554ab02b4119fdc36c3a9cfa85 0 Summary of Material Risk Factors 25 Underwriting risk, competition, distribution channels, third-party reinsurance, loss and loss expense reserves, financial strength rating, coverage interpretation, reinsurer claims, claim payment, adverse economic factors, insurance cyclicality, regulation prose Skyward/2025/FY/Annual report# c0887f33e75f7ded49103c12bb0d2fa3 0 Risks Related to Our Business and Industry 26 Underwriting risk, competition, distribution channels, retail agents, brokers, wholesalers, program administrators prose Skyward/2025/FY/Annual report# d2e51a6bc77ecb60e657dacbdbce6565 0 Risks Related to the Market and Economic Conditions 27 Adverse economic factors, recession, inflation, unemployment, economic activity, capital market volatility, insurance cyclicality, competition, catastrophic events, capacity levels, litigation trends, regulatory constraints prose Skyward/2025/FY/Annual report# 930ac8d43099e578155cfdc8b90c348e 0 Risks Related to the Regulatory Environment 28 Regulation, penalties, primary insurance subsidiaries, state departments of insurance, capital and surplus, investment and underwriting limits, affiliate transactions, dividend limits, changes in control, solvency, financial/non-financial aspects, insurance holding company system, Texas Department of Insurance, licenses/approvals prose Skyward/2025/FY/Annual report# a54664c510bba0e28bb6a669795a2dd7 0 Risks Related to Our Liquidity and Access to Capital 29 Future capital requirements, cash flows, investment portfolio declines, catastrophe losses, adverse reserve development, equity financing, debt financing, securities, credit access, Revolving Credit Facility, Term Loan Facility, covenants, assets, credit market environment prose Skyward/2025/FY/Annual report# fb12e9acc4cfac07882e55ada6e0c488 0 Risks Related to Our Operations 30 Key personnel, security breaches, data loss, cyberattacks, IT failures, 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 prose Skyward/2025/FY/Annual report# 2376779a48a036c73c3a82afe7596f14 0 Risks Related to Ownership of Our Common Stock 31 Public company costs, compliance initiatives, federal securities laws, Sarbanes-Oxley Act, Dodd-Frank Act, SEC, Nasdaq, financial statements, disclosure, financial controls, corporate governance, Section 404, internal control over financial reporting, accounting and finance staff, internal audit services prose Skyward/2025/FY/Annual report# 7206892c29e631b861bfa216b636214d 0 Securities Authorized for Issuance Under Equity Compensation Plans 32 Equity compensation plans, definitive proxy statement, SEC, 2026 Annual Meeting of Stockholders, 2026 Proxy Statement, Part III prose Skyward/2025/FY/Annual report# c16b085a2e3178b0b460b64891d81707 0 Apollo acquisition payment = $555.0 million Apollo acquisition cash payment = $371.0 million Unregistered shares issued for Apollo acquisition = 3,679,332 Recent Sales of Unregistered Equity Securities 33 Unregistered securities, Annual Report on Form 10-K, Apollo acquisition, Apollo SPAs, unregistered shares prose Skyward/2025/FY/Annual report# 75469c0a88b9386726d2e139642e0cfa 0 Comparison period start = January 13, 2023 Comparison period end = December 31, 2025 Initial investment = $100 Skyward Specialty Insurance Group, Inc. cumulative total return (Jan 13, 2023) = $100.00 Skyward Specialty Insurance Group, Inc. cumulative total return (Dec 31, 2023) = $175.00 Skyward Specialty Insurance Group, Inc. cumulative total return (Dec 31, 2024) = $265.00 Skyward Specialty Insurance Group, Inc. cumulative total return (Dec 31, 2025) = $268.00 Performance Graph 34 Cumulative total shareholder return, common stock, Nasdaq Composite Index, Nasdaq Insurance Index, comparison period, initial investment, historical results, future performance, soliciting material, Section 18 of the Exchange Act, Securities Act prose Skyward/2025/FY/Annual report# b059564c2f430368a9448d1c417a5414 0 Stock performance of Skyward Specialty Insurance Group, Inc. and indices 35 Stock performance, Skyward Specialty Insurance Group, Inc., Nasdaq Composite Index, Nasdaq Insurance Index table Skyward/2025/FY/Annual report# 0aa0b927ca3a6a2a1aa42f2ab810d888 0 Overview 36 Specialty insurance provider, commercial P&C products, United States, non-admitted (E&S), admitted bases, underserved markets, dislocated markets, underwriting solutions, claims capabilities, portfolio of insured risks, industries, distribution channels, lines of business, general liability, excess liability, professional liability, cyber liability, media liability, commercial auto, group accident and health, property, agriculture, credit, surety, workers’ compensation, short duration liabilities, medium duration liabilities, primary insurance, specialty reinsurance, underwriting and claims expertise, Rule Our Niche strategy, market niches, competitive moat, risk selection, pricing, analytics prose Skyward/2025/FY/Annual report# 6b55f3759e3a34297c99e256cd627f6c 0 Net income (FY25) = USD 100.0m Net income (FY24) = USD 100.0m Basic earnings per share (FY25) = USD 1.00 Basic earnings per share (FY24) = USD 1.00 Gross written premiums (FY25) = USD 1,000.0m Gross written premiums (FY24) = USD 1,000.0m Net written premiums (FY25) = USD 1,000.0m Net written premiums (FY24) = USD 1,000.0m Net earned premiums (FY25) = USD 1,000.0m Results of Operations 37 Net income, net income attributable to common stockholders, basic earnings per share, diluted earnings per share, gross written premiums, net written premiums, net earned premiums, net investment income, net realized and unrealized gains (losses) on investments, other income, total revenues, losses and loss adjustment expenses, underwriting expenses prose Skyward/2025/FY/Annual report# 8a301b6852724ac45547ee9a1d233fa6 0 Underwriting results and key ratios 38 Gross written premiums, ceded written premiums, net written premiums, net earned premiums, commission and fee income, losses and LAE, underwriting, acquisition and insurance expenses, underwriting income, net investment income, net investment gains, income before income taxes, net income, adjusted operating income table Skyward/2025/FY/Annual report# a9b85c6852881b8f52e456750bd2d449 0 Reconciliation of Non-GAAP Financial Measures 39 Adjusted operating income, net 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, return on equity, return on tangible equity, adjusted return on tangible equity prose Skyward/2025/FY/Annual report# 8b502846daee611cc01904b883c711dd 0 Reconciliation of adjusted operating income 40 Income, net investment gains, net impact of LPT, transaction costs, other loss, other expenses, adjusted operating income table Skyward/2025/FY/Annual report# 2dd4ee6f99f9d66862f7e8e821d5af2d 0 Reconciliation of EBITDA 41 Income before income taxes, interest expense, amortization expense, transaction costs, other expenses, net investment income, net investment gains, other loss, underwriting income table Skyward/2025/FY/Annual report# 5353c265bdf37bf491f818e5a53aab4e 0 Loss and combined ratios 42 Net earned premiums, losses and LAE, pre-tax net impact of loss portfolio transfer, adjusted losses and LAE, loss ratio, net impact of LPT, adjusted loss ratio, combined ratio, adjusted combined ratio table Skyward/2025/FY/Annual report# ef93567536d7da5edce7609ee52c5491 0 Stockholders' equity and tangible stockholders' equity 43 Stockholders’ equity, goodwill and intangible assets, tangible stockholders’ equity table Skyward/2025/FY/Annual report# 90862fac610bbd9f16bf541c6f9a2ff7 0 Adjusted return on equity 44 Adjusted operating income, average stockholders’ equity, adjusted return on equity table Skyward/2025/FY/Annual report# ea5e9d3c2dffa864fc26a674aad1a575 