HOUSTON - Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD), a company operating in the specialty property and casualty (P&C) insurance market, has announced a secondary public offering of 4,400,000 shares of common stock by The Westaim Corporation. The shares are being offered through Westaim's wholly-owned subsidiary, Westaim HIIG GP Inc.
The underwriters for the offering have been granted a 30-day option by the Selling Stockholder to purchase up to an additional 660,000 shares of Skyward Specialty's common stock. Depending on the exercise of this option by the underwriters, Westaim's ownership in Skyward Specialty could vary between 4.80% and 6.45%.
Skyward Specialty will not receive any proceeds from this offering, as the shares are being sold by the Selling Stockholder, who will also be responsible for the underwriting discounts and commissions.
Barclays, Keefe, Bruyette & Woods, Inc., and Jefferies are serving as joint lead book-running managers for the proposed offering. The offering is being made available via an automatically effective shelf registration statement on Form S-3, as filed with the Securities and Exchange Commission (SEC) on the day of the announcement, May 6, 2024.
The preliminary prospectus supplement and accompanying prospectus related to the offering may be obtained from the SEC's website or directly from the managing book-runners.
Skyward Specialty has been recognized for its growth and innovation in the specialty insurance sector, providing a range of products and solutions. The company's subsidiary insurance companies, which include Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company, hold an A- (Excellent) rating from A.M. Best Company with a positive outlook.
This press release includes forward-looking statements about the offering and its potential effects. These statements are subject to risks and uncertainties, including market conditions and the satisfaction of customary closing conditions for the offering.
The information in this article is based on a press release statement from Skyward Specialty Insurance Group, Inc.
InvestingPro Insights
Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD) has been making waves in the specialty P&C insurance market, and recent activity on the stock market suggests that investors are taking notice. According to InvestingPro data, Skyward Specialty has witnessed a significant return over the last week, indicating a bullish trend among shareholders.
When looking at the company's financial health, one InvestingPro Tip highlights that Skyward Specialty's liquid assets exceed short term obligations. This suggests a strong liquidity position, which is a reassuring sign for investors considering the company's ability to meet its short-term liabilities.
Another noteworthy InvestingPro Tip for potential and current investors is that Skyward Specialty is trading at a low P/E ratio relative to near-term earnings growth. This could point to the stock being undervalued, presenting a potentially attractive entry point for those looking to invest in the specialty insurance sector.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, which can be accessed through the InvestingPro platform. In fact, there are 10 more tips that provide valuable insights into Skyward Specialty's performance and outlook. To explore these tips and enhance your investment strategy, consider using PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
InvestingPro Data Metrics:
- Analysts have revised their earnings upwards for the upcoming period.
- The company has had a high return over the last year.
- Analysts predict the company will be profitable this year.
These metrics, combined with the company's strategic moves such as the secondary public offering, paint a picture of a company that is not only growing but is also being recognized for its financial stability and potential for future profitability.
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