0001519449-25-000061 | 10-Q | XBRL Viewer | Skyward Specialty Insurance Group INC

Losses and Loss Adjustment Expenses

The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses (“LAE”) as reported in the condensed consolidated balance sheets as of and for the nine months ended September 30, 2025 and 2024:


	Nine months ended September 30,
($ in thousands)	2025		2024
Reserves for losses and LAE, beginning of period	$	1,782,383	$	1,314,501
Less: reinsurance recoverable on unpaid claims, beginning of period	(670,846)		(455,484)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,111,537		859,017
Incurred, net of reinsurance, related to:
Current period	587,584		474,289
Prior years	—		—
Total incurred, net of reinsurance	587,584		474,289
Paid, net of reinsurance, related to:
Current period	84,583		82,653
Prior years	292,605		224,760
Total paid	377,188		307,413
Net reserves for losses and LAE, end of period	1,321,933		1,025,893
Plus: reinsurance recoverable on unpaid claims, end of period	739,841		542,884
Reserves for losses and LAE, end of period	$	2,061,774	$	1,568,777

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investments:
Fixed maturity securities, available-for-sale, at fair value (net of allowance for credit losses of $7,000 and $0, respectively) (amortized cost of $1,800,068 and $1,320,266, respectively)	$ 1,805,218	$ 1,292,218
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $236 and $243, respectively)	34,568	39,153
Equity securities, at fair value	1,182	106,254
Mortgage loans, at fair value	9,998	26,490
Equity method investments	85,368	98,594
Other long-term investments	50,078	33,182
Short-term investments, at fair value	247,376	274,929
Total investments	2,233,788	1,870,820
Cash and cash equivalents	160,068	121,603
Restricted cash	38,197	35,922
Premiums receivable, net	583,148	321,641
Reinsurance recoverables, net	923,406	857,876
Ceded unearned premium	276,354	203,901
Deferred policy acquisition costs	144,932	113,183
Deferred income taxes	28,022	30,486
Goodwill and intangible assets, net	88,417	87,348
Other assets	117,714	86,698
Total assets	4,594,046	3,729,478
Liabilities:
Reserves for losses and loss adjustment expenses	2,061,774	1,782,383
Unearned premiums	885,669	637,185
Deferred ceding commission	50,995	40,434
Reinsurance and premium payables	276,750	177,070
Funds held for others	123,304	102,665
Accounts payable and accrued liabilities	114,570	76,206
Notes payable	100,000	100,000
Subordinated debt, net of debt issuance costs	19,561	19,536
Total liabilities	3,632,623	2,935,479
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,487,365 and 40,127,908 shares issued and outstanding, respectively	405	401
Additional paid-in capital	727,561	718,598
Accumulated other comprehensive income (loss)	9,539	(22,120)
Retained earnings	223,918	97,120
Total stockholders’ equity	961,423	793,999
Total liabilities and stockholders’ equity	$ 4,594,046	$ 3,729,478

Related Party Transactions - Other Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Professional fees and reimbursements \| Related Party
Related Party Transaction [Line Items]
Professional fees	$ 0.2	$ 0.2	$ 0.5	$ 0.4

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator
Net income	$ 45,901	$ 36,668	$ 126,798	$ 104,422
Denominator
Basic weighted-average common shares (in shares)	40,487,069	40,098,345	40,377,864	40,039,269
Diluted weighted-average common share equivalents (in shares)	41,868,449	41,428,557	41,784,976	41,302,108
Basic earnings per share (in dollar per share)	$ 1.13	$ 0.91	$ 3.14	$ 2.61
Diluted earnings per share (in dollar per share)	$ 1.10	$ 0.89	$ 3.03	$ 2.53
Stock units
Denominator
Diluted effect of awards (in shares)	880,353	932,030	901,598	895,468
Options
Denominator
Diluted effect of awards (in shares)	501,027	398,182	505,514	367,371

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Insurance [Abstract]
Market value of trust funds	$ 220.4
Deposit contracts, assets	$ 22.0	$ 25.9

Fair Value Measurements - Narrative (Details) - Fair Value Measured at Net Asset Value Per Share $ in Millions	Sep. 30, 2025 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure	$ 47.0
Unrecorded unconditional purchase obligation	$ 21.5

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Available-for-sale allowance for credit losses	$ 7,000	$ 0
Amortized cost	1,800,068	1,320,266
Allowance for credit losses	$ 236	$ 243
Common stock, par value (in dollar per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	40,487,365	40,127,908
Common stock, shares outstanding (in shares)	40,487,365	40,127,908

Equity Method Investments and Other - Investment in JVN Funds (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 85,368	$ 98,594
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Underlying equity	14,552	16,624
Difference	492	605
Recorded investment balance	$ 15,044	$ 17,229

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Related Party Transactions - RISCOM Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Related Party Transaction [Line Items]
Net earned premium	$ 351,797	$ 269,557	$ 947,705	$ 763,482
Affiliated entity \| Agency agreement \| RISCOM
Related Party Transaction [Line Items]
Net earned premium	30,675	27,456	89,521	79,511
Commissions	$ 7,026	$ 6,448	$ 22,191	$ 19,682

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Other (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Carrying Value of Equity Method Investments

The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025				December 31, 2024
	Carrying Value		Ownership %		Carrying Value		Ownership %
Arena Special Opportunities Fund, LP units	$	28,547	14.2	%	$	34,936	15.3	%
JVM Funds LLC units	15,044		10.1	%	17,229		10.1	%
Hudson Ventures Fund 2 LP units	5,275		2.5	%	4,967		2.5	%
RISCOM	4,427		20.0	%	5,013		20.0	%
Brewer Lane Ventures Fund II LP units	1,691		2.4	%	1,040		2.4	%
Dowling Capital Partners LP units	805		5.0	%	666		5.0	%

Arena SOP LP units	—		11.2	%	1,474		10.9	%
	$	55,789			$	65,325

The following table sets forth the components of net investment income (loss) from equity method investments for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
RISCOM	$	487	$	493	$	1,414	$	1,168
Dowling Capital Partners LP units	232		67		448		1,449
Hudson Ventures Fund II LP units	187		(594)		252		(436)
Brewer Lane Ventures Fund II LP	(25)		(31)		118		(87)

JVM Funds LLC	(222)		(261)		(737)		(1,280)
Arena SOP LP units	—		(612)		(1,474)		67
Arena Special Opportunities Fund, LP units	(314)		(206)		(2,562)		1,715
	$	345	$	(1,144)	$	(2,541)	$	2,596

The following table sets forth the unfunded commitment of equity method investments as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024
Brewer Lane Ventures Fund II LP units	$	3,355	$	4,077
Dowling Capital Partners LP units	386		386
Hudson Ventures Fund 2 LP units	216		397
Red Bird Capital Partners LP units	21,506		24,400
	$	25,463	$	29,260

The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024
Investment in RISCOM:
Underlying equity	$	3,352	$	3,756
Difference	1,075		1,258
Recorded investment balance	$	4,427	$	5,013

The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024
Investment in JVM Funds LLC:
Underlying equity	$	14,552	$	16,624
Difference	492		605
Recorded investment balance	$	15,044	$	17,229

The carrying value of the SMA1 and SMA2 as of September 30, 2025 and December 31, 2024 were as follows:


($ in thousands)	September 30, 2025		December 31, 2024

SMA1	$	16,049	$	20,296
SMA2	13,530		12,973
Investment in indirect loans and loan collateral	$	29,579	$	33,269

Equity Method Investments and Other - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 85,368	$ 98,594
SMA1
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	16,049	20,296
SMA2
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	13,530	12,973
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 29,579	$ 33,269

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Segment - Narrative (Details)	9 Months Ended
Segment - Narrative (Details)	Sep. 30, 2025 segment division
Segment Reporting [Abstract]
Number of reportable segments \| segment	1
Number of underwriting divisions \| division	9

Reinsurance (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Effects of Reinsurance

The following tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,
	2025				2024
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	414,475	$	417,896	$	347,444	$	349,980
Assumed premiums	192,034		117,008		52,570		69,436
Ceded premiums	(165,342)		(183,107)		(131,692)		(149,859)
Net premiums	$	441,167	$	351,797	$	268,322	$	269,557
Ceded losses and LAE incurred			$	126,632			$	108,152


	Nine months ended September 30,
	2025				2024
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	1,283,866	$	1,196,111	$	1,118,683	$	1,012,550
Assumed premiums	442,883		282,155		236,194		202,408
Ceded premiums	(603,098)		(530,561)		(502,326)		(451,476)
Net premiums	$	1,123,651	$	947,705	$	852,551	$	763,482
Ceded losses and LAE incurred			$	400,537			$	300,725

Schedule of Ceded Credit Risk

The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024

Ceded unpaid losses and LAE	$	739,841	$	670,846
Ceded paid losses and LAE	185,860		166,663
Loss portfolio transfer	—		22,662
Allowance for credit losses	(2,295)		(2,295)
Reinsurance recoverables	$	923,406	$	857,876
Ceded unearned premium	$	276,354	$	203,901

Equity Method Investments and Other - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 22,180	$ 19,535	$ 60,107	$ 59,866
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	345	(1,144)	(2,541)	2,596
RISCOM \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	487	493	1,414	1,168
Dowling Capital Partners LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	232	67	448	1,449
Brewer Lane Ventures Fund II LP \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(25)	(31)	118	(87)
Hudson Ventures Fund II LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	187	(594)	252	(436)
JVM Funds LLC \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(222)	(261)	(737)	(1,280)
Arena SOP LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	0	(612)	(1,474)	67
Arena Special Opportunities Fund, LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	$ (314)	$ (206)	$ (2,562)	$ 1,715

Investments - Schedule of Changes in Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024
Fixed Maturity Securities, Available-For-Sale
Beginning balance	$ 6,150	$ 0	$ 0
Current period provision for credit losses	850	6,150	0
Recoveries of amounts previously written off	0
Ending balance	7,000	6,150	0
Fixed Maturity Securities, Held-to-Maturity
Beginning balance	268	250	243	$ 225	$ 329
Current period provision for credit losses	0	18	7	14
Recoveries of amounts previously written off	(32)				(104)
Ending balance	$ 236	$ 268	$ 250	$ 239	$ 225

Mortgage Loans

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Mortgage Loans

The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”). As of September 30, 2025 and December 31, 2024, the Company held direct investments in mortgage loans from various creditors through SMA1 and SMA2.

The Company’s mortgage loan portfolios are primarily senior loans on real estate across the U.S. The loans earn interest at a fixed spread above a prime rate and mature in approximately 2 to 4 years from loan origination. The principal amounts of the loans are approximately 64% of the property’s appraised value at the time the loans were made.

The following table sets forth the carrying value of the Company’s mortgage loans as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024
Commercial	$	3,407	$	8,474
Retail	—		10,032
Hospitality	6,591		7,984



	$	9,998	$	26,490

The following table sets forth the Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Commercial	$	108	$	376	$	325	$	1,685
Retail	—		513		304		1,473
Hospitality	175		269		585		1,007




	$	283	$	1,158	$	1,214	$	4,165

The uncollectible amounts on loans, on an individual loan basis, are determined based upon consultations and advice from the Company’s specialized investment manager and consideration of any adverse situations that could affect the borrower’s ability to repay, the estimated value of underlying collateral, and other relevant factors. The Company writes off the uncollectible amount in the period it was determined to be uncollectible. There was no write-off for uncollectible amounts during the three and nine months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025 and as of December 31, 2024, no mortgage loans were in the process of foreclosure and there were no mortgage loans that were not producing income for the previous 12 months.

Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense


	Nine months ended September 30,
($ in thousands)	2025		2024
Reserves for losses and LAE, beginning of period	$	1,782,383	$	1,314,501
Less: reinsurance recoverable on unpaid claims, beginning of period	(670,846)		(455,484)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,111,537		859,017
Incurred, net of reinsurance, related to:
Current period	587,584		474,289
Prior years	—		—
Total incurred, net of reinsurance	587,584		474,289
Paid, net of reinsurance, related to:
Current period	84,583		82,653
Prior years	292,605		224,760
Total paid	377,188		307,413
Net reserves for losses and LAE, end of period	1,321,933		1,025,893
Plus: reinsurance recoverable on unpaid claims, end of period	739,841		542,884
Reserves for losses and LAE, end of period	$	2,061,774	$	1,568,777

Reinsurance

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

The following tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,
	2025				2024
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	414,475	$	417,896	$	347,444	$	349,980
Assumed premiums	192,034		117,008		52,570		69,436
Ceded premiums	(165,342)		(183,107)		(131,692)		(149,859)
Net premiums	$	441,167	$	351,797	$	268,322	$	269,557
Ceded losses and LAE incurred			$	126,632			$	108,152


	Nine months ended September 30,
	2025				2024
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	1,283,866	$	1,196,111	$	1,118,683	$	1,012,550
Assumed premiums	442,883		282,155		236,194		202,408
Ceded premiums	(603,098)		(530,561)		(502,326)		(451,476)
Net premiums	$	1,123,651	$	947,705	$	852,551	$	763,482
Ceded losses and LAE incurred			$	400,537			$	300,725

The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024

Ceded unpaid losses and LAE	$	739,841	$	670,846
Ceded paid losses and LAE	185,860		166,663
Loss portfolio transfer	—		22,662
Allowance for credit losses	(2,295)		(2,295)
Reinsurance recoverables	$	923,406	$	857,876
Ceded unearned premium	$	276,354	$	203,901

The Company entered into agreements with several of its reinsurers, whereby the reinsurer established funded trust accounts with the Company as the sole beneficiary. These trust accounts provide the Company additional security to collect claim recoverables under reinsurance contracts and the Company does not carry these on the balance sheet because the Company will only have custody over these accounts upon the failure of the reinsurer to pay amounts due. At September 30, 2025, the market value of these accounts was approximately $220.4 million. The trust amount will be adjusted periodically, by mutual agreement, based on claim payments and loss reserve recoverables.