0 Return on tangible equity 45 Net income, average tangible stockholders’ equity, return on tangible equity table Skyward/2025/FY/Annual report# 0dd82caa6239931509c3e3f3ce209fad 0 Adjusted return on tangible equity 46 Adjusted operating income, average tangible stockholders’ equity, adjusted return on tangible equity table Skyward/2025/FY/Annual report# 60cdc7d5eada51112a64cb3a100d6039 0 Gross written premiums increase YoY = USD 423.1m Net written premiums (2025) = USD 1,406.2m Net written premiums (2024) = USD 1,123.6m Net written premiums increase = +USD 282.7m Net written premiums increase (%) = +25.2% Net earned premiums (2025) = USD 1,304.5m Net earned premiums (2024) = USD 1,056.7m Net earned premiums increase = +USD 247.8m Net earned premiums increase (%) = +23.4% Underwriting Results 47 Gross written premiums, agriculture and credit (re)insurance, dairy, livestock, crop, credit portfolio, specialty programs, accident & health, surety, captives, global property, construction and energy solutions, professional lines, net written premiums, net earned premiums, reinsurance programs prose Skyward/2025/FY/Annual report# e1329d9e027e0f0be86300b05f0816c4 0 Gross written premiums by line of business 48 Gross written premiums, Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety, Transactional E&S table Skyward/2025/FY/Annual report# d0047de1a37ada89e12a80e164d2a15f 0 Losses and LAE by type 49 Losses and LAE by type, Non-cat loss and LAE, Cat loss and LAE, Prior accident year development table Skyward/2025/FY/Annual report# 7e8755dd5c7b8affe8d0e9836f2e44e4 0 Loss and LAE reserve development 50 Loss and LAE reserve development, Accident Year, Reserve development on losses subject to LPT table Skyward/2025/FY/Annual report# 3977acb4f07dda20580a90b3b8323e56 0 Underwriting, acquisition and insurance expenses 51 Underwriting, acquisition and insurance expenses, Net policy acquisition expenses, Other operating and general expenses, Commission and fee income table Skyward/2025/FY/Annual report# 166d3ff608a0523aa29b055a92314db3 0 Net investment income and gains 52 Net investment income and gains, Short-term investments, Fixed income, Equities, Alternative and strategic investments, Net unrealized (losses) gains on securities, Net realized gains (losses) table Skyward/2025/FY/Annual report# 6c211fc6d4d4646c88cacfb55e0b1418 0 Fixed income portfolio credit rating 2025 = A+ Fixed income portfolio credit rating 2024 = AA- Fixed income portfolio average duration 2025 = 3.60 years Fixed income portfolio average duration 2024 = 4.34 years Equities portfolio public trading = 100.0% Equities portfolio sale = third quarter of 2025 Investments 53 Fixed income portfolio, Commercial mortgage loans, Equities portfolio, Alternative investments, Strategic investments, Market risk, Credit risk, Interest rate risk prose Skyward/2025/FY/Annual report# b0119a3577d01bc8baa0e31ff38336ca 0 Investment portfolio by asset class 54 Investment portfolio by asset class, Cash and cash equivalents, Short-term investments, Fixed income, Equities, Alternative and strategic investments table Skyward/2025/FY/Annual report# aef6e55f0e57ce98232fb5f905f74639 0 Fixed income portfolio by security type 55 Fixed income portfolio by security type, U.S. government securities, Corporate securities, Municipal securities, Residential mortgage-backed securities, Commercial mortgage-backed securities, Other asset-backed securities, Commercial mortgage loans table Skyward/2025/FY/Annual report# a1f5796fb82f4421bdc12b43cc70a9ba 0 Fixed income portfolio by credit rating 56 Fixed income portfolio by credit rating, AAA, AA, A, BBB, BB and Lower table Skyward/2025/FY/Annual report# a2ef935eff0982c8f0bc70aa2abd5fd0 0 Equities portfolio by type 57 Equities portfolio by type, Domestic common equities, International common equities, Preferred stock table Skyward/2025/FY/Annual report# d091dfe0c150d5d0e2852227780138cb 0 Sensitivity of investment portfolio to interest rate changes 58 Sensitivity of investment portfolio to interest rate changes, Estimated Fair Value, Estimated Change in Fair Value, Estimated % Increase (Decrease) in Fair Value table Skyward/2025/FY/Annual report# 0c7e2089b4a5894b29d70147307550c1 0 Income tax expense 2025 = USD 46.4m Income tax expense 2024 = USD 33.9m Effective tax rate 2025 = 21.4% Effective tax rate 2024 = 22.2% Other Items 59 Income tax expense, Effective tax rate, Federal income tax expense reconciliation prose Skyward/2025/FY/Annual report# ffdc9606d75306cf0a5ea668fc0cc4c5 0 Subsidiaries = GMIC, HSIC, IIC, OSIC IIC domicile = Texas OSIC domicile = Oklahoma Liquidity and Capital Resources 60 Holding company structure, Operating subsidiaries, Corporate service fees, Consolidated tax allocation agreement, Subsidiary dividends, Bank loans, Revolving loan agreement, Equity and debt securities issuance, State insurance laws, Statutory capital and surplus prose Skyward/2025/FY/Annual report# 8b12cb937967667ae06c221bd82b09c6 0 Cash Flows 61 Cash flows, Premiums, Claims, Investment securities, Operating expenses, Capital expenditures, Reinsurance, Net cash used in investing activities prose Skyward/2025/FY/Annual report# 6fc389ea60fe6578648eec1454034fad 0 Cash flows by activity 62 Cash flows by activity, Operating activities, Investing activities, Financing activities, Change in cash and cash equivalents and restricted cash table Skyward/2025/FY/Annual report# e34872061c52b8ff781ffc01f709314d 0 FHLB Loan date = August 30, 2024 FHLB Loan term = 4.5-year FHLB Loan principal = $57.0 million FHLB Loan interest rate = 4.00% Term Loan Facility Tranche A DDTL = $150.0 million Term Loan Facility Tranche B DDTL = $150.0 million Credit Agreements 63 Credit Agreements, FHLB Loan, Term Loan Facility, Unsecured senior delayed draw term loan facility, Apollo Group Holdings Limited acquisition, Interest rate calculation, SOFR, Base rate, Undrawn amounts fee prose Skyward/2025/FY/Annual report# 1f9f1c0808de0bb3f7055f3e16ab5374 0 Program approval date = October 2024 Authorized repurchase amount = $50.0 million Shares repurchased as of Dec 31, 2025 = None Share Repurchase Program 64 Share Repurchase Program, Common stock repurchase, Open market purchases, Privately-negotiated transactions, Block purchases, Accelerated share repurchase agreements, Rule 10b5-1 trading plans prose Skyward/2025/FY/Annual report# 42e944eaf803ba388ee1c8ec76b2f67b 0 Reinsurance balances recoverable 2025 = $1,119.9 million Reinsurance balances recoverable 2024 = $857.9 million Contractual Obligations and Commitments 65 Contractual Obligations and Commitments, Reserves for losses and LAE, Reinsurance balances recoverable, Claims payment estimation, Actuarial assumptions prose Skyward/2025/FY/Annual report# 0a33838b69d87f623aa8c35f772f756b 0 Reinsurance balances recoverable and debt obligations 66 Reinsurance balances recoverable and debt obligations, Reserves for losses and LAE, Long-term debt, Interest on debt obligations table Skyward/2025/FY/Annual report# 49a7a88868730801ddc5458c50d92760 0 Critical Accounting Policies 67 Critical Accounting Policies, Critical accounting estimates, Consolidated financial statements, Reserves for unpaid losses and LAE, Individual case-basis valuations, Statistical analyses, Actuarial procedures, Historical information, Industry and peer group information, Future trends prose Skyward/2025/FY/Annual report# efaafef73762a15a505187b25d79fcba 0 Impact of a 5% change in net IBNR on reserves, income, and equity 68 Impact of a 5% change in net IBNR on reserves, income, and equity, Case reserves, IBNR table Skyward/2025/FY/Annual report# 9ea651540b6add2821c6ee096738f267 0 ASU 2023-09 issuance = December 2023 ASU 2023-09 effective date = fiscal years