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US specialty commercial insurer underwriting hard-to-place property, casualty and surety risks via excess & surplus lines.
US specialty commercial insurer underwriting hard-to-place property, casualty and surety risks via excess & surplus lines.
Earns premiums for covering risks that standard insurers decline and invests the premiums before claims are paid, so underwriting results and investment income both count. It sells through brokers and wholesalers, with separate underwriting units each focused on a niche. It listed in early 2023.
Moat: narrow (process know-how, distribution). Underwriting-unit specialization in niche E&S risks that standard carriers avoid.
Headquarters: Houston, Texas, United States · Founded: 1998 · Employees: 611
Size Skyward Specialty Insurance (SKWD) is a United States Financials company (Multi-Line Insurance) with a market value of $2.68B, the 1608th largest of 3,117 United States companies the cockpit tracks. Shares closed at $60.35 on 6 Nov 2026.
Performance Over six months the shares gained 29.3%, against +1.1% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 38.0% over the last twelve months (peer median +9.6%); the operating margin is 15.2% (peer median 10.5%).
Valuation It trades at 2.11× book value against a peer median of 0.96× (8th most expensive of 21).
Price implies The share price implies a return on equity of about 10.2%; Skyward Specialty Insurance delivers 17.3%, so the price asks less than the business earns today.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.74B | $1.42B | $1.15B | $895M | $636M |
| Revenue growth | — | +24% | +28% | +41% | — |
| Net income | $188M | $170M | $119M | $86.0M | $39.4M |
| Free cash flow | $402M | $403M | $301M | $335M | $210M |
| Capital expenditure | $5.13M | $7.45M | $4.22M | $3.16M | $2.33M |
| Total debt | $437M | $120M | $120M | $134M | $137M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Skyward Specialty Insurance SKWD | $2.68B | +29% | +38% | 17% | 2.11× | 10.2% |
| RLI RLI | $6.27B | +39% | +6% | 22% | 3.70× | 15.4% |
| Kinsale Capital KNSL | $8.64B | +26% | +8% | 28% | 4.70× | 30.6% |
| W. R. Berkley WRB | $27.9B | +16% | +1% | 19% | 2.91× | 12.8% |
| Palomar PLMR | $4.10B | +37% | +60% | 22% | 4.16× | 17.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SKWD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.8% | +3.3% | 9th lowest of 21 |
| 6-month return | +29.3% | +1.1% | 3rd highest of 21 |
| Return on equity | 17.3% | 9.0% | 5th highest of 21 |
| Price / book | 2.11× | 0.96× | 8th most expensive of 21 |
| Trailing P/E | 14.1× | 11.3× | 7th most expensive of 19 |
| ROE the price implies | 10.2% | 8.0% | 8th most demanding of 20 |
| ROE delivered | 17.3% | 8.8% | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Skyward Specialty Insurance SKWD | United States | $2.68B | +29% | +38% | 17% | 2.11× | 10.2% | 17.3% |
| Vaudoise Assurances VAHN.SW | Switzerland | $2.66B | -8% | +14% | 6% | 0.78× | n/a | 5.9% |
| New India Assurance NIACL.NS | India | $2.74B | -5% | +9% | -1% | 0.62× | 14.0% | -1.3% |
| Go Digit General Insurance GODIGIT.NS | India | $2.44B | -21% | +9% | 12% | 4.91× | 37.4% | n/a |
| Lemonade LMND | United States | $3.06B | -28% | +77% | -27% | 6.12× | 75.0% | -27.0% |
| F&G Annuities & Life FG | United States | $3.06B | -17% | +14% | 9% | 0.66× | 8.4% | 9.2% |
| Pelagos Insurance Capital PLGO | United States | $2.29B | +33% | -4% | 18% | 1.03× | 6.5% | 17.6% |
| NIB NHF.AX | Australia | $2.29B | +4% | +5% | 17% | 2.90× | 13.2% | 16.6% |
| Seoul Guarantee Insurance 031210.KS | South Korea | $2.26B | -8% | +14% | 6% | 0.61× | 4.5% | 6.0% |
| Genworth Financial GNW | United States | $3.29B | -5% | -1% | 2% | 0.38× | 5.3% | 2.3% |
| Zhongan Online P&C Insurance 6060.HK | Hong Kong | $2.06B | -19% | +16% | 8% | 0.54× | 8.0% | 8.2% |
| Hamilton Insurance HG | United States | $3.64B | +20% | +20% | 19% | 1.24× | 8.0% | 19.0% |
| Alm. Brand A/S ALMB.CO | Denmark | $3.70B | +16% | +3% | 9% | 2.19× | 7.3% | 8.8% |
| Korean Reinsurance 003690.KS | South Korea | $1.74B | +8% | -2% | 14% | 0.73× | 4.8% | 14.4% |
| Trupanion TRUP | United States | $1.61B | +49% | +12% | 6% | 3.94× | 35.3% | 6.1% |
| Linea Directa Aseguradora LDA.MC | Spain | $1.48B | +3% | +10% | 23% | 3.07× | 11.7% | 23.3% |
| CNO Financial CNO | United States | $5.09B | +20% | +2% | 17% | 2.19× | 16.0% | 16.9% |
| Wuestenrot & Wuerttembergische WUW.DE | Germany | $1.39B | -6% | +4% | 3% | 0.25× | 3.6% | 2.7% |
| White Mountains Insurance WTM | United States | $5.35B | +5% | +21% | 22% | 0.99× | 6.3% | 21.9% |
| Sunshine Insurance 6963.HK | Hong Kong | $5.35B | 0% | +8% | 14% | 0.66× | 5.4% | 13.7% |
| FWD 1828.HK | Hong Kong | $5.54B | +7% | +24% | 4% | 0.92× | 7.3% | 4.1% |