Certain ceded reinsurance contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk are accounted for using the deposit method of accounting. The Company’s deposit asset at September 30, 2025 and December 31, 2024 was $22.0 million and $25.9 million, respectively, and was included in other assets on the condensed consolidated balance sheets.

Commission and Fee Income

9 Months Ended

Sep. 30, 2025

Commission and Fee Income

Skyward Underwriters Agency, Inc. (“SUA”), a subsidiary of the Company, is a managing general insurance agent and reinsurance broker for property and casualty and accident and health risks in specialty niche markets. Commission and fee income is primarily generated from SUA for the placement of insurance policies on either a third-party insurance or reinsurance company.

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
SUA commission revenue	$	779	$	1,436	$	3,054	$	3,125
SUA fee income	1,650		1,027		4,422		2,437
Other	(525)		(645)		(1,036)		335
Total commission and fee income	$	1,904	$	1,818	$	6,440	$	5,897

The Company’s contract assets from commission and fee income as of September 30, 2025 and December 31, 2024 were $2.6 million and $1.4 million, respectively.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

Schedule of Related Party Transactions

Mortgage Loans - Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 9,998		$ 9,998		$ 26,490
Total investment income	283	$ 1,158	1,214	$ 4,165
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	3,407		3,407		8,474
Total investment income	108	376	325	1,685
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	0		0		10,032
Total investment income	0	513	304	1,473
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	6,591		6,591		$ 7,984
Total investment income	$ 175	$ 269	$ 585	$ 1,007

Fair Value Measurements - Fair Value, Measure on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Fixed Maturity Securities, Available-For-Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 94,868	$ 83,457	$ 77,920	$ 0	$ 0	$ 0
Total (losses) gains for the period recognized in net investment gains (losses)	(920)	(4,081)	(110)	(118)	0	0
Issuances		0	0	0	0	0
Settlements	0	0	0	0	0	0
Purchases	24,921	8,838	5,164	23,820
Transfers into Level 3		6,144		23,533
Sales/Disposals	(809)	(237)	(199)	(153)
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	1,167	747	682	1,592
Ending balance	119,227	94,868	83,457	48,674	0	0
Total (losses) gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	0	0	0	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance				0	0	0
Total (losses) gains for the period recognized in net investment gains (losses)				246	0	0
Issuances				0	0	0
Settlements				0	0	0
Purchases				5,571
Transfers into Level 3				0
Sales/Disposals				0
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)				0
Ending balance				5,817	0	0
Total (losses) gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end				246	0	0
Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	10,168	16,012	26,490	43,670	44,309	50,070
Total (losses) gains for the period recognized in net investment gains (losses)	(69)	330	(66)	866	(1,030)	971
Issuances		8	5	8	449	187
Settlements	(101)	(6,182)	(10,417)	(8,277)	(58)	(6,919)
Purchases	0	0	0	0
Transfers into Level 3		0		0
Sales/Disposals	0	0	0	0
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	0	0	0	0
Ending balance	9,998	10,168	16,012	36,267	43,670	44,309
Total (losses) gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$ (69)	$ 92	$ (84)	$ 829	$ (1,031)	$ 952

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 14,646	$ 10,185	$ 34,979	$ 29,763
Effective tax rate	24.20%	21.70%	21.60%	22.20%

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Other Income and Expenses [Abstract]
Total underwriting, acquisition and insurance expenses	$ 101,676	$ 79,817	$ 273,823	$ 226,270

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2025

Net earned premium and gross commission expense related to these agreements for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Net earned premium	$	30,675	$	27,456	$	89,521	$	79,511
Commissions	7,026		6,448		22,191		19,682

Investments - Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Gross realized gains
Fixed maturity securities, available-for-sale	$ 701	$ 575	$ 1,606	$ 1,405
Equity securities	17,076	1,591	34,262	3,165
Other	109	62	709	170
Total	17,886	2,228	36,577	4,740
Gross realized losses
Fixed maturity securities, available-for-sale	(1,191)	(11)	(9,788)	(871)
Equity securities	(745)	(280)	(3,000)	(2,571)
Other	(82)	(142)	(192)	(152)
Total	(2,018)	(433)	(12,980)	(3,594)
Net unrealized gains (losses) on investments
Equity securities	(14,551)	7,512	(22,900)	14,802
Mortgage loans	(69)	866	195	807
Other	5,633	0	16,028	0
Net investment gains	$ 6,881	$ 10,173	$ 16,920	$ 16,755

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net earnings per share for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands, except for share and per share amounts)	2025		2024		2025		2024
Numerator
Net income	$	45,901	$	36,668	$	126,798	$	104,422




Denominator
Basic weighted-average common shares	40,487,069		40,098,345		40,377,864		40,039,269



Dilutive effect of stock units	880,353		932,030		901,598		895,468
Dilutive effect of options	501,027		398,182		505,514		367,371
Diluted weighted-average common share equivalents	41,868,449		41,428,557		41,784,976		41,302,108
Basic earnings per share	$	1.13	$	0.91	$	3.14	$	2.61
Diluted earnings per share	$	1.10	$	0.89	$	3.03	$	2.53

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024


Stock units	27,208	7,152	91,206	165,072
Options	350	16	87	561

Segment (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents gross written premiums by underwriting division for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Accident & Health	$	63,147	$	43,490	$	186,805	$	128,479
Agriculture and Credit (Re)insurance	168,105		17,044		327,525		96,957
Captives	67,956		53,630		213,318		184,137
Construction & Energy Solutions	66,576		70,309		215,760		222,745
Global Property	27,649		37,540		158,327		183,083
Professional Lines	35,598		40,310		114,911		120,655
Specialty Programs	82,771		54,434		231,401		166,256
Surety	43,737		34,592		122,272		106,076
Transactional E&S	50,950		48,665		156,417		146,506
Total continuing business	606,489		400,014		1,726,736		1,354,894
Exited business	20		—		13		(17)
Total gross written premiums	$	606,509	$	400,014	$	1,726,749	$	1,354,877

The following table presents information about reported segment net underwriting income, significant segment expenses and a reconciliation of net underwriting income to net income for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Underwriting income
Revenues:
Net earned premiums	$	351,797	$	269,557	$	947,705	$	763,482
Commission and fee income	1,904		1,818		6,440		5,897
Total underwriting revenues	353,701		271,375		954,145		769,379
Expenses:
Losses and LAE	213,780		170,521		582,351		473,489
Amortization of policy acquisition costs	49,243		37,365		138,369		105,273







Other operating and general expenses	52,433		42,452		135,454		120,997
Total underwriting expenses	315,456		250,338		856,174		699,759
Net underwriting income	$	38,245	$	21,037	$	97,971	$	69,620

Reconciliation of net underwriting income to net income:
Net underwriting income	$	38,245	$	21,037	$	97,971	$	69,620
Add:
Net investment income	22,180		19,535		60,107		59,866
Net investment gains	6,881		10,173		16,920		16,755
Other loss	(236)		(195)		(216)		(202)
Less:
Interest expense	1,919		2,229		5,629		7,405
Amortization expense	455		351		1,164		1,099
Other expenses	4,149		1,117		6,212		3,350
Income before income taxes	60,547		46,853		161,777		134,185
Income tax expense	14,646		10,185		34,979		29,763
Net income	$	45,901	$	36,668	$	126,798	$	104,422

Schedule Return on Equity and Book Value Per Share

The following table presents annualized return on equity for the three and nine months ended September 30, 2025 and 2024 and book value per share as of September 30, 2025 and December 31, 2024:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025			2024
Annualized return on equity	19.7	%	19.3	%	19.3		%	19.1		%

					September 30, 2025			December 31, 2024
Book value per share					$	23.75		$	19.79

Fair Value Measurements - Summary of Subordinated Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
FHLB Loan \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	$ 57,000	$ 57,000
FHLB Loan \| Fair Value
Debt Instrument [Line Items]
Long-term debt	57,474	56,200
Revolving credit facility \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	43,000	43,000
Revolving credit facility \| Fair Value
Debt Instrument [Line Items]
Long-term debt	43,000	43,000
Notes payable \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	100,000	100,000
Notes payable \| Fair Value
Debt Instrument [Line Items]
Long-term debt	100,474	99,200
Unsecured subordinated notes \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,561	19,536
Unsecured subordinated notes \| Fair Value
Debt Instrument [Line Items]
Long-term debt	20,989	20,541
Subordinated debt, net of debt issuance costs \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,561	19,536
Subordinated debt, net of debt issuance costs \| Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 20,989	$ 20,541

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
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-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Cash flows from operating activities:

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Net income

$ 126,798

$ 104,422

Adjustments to reconcile net income to net cash provided by operating activities

229,510

178,793

Net cash provided by operating activities

356,308

283,216

Cash flows from investing activities:

Purchase of fixed maturity securities, available-for-sale

(664,018)

(425,642)

Purchase of equity securities

(13,213)

(14,156)

Purchase of equity method investments and other long-term investments

(3,222)

(22,377)

Purchase of intangible assets and goodwill

(2,000)

Investment in direct and indirect loans

15,412

18,445

Purchase of property and equipment

(3,747)

(3,148)

Proceeds from the sales of fixed maturity securities, available-for-sale

61,461

17,540

Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale

122,761

96,306

Maturities, calls and paydowns of fixed maturity securities held-to-maturity

3,506

5,345

Proceeds from the sales of equity securities

126,738

22,993

Sales of and distributions from equity method and other long-term investments

9,274

10,054

Change in short-term investments

27,562

63,868

Change in receivable/payable for securities

Cash provided by deposit accounting

3,918

2,775

Net cash used in investment activities

(315,568)

(227,963)

Cash flows from financing activities:

Repayment of stock notes receivable

5,561

Proceeds from long term borrowings

107,000

Payments on long term borrowings and trust preferred

(116,794)

Net cash used in financing activities

(4,233)

Net increase in cash and cash equivalents and restricted cash

40,740

51,020

Cash and cash equivalents and restricted cash at beginning of period

^[1]

157,525

100,336

Cash and cash equivalents and restricted cash at end of period

^[1]

198,265

151,356

Supplemental disclosure of cash flow information:

Cash paid for interest

4,671

6,943

Cash paid for income taxes

$ 31,822

$ 22,968

[1]	(1) The sum of cash and cash equivalents and restricted cash from the consolidated balance sheets

Reinsurance - Schedule of Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Written
Direct premiums	$ 414,475	$ 347,444	$ 1,283,866	$ 1,118,683
Assumed premiums	192,034	52,570	442,883	236,194
Ceded premiums	(165,342)	(131,692)	(603,098)	(502,326)
Net premiums	441,167	268,322	1,123,651	852,551
Earned
Direct premiums	417,896	349,980	1,196,111	1,012,550
Assumed premiums	117,008	69,436	282,155	202,408
Ceded premiums	(183,107)	(149,859)	(530,561)	(451,476)
Net premiums	351,797	269,557	947,705	763,482
Ceded losses and LAE incurred	$ 126,632	$ 108,152	$ 400,537	$ 300,725

Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

The following tables set forth the amortized cost and the fair value by investment category at September 30, 2025 and December 31, 2024:


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	75,931	$	286	$	(30)	$	—	$	76,187
Corporate securities and miscellaneous	594,623		14,213		(4,034)		(7,000)		597,802
Municipal securities	100,748		1,648		(2,393)		—		100,003
Residential mortgage-backed securities	497,582		7,904		(10,310)		—		495,176
Commercial mortgage-backed securities	71,950		1,046		(612)		—		72,384
Other asset-backed securities	459,234		5,560		(1,128)		—		463,666
Total fixed maturity securities, available-for-sale	$	1,800,068	$	30,657	$	(18,507)	$	(7,000)	$	1,805,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	34,804	$	2,699	$	—	$	(236)	$	37,267
Total fixed maturity securities, held-to-maturity	$	34,804	$	2,699	$	—	$	(236)	$	37,267


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	26,577	$	35	$	(126)	$	—	$	26,486
Corporate securities and miscellaneous	433,298		5,618		(13,288)		—		425,628
Municipal securities	89,966		116		(5,366)		—		84,716
Residential mortgage-backed securities	408,585		1,875		(16,627)		—		393,833
Commercial mortgage-backed securities	70,262		545		(1,443)		—		69,364
Other asset-backed securities	291,578		2,447		(1,834)		—		292,191
Total fixed maturity securities, available-for-sale	$	1,320,266	$	10,636	$	(38,684)	$	—	$	1,292,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	39,396	$	—	$	(436)	$	(243)	$	38,717
Total fixed maturity securities, held-to-maturity	$	39,396	$	—	$	(436)	$	(243)	$	38,717

The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at September 30, 2025:



($ in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	41,043	$	40,596
Due after one year through five years	445,407		444,540
Due after five years through ten years	231,147		235,749
Due after ten years	53,705		53,107
Mortgage-backed securities	569,532		567,560
Other asset-backed securities	459,234		463,666
Total	$	1,800,068	$	1,805,218

Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity.