beginning after December 15, 2024 ASU 2024-03 issuance = November 2024 ASU 2025-01 issuance = January 2025 ASU 2024-03 effective date = first annual reporting period beginning after December 15, 2026 Recent Accounting Pronouncements 69 Recent Accounting Pronouncements, ASU 2023-09, Income Tax Disclosures, ASU 2024-03, Income statement expenses, ASU 2025-01 prose Skyward/2025/FY/Annual report# 82ab9b50cfef17926fca0b02cb14f657 0 Financial statements as of = December 31, 2023 and 2022 Internal Control Over Financial Reporting as of = December 31, 2023 Auditor = public accounting firm registered with the PCAOB Critical Audit Matters = None Report of Independent Registered Public Accounting Firm 70 Report of Independent Registered Public Accounting Firm, Consolidated financial statements, Internal Control Over Financial Reporting, Basis for Opinion, Responsibilities of the Auditor, Audit Scope, Critical Audit Matters prose Skyward/2025/FY/Annual report# d6494bf4eff293c12d91a24bd022d49f 0 Internal control audit as of = December 31, 2025 COSO criteria = 2013 framework Consolidated balance sheets as of = December 31, 2025 and 2024 Report dated = March 2, 2026 Opinion on Internal Control Over Financial Reporting 71 Opinion on Internal Control Over Financial Reporting, Internal control over financial reporting, Consolidated balance sheets, Consolidated statements of operations and comprehensive income, Stockholders’ equity, Cash flows prose Skyward/2025/FY/Annual report# 7adb688c96b55a8be9798a3f0a94275c 0 Basis for Opinion 72 Basis for Opinion, Management's responsibility, Auditor's responsibility, PCAOB standards, Audit scope, Material weakness assessment, Internal control design and operating effectiveness prose Skyward/2025/FY/Annual report# 41558ef3055783de45ac1ba1b8a4a561 0 Definition and Limitations of Internal Control Over Financial Reporting 73 Internal control over financial reporting, financial statement reliability, transaction recording, asset disposition, effectiveness evaluations prose Skyward/2025/FY/Annual report# 9193c06295a596fb9629676e620ebf0e 0 Auditor = Ernst & Young LLP Audit opinion = unqualified Internal control opinion = effective Internal control framework = Internal Control—Integrated Framework (2013) issued by COSO Audit standards = PCAOB Report of Independent Registered Public Accounting Firm 74 Consolidated financial statements, internal control over financial reporting, audit scope, audit procedures, auditor responsibilities prose Skyward/2025/FY/Annual report# f2da55250b17c205d7485902cc7f3e5f 0 Audit opinion = unqualified Internal control opinion = unqualified Internal control framework = 2013 framework of Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission Audit standards = PCAOB Opinion on the Financial Statements 75 Consolidated financial statements, audit scope, financial position, operational results, cash flows, internal control over financial reporting prose Skyward/2025/FY/Annual report# 083e05dda8a840250c29e9439a6327ff 0 Audit standards = PCAOB Basis for Opinion 76 Financial statements, auditor responsibilities, audit standards, material misstatement, audit procedures prose Skyward/2025/FY/Annual report# 9d131afe799fec7fe28b43cbc96fcb4c 0 Critical Audit Matter 77 Critical audit matter, financial statements, audit committee communication, judgments prose Skyward/2025/FY/Annual report# 4f0f5ba6e53e26fe00419967b6834f69 0 Reserves for unpaid losses and LAE = USD 2.3bn at December 31, 2025 Valuation of Reserves for Unpaid Losses and Loss Adjustment Expenses 78 Reserves for unpaid losses and loss adjustment expenses, incurred but not reported reserves (IBNR), estimation methods, actuarial procedures, internal controls prose Skyward/2025/FY/Annual report# 5417d568af46cb94118baac580d3f593 0 Consolidated balance sheets 79 Consolidated balance sheets, accompanying notes prose Skyward/2025/FY/Annual report# 96d35a1c7301f2fffa02d39653a450ec 0 Consolidated balance sheets 80 table Skyward/2025/FY/Annual report# a0bedc446951e6b30bcbfae529b75389 0 Consolidated statements of operations and comprehensive income 81 Consolidated statements of operations, comprehensive income, accompanying notes prose Skyward/2025/FY/Annual report# b7e20c00e688446b8f256558973e2c4f 0 Consolidated statements of operations 82 table Skyward/2025/FY/Annual report# f1d1698b1ce2dd0dbdace184a0ac1f78 0 Consolidated statements of stockholders’ equity 83 Consolidated statements of stockholders’ equity, accompanying notes prose Skyward/2025/FY/Annual report# ccbff57653aeb6d81ef05600b625f1b0 0 Consolidated statements of shareholders' equity 84 table Skyward/2025/FY/Annual report# 37713c337a97edc2939192f6dd985078 0 Consolidated statements of cash flows 85 Consolidated statements of cash flows, accompanying notes prose Skyward/2025/FY/Annual report# a14f0853e39c5092e00169100ad919c6 0 Consolidated statements of cash flows 86 table Skyward/2025/FY/Annual report# fb5f3e07f1de8ee0e876e37c5b902142 0 Legal name = Skyward Specialty Insurance Group, Inc. State of incorporation = Delaware Year founded = 2006 Subsidiaries = 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 Acquisition = Apollo Group Holdings Limited on January 1, 2026 A. Description of Business 87 Skyward Specialty Insurance Group, Inc., insurance holding company, underwriting divisions, 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, Apollo Group Holdings Limited prose Skyward/2025/FY/Annual report# a52b6a8f27efdfd8455a8110c7ccb0ca 0 B.     Basis of Presentation 88 Consolidated financial statements, Generally Accepted Accounting Principles (GAAP), intercompany transactions, estimates and assumptions prose Skyward/2025/FY/Annual report# b4bf4972d2bea3c914a76a54d2d73cc0 0 C.    Consolidation 89 Consolidation, variable interest entity (VIE), primary beneficiary, voting interest, related party analysis, fair value of assets, financial performance prose Skyward/2025/FY/Annual report# 0ab1085be71c14f51a50d59d599293bb 0 D.     Cash and Cash Equivalents 90 Cash and cash equivalents, fixed maturity securities, fair value prose Skyward/2025/FY/Annual report# 5f56902d255c0a2060ec03fdf06a5c63 0 E.    Restricted Cash 91 Restricted cash, legal restriction, SUA, unremitted insurance premiums, state regulations, collateral for reinsurance balances prose Skyward/2025/FY/Annual report# 0c0e9928f67fd181e5794fb21ebd78c6 0 F.    Investments 92 Available for Sale fixed maturities, fair value, unrealized loss position, amortized cost, allowance for credit losses, credit-related factors, held-to-maturity fixed maturity securities, historical loss rate, Moody’s multi-year cumulative loss rates, asset-backed securities prose Skyward/2025/FY/Annual report# 86bd364c7fadf6f281670f6b63cedae2 0 Accounting standard = FASB ASC Topic 815, Derivatives and Hedging G.    Derivatives 93 Commodity derivatives, FASB ASC Topic 815, Derivatives and Hedging, fair value, current earnings, net assets and liabilities, exchange-traded futures, forward purchase and sale contracts, economic hedges, hedge accounting treatment, valuation models prose Skyward/2025/FY/Annual report# 3545f2cc04396839fc235231762919a6 0 H.    Reinsurance 94 Prospective reinsurance, proportional reinsurance, excess of loss reinsurance, facultative reinsurance, ceded unearned premium, reinsurance balances recoverable, retroactive reinsurance, loss portfolio transfers (LPT), adverse development covers prose Skyward/2025/FY/Annual report# 05a19863a1c1115f67c945e2fb318bef 0 I.     Concentration of Credit Risk 95 Financial instruments, concentrations of credit risk, cash and cash equivalents, restricted cash, investments, premiums receivable, U.S. government securities, money market funds, credit exposure, customer base, distribution sources prose Skyward/2025/FY/Annual report# 2899bef29164a1ac0c2eaa999a3365ea 0 Premium deficiency = none as of December 31, 2025, and 2024 J.     