| Delaware (State or other jurisdiction of incorporation or organization) | | | 6331 (Primary Standard Industrial Classification Code Number) | | | 14-1957288 (I.R.S. Employer Identification Number) | |
| Michael Murphy Patrick J. O’Malley Bianca J. LaCaille DLA Piper LLP (US) 1251 Avenue of the Americas New York, NY 10020-1104 (212) 335-4500 | | | Marc D. Jaffe Erika L. Weinberg Latham & Watkins LLP 1271 Avenue of the Americas New York, NY 10020 (212) 906-1200 | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☐ | |
| | | | | | | | | | Emerging growth company ☒ | |
| | | Per Share | | | Total | | ||||||
Public offering price | | | | $ | | | | | $ | | | ||
Underwriting discount(1) | | | | $ | | | | | $ | | | ||
Proceeds, before expenses, to Skyward Specialty Insurance Group, Inc. | | | | $ | | | | | $ | | | ||
Proceeds, before expenses, to the selling stockholder | | | | $ | | | | | $ | | | |
| Barclays | | | Keefe, Bruyette & Woods A Stifel Company | | | Jefferies | |
| Piper Sandler | | | JMP Securities A CITIZENS COMPANY | | | Truist Securities | | | Raymond James | |
| BMO Capital Markets | | | Wolfe | Nomura Alliance | |
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Capitalization | | | | | 26 | | |
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($ in thousands) | | | 2022 | | | % of Total | | | 2021 | | | % of Total | | ||||||||||||
Industry Solutions | | | | $ | 267,628 | | | | | | 23.4% | | | | | $ | 219,973 | | | | | | 23.4% | | |
Global Property & Agriculture | | | | | 205,081 | | | | | | 17.9% | | | | | | 167,887 | | | | | | 17.9% | | |
Programs | | | | | 163,653 | | | | | | 14.3% | | | | | | 140,283 | | | | | | 14.9% | | |
Accident & Health | | | | | 130,808 | | | | | | 11.4% | | | | | | 112,146 | | | | | | 11.9% | | |
Captives | | | | | 124,286 | | | | | | 10.9% | | | | | | 87,836 | | | | | | 9.3% | | |
Professional Lines | | | | | 93,011 | | | | | | 8.1% | | | | | | 59,992 | | | | | | 6.4% | | |
Surety | | | | | 79,062 | | | | | | 6.9% | | | | | | 51,792 | | | | | | 5.5% | | |
Transactional E&S | | | | | 75,098 | | | | | | 6.6% | | | | | | 27,997 | | | | | | 3.0% | | |
Total continuing business | | | | $ | 1,138,627 | | | | | | 99.5% | | | | | $ | 867,906 | | | | | | 92.3% | | |
Exited business | | | | | 5,325 | | | | | | 0.5% | | | | | | 71,953 | | | | | | 7.7% | | |
Total gross written premiums | | | | $ | 1,143,952 | | | | | | 100.0% | | | | | $ | 939,859 | | | | | | 100.0% | | |
| | | As of September 30, 2023 | | |||||||||
($ in thousands, except per share amounts) | | | Actual | | | As Adjusted | | ||||||
Notes payable | | | | $ | 50,000 | | | | | $ | 50,000 | | |
Subordinated debt | | | | | 78,670 | | | | | | 78,670 | | |
Total debt | | | | | 128,670 | | | | | | 128,670 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common stock, $0.01 par value, 500,000,000 shares authorized, 37,677,521 shares issued and outstanding | | | | | 377 | | | | | | 398 | | |
Additional paid-in capital | | | | | 645,292 | | | | | | 707,539 | | |
Stock notes receivable | | | | | (5,625) | | | | | | (5,625) | | |
Accumulated other comprehensive loss | | | | | (53,673) | | | | | | (53,673) | | |
Accumulated deficit | | | | | (50,974) | | | | | | (50,973) | | |