The Company’s fixed maturity securities, held-to-maturity, at September 30, 2025 consisted entirely of asset backed securities that were not due at a single maturity date.

At September 30, 2025, the Company had U.S. government agencies mortgage-backed fixed maturity securities, with a carrying value of approximately $67.3 million pledged as collateral for a loan (the “FHLB Loan”) from the Federal Home Loan Bank of Dallas (“FHLB”) pursuant to an Advances and Security Agreement between the Company and FHLB (the “Advances and Security Agreement”). In accordance with the terms of the FHLB Loan, the Company retains all rights regarding these pledged securities.

At September 30, 2025, the Company had assets with fair values of approximately $55.3 million pledged as collateral for performance obligations under reinsurance agreements. In accordance with the terms of the trust agreements, the Company retains all rights regarding these securities, of which $45.7 million are residential mortgage-backed securities, $7.4 million of cash and cash equivalents and other assets and $2.2 million of short-term investments.

The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of September 30, 2025 and 2024:


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	5,342	$	—	$	2,051	$	(30)	$	7,393	$	(30)
Corporate securities and miscellaneous	52,842		(149)		69,438		(3,885)		122,280		(4,034)
Municipal securities	11,359		(311)		23,913		(2,082)		35,272		(2,393)
Residential mortgage-backed securities	64,023		(527)		79,215		(9,783)		143,238		(10,310)
Commercial mortgage-backed securities	996		(1)		10,412		(611)		11,408		(612)
Other asset-backed securities	48,244		(116)		18,502		(1,012)		66,746		(1,128)
Total fixed maturity securities, available-for-sale	182,806		(1,104)		203,531		(17,403)		386,337		(18,507)


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	15,938	$	(34)	$	2,297	$	(92)	$	18,235	$	(126)
Corporate securities and miscellaneous	136,888		(2,060)		81,232		(11,228)		218,120		(13,288)
Municipal securities	41,930		(1,046)		27,687		(4,320)		69,617		(5,366)
Residential mortgage-backed securities	201,407		(3,366)		82,496		(13,261)		283,903		(16,627)
Commercial mortgage-backed securities	9,411		(126)		13,178		(1,317)		22,589		(1,443)
Other asset-backed securities	75,119		(721)		29,851		(1,113)		104,970		(1,834)
Total fixed maturity securities, available-for-sale	480,693		(7,353)		236,741		(31,331)		717,434		(38,684)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	2,144		(2)		36,573		(434)		38,717		(436)
Total fixed maturity securities, held-to-maturity:	2,144		(2)		36,573		(434)		38,717		(436)
Total	$	482,837	$	(7,355)	$	273,314	$	(31,765)	$	756,151	$	(39,120)

The Company regularly monitors its available-for-sale fixed maturity securities that have fair values less than cost or amortized cost for signs of impairment, an assessment that requires significant management judgment regarding the evidence known. Such judgments could change in the future as more information becomes known, which could negatively impact the amounts reported. Among the factors that management considers for fixed maturity securities are the financial condition of the issuer including receipt of scheduled principal and interest cash flows, and intent to sell, including if it is more likely than not that the Company will be required to sell the investments before recovery.

As of September 30, 2025, the Company had 515 lots of fixed maturity securities in an unrealized loss position. The Company does not have an intent to sell these securities and it is not more likely than not that the Company will be required to sell these securities before maturity or recovery of its cost basis. The Company reviewed its investments at September 30, 2025 and determined that for two available-for-sale securities in the “corporate securities and miscellaneous” category, credit impairments existed, based on new recovery analysis that showed deteriorating conditions raising credit concerns. Other than the securities discussed previously, the Company determined that no other credit impairment existed in the gross unrealized holding losses, due to the reasons discussed below:

•U.S. government securities and municipal securities: These securities were issued by the U.S. Treasury Department, Federal government-sponsored entities or by state and local governments. The decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.

•Corporate securities and miscellaneous: Corporations in various industries issued these securities. The decline in fair values was attributable to changes in interest rates and not credit quality. The Company reviewed the issuers of these securities to identify any significant adverse change in financial condition, a change in the quality of credit enhancement (if any), a ratings decrease, or negative outlook assignment from a major credit rating agency, and any failure to make interest or principal payments. After these reviews, the Company determined that the decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.

•Residential mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities: The decline in fair values was attributable to changes in interest rates and not credit quality. The Company does not intend to sell these securities and it is likely that it will not do so before their anticipated recovery. Therefore, the Company does not consider these impaired securities.

The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the nine months ended September 30, 2025 and 2024:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024	$	—	$	243
Current period provision for credit losses	—		7


Balance at March 31, 2025	$	—	$	250
Current period provision for credit losses	6,150		18


Balance at June 30, 2025	$	6,150	$	268
Current period provision for credit losses	850		—
Recoveries of amounts previously written off	—		(32)
Balance at September 30, 2025	$	7,000	$	236


	Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2023	$	329



Balance at March 31, 2024	$	329


Recoveries of amounts previously written off	(104)
Balance at June 30, 2024	$	225
Current period provision for credit losses	14
Balance at September 30, 2024	$	239

The following table sets forth the components of net investment gains for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Gross realized gains
Fixed maturity securities, available-for-sale	$	701	$	575	$	1,606	$	1,405
Equity securities	17,076		1,591		34,262		3,165
Other	109		62		709		170
Total	17,886		2,228		36,577		4,740
Gross realized losses
Fixed maturity securities, available-for-sale	(1,191)		(11)		(9,788)		(871)
Equity securities	(745)		(280)		(3,000)		(2,571)
Other	(82)		(142)		(192)		(152)
Total	(2,018)		(433)		(12,980)		(3,594)
Net unrealized gains (losses) on investments
Equity securities	(14,551)		7,512		(22,900)		14,802
Mortgage loans	(69)		866		195		807
Other	5,633		—		16,028		—
Net investment gains	$	6,881	$	10,173	$	16,920	$	16,755

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2025 and 2024:


	Nine months ended September 30,
($ in thousands)	2025		2024
Fixed maturity securities, available-for-sale	$	61,461	$	17,540
Equity securities	126,738		22,993

The following table sets forth the components of net investment income for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Income (loss):
Fixed maturity securities, available-for-sale	$	21,354	$	15,461	$	57,095	$	41,099
Fixed maturity securities, held-to-maturity	(453)		953		(453)		3,205
Equity securities	95		591		1,204		1,969
Equity method investments	345		(1,144)		(2,541)		2,596
Mortgage loans	283		1,158		1,214		4,165
Indirect loans	(1,504)		(401)		(6,494)		(1,874)
Short-term investments and cash	3,260		3,709		10,159		11,370
Other	836		836		2,607		2,360
Total investment income	24,216		21,163		62,791		64,890
Investment expenses	(2,036)		(1,628)		(2,684)		(5,024)
Net investment income	$	22,180	$	19,535	$	60,107	$	59,866

The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Fixed maturity securities	$	15,505	$	37,257	$	40,192	$	26,898
Deferred income taxes	(3,300)		(7,824)		(8,533)		(5,648)
Total	$	12,205	$	29,433	$	31,659	$	21,250

The entire disclosure for investments owned by investment company.

Schedule of Assets And Liabilities

Variable Interest Entity (Tables)

9 Months Ended

Sep. 30, 2025

Variable Interest Entity [Abstract]

The following table presents the assets of HSIC-01, included in the condensed consolidated balance sheet as of September 30, 2025. The assets presented below only include third-party net assets and exclude any intercompany balances, which were eliminated upon consolidation.


($ in thousands)	September 30, 2025
Assets
Cash and cash equivalents	24,822




Other assets	16,843
Total assets	$	41,665

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Revenue from Contract with Customer [Abstract]

Commission and Fee Income (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Disaggregation of Revenue

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
SUA commission revenue	$	779	$	1,436	$	3,054	$	3,125
SUA fee income	1,650		1,027		4,422		2,437
Other	(525)		(645)		(1,036)		335
Total commission and fee income	$	1,904	$	1,818	$	6,440	$	5,897

Related Party Transactions

9 Months Ended

Sep. 30, 2025

Related Party Transactions

RISCOM

RISCOM provides the Company with wholesale brokerage services. RISCOM and the Company also have a managing general agency agreement. The Company holds a 20% ownership interest in RISCOM.

Net earned premium and gross commission expense related to these agreements for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Net earned premium	$	30,675	$	27,456	$	89,521	$	79,511
Commissions	7,026		6,448		22,191		19,682

Premiums receivable as of September 30, 2025 and December 31, 2024 were $15.2 million and $12.6 million, respectively.

Other

Advisory and professional services fees and expense reimbursements paid to various affiliated stockholders and directors for the three and nine months ended September 30, 2025 were $0.2 million and $0.5 million, compared to $0.2 million and $0.4 million for the three and nine months ended September 30, 2024.

See Note 5 for investments involving affiliated companies and additional related party transactions.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Equity Method Investments and Other - Narrative (Details)	9 Months Ended
	Sep. 30, 2025
RISCOM
Schedule of Equity Method Investments [Line Items]
Useful life	15 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Derivatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2025
Fair Value Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gain (loss) adjustment expenses	$ 5.2	$ 5.2

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The following table sets forth the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,						Nine months ended September 30,
($ in thousands)	2025			2024			2025			2024
Income tax expense	$	14,646		$	10,185		$	34,979		$	29,763
Effective tax rate	24.2		%	21.7		%	21.6		%	22.2		%

The effective tax rate will differ from the statutory rate of 21 percent due to permanent differences for disallowed expenses for tax and beneficial adjustments for tax-exempt income, dividends-received deduction, non-deductible expenses and discrete items. The effective tax rate for the three and nine months ended September 30, 2025 increased 2.5% and decreased 0.6%, respectively, when compared to the same 2024 periods. The effective tax rate for the three months ended September 30, 2025 was primarily impacted by a permanent tax item related to non-deductible acquisition expenses, which increased the effective tax rate by 1.1%.