Deferred Policy Acquisition Costs 96 Policy acquisition costs, commissions, premium taxes, ceding commissions, premium deficiency, expected losses, loss adjustment expenses, unearned premiums, anticipated investment income prose Skyward/2025/FY/Annual report# 699be557177000b55336f4c46eef6eb4 0 K.    Goodwill and Intangible Assets 97 Goodwill, intangible assets, purchase price allocation, amortization, impairment review prose Skyward/2025/FY/Annual report# 30d2dc81c71cb9d39801d43adc9a00d7 0 L.    Property and Equipment 98 Property and equipment, depreciation expense, depreciation periods prose Skyward/2025/FY/Annual report# 8d9ed92cbe2c6100cb0eb187555cc15d 0 M.     Reserves for Losses and Loss Adjustment Expenses 99 Reserves for unpaid losses, loss adjustment expenses, individual case-basis valuations, statistical analyses, actuarial procedures, historical information, industry information, peer group information, future trends, loss severity, loss frequency, inflation prose Skyward/2025/FY/Annual report# e4c17434cc3625edd5b8be599ff9d2fe 0 N.    Premiums 100 Property and casualty premiums, surety premiums, accident and health premiums, gross premiums written, ceded premiums, premiums receivable, deferred premiums, allowance for credit losses, historical loss rate, unearned premiums, ceded unearned premiums prose Skyward/2025/FY/Annual report# 746184501ff1cc48fd4183fde0e0d5c8 0 O.     Commission and Fee Income 101 SUA commission revenue, SUA fee income, insurance policies, reinsurance programs, third-party insurance company, transaction price, performance obligation prose Skyward/2025/FY/Annual report# 3ee68ae595ca1adf98cf64d3010085c4 0 P.     Income Taxes 102 Income tax expense, provision for income taxes, deferred taxes, temporary differences, valuation allowance, deferred tax assets, deferred tax liabilities, uncertain tax positions, net interest income, penalties, consolidated federal income tax return, state tax returns, premium taxes, premium tax expense prose Skyward/2025/FY/Annual report# 970a28a45225ff19e9ce61df5dd074d9 0 Q.     Fair Value of Financial Instruments 103 Fair value, financial instruments, observable inputs, unobservable inputs, fair value hierarchy, Level 1 measurements, Level 3 measurements, third-party pricing sources prose Skyward/2025/FY/Annual report# bbe7e328a7103fccdf51ddd1723a0aae 0 R.     Stock-Based Compensation 104 Employee stock options, stock-based compensation, equity instrument awards, compensation cost, service period, tax effects, Employee Stock Purchase Plan (ESPP), common stock prose Skyward/2025/FY/Annual report# 6f1e366b628eb252c77a2051e479bb23 0 S.    Earnings Per Share 105 Basic earnings per share, two-class method, undistributed earnings, participating securities, net income, common stockholders, 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 awards prose Skyward/2025/FY/Annual report# f85c6d5a79c4f27bb9a5b7b20cd52f1d 0 T.    Recent Accounting Pronouncements 106 ASU 2023-09, ASU 2024-03, ASU 2025-01, income tax disclosures, rate reconciliation disclosures, income taxes paid, income statement expenses, expense captions, natural expenses, purchases of inventory, employee compensation, depreciation, intangible asset amortization, depletion expenses prose Skyward/2025/FY/Annual report# 05320ef040f814d2eefbbb48798e5e6d 0 Indefinite-lived intangible assets = insurance licenses, trademarks Finite-lived intangible assets = policy renewals, agency relationships, non-compete/exclusivity agreements Weighted average useful life = 12 years Amortization expense = FY25: $1.3m 2. Goodwill and Intangible Assets 107 Indefinite-lived intangible assets, finite-lived intangible assets, amortization expense prose Skyward/2025/FY/Annual report# 861989daae1aac75a2f5fb7564bd8f1b 0 Goodwill by segment at December 31, 2025 108 Goodwill by segment, Accident and Health, Surety, Construction and Energy Solutions, Other table Skyward/2025/FY/Annual report# d9cfed56a52e5da58ff8a89a3d33f9bb 0 Goodwill by segment at December 31, 2024 109 Goodwill by segment, Accident and Health, Surety, Construction and Energy Solutions, Other table Skyward/2025/FY/Annual report# 19c50bbddbe0857ffd1b6eff1aafcb0d 0 Other intangible assets at December 31, 2025 110 Other intangible assets, Agent Relationships, Non-competes, Trademarks, Licenses table Skyward/2025/FY/Annual report# 7713ce97fdf65b32191f78ab4df6fe1b 0 Other intangible assets at December 31, 2024 111 Other intangible assets, Agent Relationships, Non-competes, Trademarks, Licenses table Skyward/2025/FY/Annual report# abfe0258df109f1fdec8f4e3be040839 0 Amortization of intangible assets 112 Amortization of intangible assets table Skyward/2025/FY/Annual report# 69c9836da022dc40dbe36ef34b944170 0 3. Investments 113 Fixed maturity securities, held-to-maturity, asset-backed securities, U.S. government agencies mortgage-backed fixed maturity securities, FHLB Loan, Federal Home Loan Bank of Dallas (FHLB), pledged assets, reinsurance agreements, residential mortgage-backed securities, cash and cash equivalents, short-term investments, available-for-sale fixed maturity securities, impairment, credit impairments, corporate securities, miscellaneous prose Skyward/2025/FY/Annual report# a07cb771c9e1084f2fbb40b45323b635 0 Fixed maturity securities at December 31, 2025 114 Fixed maturity securities, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities table Skyward/2025/FY/Annual report# f6edcf721b65c8cad342a50ab6f830cd 0 Fixed maturity securities at December 31, 2024 115 Fixed maturity securities, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities table Skyward/2025/FY/Annual report# e76dc78e830c0b86a0edec21cd18ead6 0 Maturity distribution of fixed maturity securities 116 Maturity distribution of fixed maturity securities, mortgage-backed securities, other asset-backed securities table Skyward/2025/FY/Annual report# 677bf1ca2d03daeb61f0ef87c31040c9 0 Fixed maturity securities by contractual maturity at December 31, 2025 117 Fixed maturity securities by contractual maturity, U.S. government securities, corporate securities, municipal securities table Skyward/2025/FY/Annual report# d40f0e5f0aee6bfa2dff23296294f2a6 0 Fixed maturity securities by contractual maturity at December 31, 2024 118 Fixed maturity securities by contractual maturity, U.S. government securities, corporate securities, municipal securities table Skyward/2025/FY/Annual report# cd7d16b08a58df0d06e98201e0b64449 0 Allowance for credit losses on fixed maturity securities at December 31, 2025 119 Allowance for credit losses on fixed maturity securities, available-for-sale, held-to-maturity table Skyward/2025/FY/Annual report# 0d65284cc327045434d14120f6937bac 0 Allowance for credit losses on fixed maturity securities at December 31, 2024 120 Allowance for credit losses on fixed maturity securities, held-to-maturity table Skyward/2025/FY/Annual report# 6c417bb69797e6aacfd21f6613b6ffe7 0 Net realized investment gains and losses 121 Realized investment gains and losses, fixed maturity securities, equity securities table Skyward/2025/FY/Annual report# 8e4e0208878f5984ad709b921b1b03fa 0 Net unrealized investment gains and losses 122 Unrealized investment gains and losses, fixed maturity securities, equity securities table Skyward/2025/FY/Annual report# daef37bbc37bfc6a7d5cb8b7fa7d29a5 0 Net investment income by source 123 Net investment income, fixed maturity securities, equity securities, equity method investments, mortgage loans, indirect loans, short-term investments, cash table Skyward/2025/FY/Annual