Total stockholders’ equity | | | | | 535,397 | | | | | | 597,666 | | |
Total Capitalization | | | | $ | 664,067 | | | | | $ | 726,336 | | |
Name of Beneficial Owner | | | Shares Beneficially Owned Prior | | | Shares Offered Hereby | | | Shares Beneficially Owned After this Offering | | |||||||||||||||||||||||||||||||||||||||
| No Exercise | | | Full Exercise | | | Assuming No Exercise | | | Assuming Full Exercise | | ||||||||||||||||||||||||||||||||||||||
| Number | | | Percent | | | Number | | | Number | | | Number | | | Percent | | | Number | | | Percent | | ||||||||||||||||||||||||||
Westaim(1) | | | | | 10,579,639 | | | | | | 28.07% | | | | | | 2,350,000 | | | | | | 3,025,000 | | | | | | 8,229,639 | | | | | | 20.66% | | | | | | 7,554,639 | | | | | | 18.97% | | |
James Hays(2) | | | | | 2,809,269 | | | | | | 7.45% | | | | | | — | | | | | | — | | | | | | 2,809,269 | | | | | | 7.05% | | | | | | 2,809,269 | | | | | | 7.05% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Andrew Robinson(3) | | | | | 189,681 | | | | | | * | | | | | | — | | | | | | — | | | | | | 189,681 | | | | | | * | | | | | | 189,681 | | | | | | * | | |
Mark Haushill(4) | | | | | 298,591 | | | | | | * | | | | | | — | | | | | | — | | | | | | 298,591 | | | | | | * | | | | | | 298,591 | | | | | | * | | |
Kirby Hill(5) | | | | | 21,132 | | | | | | * | | | | | | — | | | | | | — | | | | | | 21,132 | | | | | | * | | | | | | 21,132 | | | | | | * | | |
John Burkhart(6) | | | | | 10,698 | | | | | | * | | | | | | — | | | | | | — | | | | | | 10,698 | | | | | | * | | | | | | 10,698 | | | | | | * | | |
J. Cameron MacDonald | | | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Gena Ashe(7) | | | | | 1,734 | | | | | | * | | | | | | — | | | | | | — | | | | | | 1,734 | | | | | | * | | | | | | 1,734 | | | | | | * | | |
Robert Creager(8) | | | | | 50,254 | | | | | | * | | | | | | — | | | | | | — | | | | | | 50,254 | | | | | | * | | | | | | 50,254 | | | | | | * | | |
Marcia Dall(9) | | | | | 5,654 | | | | | | * | | | | | | — | | | | | | — | | | | | | 5,654 | | | | | | — | | | | | | 5,654 | | | | | | * | | |
James Hays(2) | | | | | 2,809,269 | | | | | | 7.45% | | | | | | — | | | | | | — | | | | | | 2,809,269 | | | | | | 7.05% | | | | | | 2,809,269 | | | | | | 7.05% | | |
Robert Kittel | | | | | — | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Name of Beneficial Owner | | | Shares Beneficially Owned Prior | | | Shares Offered Hereby | | | Shares Beneficially Owned After this Offering | | |||||||||||||||||||||||||||||||||||||||
| No Exercise | | | Full Exercise | | | Assuming No Exercise | | | Assuming Full Exercise | | ||||||||||||||||||||||||||||||||||||||
| Number | | | Percent | | | Number | | | Number | | | Number | | | Percent | | | Number | | | Percent | | ||||||||||||||||||||||||||
Anthony J. Kuczinski(10) | | | | | 4,026 | | | | | | * | | | | | | — | | | | | | — | | | | | | 4,026 | | | | | | * | | | | | | 4,026 | | | | | | * | | |
Katharine Terry(9) | | | | | 5,654 | | | | | | * | | | | | | — | | | | | | — | | | | | | 5,654 | | | | | | * | | | | | | 5,654 | | | | | | * | | |
All executive officers and directors as a group (17 persons)(11) | | | | | 3,462,882 | | | | | | 9.19% | | | | | | — | | | | | | — | | | | | | 3,462,882 | | | | | | 8.69% | | | | | | 3,462,882 | | | | | | 8.69% | | |