The Company paid income taxes of $11.0 million and $31.8 million during the three and nine months ended September 30, 2025, respectively, and $8.5 million and $23.0 million during the three and nine months ended September 30, 2024, respectively.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. These legislative changes did not and are not expected to have a material impact on the Company’s third quarter or future effective tax rates. The Company has included the estimated impact of the OBBBA in its third quarter financial results, the period of enactment.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Investments, Debt and Equity Securities [Abstract]

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Debt Securities, Trading, and Equity Securities, FV-NI

The following tables set forth the amortized cost and the fair value by investment category at September 30, 2025 and December 31, 2024:


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	75,931	$	286	$	(30)	$	—	$	76,187
Corporate securities and miscellaneous	594,623		14,213		(4,034)		(7,000)		597,802
Municipal securities	100,748		1,648		(2,393)		—		100,003
Residential mortgage-backed securities	497,582		7,904		(10,310)		—		495,176
Commercial mortgage-backed securities	71,950		1,046		(612)		—		72,384
Other asset-backed securities	459,234		5,560		(1,128)		—		463,666
Total fixed maturity securities, available-for-sale	$	1,800,068	$	30,657	$	(18,507)	$	(7,000)	$	1,805,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	34,804	$	2,699	$	—	$	(236)	$	37,267
Total fixed maturity securities, held-to-maturity	$	34,804	$	2,699	$	—	$	(236)	$	37,267


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	26,577	$	35	$	(126)	$	—	$	26,486
Corporate securities and miscellaneous	433,298		5,618		(13,288)		—		425,628
Municipal securities	89,966		116		(5,366)		—		84,716
Residential mortgage-backed securities	408,585		1,875		(16,627)		—		393,833
Commercial mortgage-backed securities	70,262		545		(1,443)		—		69,364
Other asset-backed securities	291,578		2,447		(1,834)		—		292,191
Total fixed maturity securities, available-for-sale	$	1,320,266	$	10,636	$	(38,684)	$	—	$	1,292,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	39,396	$	—	$	(436)	$	(243)	$	38,717
Total fixed maturity securities, held-to-maturity	$	39,396	$	—	$	(436)	$	(243)	$	38,717

Schedule of Investments Classified by Contractual Maturity Date

The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at September 30, 2025:



($ in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	41,043	$	40,596
Due after one year through five years	445,407		444,540
Due after five years through ten years	231,147		235,749
Due after ten years	53,705		53,107
Mortgage-backed securities	569,532		567,560
Other asset-backed securities	459,234		463,666
Total	$	1,800,068	$	1,805,218

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities	$	5,342	$	—	$	2,051	$	(30)	$	7,393	$	(30)
Corporate securities and miscellaneous	52,842		(149)		69,438		(3,885)		122,280		(4,034)
Municipal securities	11,359		(311)		23,913		(2,082)		35,272		(2,393)
Residential mortgage-backed securities	64,023		(527)		79,215		(9,783)		143,238		(10,310)
Commercial mortgage-backed securities	996		(1)		10,412		(611)		11,408		(612)
Other asset-backed securities	48,244		(116)		18,502		(1,012)		66,746		(1,128)
Total fixed maturity securities, available-for-sale	182,806		(1,104)		203,531		(17,403)		386,337		(18,507)


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	15,938	$	(34)	$	2,297	$	(92)	$	18,235	$	(126)
Corporate securities and miscellaneous	136,888		(2,060)		81,232		(11,228)		218,120		(13,288)
Municipal securities	41,930		(1,046)		27,687		(4,320)		69,617		(5,366)
Residential mortgage-backed securities	201,407		(3,366)		82,496		(13,261)		283,903		(16,627)
Commercial mortgage-backed securities	9,411		(126)		13,178		(1,317)		22,589		(1,443)
Other asset-backed securities	75,119		(721)		29,851		(1,113)		104,970		(1,834)
Total fixed maturity securities, available-for-sale	480,693		(7,353)		236,741		(31,331)		717,434		(38,684)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	2,144		(2)		36,573		(434)		38,717		(436)
Total fixed maturity securities, held-to-maturity:	2,144		(2)		36,573		(434)		38,717		(436)
Total	$	482,837	$	(7,355)	$	273,314	$	(31,765)	$	756,151	$	(39,120)

Schedule of Available-for-Sale, Changes in Allowance for Credit Loss


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024	$	—	$	243
Current period provision for credit losses	—		7


Balance at March 31, 2025	$	—	$	250
Current period provision for credit losses	6,150		18


Balance at June 30, 2025	$	6,150	$	268
Current period provision for credit losses	850		—
Recoveries of amounts previously written off	—		(32)
Balance at September 30, 2025	$	7,000	$	236


	Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2023	$	329



Balance at March 31, 2024	$	329


Recoveries of amounts previously written off	(104)
Balance at June 30, 2024	$	225
Current period provision for credit losses	14
Balance at September 30, 2024	$	239

Schedule of Held-to-Maturity, Changes in Allowance for Credit Loss


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024	$	—	$	243
Current period provision for credit losses	—		7


Balance at March 31, 2025	$	—	$	250
Current period provision for credit losses	6,150		18


Balance at June 30, 2025	$	6,150	$	268
Current period provision for credit losses	850		—
Recoveries of amounts previously written off	—		(32)
Balance at September 30, 2025	$	7,000	$	236


	Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2023	$	329



Balance at March 31, 2024	$	329


Recoveries of amounts previously written off	(104)
Balance at June 30, 2024	$	225
Current period provision for credit losses	14
Balance at September 30, 2024	$	239

Schedule of Gain (Loss) on Securities

The following table sets forth the components of net investment gains for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Gross realized gains
Fixed maturity securities, available-for-sale	$	701	$	575	$	1,606	$	1,405
Equity securities	17,076		1,591		34,262		3,165
Other	109		62		709		170
Total	17,886		2,228		36,577		4,740
Gross realized losses
Fixed maturity securities, available-for-sale	(1,191)		(11)		(9,788)		(871)
Equity securities	(745)		(280)		(3,000)		(2,571)
Other	(82)		(142)		(192)		(152)
Total	(2,018)		(433)		(12,980)		(3,594)
Net unrealized gains (losses) on investments
Equity securities	(14,551)		7,512		(22,900)		14,802
Mortgage loans	(69)		866		195		807
Other	5,633		—		16,028		—
Net investment gains	$	6,881	$	10,173	$	16,920	$	16,755

Schedule of Investment Income

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2025 and 2024:


	Nine months ended September 30,
($ in thousands)	2025		2024
Fixed maturity securities, available-for-sale	$	61,461	$	17,540
Equity securities	126,738		22,993

The following table sets forth the components of net investment income for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Income (loss):
Fixed maturity securities, available-for-sale	$	21,354	$	15,461	$	57,095	$	41,099
Fixed maturity securities, held-to-maturity	(453)		953		(453)		3,205
Equity securities	95		591		1,204		1,969
Equity method investments	345		(1,144)		(2,541)		2,596
Mortgage loans	283		1,158		1,214		4,165
Indirect loans	(1,504)		(401)		(6,494)		(1,874)
Short-term investments and cash	3,260		3,709		10,159		11,370
Other	836		836		2,607		2,360
Total investment income	24,216		21,163		62,791		64,890
Investment expenses	(2,036)		(1,628)		(2,684)		(5,024)
Net investment income	$	22,180	$	19,535	$	60,107	$	59,866

The following table sets forth the Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Commercial	$	108	$	376	$	325	$	1,685
Retail	—		513		304		1,473
Hospitality	175		269		585		1,007




	$	283	$	1,158	$	1,214	$	4,165

Schedule of Accumulated Other Comprehensive Income (Loss)


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Fixed maturity securities	$	15,505	$	37,257	$	40,192	$	26,898
Deferred income taxes	(3,300)		(7,824)		(8,533)		(5,648)
Total	$	12,205	$	29,433	$	31,659	$	21,250

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Available for sale, fair value
Less than 12 Months	$ 182,806	$ 480,693
12 Months or More	203,531	236,741
Total	386,337	717,434
Available for sale, gross unrealized losses
Less than 12 Months	(1,104)	(7,353)
12 Months or More	(17,403)	(31,331)
Total	(18,507)	(38,684)
Held-to-maturity, fair value
Less than 12 Months		2,144
12 Months or More		36,573
Total		38,717
Held-to-maturity, gross unrealized losses
Less than 12 Months		(2)
12 Months or More		(434)
Total		(436)
Available-for-sale and held-to-maturity, fair value
Less than 12 Months		482,837
12 Months or More		273,314
Total		756,151
Available-for-sale and held-to-maturity, gross unrealized losses
Less than 12 Months		(7,355)
12 Months or More		(31,765)
Total		(39,120)
U.S. government securities
Available for sale, fair value
Less than 12 Months	5,342	15,938
12 Months or More	2,051	2,297
Total	7,393	18,235
Available for sale, gross unrealized losses
Less than 12 Months	0	(34)
12 Months or More	(30)	(92)
Total	(30)	(126)
Corporate securities and miscellaneous
Available for sale, fair value
Less than 12 Months	52,842	136,888
12 Months or More	69,438	81,232
Total	122,280	218,120
Available for sale, gross unrealized losses
Less than 12 Months	(149)	(2,060)
12 Months or More	(3,885)	(11,228)
Total	(4,034)	(13,288)
Municipal securities
Available for sale, fair value
Less than 12 Months	11,359	41,930
12 Months or More	23,913	27,687
Total	35,272	69,617
Available for sale, gross unrealized losses
Less than 12 Months	(311)	(1,046)
12 Months or More	(2,082)	(4,320)
Total	(2,393)	(5,366)
Residential mortgage-backed securities
Available for sale, fair value
Less than 12 Months	64,023	201,407
12 Months or More	79,215	82,496
Total	143,238	283,903
Available for sale, gross unrealized losses
Less than 12 Months	(527)	(3,366)
12 Months or More	(9,783)	(13,261)
Total	(10,310)	(16,627)
Commercial mortgage-backed securities
Available for sale, fair value
Less than 12 Months	996	9,411
12 Months or More	10,412	13,178
Total	11,408	22,589
Available for sale, gross unrealized losses
Less than 12 Months	(1)	(126)
12 Months or More	(611)	(1,317)
Total	(612)	(1,443)
Other asset-backed securities
Available for sale, fair value
Less than 12 Months	48,244	75,119
12 Months or More	18,502	29,851
Total	66,746	104,970
Available for sale, gross unrealized losses
Less than 12 Months	(116)	(721)
12 Months or More	(1,012)	(1,113)
Total	$ (1,128)	(1,834)
Held-to-maturity, fair value
Less than 12 Months		2,144
12 Months or More		36,573
Total		38,717
Held-to-maturity, gross unrealized losses
Less than 12 Months		(2)
12 Months or More		(434)
Total		$ (436)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table sets forth the range of the discount rate as of September 30, 2025 and December 31, 2024:



	September 30, 2025		December 31, 2024
High	11.11	%	8.00	%
Low	4.72	%	5.70	%
Weighted average	6.31	%	6.60	%

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of September 30, 2025 and December 31, 2024:



	September 30, 2025		December 31, 2024
High	7.56	%	10.00	%
Low	6.84	%	7.00	%
Weighted average	7.09	%	7.93	%

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the Company’s investments and derivatives within the fair value hierarchy at September 30, 2025 and December 31, 2024:


September 30, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	76,187	$	—	$	—	$	76,187
Corporate securities and miscellaneous	—		496,195		101,607		597,802
Municipal securities	—		100,003		—		100,003
Residential mortgage-backed securities	—		495,176		—		495,176
Commercial mortgage-backed securities	—		72,384		—		72,384
Other asset-backed securities	—		446,046		17,620		463,666
Total fixed maturity securities, available-for-sale	76,187		1,609,804		119,227		1,805,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		37,267		37,267
Total fixed maturity securities, held-to-maturity	—		—		37,267		37,267
Equity securities:









Common stocks	—		—		—		—





Preferred stocks	—		1,182		—		1,182




Mutual funds	—		—		—		—
Total equity securities	—		1,182		—		1,182
Mortgage loans	—		—		9,998		9,998
Short-term investments	247,376		—		—		247,376
Derivatives	16,843		—		—		16,843
Total	$	340,406	$	1,610,986	$	166,492	$	2,117,884


December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	26,486	$	—	$	—	$	26,486
Corporate securities and miscellaneous	—		354,815		70,813		425,628
Municipal securities	—		84,716		—		84,716
Residential mortgage-backed securities	—		393,833		—		393,833
Commercial mortgage-backed securities	—		69,364		—		69,364
Other asset-backed securities	—		285,084		7,107		292,191
Total fixed maturity securities, available-for-sale	26,486		1,187,812		77,920		1,292,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		38,717		38,717
Total fixed maturity securities, held-to-maturity:	—		—		38,717		38,717
Equity securities:









Common stocks	64,251		—		—		64,251





Preferred stocks	—		1,164		—		1,164




Mutual funds	40,839		—		—		40,839
Total equity securities	105,090		1,164		—		106,254
Mortgage loans	—		—		26,490		26,490
Short-term investments	274,929		—		—		274,929
Total	$	406,505	$	1,188,976	$	143,127	$	1,738,608

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the nine months ended September 30, 2025 and 2024:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2024	$	77,920	$	26,490
Total losses for the period recognized in net investment gains	(110)		(66)
Issuances	—		5
Settlements	—		(10,417)
Purchases	5,164		—
Sales/Disposals	(199)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	682		—
Balance at March 31, 2025	$	83,457	$	16,012
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	(84)
Total (losses) gains for the period recognized in net investment gains	(4,081)		330
Issuances	—		8
Settlements	—		(6,182)
Transfers into Level 3	6,144		—
Purchases	8,838		—
Sales/Disposals	(237)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	747		—
Balance at June 30, 2025	$	94,868	$	10,168
Total gains for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	92
Total losses for the period recognized in net investment gains	(920)		(69)


Settlements	—		(101)

Purchases	24,921		—
Sales/Disposals	(809)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	1,167		—
Balance at September 30, 2025	$	119,227	$	9,998
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	(69)


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Equity Securities		Mortgage Loans
Balance at December 31, 2023	$	—	$	—	$	50,070
Total gains for the period recognized in net investment gains (losses)	—		—		971
Issuances	—		—		187
Settlements	—		—		(6,919)