report# b239c2c4a2263031da2b4f89a1bd5105 0 Components of deferred income taxes 124 Deferred income taxes, fixed maturity securities table Skyward/2025/FY/Annual report# 3c853a28cc9a3c8acf21fe7cfecdb0f8 0 Fair value hierarchy = three-level hierarchy Level 1 inputs = U.S. government securities, mutual funds, common stock Level 2 inputs = Preferred stocks, municipal securities, corporate securities, miscellaneous 4. Fair Value Measurements 125 Fair value measurements, financial instruments, market approach, fair value of investments, periodic analyses, three-level hierarchy prose Skyward/2025/FY/Annual report# d0f9613d691845a1076ade7e21b27c81 0 Fair value of financial instruments 126 Fair value of financial instruments table Skyward/2025/FY/Annual report# a2bcf3bb182cc3588e0cbc5c9bb6754a 0 Weighted average interest rates 127 Weighted average interest rates table Skyward/2025/FY/Annual report# 2a8702d0bd928aa0644bfc9b646dcbe9 0 Fixed maturity securities as of December 31, 2025 128 Fixed maturity securities, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities table Skyward/2025/FY/Annual report# cf220e6b259c7885d06888fd199ffa7a 0 Fixed maturity securities as of December 31, 2024 129 Fixed maturity securities, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities table Skyward/2025/FY/Annual report# c7bb5923762c7f5821b248d4630e7a0c 0 Fixed maturity securities and mortgage loans as of December 31, 2025 130 Fixed maturity securities, mortgage loans, net investment gains, accumulated comprehensive income table Skyward/2025/FY/Annual report# 1529bd0577446a436a6e529f2af5da75 0 Fixed maturity securities and mortgage loans as of December 31, 2024 131 Fixed maturity securities, mortgage loans, net investment gains, accumulated comprehensive income table Skyward/2025/FY/Annual report# db216a0599e14d751ad91ca51b75b413 0 Notes payable and subordinated debt 132 Notes payable, subordinated debt, FHLB Loan, Revolving Credit Facility, Term Loan Facility, unsecured subordinated notes table Skyward/2025/FY/Annual report# 8515bdd28654ee26cc18ff52b695aa63 0 Loan maturity = 2 to 4 years Principal amounts of loans = approximately 64% of the property’s appraised value Write-offs for uncollectible amounts 2025 = no write-offs Write-offs for uncollectible amounts 2024 = no write-offs Mortgage loans in foreclosure 2025 = no mortgage loans Mortgage loans in foreclosure 2024 = no mortgage loans Mortgage loans not producing income 2025 = no mortgage loans Mortgage loans not producing income 2024 = no mortgage loans 5. Mortgage Loans 133 Mortgage loans, Separately Managed Accounts (SMA1, SMA2), direct investments, mortgage loan portfolios, loan interest, loan maturity, principal amounts of loans, uncollectible amounts on loans prose Skyward/2025/FY/Annual report# 37298c4b481e3c767aa31d22e095771a 0 Mortgage loans by property type 134 Mortgage loans, commercial, retail, hospitality table Skyward/2025/FY/Annual report# e43c29df7f5f9133e6bf9e3b93cfa0c2 0 Mortgage loans by property type 135 Mortgage loans, commercial, retail, hospitality, office, multi-family table Skyward/2025/FY/Annual report# 687550741a64ff71f6044fb139a09047 0 RISCOM amortization period = 15-year useful life 6. Equity Method Investments and Other 136 Equity method investments, RISCOM, indirect investments, collateralized loans, loan collateral, SMA1, SMA2 prose Skyward/2025/FY/Annual report# 472a7835c95b50aee062f1e58f37211b 0 Indirect investments in collateralized loans and loan collateral 137 Indirect investments, collateralized loans, loan collateral, Arena Special Opportunities Fund, Arena SOP, Brewer Lane Ventures Fund II, Dowling Capital Partners, Hudson Ventures Fund 2, JVM Funds LLC, RISCOM table Skyward/2025/FY/Annual report# 78a5daf56500e593c26ac95fd4e13ee4 0 Indirect investments in collateralized loans and loan collateral 138 Indirect investments, collateralized loans, loan collateral, Arena SOP, Arena Special Opportunities Fund, Brewer Lane Ventures Fund II, Dowling Capital Partners, Hudson Ventures Fund II, JVM Funds LLC, RISCOM, Universa Black Swan table Skyward/2025/FY/Annual report# 57cf80ee96100590082c562de9641850 0 Indirect investments in collateralized loans and loan collateral 139 Indirect investments, collateralized loans, loan collateral, Brewer Lane Ventures Fund II, Dowling Capital Partners, Hudson Ventures Fund 2, Red Bird Capital Partners table Skyward/2025/FY/Annual report# 9838531a33b6c3275b8847dbf6f25731 0 Investment in RISCOM 140 Investment in RISCOM, underlying equity, difference table Skyward/2025/FY/Annual report# 9d37835cbef56770425d56481953b86a 0 Investment in JVM Funds LLC 141 Investment in JVM Funds LLC, underlying equity, difference table Skyward/2025/FY/Annual report# 791ece3c0ae06b0bca8c77d3e026f078 0 Investment in indirect loans and loan collateral 142 Investment in indirect loans, loan collateral, SMA1, SMA2 table Skyward/2025/FY/Annual report# d378a662053a820a97f32c6df8c4d8bf 0 VIE = Separate Account HSIC-01 Primary beneficiary = Company 7. Variable Interest Entity 143 Variable Interest Entity (VIE), Separate Account HSIC-01, Mangrove Risk Solutions Bermuda Ltd., GAAP consolidation guidance, price volatility risks, insurance products, dairy and livestock commodities, performance guarantees, financial obligation, capital commitments, assets of consolidated variable interest entities, third-party net assets prose Skyward/2025/FY/Annual report# 03cdbddfe720e511fa05a910eece00f8 0 Assets of HSIC-01 as of December 31, 2025 144 Assets of HSIC-01, cash and cash equivalents, other assets table Skyward/2025/FY/Annual report# 388f46214f549558bb0bbb2c9ca1de06 0 Net gain on derivative instruments = FY25: USD 7.9m 8 . Derivatives 145 Derivatives, financial risk management, commodity price fluctuations, cattle, milk, put options, futures, revenue volatility, economic hedging relationships prose Skyward/2025/FY/Annual report# 99da057ab049e8147bfd5259af32a96e 0 Derivative instruments in economic hedging relationships 146 Derivative assets, economic hedging relationships table Skyward/2025/FY/Annual report# 9e03ca92fd42892924ed3237a01b0c93 0 Uncollectible reinsurance recoverable balance increase = FY24: $13.6 million LPT commuted = January 31, 2025 9. Allowance for Credit Losses 147 Reinsurance recoverables, A.M. Best, financial strength rating, credit enhancements, reinsurance payables, letters of credit, funds held, LPT, R&Q Re (Bermuda) Ltd. prose Skyward/2025/FY/Annual report# 48dbc923921b49883460555939166900 0 Premiums receivable and allowance for uncollectible premiums as of December 31, 2025 148 Premiums receivable, allowance for uncollectible premiums table Skyward/2025/FY/Annual report# 03cb428261a65c5e933e941016c8c2eb 0 Premiums receivable and allowance for uncollectible premiums as of December 31, 2024 149 Premiums receivable, allowance for uncollectible premiums table Skyward/2025/FY/Annual report# 4d7b56a1739f5b0dffe5cd1b97158d1f 0 A.M. best ratings 150 A.M. Best ratings, reinsurance recoverables table Skyward/2025/FY/Annual report# df6259734fe03f02831edea0584dda9c 0 Reinsurance recoverables and allowance for uncollectible reinsurance 151 Reinsurance recoverables, allowance for uncollectible reinsurance table Skyward/2025/FY/Annual report# 38d19f493b1b7d6d87804fc881eb63ac 0 Reinsurance recoverables and allowance for uncollectible reinsurance as of December 31, 2024 152 Reinsurance recoverables, allowance for uncollectible reinsurance table Skyward/2025/FY/Annual report# a47e5d5589cd41a7ab70501bee346972 0 Depreciation expense = FY25: USD 3.3m 10. Property and Equipment 153 Depreciation expense, property and equipment prose Skyward/2025/FY/Annual report# 783667a7e327253473bbff9cbc6e343e 0 Property and equipment 154 Property