Skyward Specialty Announces Pricing of Its Upsized Follow-On Offering of Its Common Stock

HOUSTON, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group Inc.^TM (NASDAQ: SKWD) ("Skyward Specialty" or the “Company") a leader in the specialty property and casualty (“P&C”) market, today announced the pricing of its upsized follow-on offering of 5,000,000 shares of its common stock, with 2,150,000 shares being offered by Skyward Specialty and an upsized 2,850,000 shares being sold by Skyward Specialty’s existing stockholder, The Westaim Corporation (“Westaim”) at $30.50 per share. Westaim also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares. The offering is expected to close on November 20, 2023 subject to customary closing conditions.

Skyward Specialty’s principal purposes of the offering are to support its continued growth and allow the Company to capitalize on market opportunities – led by its existing lines, but also continuing to expand into new products and adjacencies that fit the Company’s strategy by increasing capitalization and financial flexibility. Skyward Specialty will not receive any of the proceeds from the sale of the shares by Westaim.

Barclays, Keefe, Bruyette & Woods, Inc., A Stifel Company and Jefferies are acting as joint lead book-running managers for the proposed offering. Piper Sandler, JMP Securities, A Citizens Company, Truist Securities, Raymond James, BMO Capital Markets and Wolfe | Nomura Alliance are acting as joint book-running managers for the proposed offering.

A registration statement relating to these securities was filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on November 15, 2023 and is available on the SEC’s website at . Accordingly, the offering is being made by means of a final prospectus. Copies of the final prospectus relating to the offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: (888) 603-5847 or email: ), Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York, New York 10019, Attention: Equity Capital Markets (telephone: (800) 966-1559, or email: ) or Jefferies LLC, 520 Madison Avenue, New York, NY 10022, Attention: Equity Syndicate Prospectus Department (telephone: (877) 821-7388, or email: ).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements, including with respect to statements relating to the offering, including the timing and size of the offering and the anticipated use of proceeds therefrom and the grant of the option to purchase additional shares. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management's control. These statements involve risks and uncertainties that may cause Skyward Specialty's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, including, without limitation: the risks and uncertainties with market conditions and the satisfaction of customary closing conditions related to the proposed offering and the other risks and uncertainties described in Skyward Specialty’s filings with the SEC, included under the heading “Risk Factors” in Skyward Specialty’s Annual Report on Form 10-K and any subsequent filings with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Skyward Specialty assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

About Skyward Specialty

Skyward Specialty (NASDAQ: SKWD) is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions -- Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S.

Skyward Specialty's subsidiary insurance companies consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A- (Excellent) with positive outlook by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit 

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