Balance at March 31, 2024	$	—	$	—	$	44,309
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	—	$	952
Total losses for the period recognized in net investment gains (losses)	—		—		(1,030)
Issuances	—		—		449
Settlements	—		—		(58)



Balance at June 30, 2024	$	—	$	—	$	43,670
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	—	$	(1,031)
Total (losses) gains for the period recognized in net investment gains (losses)	(118)		246		866
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	1,592		—		—
Transfers into Level 3	23,533		—		—
Purchases	23,820		5,571		—
Sales/Disposals	(153)		—		—
Issuances	—		—		8
Settlements	—		—		(8,277)
Balance at September 30, 2024	$	48,674	$	5,817	$	36,267
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	246	$	829

Schedule of Subordinated Debt

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of September 30, 2025 and December 31, 2024:


	September 30, 2025				December 31, 2024
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
FHLB Loan	$	57,000	$	57,474	$	57,000	$	56,200
Revolving credit facility	43,000		43,000		43,000		43,000
Notes payable	$	100,000	$	100,474	$	100,000	$	99,200
Subordinated debt

Unsecured subordinated notes	$	19,561	$	20,989	$	19,536	$	20,541
Subordinated debt, net of debt issuance costs	$	19,561	$	20,989	$	19,536	$	20,541

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Segment - Schedule of Premiums Written (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Effects of Reinsurance [Line Items]
Total gross written premiums	$ 606,509	$ 400,014	$ 1,726,749	$ 1,354,877
Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	606,489	400,014	1,726,736	1,354,894
Corporate Nonsegment
Effects of Reinsurance [Line Items]
Total gross written premiums	20	0	13	(17)
Accident & Health \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	63,147	43,490	186,805	128,479
Agriculture and Credit (Re)insurance \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	168,105	17,044	327,525	96,957
Captives \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	67,956	53,630	213,318	184,137
Construction & Energy Solutions \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	66,576	70,309	215,760	222,745
Global Property \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	27,649	37,540	158,327	183,083
Professional Lines \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	35,598	40,310	114,911	120,655
Specialty Programs \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	82,771	54,434	231,401	166,256
Surety \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	43,737	34,592	122,272	106,076
Transactional E&S \| Operating Segments
Effects of Reinsurance [Line Items]
Total gross written premiums	$ 50,950	$ 48,665	$ 156,417	$ 146,506

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ 15,505	$ 37,257	$ 40,192	$ 26,898
Deferred income taxes	(3,300)	(7,824)	(8,533)	(5,648)
Total other comprehensive income	$ 12,205	$ 29,433	$ 31,659	$ 21,250

Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Derivative Instruments

The following table presents the notional amounts and fair value of derivative assets in the condensed consolidated balance sheets at September 30, 2025:



($ in thousands)	Derivative Assets
	Notional Amount		Fair Value
Economic hedges	$	130,601	$	16,843

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Apollo Acquisition On September 2, 2025, the Company entered into two share purchase agreements (the "Apollo Majority SPAs") with institutional and management shareholders, respectively, of Apollo Group Holdings Limited ("Apollo") (the "Majority Sellers"). Pursuant to the Apollo Majority SPAs, in accordance with the terms and subject to the conditions therein, the Company has agreed to acquire all of the issued shares of Apollo held by the Majority Sellers, representing approximately 87% of the issued share capital of Apollo. In addition, the closing of the transaction ("completion") is conditioned upon the Company acquiring 100% of the issued share capital of Apollo at completion pursuant to additional short-form share purchase agreements (the "Apollo Minority SPAs" and together with the Apollo Majority SPAs, the "Apollo SPAs") to be entered into either prior to or at completion with the remaining minority shareholders of Apollo (the "Minority Sellers" and together with the Majority Sellers, the "Sellers"). The consideration for the entire issued share capital of Apollo under the Apollo SPAs is $555.0 million, approximately 33% of which will be satisfied by the issuance of 3,679,332 unregistered shares of common stock of the Company to certain Sellers and the remainder in cash. The acquisition is expected to close in the first quarter of 2026, subject to the satisfaction of closing conditions, including regulatory approvals. In connection with the Apollo SPAs, on September 2, 2025, the Company entered into debt commitment letters (the "Apollo Commitment Letters") pursuant to which Barclays Bank PLC (the "Lender") has committed to provide us with debt financing in the form of (i) up to two senior unsecured delayed draw term loan credit facilities of up to $300.0 million in total, and (ii) in case the borrower is not able to obtain consent from lenders under its existing revolving credit agreement to the transactions under the Apollo SPAs, a senior unsecured bridge facility of up to $150.0 million, in each case, on the terms and subject to the conditions set forth in the Apollo Commitment Letters. Litigation The Company is named as a defendant in various legal actions arising from claims made under insurance policies and contracts. Those actions are considered by the Company in estimating the losses and loss adjustment expense reserves. Also, from time to time, the Company is a defendant in various legal actions that relate to bad faith claims, disputes with third parties or that involve alleged errors and omissions. The Company records accruals for these items to the extent the losses are probable and reasonably estimable. Although the ultimate outcome of these matters cannot be determined at this time, based on present information, the availability of insurance coverage and advice received from outside legal counsel, the Company believes the resolution of any such matters will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. Indemnification In conjunction with the sale of business assets and subsidiaries, the Company has provided indemnifications to certain buyers. Certain indemnifications cover typical representations and warranties related to the responsibilities to perform under the sales contracts. The amount of potential exposure covered by the indemnifications is difficult to determine because the indemnifications cover a variety of matters, operations and scenarios. Certain of these indemnifications have no time limit. At this time, the Company does not have reason to believe any such significant claims exist.

Mortgage Loans - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Mortgage Loans - Narrative (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of property appraisal value			64.00%
Mortgage loans uncollectable write-off	$ 0	$ 0	$ 0	$ 0
Mortgage loans in foreclosure	0		0		$ 0
Mortgage loans not producing income	$ 0		$ 0		$ 0
Low
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term			2 years
High
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term			4 years

Equity Method Investments and Other

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Other

The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025				December 31, 2024
	Carrying Value		Ownership %		Carrying Value		Ownership %
Arena Special Opportunities Fund, LP units	$	28,547	14.2	%	$	34,936	15.3	%
JVM Funds LLC units	15,044		10.1	%	17,229		10.1	%
Hudson Ventures Fund 2 LP units	5,275		2.5	%	4,967		2.5	%
RISCOM	4,427		20.0	%	5,013		20.0	%
Brewer Lane Ventures Fund II LP units	1,691		2.4	%	1,040		2.4	%
Dowling Capital Partners LP units	805		5.0	%	666		5.0	%

Arena SOP LP units	—		11.2	%	1,474		10.9	%
	$	55,789			$	65,325

The following table sets forth the components of net investment income (loss) from equity method investments for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
RISCOM	$	487	$	493	$	1,414	$	1,168
Dowling Capital Partners LP units	232		67		448		1,449
Hudson Ventures Fund II LP units	187		(594)		252		(436)
Brewer Lane Ventures Fund II LP	(25)		(31)		118		(87)

JVM Funds LLC	(222)		(261)		(737)		(1,280)
Arena SOP LP units	—		(612)		(1,474)		67
Arena Special Opportunities Fund, LP units	(314)		(206)		(2,562)		1,715
	$	345	$	(1,144)	$	(2,541)	$	2,596

The following table sets forth the unfunded commitment of equity method investments as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024
Brewer Lane Ventures Fund II LP units	$	3,355	$	4,077
Dowling Capital Partners LP units	386		386
Hudson Ventures Fund 2 LP units	216		397
Red Bird Capital Partners LP units	21,506		24,400
	$	25,463	$	29,260

The difference between the cost of an investment and its proportionate share of the underlying equity in net assets is allocated to the various assets and liabilities of the equity method investment. The Company amortizes the difference in net assets over the same useful life of a similar asset as the underlying equity method investment. For investment in RISCOM, a similar asset would be agent relationships. The Company amortizes this difference over a 15-year useful life.

The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024
Investment in RISCOM:
Underlying equity	$	3,352	$	3,756
Difference	1,075		1,258
Recorded investment balance	$	4,427	$	5,013

The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024
Investment in JVM Funds LLC:
Underlying equity	$	14,552	$	16,624
Difference	492		605
Recorded investment balance	$	15,044	$	17,229

Investment in Indirect Loans and Loan Collateral

As of September 30, 2025 and December 31, 2024, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2.

The carrying value of the SMA1 and SMA2 as of September 30, 2025 and December 31, 2024 were as follows:


($ in thousands)	September 30, 2025		December 31, 2024

SMA1	$	16,049	$	20,296
SMA2	13,530		12,973
Investment in indirect loans and loan collateral	$	29,579	$	33,269

Equity Method Investments and Other - Unfunded Commitment of Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 25,463	$ 29,260
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	3,355	4,077
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	386	386
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	216	397
Red Bird Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 21,506	$ 24,400

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Commission and Fee Income - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract asset after allowance for credit loss	$ 2.6	$ 1.4

Variable Interest Entity (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 160,068	$ 121,603
Other assets	117,714	86,698
Total assets	4,594,046	$ 3,729,478
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	24,822
Other assets	16,843
Total assets	$ 41,665

Amount of asset recognized for present right to economic benefit.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

The unaudited condensed consolidated financial statements of Skyward Specialty Insurance Group, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete consolidated financial statements. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2024 was derived from the Company’s audited annual consolidated financial statements.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates.

Investments

Available-for-sale

The allowance for credit losses is limited to the amount by which fair value is below amortized cost. Prior to September 30, 2025, changes in the allowance for credit losses were recognized in net investment income on the consolidated statements of operations. As of September 30, 2025, changes in the allowance for credit losses are recognized in net investment gains. Prior periods have been updated to conform to the current period presentation. Credit losses that are limited by the fair value of the security are recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive (loss) income. Unrealized losses that are not credit-related continue to be recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive (loss) income.

Held to maturity

Investments in fixed maturity securities that are held-to-maturity are carried at amortized cost net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate from Moody’s multi-year cumulative loss rates for asset backed securities. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts. Prior to September 30, 2025, changes in the allowance for credit losses were recognized in net investment income on the consolidated statements of operations. As of September 30, 2025, changes in the allowance for credit losses are recognized in net investment gains. Prior periods have been updated to conform to the current period presentation.

Consolidation

Variable interest entity

The Company consolidates an entity in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. The Company’s assessment may involve subjectivity in the determination of

which activities most significantly affect the VIE’s performance, and estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the characteristics and size of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment.

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

After performing the above assessments, the Company has determined one entity meets the definition of a VIE for which the Company is the primary beneficiary. See Note 6 for further details and required disclosures.

Derivatives

The Company uses commodity derivatives to assume risk and manage its exposures in the insurance industry. Commodity derivatives expose the Company to potentially unfavorable price changes to the underlying commodities. The Company accounts for its derivatives in accordance with FASB ASC Topic 815, Derivatives and Hedging, which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. The Company meets the criteria in the guidance to net the assets and liabilities, which the Company includes in “other assets” on the condensed consolidated balance sheets. While the Company considers these exchange-traded futures and forward purchase and sale contracts to be effective economic hedges, the Company has not elected hedge accounting treatment. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. See Note 7 for further details and required disclosures.

Fair Value

The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes:

U.S. government securities, mutual funds and common stock

The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs.

Preferred stocks, municipal securities, corporate securities and miscellaneous

The Company uses a pricing model that utilizes market-based inputs such as trades in an illiquid market for a particular security or trades in active markets for securities with similar characteristics. The model considers other inputs such as benchmark yields, issuer spreads, security terms and conditions, and other market data. These represent Level 2 fair value inputs.

Commercial mortgage-backed securities, residential mortgage-backed securities and other asset-backed securities

The Company uses a pricing model that utilizes market-based inputs that may include dealer quotes, market spreads, and yield curves. It may evaluate individual tranches in a security by determining cash flows using the security’s terms and conditions, collateral performance, credit information benchmark yields and estimated prepayments. These represent Level 2 fair value inputs.

Fixed maturity securities, available for sale classified as Level 3

The Company has corporate securities and miscellaneous, other asset-backed securities that are managed by an independent asset manager and priced by an independent pricing provider. The provider estimates the value of the securities using the discount net present value of cash flows method using an unobservable discount rate. The discount rate spread represents the risk associated with future cash flows, including inflation, opportunity cost and the time value of money. This rate represents Level 3 fair value inputs.

The following table sets forth the range of the discount rate as of September 30, 2025 and December 31, 2024:



	September 30, 2025		December 31, 2024
High	11.11	%	8.00	%
Low	4.72	%	5.70	%
Weighted average	6.31	%	6.60	%

Mortgage loans

Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgment and uncertainty.