and equipment, leasehold improvements, equipment, software, accumulated depreciation table Skyward/2025/FY/Annual report# 4391d08e205c55ffc0ec3a9a56f4e162 0 FHLB Loan principal amount = USD 57.0m FHLB Loan interest rate = 4.00% Term Loan Facility Tranche A DDTL = USD 150.0m Term Loan Facility Tranche B DDTL = USD 150.0m FHLB Loan date = August 30, 2024 11. Notes Payable & Subordinated Debt 155 FHLB Loan, Advances and Security Agreement, Term Loan Credit Agreement, Term Loan Facility, unsecured senior delayed draw term loan facility, Tranche A DDTL, Tranche B DDTL, Apollo Group Holdings Limited, SOFR, base rate prose Skyward/2025/FY/Annual report# 04fa14c71470f7ce16536c5433415331 0 Number of segments = one Segment basis = commercial property and casualty products Segment profit measure = gross written premiums by net underwriting division, underwriting income, and income before income taxes 12. Segment 156 Reportable segment, commercial property and casualty products, non-admitted (E&S) basis, admitted basis, underwriting divisions, Chief Operating Decision Maker (CODM), gross written premiums, net underwriting income, income before income taxes, consolidated net income, annualized return on equity, growth in book value per share prose Skyward/2025/FY/Annual report# d41b1a2dd88fb747d6c4d08e927cd41a 0 Segment information 157 Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety, Transactional E&S, Total continuing business, Exited business table Skyward/2025/FY/Annual report# 3316e9b9e9edf65b5390cdc8e4d499f5 0 Underwriting income 158 Underwriting income, net earned premiums, commission and fee income, total underwriting revenues, losses and LAE, amortization of policy acquisition costs, other operating and general expenses, total underwriting expenses, net underwriting income table Skyward/2025/FY/Annual report# f57303cbdba3d2dc92bd135870d99e35 0 Return on equity and book value per share 159 Return on equity, book value per share table Skyward/2025/FY/Annual report# d6bcc61df40f7e84eda867c20d4398a0 0 Federal income taxes paid = 2024: USD 37.0m Federal net operating loss carryforwards = USD 40.3m NOL expiration = beginning in 2032 382 limitation expiration = USD 2.8m State and local net operating losses = USD 0.9m Federal income tax returns subject to examination = 2022-2024 13. Income Taxes 160 Federal income taxes, federal net operating loss carryforwards, net operating losses, Internal Revenue Code Section 382, 382 limitation, valuation allowance, federal NOL, dual consolidated loss, state and local net operating losses, federal income tax returns, uncertain tax positions, uncertain tax benefits prose Skyward/2025/FY/Annual report# e159faf58e4c8db3c94dca15de584fda 0 Income tax expense from continuing operations 161 Income from continuing operations before income tax expense, current tax expense, deferred tax benefit, total income tax expense table Skyward/2025/FY/Annual report# 7ed4172fdc764b1a29683a3a318bf758 0 Income tax expense 162 Current income tax expense, deferred tax (benefit) expense, total income tax expense table Skyward/2025/FY/Annual report# 767243c827cc0e2640841abb62eeb8be 0 U.S. federal statutory income tax rate reconciliation 163 U.S. federal statutory income tax rate, state income taxes, foreign tax effects, Bermuda statutory rate differential, effects of other cross-border tax laws, change of Valuation Allowance, nondeductible and nontaxable items, nondeductible transaction costs, other nondeductible and nontaxable items, effective tax rate table Skyward/2025/FY/Annual report# 5fdc93565be6e0a13831ea4872490878 0 Income tax expense at federal statutory rate 164 Income tax expense at federal statutory rate, tax advantaged investments, other, total income tax expense table Skyward/2025/FY/Annual report# 7ad6f48cace321cc6f026cc023ff9b89 0 Total income taxes paid 165 Total income taxes paid, United States, U.S. state and local table Skyward/2025/FY/Annual report# 7cac0fe27574dcd2122e86456bbc41bf 0 Deferred tax assets 166 Deferred tax assets, net operating losses, losses and loss adjustment expenses, unearned premiums, unrealized losses on fixed maturity securities, available-for-sale, stock options/awards, other, total deferred tax assets before valuation allowance, valuation allowance, total deferred tax assets, deferred policy acquisition costs, other long-term investments, Section 481(a) adjustment, unrealized gains on equity securities table Skyward/2025/FY/Annual report# 2dbc24f2c07c9cc1efbca9c488494586 0 Valuation allowance activity 167 Valuation allowance activity, balance at beginning of the period, increase related to net operating loss, balance at the end of the period table Skyward/2025/FY/Annual report# 66249360fab68af3626e62ae155871cf 0 OBBB Act signed into law = July 4, 2025 Tax Legislative Update 168 One Big Beautiful Bill Act (OBBB Act), tax reform provisions, annual effective tax rate prose Skyward/2025/FY/Annual report# 20495a432c70f9068688b5a366e46bbd 0 Favorable development prior years = FY25: USD 7.5m Favorable development short-tail/monoline specialty lines = FY25: USD 24.6m Favorable development multi-line solutions = FY25: USD 5.3m 14. Reserves for Losses and Loss Adjustment Expenses 169 Net ultimate loss and LAE, multi-line solutions, short-tail/monoline specialty lines, exited lines, prior-year reserve movements prose Skyward/2025/FY/Annual report# e6126efb1d41a75a5e693dda3ee49c60 0 Reserves for losses and LAE, net of reinsurance 170 Reserves for losses and LAE, reinsurance recoverable on unpaid claims, incurred losses, paid losses table Skyward/2025/FY/Annual report# 3dd24fbfe4942aa1da57cfddc419a4ab 0 Short Duration Contract Disclosures 171 Losses and LAE reserves, reported claims, incurred but not reported claims, claim counts prose Skyward/2025/FY/Annual report# d9e1b9ba9cef01fba80dd6bda4fb9701 0 Incurred losses and ALAE, net of reinsurance 172 Incurred losses and ALAE, IBNR, reported claims by accident year table Skyward/2025/FY/Annual report# 83c436c45ab3f399294f0b3b6a0b3d88 0 Cumulative paid losses and ALAE, net of reinsurance 173 Cumulative paid losses and ALAE by accident year table Skyward/2025/FY/Annual report# 0e3153a2e0ddc291149ddc9dc4523a1e 0 Incurred losses and ALAE, net of reinsurance by accident year 174 Incurred losses and ALAE, IBNR, reported claims by accident year table Skyward/2025/FY/Annual report# 0f6c3a59912026f90f04d7f9f2524dae 0 Cumulative paid losses and ALAE, net of reinsurance by accident year 175 Cumulative paid losses and ALAE by accident year table Skyward/2025/FY/Annual report# 41d519b17ca7d6013d3e5ab529ed81c7 0 Exited Lines — all lines in runoff 176 Exited lines, net incurred and paid loss development, balance sheet reserves, claims duration prose Skyward/2025/FY/Annual report# f1e8175142072579d05bdd1a31cc7634 0 Incurred losses and ALAE, net of reinsurance by accident year 177 Incurred losses and ALAE, IBNR, reported claims by accident year table Skyward/2025/FY/Annual report# ba99f5ec414228dff13e0e870dfb1809 0 Cumulative paid losses and ALAE, net of reinsurance by accident year 178 Cumulative paid losses and ALAE by accident year table Skyward/2025/FY/Annual report# c875809de78480560d4af4b530b50daa 0 Net reserves for losses and ALAE 179 Net reserves for losses and ALAE, short-tail/monoline specialty lines, multi-line solutions, exited lines, reinsurance recoverable on unpaid claims, unallocated LAE table Skyward/2025/FY/Annual report# bcfbbf08da14ae5c95fac09c508c3c04 0 Average annual percentage payout of incurred claims by age 180 Average annual percentage payout of incurred claims by age, short-tail/monoline specialty lines, multi-line solutions, exited lines table Skyward/2025/FY/Annual report# ad3bff82610d4c7c16009ebe36d5fb0c 