Skyward Specialty Announces Pricing of Secondary Offering of Common Stock

Skyward Specialty Insurance Group, Inc.announced the pricing of its secondary offering of 4,400,000 shares being offered by The Westaim Corporation, through its wholly-owned subsidiary, Westaim HIIG GP Inc. (the “Selling Stockholder”) at $36.50.

In connection with the offering, the Selling Stockholder has also granted the underwriters a 30-day option to purchase up to an additional 660,000 shares of Skyward Specialty’s common stock. The Selling Stockholder will hold 4.80% and 6.45% in Skyward Specialty, assuming full and no exercise of the underwriters’ option to purchase the additional shares, respectively.

Houston-based Skyward Specialty will not receive any of the proceeds from the sale of the shares of its common stock offered by the Selling Stockholder, and the Selling Stockholder will bear the underwriting discounts and commissions associated with the sale of such shares.

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

Skyward Specialty last week reported first quarter 2024 net income of $36.8 million compared to $15.6 million for the same period 2023 period.