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of September 30, 2025 and December 31, 2024:



	September 30, 2025		December 31, 2024
High	7.56	%	10.00	%
Low	6.84	%	7.00	%
Weighted average	7.09	%	7.93	%

Derivatives

Included in other assets are derivatives which consist of certain exchange traded options contracts entered into by the Company. The fair values of these options are measured using quoted prices in active markets on the relevant exchange, specifically utilizing either the volume-weighted average price of trades in similar contracts during a specified time window, or the last trade settlement price when no trades occur within that period. This method represents Level 1 inputs.

Disclosure of accounting policy for its derivative instruments and hedging activities.

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Disclosure of accounting policy for investment in financial asset.

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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Investments - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($) lot security
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 55.3
Number of securities \| lot	515
Number of securities, allowance for credit loss \| security	2
US Treasury and Government
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 45.7
Cash and Cash Equivalents and Other Assets
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	7.4
Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	2.2
U.S. government securities
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 67.3

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

9 Months Ended

Sep. 30, 2025

Derivatives

The Company uses derivatives as part of its financial risk management programs to mitigate price risk related to certain insurance contracts exposed to commodity price risk due to fluctuations in relevant market prices, including cattle and milk. To mitigate revenue volatility and support financial stability, the Company employs a hedging strategy that utilizes derivatives, specifically put options, as part of its risk management framework. The primary objective of holding these derivative instruments is to manage exposure to adverse price movements. The activity in these instruments generally reflects current market conditions and shifts in risk exposures throughout the year. The notional value of derivative contracts held and the degree of hedged exposure are actively managed and may vary depending on the prevailing pricing environment in cattle, hogs, and milk markets. The Company does not use derivatives for speculative or trading purposes. All derivative positions are intended to support the overall risk transfer objectives of the business. The Company has not elected hedge accounting for these derivatives.

The following table presents the notional amounts and fair value of derivative assets in the condensed consolidated balance sheets at September 30, 2025:



($ in thousands)	Derivative Assets
	Notional Amount		Fair Value
Economic hedges	$	130,601	$	16,843

The Company presents the net gain (loss) recognized on derivative instruments in economic hedging relationships in “losses and loss adjustment expenses” on the condensed consolidated statements of operations. For the three and nine months ended September 30, 2025, the Company recognized $5.2 million, respectively, of pre-tax net gains in losses and loss adjustment expenses

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Amortized Cost
Due in less than one year	$ 41,043
Due after one year through five years	445,407
Due after five years through ten years	231,147
Due after ten years	53,705
Amortized Cost	1,800,068	$ 1,320,266
Fair Value
Due in less than one year	40,596
Due after one year through five years	444,540
Due after five years through ten years	235,749
Due after ten years	53,107
Total	1,805,218	1,292,218
Mortgage-backed securities
Amortized Cost
Without single maturity date	569,532
Fair Value
Without single maturity date	567,560
Other asset-backed securities
Amortized Cost
Without single maturity date	459,234
Amortized Cost	459,234	291,578
Fair Value
Without single maturity date	463,666
Total	$ 463,666	$ 292,191

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,805,218	$ 1,292,218
Total fixed maturity securities, held-to-maturity	37,267	38,717
Total equity securities	1,182	106,254
Mortgage loans	9,998	26,490
Short-term investments	247,376	274,929
Derivatives	16,843
Total	2,117,884	1,738,608
U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	76,187	26,486
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	597,802	425,628
Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	100,003	84,716
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	495,176	393,833
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	72,384	69,364
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	463,666	292,191
Total fixed maturity securities, held-to-maturity	37,267	38,717
Common stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	0	64,251
Preferred stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	1,182	1,164
Mutual funds:
Fixed maturity securities, available-for-sale:
Total equity securities	0	40,839
Level 1
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	76,187	26,486
Total fixed maturity securities, held-to-maturity	0	0
Total equity securities	0	105,090
Mortgage loans	0	0
Short-term investments	247,376	274,929
Derivatives	16,843
Total	340,406	406,505
Level 1 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	76,187	26,486
Level 1 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Total fixed maturity securities, held-to-maturity	0	0
Level 1 \| Common stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	0	64,251
Level 1 \| Preferred stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	0	0
Level 1 \| Mutual funds:
Fixed maturity securities, available-for-sale:
Total equity securities	0	40,839
Level 2
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,609,804	1,187,812
Total fixed maturity securities, held-to-maturity	0	0
Total equity securities	1,182	1,164
Mortgage loans	0	0
Short-term investments	0	0
Derivatives	0
Total	1,610,986	1,188,976
Level 2 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 2 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	496,195	354,815
Level 2 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	100,003	84,716
Level 2 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	495,176	393,833
Level 2 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	72,384	69,364
Level 2 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	446,046	285,084
Total fixed maturity securities, held-to-maturity	0	0
Level 2 \| Common stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	0	0
Level 2 \| Preferred stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	1,182	1,164
Level 2 \| Mutual funds:
Fixed maturity securities, available-for-sale:
Total equity securities	0	0
Level 3
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	119,227	77,920
Total fixed maturity securities, held-to-maturity	37,267	38,717
Total equity securities	0	0
Mortgage loans	9,998	26,490
Short-term investments	0	0
Derivatives	0
Total	166,492	143,127
Level 3 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	101,607	70,813
Level 3 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	17,620	7,107
Total fixed maturity securities, held-to-maturity	37,267	38,717
Level 3 \| Common stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	0	0
Level 3 \| Preferred stocks:
Fixed maturity securities, available-for-sale:
Total equity securities	0	0
Level 3 \| Mutual funds:
Fixed maturity securities, available-for-sale:
Total equity securities	$ 0	$ 0

Segment - Return on Equity and Book Value Per Share (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Segment Reporting [Abstract]
Annualized return on equity	19.70%	19.30%	19.30%	19.10%
Book value per share (in dollars per share)	$ 23.75		$ 23.75		$ 19.79

Reinsurance - Reinsurance Recoverable and Ceded Premiums (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 739,841	$ 670,846	$ 542,884	$ 455,484
Ceded paid losses and LAE	185,860	166,663
Loss portfolio transfer	0	22,662
Allowance for credit losses	(2,295)	(2,295)
Reinsurance recoverables	923,406	857,876
Ceded unearned premium	$ 276,354	$ 203,901

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

Amount, after valuation allowance, recoverable under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, policy benefits and policy reserves. Excludes premiums paid under reinsurance contracts.

Investments - Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Amortized Cost	$ 1,800,068			$ 1,320,266
Gross Unrealized Gains	30,657			10,636
Gross Unrealized Losses	(18,507)			(38,684)
Allowance for Credit Losses	(7,000)	$ (6,150)	$ 0	0
Fair Value	1,805,218			1,292,218
Fixed maturity securities, held-to-maturity:
Amortized Cost	34,804			39,396
Gross Unrealized Gains	2,699			0
Gross Unrealized Losses	0			(436)
Allowance for Credit Losses	(236)	$ (268)	$ (250)	(243)	$ (239)	$ (225)	$ (329)	$ (329)
Fair Value	37,267			38,717
U.S. government securities
Fixed maturity securities, available-for-sale:
Amortized Cost	75,931			26,577
Gross Unrealized Gains	286			35
Gross Unrealized Losses	(30)			(126)
Allowance for Credit Losses	0			0
Fair Value	76,187			26,486
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Amortized Cost	594,623			433,298
Gross Unrealized Gains	14,213			5,618
Gross Unrealized Losses	(4,034)			(13,288)
Allowance for Credit Losses	(7,000)			0
Fair Value	597,802			425,628
Municipal securities
Fixed maturity securities, available-for-sale:
Amortized Cost	100,748			89,966
Gross Unrealized Gains	1,648			116
Gross Unrealized Losses	(2,393)			(5,366)
Allowance for Credit Losses	0			0
Fair Value	100,003			84,716
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	497,582			408,585
Gross Unrealized Gains	7,904			1,875
Gross Unrealized Losses	(10,310)			(16,627)
Allowance for Credit Losses	0			0
Fair Value	495,176			393,833
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	71,950			70,262
Gross Unrealized Gains	1,046			545
Gross Unrealized Losses	(612)			(1,443)
Allowance for Credit Losses	0			0
Fair Value	72,384			69,364
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Amortized Cost	459,234			291,578
Gross Unrealized Gains	5,560			2,447
Gross Unrealized Losses	(1,128)			(1,834)
Allowance for Credit Losses	0			0
Fair Value	463,666			292,191
Fixed maturity securities, held-to-maturity:
Amortized Cost	34,804			39,396
Gross Unrealized Gains	2,699			0
Gross Unrealized Losses	0			(436)
Allowance for Credit Losses	(236)			(243)
Fair Value	$ 37,267			$ 38,717

Investments - Proceeds from Sales (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, available-for-sale	$ 61,461	$ 17,540
Equity securities	$ 126,738	$ 22,993

Equity Method Investments and Other - Carrying Value of Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 85,368	$ 98,594
Equity method investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	55,789	65,325
Arena Special Opportunities Fund, LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 28,547	$ 34,936
Ownership %	14.20%	15.30%
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 15,044	$ 17,229
Ownership %	10.10%	10.10%
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 5,275	$ 4,967
Ownership %	2.50%	2.50%
RISCOM
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 4,427	$ 5,013
Ownership %	20.00%	20.00%
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 1,691	$ 1,040
Ownership %	2.40%	2.40%
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 805	$ 666
Ownership %	5.00%	5.00%
Arena SOP LP units
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 0	$ 1,474
Ownership %	11.20%	10.90%

Derivatives - Derivatives and Fair Value of Derivative Assets and Liabilities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets, notional amount	$ 130,601
Derivative assets, fair value	$ 16,843

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Measurement Input, Incremental Cost of Capital	Sep. 30, 2025	Dec. 31, 2024
High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	11.11%	8.00%
Loans receivable	7.56%	10.00%
Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	4.72%	5.70%
Loans receivable	6.84%	7.00%
Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	6.31%	6.60%
Loans receivable	7.09%	7.93%

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted net earnings per share for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands, except for share and per share amounts)	2025		2024		2025		2024
Numerator
Net income	$	45,901	$	36,668	$	126,798	$	104,422




Denominator
Basic weighted-average common shares	40,487,069		40,098,345		40,377,864		40,039,269



Dilutive effect of stock units	880,353		932,030		901,598		895,468
Dilutive effect of options	501,027		398,182		505,514		367,371
Diluted weighted-average common share equivalents	41,868,449		41,428,557		41,784,976		41,302,108
Basic earnings per share	$	1.13	$	0.91	$	3.14	$	2.61
Diluted earnings per share	$	1.10	$	0.89	$	3.03	$	2.53


	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024


Stock units	27,208	7,152	91,206	165,072
Options	350	16	87	561

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock:	Additional paid-in capital:	Stock notes receivable:	Accumulated other comprehensive income (loss):	Retained earnings (accumulated deficit):
Common shares balance at beginning of period (in shares) at Dec. 31, 2023		39,863,756
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)		236,175
Common shares balance at ending of period (in shares) at Sep. 30, 2024		40,099,931
Stockholders' equity beginning balance at Dec. 31, 2023		$ 399	$ 710,855	$ (5,562)	$ (22,953)	$ (21,708)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock/Employee equity transactions		2	5,240	5,562
Other comprehensive income, net of tax	$ 21,250				21,250
Net income	104,422					104,422
Stockholders' equity ending balance at Sep. 30, 2024	797,507	$ 401	716,095	0	(1,703)	82,714
Common shares balance at beginning of period (in shares) at Jun. 30, 2024		40,096,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)		3,799
Common shares balance at ending of period (in shares) at Sep. 30, 2024		40,099,931
Stockholders' equity beginning balance at Jun. 30, 2024		$ 401	713,542	(5,233)	(31,136)	46,046
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock/Employee equity transactions		0	2,553	5,233
Other comprehensive income, net of tax	29,433				29,433
Net income	36,668					36,668
Stockholders' equity ending balance at Sep. 30, 2024	$ 797,507	$ 401	716,095	0	(1,703)	82,714
Common shares balance at beginning of period (in shares) at Dec. 31, 2024	40,127,908	40,127,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)		359,457
Common shares balance at ending of period (in shares) at Sep. 30, 2025	40,487,365	40,487,365
Stockholders' equity beginning balance at Dec. 31, 2024	$ 793,999	$ 401	718,598	0	(22,120)	97,120
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock/Employee equity transactions		4	8,963	0
Other comprehensive income, net of tax	31,659				31,659
Net income	126,798					126,798
Stockholders' equity ending balance at Sep. 30, 2025	$ 961,423	$ 405	727,561	0	9,539	223,918
Common shares balance at beginning of period (in shares) at Jun. 30, 2025		40,486,656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)		709
Common shares balance at ending of period (in shares) at Sep. 30, 2025	40,487,365	40,487,365
Stockholders' equity beginning balance at Jun. 30, 2025		$ 405	724,159	0	(2,666)	178,017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock/Employee equity transactions		0	3,402	0
Other comprehensive income, net of tax	$ 12,205				12,205
Net income	45,901					45,901
Stockholders' equity ending balance at Sep. 30, 2025	$ 961,423	$ 405	$ 727,561	$ 0	$ 9,539	$ 223,918