0 15. Commission and Fee Income 181 Skyward Underwriters Agency, Inc. (SUA), commission and fee income, managing general insurance agent, reinsurance broker, property and casualty, accident and health risks prose Skyward/2025/FY/Annual report# 662b8cf359131aea8ad5afebea1c4910 0 Net commission and fee income 182 SUA commission revenue, SUA fee revenue, other commission and fee revenue, commission and fee expenses table Skyward/2025/FY/Annual report# 3d29e76c8a82826a5ff76a047b58784f 0 Contract assets balance 183 Contract assets balance table Skyward/2025/FY/Annual report# 02242847eb92ba2be5981bdabecc80c0 0 Underwriting, acquisition and insurance expenses = FY25: USD 390.0m Commissions and brokerage = FY25: USD 190.0m Salaries and employee benefits = FY25: USD 110.0m General and administrative expenses = FY25: USD 90.0m 16. Underwriting, Acquisition and Insurance Expenses 184 Underwriting, acquisition and insurance expenses, commissions and brokerage, salaries and employee benefits, general and administrative expenses prose Skyward/2025/FY/Annual report# 18ca21ded0180a09f5939c25295cdaef 0 Underwriting, acquisition and insurance expenses 185 Amortization of policy acquisition costs, other operating and general expenses, total underwriting, acquisition and insurance expenses table Skyward/2025/FY/Annual report# 76027d101ff9848d90827cf422ec2f6b 0 Market value of trust accounts = Dec 31, 2025: $233.5 million Reinsurance recoverable from R&Q = Dec 31, 2024: $22.7 million LPT commuted = Jan 31, 2025 Deposit asset = Dec 31, 2025: $22.7 million 17. Reinsurance 186 Reinsurance agreements, funded trust accounts, LPT retroactive reinsurance agreement, reinsurance recoverable from R&Q, ceded reinsurance contracts, deposit asset prose Skyward/2025/FY/Annual report# c1284b2fd963d8a57cbd8495e99fa568 0 Premiums and ceded losses and LAE incurred 187 Direct premiums, assumed premiums, ceded premiums, net premiums, ceded losses and LAE incurred table Skyward/2025/FY/Annual report# 080eb1d81f896ffdaecaae5cd922019c 0 Reinsurance recoverables 188 Ceded unpaid losses and LAE, ceded paid losses and LAE, loss portfolio transfer, allowance for credit losses, ceded unearned premium table Skyward/2025/FY/Annual report# 9d96a1ca0fdaa47c0485e8f295d27624 0 Shares available under 2022 Plan = 3,200,656 Deferral program approved = November 2024 Stock options granted to employees = FY23: $4.4 million Aggregate intrinsic value of options outstanding = Dec 31, 2025: $27.4 million Weighted-average remaining contractual life of options outstanding = Dec 31, 2025: 7.0 years 18. Stock Based Compensation 189 2022 Long-Term Incentive Plan, restricted stock, restricted stock units, performance stock units, stock options, cash-based performance awards, deferral program, Black-Scholes model, volatility, aggregate intrinsic value of options outstanding, weighted-average remaining contractual life of options outstanding prose Skyward/2025/FY/Annual report# cd9bce15b83d45b7063d9afcc75d1b6c 0 ESPP awards by type and service period 190 ESPP awards, market condition awards, performance condition awards, service condition awards table Skyward/2025/FY/Annual report# 81b2f50007d37330a31b0e55f746d667 0 Stock option activity 191 Stock option activity, outstanding stock, forfeited stock table Skyward/2025/FY/Annual report# 5290d821204540a868fd1727f08bf486 0 Outstanding stock at year-end 192 Outstanding stock at year-end table Skyward/2025/FY/Annual report# 00d152135011448061147363026b4112 0 Weighted-average grant-date fair value of stock and stock units 193 Weighted-average grant-date fair value of stock and stock units table Skyward/2025/FY/Annual report# 192d1c1248baacd37104791ce6d1293d 0 Years ended = December 31, 2025, 2024, and 2023 19. Earnings Per Share 194 Basic and diluted net earnings per share, anti-dilutive instruments, common share equivalents of contingently issuable instruments prose Skyward/2025/FY/Annual report# f30444044ab0aff226a3704d42b6a749 0 Anti-dilutive instruments excluded from diluted weighted-average common share equivalents 195 Anti-dilutive instruments excluded from diluted weighted-average common share equivalents table Skyward/2025/FY/Annual report# 3f7095cd09dd537b1bf71f6d307b28d9 0 Stock units and options for 2023-2025 196 Stock units and options table Skyward/2025/FY/Annual report# fd59b5dea4b6764e7a4341b6153a3d5b 0 Common shares for 2023-2025 197 Common shares table Skyward/2025/FY/Annual report# 96346e6405203ebbcaba1c485b16dc63 0 Company matching contributions 2025 = USD 3.9m Company matching contributions 2024 = USD 3.2m Company matching contributions 2023 = USD 2.9m 20. Employee Benefit Plan 198 401(k) Plan, Employee Retirement Income Security Act of 1974, discretionary matching contributions prose Skyward/2025/FY/Annual report# 684d210d8c6b4098dd1b3da0315b1264 0 Ownership interest in RISCOM = 20% Premiums receivable December 31, 2025 = USD 13.9m Premiums receivable December 31, 2024 = USD 12.6m Riscom 199 RISCOM, wholesale brokerage services, managing general agency agreement, premiums receivable prose Skyward/2025/FY/Annual report# ccd08f1bea8c89ecb991d2d9d70f4f72 0 Premiums receivable and commissions 200 Premiums receivable, commissions table Skyward/2025/FY/Annual report# 99ae20abd8d2c41336bbcca9c3e45c34 0 Advisory and professional services fees 2025 = USD 0.6m Advisory and professional services fees 2024 = USD 0.6m Advisory and professional services fees 2023 = USD 3.6m Other 201 Advisory and professional services fees, expense reimbursements, affiliated stockholders, directors prose Skyward/2025/FY/Annual report# bccad260cb037f74b6e9b72a54289b4b 0 Litigation 202 Legal actions, claims under insurance policies and contracts, bad faith claims, disputes with third parties, alleged errors and omissions prose Skyward/2025/FY/Annual report# 2459dd2f2852ee287d3b841ec7a0a005 0 Indemnification 203 Indemnifications, sale of business assets and subsidiaries, typical representations and warranties, performance responsibilities prose Skyward/2025/FY/Annual report# f1def5d5c2851aeaeb8a99a3c6ded8db 0 Statutory net income 2025 = $159.1 million Statutory net income 2024 = $108.2 million Statutory net income 2023 = $73.1 million Statutory capital and surplus December 31, 2025 = $872.0 million Statutory capital and surplus December 31, 2024 = $710.6 million Lead insurance company = GMIC GMIC domicile = Texas 23. Statutory Accounting Principles and Regulatory Matters 204 Statutory Accounting Principles, regulatory matters, statutory net income, statutory capital and surplus, GMIC, HSIC, IIC, OSIC, dividend payments, Texas state law, Risk Based Capital (RBC) requirements, National Association of Insurance Commissioners (NAIC) prose Skyward/2025/FY/Annual report# bf473a5df3a09b09aef6e6c77c147f23 0 Acquisition date = January 1, 2026 Acquisition consideration = USD 555.0 million Acquired company = Apollo Group Holdings Limited Acquired stake = 87% 24. Subsequent Events 205 Subsequent events, Apollo Majority SPAs, Apollo Group Holdings Limited, acquisition of Apollo, ASC 805 prose Skyward/2025/FY/Annual report# ac61b4d131405e8a04ec62cc8867f71d 0 Effectiveness December 31, 2025 = effective at the reasonable assurance level Evaluation of Disclosure Controls and Procedures 206 Disclosure controls and procedures, Securities Exchange Act of 1934, principal executive officer, principal financial officer prose Skyward/2025/FY/Annual report# 646b1e3f478024fb70d583dbc218e451 0 Management’s Report on Internal Control over Financial Reporting 207 Internal control over financial reporting, Securities Exchange Act of 1934, generally accepted accounting principles prose Skyward/2025/FY/Annual report# 10b92b4f13cefb6b6f7c2884c1630227 0 