Skyward Specialty Insurance Group Inc.
We are a growing specialty insurance company delivering commercial property and casualty (“P&C”) products and solutions on a non-admitted (or excess and surplus (“E&S”)) and admitted basis, predominantly in the United States. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers in these markets. We write multiple lines of business, including general liability, excess liability, professional liability, commercial auto, group accident and health, property, surety and workers’ compensation; our business mix is balanced between E&S and admitted markets.
**Note: Revenue and net income figures are for the 12 months that ended Sept. 30, 2022.
(Note: Skyward Specialty Insurance Group Inc. priced its IPO on Jan. 12, 2023, at $15.00 – the mid-point of its $14.00-to-$16.00 price range – on 8.95 million shares (8,952,383 shares) – up from 8.5 million shares in the prospectus – to raise $134.25 million. In the IPO, selling stockholders offered the additional 452,383 shares for a total of 4.2 million shares (4,202,383 shares) – or 47 percent of the IPO. Skyward Specialty Insurance Group will NOT receive any proceeds from the sale of the selling stockholders’ shares. In the IPO, Skyward Specialty Insurance Group offered 4.75 million shares – or 53 percent of the stock in the initial public offering.)
(Background: Skyward Specialty Insurance Group Inc. filed its S-1/A on Jan. 4, 2023, and disclosed its IPO terms: 8.5 million shares at $14.00 to $16.00 to raise $127.5 million. In the Jan. 4, 2023, filing (the S-1/A), Raymond James was added to the joint book-runners’ team. Of the 8.5 million shares in the IPO, the company is offering 4.75 million shares to raise $71.25 million – if priced at the $15.00 mid-point – while selling stockholders are offering 3.75 million shares and will receive $56.25 million, assuming mid-point pricing at $15.00. Skyward Specialty Insurance Group filed its S-1 on Nov. 14, 2022, without disclosing terms for its IPO. Skyward Specialty Insurance submitted confidential IPO documents to the SEC on April 22, 2022.)
|Industry:||Insurance - Fire Marine & Casualty|
|Address||800 Gessner Road, Suite 600 Houston, TX 77024-4284|
|Phone Number||(713) 935-4800|
|View Prospectus:||Skyward Specialty Insurance Group Inc.|
|Revenues||$602.32 mil (last 12 months)|
|Net Income||$20.29 mil (last 12 months)|
|Price range||$15.00 - $15.00|
|Est. $ Volume||$134.3 mil|
|Manager / Joint Managers||Barclays/ Keefe, Bruyette & Woods/ Piper Sandler/ JMP Securities/Truist Securities/ Raymond James|
|CO-Managers||Academy Securities/ Siebert Williams Shank|
|Expected To Trade:||1/13/2023|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|