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Schedule of Components of Income Tax Expense

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

The following table sets forth the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,						Nine months ended September 30,
($ in thousands)	2025			2024			2025			2024
Income tax expense	$	14,646		$	10,185		$	34,979		$	29,763
Effective tax rate	24.2		%	21.7		%	21.6		%	22.2		%

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements of Skyward Specialty Insurance Group, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete consolidated financial statements. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2024 was derived from the Company’s audited annual consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates. Updates to Significant Accounting Policies The following accounting policy has been updated to align with reporting of peer companies. Investments Available-for-sale The allowance for credit losses is limited to the amount by which fair value is below amortized cost. Prior to September 30, 2025, changes in the allowance for credit losses were recognized in net investment income on the consolidated statements of operations. As of September 30, 2025, changes in the allowance for credit losses are recognized in net investment gains. Prior periods have been updated to conform to the current period presentation. Credit losses that are limited by the fair value of the security are recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive (loss) income. Unrealized losses that are not credit-related continue to be recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive (loss) income. Held to maturity Investments in fixed maturity securities that are held-to-maturity are carried at amortized cost net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate from Moody’s multi-year cumulative loss rates for asset backed securities. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts. Prior to September 30, 2025, changes in the allowance for credit losses were recognized in net investment income on the consolidated statements of operations. As of September 30, 2025, changes in the allowance for credit losses are recognized in net investment gains. Prior periods have been updated to conform to the current period presentation. Consolidation Variable interest entity The Company consolidates an entity in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. The Company’s assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance, and estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the characteristics and size of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. After performing the above assessments, the Company has determined one entity meets the definition of a VIE for which the Company is the primary beneficiary. See Note 6 for further details and required disclosures. Derivatives The Company uses commodity derivatives to assume risk and manage its exposures in the insurance industry. Commodity derivatives expose the Company to potentially unfavorable price changes to the underlying commodities. The Company accounts for its derivatives in accordance with FASB ASC Topic 815, Derivatives and Hedging, which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. The Company meets the criteria in the guidance to net the assets and liabilities, which the Company includes in “other assets” on the condensed consolidated balance sheets. While the Company considers these exchange-traded futures and forward purchase and sale contracts to be effective economic hedges, the Company has not elected hedge accounting treatment. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. See Note 7 for further details and required disclosures.

Underwriting, Acquisition and Insurance Expenses

9 Months Ended

Sep. 30, 2025

Other Income and Expenses [Abstract]

Underwriting, Acquisition and Insurance Expenses

The following table sets forth the components of underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Amortization of policy acquisition costs	$	49,243	$	37,365	$	138,369	$	105,273
Other operating and general expenses	52,433		42,452		135,454		120,997
Total underwriting, acquisition and insurance expenses	$	101,676	$	79,817	$	273,823	$	226,270

Commission and Fee Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 1,904	$ 1,818	$ 6,440	$ 5,897
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee income	779	1,436	3,054	3,125
SUA fee income
Disaggregation of Revenue [Line Items]
Total commission and fee income	1,650	1,027	4,422	2,437
Other
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ (525)	$ (645)	$ (1,036)	$ 335

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

Related Party Transactions - RISCOM Transactions Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Premiums receivable, net	$ 583,148	$ 321,641
RISCOM \| Agency agreement \| Affiliated entity
Related Party Transaction [Line Items]
Agreement, ownership interest	20.00%
Premiums receivable, net	$ 15,200	$ 12,600

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Losses and Loss Adjustment Expenses - Schedule of Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserves for losses and LAE, beginning of period	$ 1,782,383	$ 1,314,501
Less: reinsurance recoverable on unpaid claims, beginning of period	(670,846)	(455,484)
Reserves for losses and LAE, beginning of period, net of reinsurance	1,111,537	859,017
Incurred, net of reinsurance, related to:
Current period	587,584	474,289
Prior years	0	0
Total incurred, net of reinsurance	587,584	474,289
Paid, net of reinsurance, related to:
Current period	84,583	82,653
Prior years	292,605	224,760
Total paid	377,188	307,413
Net reserves for losses and LAE, end of period	1,321,933	1,025,893
Plus: reinsurance recoverable on unpaid claims, end of period	739,841	542,884
Reserves for losses and LAE, end of period	$ 2,061,774	$ 1,568,777

Equity Method Investments and Other - Investment in RISCOM (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 85,368	$ 98,594
RISCOM
Schedule of Equity Method Investments [Line Items]
Underlying equity	3,352	3,756
Difference	1,075	1,258
Recorded investment balance	$ 4,427	$ 5,013

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Commitment and Contingencies (Details) - Apollo Majority SPAs $ in Millions	Sep. 02, 2025 USD ($) agreement shares
Loss Contingencies [Line Items]
Business combination, number purchase agreement \| agreement	2
Business combination, issued share capital percentage	87.00%
Business combination, voting equity interest acquired, percentage	100.00%
Business combination, consideration transferred	$ 555.0
Business combination, issuance percentage	33.00%
Unregistered shares of common stock (in shares) \| shares	3,679,332
Two Senior Unsecured Delayed Draw Term Loan
Loss Contingencies [Line Items]
Long-term debt	$ 300.0
Senior Unsecured Bridge Facility
Loss Contingencies [Line Items]
Long-term debt	$ 150.0

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s financial instruments include assets and liabilities carried at fair value, as well as assets and liabilities carried at cost or amortized cost but disclosed at fair value in its consolidated financial statements. In determining fair value, the market approach is generally applied, which uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities.

The Company uses data primarily provided by third-party investment managers or pricing vendors to determine the fair value of its investments. Periodic analyses are performed on prices received from third parties to determine whether the prices are reasonable estimates of fair value. The analyses include a review of month-to-month price fluctuations and, as needed, a comparison of pricing services’ valuations to other pricing services’ valuations for the identical security.

The Company classifies its financial instruments into the following three-level hierarchy:

Level 1 - Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement

date.

Level 2 - Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability through

corroboration with market data at the measurement date.

Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in

pricing the asset or liability at the measurement date.

The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes:

U.S. government securities, mutual funds and common stock

The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs.

Preferred stocks, municipal securities, corporate securities and miscellaneous

Commercial mortgage-backed securities, residential mortgage-backed securities and other asset-backed securities

Fixed maturity securities, available for sale classified as Level 3

The following table sets forth the range of the discount rate as of September 30, 2025 and December 31, 2024:



	September 30, 2025		December 31, 2024
High	11.11	%	8.00	%
Low	4.72	%	5.70	%
Weighted average	6.31	%	6.60	%

Mortgage loans

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of September 30, 2025 and December 31, 2024:



	September 30, 2025		December 31, 2024
High	7.56	%	10.00	%
Low	6.84	%	7.00	%
Weighted average	7.09	%	7.93	%

Derivatives

The following tables set forth the Company’s investments and derivatives within the fair value hierarchy at September 30, 2025 and December 31, 2024:


September 30, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	76,187	$	—	$	—	$	76,187
Corporate securities and miscellaneous	—		496,195		101,607		597,802
Municipal securities	—		100,003		—		100,003
Residential mortgage-backed securities	—		495,176		—		495,176
Commercial mortgage-backed securities	—		72,384		—		72,384
Other asset-backed securities	—		446,046		17,620		463,666
Total fixed maturity securities, available-for-sale	76,187		1,609,804		119,227		1,805,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		37,267		37,267
Total fixed maturity securities, held-to-maturity	—		—		37,267		37,267
Equity securities:









Common stocks	—		—		—		—





Preferred stocks	—		1,182		—		1,182




Mutual funds	—		—		—		—
Total equity securities	—		1,182		—		1,182
Mortgage loans	—		—		9,998		9,998
Short-term investments	247,376		—		—		247,376
Derivatives	16,843		—		—		16,843
Total	$	340,406	$	1,610,986	$	166,492	$	2,117,884


December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	26,486	$	—	$	—	$	26,486
Corporate securities and miscellaneous	—		354,815		70,813		425,628
Municipal securities	—		84,716		—		84,716
Residential mortgage-backed securities	—		393,833		—		393,833
Commercial mortgage-backed securities	—		69,364		—		69,364
Other asset-backed securities	—		285,084		7,107		292,191
Total fixed maturity securities, available-for-sale	26,486		1,187,812		77,920		1,292,218
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		38,717		38,717
Total fixed maturity securities, held-to-maturity:	—		—		38,717		38,717
Equity securities:









Common stocks	64,251		—		—		64,251





Preferred stocks	—		1,164		—		1,164




Mutual funds	40,839		—		—		40,839
Total equity securities	105,090		1,164		—		106,254
Mortgage loans	—		—		26,490		26,490
Short-term investments	274,929		—		—		274,929
Total	$	406,505	$	1,188,976	$	143,127	$	1,738,608

The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the nine months ended September 30, 2025 and 2024:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Mortgage Loans
Balance at December 31, 2024	$	77,920	$	26,490
Total losses for the period recognized in net investment gains	(110)		(66)
Issuances	—		5
Settlements	—		(10,417)
Purchases	5,164		—
Sales/Disposals	(199)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	682		—
Balance at March 31, 2025	$	83,457	$	16,012
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	(84)
Total (losses) gains for the period recognized in net investment gains	(4,081)		330
Issuances	—		8
Settlements	—		(6,182)
Transfers into Level 3	6,144		—
Purchases	8,838		—
Sales/Disposals	(237)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	747		—
Balance at June 30, 2025	$	94,868	$	10,168
Total gains for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	92
Total losses for the period recognized in net investment gains	(920)		(69)


Settlements	—		(101)

Purchases	24,921		—
Sales/Disposals	(809)		—
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	1,167		—
Balance at September 30, 2025	$	119,227	$	9,998
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	(69)


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Equity Securities		Mortgage Loans
Balance at December 31, 2023	$	—	$	—	$	50,070
Total gains for the period recognized in net investment gains (losses)	—		—		971
Issuances	—		—		187
Settlements	—		—		(6,919)



Balance at March 31, 2024	$	—	$	—	$	44,309
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	—	$	952
Total losses for the period recognized in net investment gains (losses)	—		—		(1,030)
Issuances	—		—		449
Settlements	—		—		(58)



Balance at June 30, 2024	$	—	$	—	$	43,670
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	—	$	(1,031)
Total (losses) gains for the period recognized in net investment gains (losses)	(118)		246		866
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	1,592		—		—
Transfers into Level 3	23,533		—		—
Purchases	23,820		5,571		—
Sales/Disposals	(153)		—		—
Issuances	—		—		8
Settlements	—		—		(8,277)
Balance at September 30, 2024	$	48,674	$	5,817	$	36,267
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	246	$	829

The transfers into Level 3 during the nine months ended September 30, 2025 were the result of securities that began receiving valuations from asset managers that utilized unobservable inputs at the end of the period.

The Company measures certain assets, including investments in indirect loans and loan collateral, equity method investments and other invested assets, at fair value on a nonrecurring basis only when they are deemed to be impaired.

In addition to the preceding disclosures on assets and liabilities recorded at fair value in the consolidated balance sheets, the Company is also required to disclose the fair values of certain other financial instruments for which it is practicable to estimate fair value. Estimated fair value amounts, defined as the quoted market price of a financial instrument, have been determined using available market information and other appropriate valuation methodologies. However, considerable judgments are required in developing the estimates of fair value where quoted market prices are not available. Accordingly, these estimates are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions or estimating methodologies may have an effect on the estimated fair value amounts.

The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments:

Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of September 30, 2025, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3).

Investment in RedBird Capital Partners: Included in other long-term investments is an investment in a limited partnership with RedBird Capital Partners, which invests in Bishop Street Underwriters, LLC (“Bishop Street”), a managing general agent (MGA). The investment had a fair value of $47.0 million at September 30, 2025, which was determined using the net asset value. The Company employs procedures to assess the reasonableness of the fair value of the investment including obtaining and reviewing the audited financial statements. The unfunded commitment related to the investment was $21.5 million at September 30, 2025. The Company may sell its interest in the investment with the appropriate prior written notice and approval by the general partner. In accordance with Accounting Standard Codification 820-10, this investment is measured at fair value using the net asset value per share practical expedient and has not been classified in the fair value hierarchy.

Notes payable: The carrying value approximates the estimated fair value for notes payable as the notes payable accrue interest at current market rates plus a spread. The Company determines fair value using the income approach utilizing inputs that are observable (Level 2).

Subordinated debt: Subordinated debt consists of the Unsecured Subordinated Notes, due May 24, 2039 and have a fixed interest rate. The Company determines the fair value of these instruments using the income approach utilizing inputs that are observable (Level 2).