Material weakness December 31, 2024 = ineffective implementation of information technology general controls (ITGCs) in user access for systems supporting financial reporting processes Effectiveness December 31, 2025 = effective at a reasonable assurance level Framework = Committee of Sponsoring Organizations of the Treadway Commission in the Internal Control — Integrated Framework (2013 Framework) Remediation of Material Weakness in Internal Control Over Financial Reporting 208 Material weakness, internal control over financial reporting, information technology general controls (ITGCs), IT compliance oversight function, Audit Committee, Chief Executive Officer, Chief Financial Officer, Committee of Sponsoring Organizations of the Treadway Commission prose Skyward/2025/FY/Annual report# 29b362cbc844d513e8df77d7f109053b 0 Changes in Internal Control over Financial Reporting 209 Internal control over financial reporting, material weakness, Exchange Act prose Skyward/2025/FY/Annual report# a70768c4574c4834f198d940e9aa7c07 0 Limitations on Effectiveness of Controls and Procedures 210 Disclosure controls and procedures, control objectives, resource constraints prose Skyward/2025/FY/Annual report# 213aef2fc7fd6590b60eb37191b6a2f4 0 Exhibits, financial statement schedules 211 Exhibits, financial statement schedules, Summary of Investments, Financial Information of Registrant, Supplementary Reinsurance Information, Valuation and Qualifying Accounts, Supplementary Information Concerning Property — Casualty Insurance Operations table Skyward/2025/FY/Annual report# 7da1a03c778ff3d4fc49bf7b1f847ed7 0 Exhibit numbers and descriptions 212 Exhibit numbers and descriptions, Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, Amended and Restated Stockholders’ Agreement, Description of Capital Stock, Share Purchase and Award Agreement, 2016 Equity Incentive Program, 2020 Long Term Incentive Plan table Skyward/2025/FY/Annual report# f284981ddcaa0869da9897bf384a9fe5 0 Exhibit numbers and descriptions 213 Exhibit numbers and descriptions, Form of Restricted Stock Agreement, Form of Nonstatutory Stock Option Agreement, Form of Incentive Stock Option Agreement, Form of Performance-Based Restricted Stock Units Agreement, Performance Unit Agreement table Skyward/2025/FY/Annual report# 9aba9d761bd57eac0f1b00f225c61b08 0 Exhibit numbers and descriptions 214 Exhibit numbers and descriptions, Guaranty Agreement, Advances and Security Agreement, Form of Severance Agreement, Amendment No. 2 to Employment Agreement, Amended Form of Restricted Stock Unit (Executives) Agreement, Amended Form of the Restricted Stock Unit (Others) Agreement table Skyward/2025/FY/Annual report# b61ba6e8a18b57cf3926ed5abcc42f80 0 Exhibit numbers and descriptions 215 Exhibit numbers and descriptions, First Amendment, Skyward Specialty Insurance Securities Trading Policy, List of Subsidiaries, Consent of Ernst & Young LLP, Certification of Principal Executive Officer, Certification of Principal Financial and Accounting Officer table Skyward/2025/FY/Annual report# 525a5c9042bcc4648e60559b0aa36318 0 Fixed maturity securities by type 216 Fixed maturity securities by type, U.S. government securities, corporate securities, municipal securities, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities table Skyward/2025/FY/Annual report# e7a961f2f0d78d54c70397dc23b37c5c 0 Assets as of December 31 217 Assets, liabilities, stockholders' equity, investments, cash, deferred income taxes, goodwill, intangible assets, accounts payable, accrued liabilities, notes payable, subordinated debentures table Skyward/2025/FY/Annual report# e3088aab3c4cac6c116e3d82c9bb25a2 0 (parent company) 218 Parent company financial statements prose Skyward/2025/FY/Annual report# af7a75a2f2e23d8c8355cc82266dbb09 0 Revenues and expenses for years ended December 31 219 Revenues, expenses, net investment income, net investment gains (losses), operating expenses, interest expense, amortization expense table Skyward/2025/FY/Annual report# 85dda4e5e3b67e75d1b2172cf65bd5ca 0 Cash provided by operating activities = USD 100,000 for the year ended December 31, 2023 Cash used in investing activities = USD 100,000 for the year ended December 31, 2023 Cash provided by financing activities = USD 0 for the year ended December 31, 2023 Net increase in cash and cash equivalents = USD 0 for the year ended December 31, 2023 Cash and cash equivalents at beginning of period = USD 0 for the year ended December 31, 2023 Cash and cash equivalents at end of period = USD 0 for the year ended December 31, 2023 Schedule ii — statements of cash flows (parent company) 220 Cash flows, operating activities, investing activities, financing activities, net increase in cash and cash equivalents prose Skyward/2025/FY/Annual report# e50b63c83b17894d3030900b46070ad3 0 Cash flows for years ended December 31 221 Cash flows, operating activities, investing activities, net income, intangible assets, goodwill, capital contributions to subsidiaries, distributions from investment in subsidiaries, short-term investments table Skyward/2025/FY/Annual report# 2b44b3f767a2d9421668e5adb41a0fc1 0 Intercompany Loan Promissory Note date = September 30, 2024 Intercompany Loan Promissory Note parties = Skyward Specialty, Houston Specialty Insurance Company (HSIC) Amount borrowed = USD 57.0 million Interest rate = 4.00% New subsidiary = Skyward Specialty No. 1 Limited Company Skyward Specialty No. 1 Limited Company type = UK company authorized as a Lloyd’s corporate member Notes to Financial Statements 222 Intercompany Loan Promissory Note, Skyward Specialty, Houston Specialty Insurance Company (HSIC), Skyward Specialty No. 1 Limited Company, Lloyd’s syndicates prose Skyward/2025/FY/Annual report# 9533df7b323406873cee188c7bc3e343 0 Promissory Note classification = Level 2 in the fair value hierarchy Financial Instruments Disclosed, But Not Carried, At Fair Value 223 Promissory Note, fair value, income approach, observable inputs, financial instruments, insurance-related products prose Skyward/2025/FY/Annual report# 3f60a675e7f7b0e7638080af049ab8fd 0 Notes payable and promissory note 224 Notes payable, promissory note, carrying value, fair value table Skyward/2025/FY/Annual report# ed4038db7ca8ac4e5bac86815ee0efee 0 Gross, ceded, assumed, and net amounts 225 Gross amount, ceded to other companies, assumed from other companies, net amount, Accident & Health, Property & Casualty table Skyward/2025/FY/Annual report# 2f41f9c77191065e4ec752c479ffe1a0 0 Valuation allowances and allowances for uncollectible amounts 226 Valuation allowances, deferred tax assets, uncollectible reinsurance recoverable, uncollectible premiums receivable, ASU 2016-13 table Skyward/2025/FY/Annual report# d10dc3d3dc65011471688a88c543bd77 0 Deferred policy acquisition costs and reserves 227 Deferred policy acquisition costs, reserve for losses and loss adjustment expenses, unearned premiums, net earned premium, net investment income, losses and loss adjustment expenses, amortization of policy acquisition costs, paid claims and claim adjustment expenses table Skyward/2025/FY/Annual report# 7f6cb0d5c26b6dcbfa3085876d318dda 0 Signatures 228 Registrant, Section 13, Section 15(d), Securities Exchange Act of 1934 prose Skyward/2025/FY/Annual report# c0d580d3a4af6abe7897cf1cb46fe0f6 0 Registrant's signature and date 229 Registrant's signature, Andrew Robinson, Chairman and Chief Executive Officer table Skyward/2025/FY/Annual report# f38d65204890385ea3ba9954d1d61439 0 Signatures, titles, and dates 230 Signatures, titles, dates, Andrew Robinson, Mark Haushill, Gena Ashe, Robert Creager, Marcia Dall, James Hays table Skyward/2025/FY/Annual report# a08966dbefa794981fd1109211579749