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The lackluster IPO activity last year, after the top stock exchange debut of 2021, has made the market speculative about the trend of stock listings this year. Skyward Specialty Insurance Group, Inc. was one of the first companies to launch an initial public offering this year.
The company is a provider of various property and casualty insurance services in the U.S. Admitted and non-admitted business insurance solutions are offered to cover various risks such as health professional liability, property & special liability, and medical stop-loss.
8.5Mln Shares
In a regulatory filing, the Houston, Texas-based company last week announced plans to offer about 8.5 million shares, including 4.75 million company shares and about 3.75 million shares by existing shareholders. Shares are expected to fetch between $14.00 and $16.00 per share, the mid-point of which the offering will generate about $128 million in proceeds. According to the initial public offering, the company’s shares will be traded on the Nasdaq Global Select Market under the ticker symbol. SKWD.
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Most of the proceeds from the offering will be distributed to increase capitalization and financial flexibility, while part of the funds will be used to make capital contributions to subsidiaries as well as for general corporate purposes. The joint lead book-running manager for the offering is Barclays Capital Inc. and Keefe, Bruyette & Woods, Inc.
A few months ago, the company’s board ratified a 4-for-1 reverse stock split that will take place before the completion of the initial public offering.
Company
Incorporated as Houston International Insurance Group, Ltd. in January 2006, the company was rebranded as Skyward Specialty Insurance Group in November 2020. It is led by Andrew Robinson who joined as chief executive officer more than two years ago. It operates through eight divisions of accident & health, captive, global property, industry solutions, professional lines, programs, assurance, and transactional E&S.
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Management bets on this diverse structure to beat the competition and grow in scale. In the rapidly evolving insurance space, the company will strive for stable growth in the demand for specialized insurance solutions due to increased risk and complexity. New health risks like COVID-19 increase the importance of health insurance. The main challenges faced by the company are heavy reliance on retail/wholesale distribution agents, stiff competition, and the cyclical nature of the insurance business.
Finance
The company wrote gross written premiums of $879.1 million for the nine months ended September 30, 2022. The combined ratio and adjusted combined ratio were 94.7% and 92.6%, respectively, during the period. It generated net income of $19.0 million and adjusted operating income of $46.9 million in the first three quarters of the fiscal year, down 47% and up 65%.
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