Underwriters | | | Number of Shares | | |||
Barclays Capital Inc. | | | | ||||
Keefe, Bruyette & Woods, Inc. | | | | | | | |
Jefferies LLC | | | | | | | |
Piper Sandler & Co. | | | | | | | |
Citizens JMP Securities, LLC | | | | | | | |
Truist Securities, Inc. | | | | | | | |
Raymond James & Associates, Inc. | | | | | | | |
BMO Capital Markets Corp. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
WR Securities, LLC | | | | | | | |
Total | | | | | 4,500,000 | | |
Paid by Us | | | No Exercise | | | Full Exercise | | ||||||
Per Share | | | | | | | | | | | | ||
Total | | | | | | | | | | | | | |
Paid by the Selling Stockholder | | | No Exercise | | | Full Exercise | | ||||||
Per Share | | | | $ | | | | | $ | | | ||
Total | | | | $ | | | | | $ | | | |
| Barclays | | | Keefe, Bruyette & Woods A Stifel Company | | | Jefferies | |
| Piper Sandler | | | JMP Securities A CITIZENS COMPANY | | | Truist Securities | | | Raymond James | |
| BMO Capital Markets | | | Wolfe | Nomura Alliance | |
| SEC registration fee | | | $ | 11,495 | | | SEC registration fee | | | $ | 22,938 | | | ||
| FINRA filing fee | | | | 16,147 | | | FINRA filing fee | | | | 23,811 | | | ||
| Printing and engraving expenses | | | | 25,000 | | | Printing and engraving expenses | | | | 25,000 | | | ||
| Legal fees and expenses | | | | 125,000 | | | Legal fees and expenses | | | | 100,000 | | | ||
| Accounting fees and expenses | | | | 150,000 | | | Accounting fees and expenses | | | | 150,000 | | | ||
| Transfer agent and registrar fees | | | | 25,000 | | | Transfer agent and registrar fees | | | | 25,000 | | | ||
| Miscellaneous expenses | | | | 50,000 | | | Miscellaneous expenses | | | | 50,000 | | | ||
| Total | | | $ | 402,642 | | | Total | | | $ | 396,749 | | |
| Exhibit Number | | | Exhibit Description | |
| 1.1 | | | | |
| 3.1 | | | | |
| 3.2 | | | | |
| 4.1 | | | | |
| 5.1 | | | | |
| 10.1+ | | | | |
| 10.2+ | | | | |
| 10.3+ | | | |
| Exhibit Number | | | Exhibit Description | |
| 10.4+ | | | | |
| 10.5+ | | | | |
| 10.6+ | | | | |
| 10.7+ | | | | |
| 10.8+ | | | | |
| 10.9+ | | | | |
| 10.10+ | | | | |
| 10.11+ | | | | |
| 10.12+ | | | | |
| 10.13+ | | | | |
| 10.14+ | | | | |
| 10.15+ | | | | |
| 10.16 | | | |
| Exhibit Number | | | Exhibit Description | |
| 10.17 | | | | |
| 10.18 | | | | |
| 10.19 | | | | |
| 10.20† | | | | |
| 10.21† | | | | |
| 10.22† | | | | |
| 10.23 | | | | |
| 10.24 | | | | |
| 21.1 | | | | |
| 23.1 | | | | |
| 23.2 | | | | |
| 24.1 | | | | |
| 107 | | | |
| Signature | | | Title | | | Date | |
| /s/ Andrew Robinson Andrew Robinson | | | Chief Executive Officer and Director (Principal Executive Officer) | | | | |
| /s/ Mark Haushill Mark Haushill | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | | |
| J. Cameron MacDonald | | | Director | | | | |
| Gena Ashe | | | Director | | | November 13, 2023 | |
| /s/ Robert Creager Robert Creager | | | Director | | | | |
| Marcia Dall | | | Director | | | | |
| James Hays | | | Director | | | |
| Signature | | | Title | | | Date | |
| Robert Kittel | | | Director | | | | |
| Anthony J. Kuczinski | | | Director | | | November 13, 2023 | |
| /s/ Katharine Terry Katharine Terry | | | Director | | |
|