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of September 30, 2025 and December 31, 2024:


	September 30, 2025				December 31, 2024
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
FHLB Loan	$	57,000	$	57,474	$	57,000	$	56,200
Revolving credit facility	43,000		43,000		43,000		43,000
Notes payable	$	100,000	$	100,474	$	100,000	$	99,200
Subordinated debt

Unsecured subordinated notes	$	19,561	$	20,989	$	19,536	$	20,541
Subordinated debt, net of debt issuance costs	$	19,561	$	20,989	$	19,536	$	20,541

Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Other Income and Expenses [Abstract]

Segment - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Net earned premiums	$ 351,797	$ 269,557	$ 947,705	$ 763,482
Commission and fee income	1,904	1,818	6,440	5,897
Losses and LAE	213,780	170,521	582,351	473,489
Net investment income	22,180	19,535	60,107	59,866
Net investment gains	6,881	10,173	16,920	16,755
Other loss	(236)	(195)	(216)	(202)
Interest expense	1,919	2,229	5,629	7,405
Amortization expense	455	351	1,164	1,099
Other expenses	4,149	1,117	6,212	3,350
Income before income taxes	60,547	46,853	161,777	134,185
Income tax expense	14,646	10,185	34,979	29,763
Net income	45,901	36,668	126,798	104,422
Reportable Segment
Segment Reporting Information [Line Items]
Net earned premiums	351,797	269,557	947,705	763,482
Commission and fee income	1,904	1,818	6,440	5,897
Total underwriting revenues	353,701	271,375	954,145	769,379
Losses and LAE	213,780	170,521	582,351	473,489
Amortization of policy acquisition costs	49,243	37,365	138,369	105,273
Other operating and general expenses	52,433	42,452	135,454	120,997
Total underwriting expenses	315,456	250,338	856,174	699,759
Net underwriting income	38,245	21,037	97,971	69,620
Net investment income	22,180	19,535	60,107	59,866
Net investment gains	6,881	10,173	16,920	16,755
Other loss	(236)	(195)	(216)	(202)
Interest expense	1,919	2,229	5,629	7,405
Amortization expense	455	351	1,164	1,099
Other expenses	4,149	1,117	6,212	3,350
Income before income taxes	60,547	46,853	161,777	134,185
Income tax expense	14,646	10,185	34,979	29,763
Net income	$ 45,901	$ 36,668	$ 126,798	$ 104,422

Underwriting, Acquisition and Insurance Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Underwriting, Acquisition and Insurance Expenses

The following table sets forth the components of underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Amortization of policy acquisition costs	$	49,243	$	37,365	$	138,369	$	105,273
Other operating and general expenses	52,433		42,452		135,454		120,997
Total underwriting, acquisition and insurance expenses	$	101,676	$	79,817	$	273,823	$	226,270

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Net earned premiums	$ 351,797	$ 269,557	$ 947,705	$ 763,482
Commission and fee income	1,904	1,818	6,440	5,897
Net investment income	22,180	19,535	60,107	59,866
Net investment gains	6,881	10,173	16,920	16,755
Other loss	(236)	(195)	(216)	(202)
Total revenues	382,526	300,888	1,030,956	845,798
Expenses:
Losses and loss adjustment expenses	213,780	170,521	582,351	473,489
Underwriting, acquisition and insurance expenses	101,676	79,817	273,823	226,270
Interest expense	1,919	2,229	5,629	7,405
Amortization expense	455	351	1,164	1,099
Other expenses	4,149	1,117	6,212	3,350
Total expenses	321,979	254,035	869,179	711,613
Income before income taxes	60,547	46,853	161,777	134,185
Income tax expense	14,646	10,185	34,979	29,763
Net income	45,901	36,668	126,798	104,422
Comprehensive income
Net income	45,901	36,668	126,798	104,422
Unrealized gains and losses on investments:
Net change in unrealized gains on investments, net of tax	6,740	31,396	30,000	24,527
Reclassification adjustment for gains (losses) on securities no longer held, net of tax	5,465	(1,963)	1,659	(3,277)
Total other comprehensive income	12,205	29,433	31,659	21,250
Comprehensive income	$ 58,106	$ 66,101	$ 158,457	$ 125,672
Per share data:
Basic earnings per share (in dollar per share)	$ 1.13	$ 0.91	$ 3.14	$ 2.61
Diluted earnings per share (in dollar per share)	$ 1.10	$ 0.89	$ 3.03	$ 2.53
Weighted-average common shares outstanding
Basic (in shares)	40,487,069	40,098,345	40,377,864	40,039,269
Diluted (in shares)	41,868,449	41,428,557	41,784,976	41,302,108

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Material Terms of Trading Arrangement

On September 8, 2025, Sandip Kapadia entered into a new Rule 10b5-1 Trading Arrangement. On September 10, 2025, Tom Schmitt terminated an existing Rule 10b5-1 Trading Arrangement and entered into a new Rule 10b5-1 Trading Arrangement on September 11, 2025 replacing the previous plan. The material terms of the trading plans and the termination of Mr. Schmitt’s plan are set forth in the table below. All plans were entered into during an open insider trading window and are intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and our policies regarding transactions in our securities.

Disclosure Events

Name (Title)

Date of Adoption, Amendment, or Termination

Nature of Trading Arrangement

Duration of Trading Arrangement

Aggregate Number of Securities

Sandip Kapadia (President, Reinsurance & Head of Actuarial)

Adoption

September 8, 2025

Rule 10b5-1(c) Trading Arrangement

12/8/2025 – 2/27/2026

Up to 7,716 shares

Tom Schmitt (Chief People Officer)

Termination on

September 10, 2025 of plan entered into on May 9, 2025

Rule 10b5-1(c) Trading Arrangement

11/10/2025 – 6/9/2026

Up to 8,485 shares

Tom Schmitt (Chief People Officer)

Adoption of new plan replacing above

plan on

September 11, 2025

Rule 10b5-1(c) Trading Arrangement

12/11/2025 – 6/9/2026

Up to 8,485 shares

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Sandip Kapadia [Member]

Rule 10b5-1 Arrangement Adopted

Name

Sandip Kapadia

Title

President, Reinsurance & Head of Actuarial

true

September 8, 2025

2/27/2026

81 days

7,716

Tom Schmitt September 10, 2025 Termination [Member] | Tom Schmitt [Member]

Rule 10b5-1 Arrangement Terminated

Name

Tom Schmitt

Title

Chief People Officer

true

September 10, 2025

6/9/2026

211 days

8,485

Tom Schmitt September 11, 2025 Adoption [Member] | Tom Schmitt [Member]

Rule 10b5-1 Arrangement Adopted

Name

Tom Schmitt

Title

Chief People Officer

true

September 11, 2025

6/9/2026

180 days

8,485

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-41591
Entity Registrant Name	SKYWARD SPECIALTY INSURANCE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1957288
Entity Address, Address Line One	800 Gessner Road
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024-4284
City Area Code	713
Local Phone Number	935-4800
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	SKWD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,487,365
Entity Central Index Key	0001519449
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3

Variable Interest Entity

9 Months Ended

Sep. 30, 2025

Variable Interest Entity [Abstract]

Variable Interest Entity

Pursuant to GAAP consolidation guidance, Skyward consolidates Separate Account HSIC-01 (“HSIC-01”), established by Mangrove Risk Solutions Bermuda Ltd. (“Mangrove”). HSIC-01 is a VIE for which the Company is the primary beneficiary. The purpose of the VIE is to hedge price volatility risks of certain insurance products by investing in dairy and livestock commodities. The Company directly manages the business; therefore, it considers itself the primary beneficiary. The Company does not provide performance guarantees and has no other financial obligation to provide funding to HSIC-01, other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to the assets of HSIC-01 other than to satisfy associated liabilities.


($ in thousands)	September 30, 2025
Assets
Cash and cash equivalents	24,822




Other assets	16,843
Total assets	$	41,665

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate			21.00%
Other	2.50%		(0.60%)
Stock based compensation percent			1.10%
Cash paid for income taxes	$ 11,000	$ 8,500	$ 31,822	$ 22,968

Mortgage Loans (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table sets forth the carrying value of the Company’s mortgage loans as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025		December 31, 2024
Commercial	$	3,407	$	8,474
Retail	—		10,032
Hospitality	6,591		7,984



	$	9,998	$	26,490

Schedule of Investment Income

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2025 and 2024:


	Nine months ended September 30,
($ in thousands)	2025		2024
Fixed maturity securities, available-for-sale	$	61,461	$	17,540
Equity securities	126,738		22,993

The following table sets forth the components of net investment income for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Income (loss):
Fixed maturity securities, available-for-sale	$	21,354	$	15,461	$	57,095	$	41,099
Fixed maturity securities, held-to-maturity	(453)		953		(453)		3,205
Equity securities	95		591		1,204		1,969
Equity method investments	345		(1,144)		(2,541)		2,596
Mortgage loans	283		1,158		1,214		4,165
Indirect loans	(1,504)		(401)		(6,494)		(1,874)
Short-term investments and cash	3,260		3,709		10,159		11,370
Other	836		836		2,607		2,360
Total investment income	24,216		21,163		62,791		64,890
Investment expenses	(2,036)		(1,628)		(2,684)		(5,024)
Net investment income	$	22,180	$	19,535	$	60,107	$	59,866

The following table sets forth the Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Commercial	$	108	$	376	$	325	$	1,685
Retail	—		513		304		1,473
Hospitality	175		269		585		1,007




	$	283	$	1,158	$	1,214	$	4,165

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	27,208	7,152	91,206	165,072
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	350	16	87	561

Segment

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment

The Company has one reportable segment through which it offers a broad array of commercial property and casualty products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. The segment is made up of nine distinct underwriting divisions, or “continuing business,” and has dedicated underwriting leadership supported by high-quality technical staff with deep experience in their respective niches. The Company defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions and allocate resources. The Company’s CODM is the chief executive officer.

The accounting policies of the segment are the same as those described in Note 1 “Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The CODM assesses performance for the segment and decides how to allocate resources based on gross written premiums by net underwriting division, underwriting income, and income before income taxes that also is reported on the condensed consolidated statements of operations as consolidated income before income taxes. The measure of segment assets is reported on the balance sheet as total consolidated assets.

Gross written premiums by underwriting division, net underwriting income, and consolidated net income are used to monitor budget versus actual results. The chief operating decision maker also uses net underwriting income, annualized return on equity and growth in book value per share in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

The following table presents gross written premiums by underwriting division for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Accident & Health	$	63,147	$	43,490	$	186,805	$	128,479
Agriculture and Credit (Re)insurance	168,105		17,044		327,525		96,957
Captives	67,956		53,630		213,318		184,137
Construction & Energy Solutions	66,576		70,309		215,760		222,745
Global Property	27,649		37,540		158,327		183,083
Professional Lines	35,598		40,310		114,911		120,655
Specialty Programs	82,771		54,434		231,401		166,256
Surety	43,737		34,592		122,272		106,076
Transactional E&S	50,950		48,665		156,417		146,506
Total continuing business	606,489		400,014		1,726,736		1,354,894
Exited business	20		—		13		(17)
Total gross written premiums	$	606,509	$	400,014	$	1,726,749	$	1,354,877


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2025		2024		2025		2024
Underwriting income
Revenues:
Net earned premiums	$	351,797	$	269,557	$	947,705	$	763,482
Commission and fee income	1,904		1,818		6,440		5,897
Total underwriting revenues	353,701		271,375		954,145		769,379
Expenses:
Losses and LAE	213,780		170,521		582,351		473,489
Amortization of policy acquisition costs	49,243		37,365		138,369		105,273







Other operating and general expenses	52,433		42,452		135,454		120,997
Total underwriting expenses	315,456		250,338		856,174		699,759
Net underwriting income	$	38,245	$	21,037	$	97,971	$	69,620

Reconciliation of net underwriting income to net income:
Net underwriting income	$	38,245	$	21,037	$	97,971	$	69,620
Add:
Net investment income	22,180		19,535		60,107		59,866
Net investment gains	6,881		10,173		16,920		16,755
Other loss	(236)		(195)		(216)		(202)
Less:
Interest expense	1,919		2,229		5,629		7,405
Amortization expense	455		351		1,164		1,099
Other expenses	4,149		1,117		6,212		3,350
Income before income taxes	60,547		46,853		161,777		134,185
Income tax expense	14,646		10,185		34,979		29,763
Net income	$	45,901	$	36,668	$	126,798	$	104,422

The following table presents annualized return on equity for the three and nine months ended September 30, 2025 and 2024 and book value per share as of September 30, 2025 and December 31, 2024:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025			2024
Annualized return on equity	19.7	%	19.3	%	19.3		%	19.1		%

					September 30, 2025			December 31, 2024
Book value per share					$	23.75		$	19.79

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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