Skyward Specialty’s chief underwriting officer sells $55,314 in stock

HOUSTON—Clark Chase M, the Chief Underwriting Officer of Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD), a $1.93 billion market cap insurance company, recently executed sales of company stock totaling $55,314. The transactions were disclosed in a recent SEC filing. According to InvestingPro data, the company maintains strong financial health with an overall rating of "GREAT."

On March 6, Mr. Chase sold 1,101 shares of Skyward Specialty’s common stock at an average price of $50.2399 per share. This sale was conducted to cover taxes and fees related to the vesting and settlement of restricted stock units (RSUs) granted to Mr. Chase. The transaction occurred during a challenging period for the stock, which has seen an 11.29% decline over the past week, though it maintains a 35% gain over the past year.

In addition to the stock sales, Mr. Chase also acquired 4,380 shares of common stock through the exercise of RSUs. These acquisitions were made at no cost, as part of his compensation plan. The RSUs were part of a 2022 Long-Term Incentive Plan and a 2023 IPO RSU Grant, which vested and settled on March 6.

Following these transactions, Mr. Chase’s direct ownership stands at 3,279 shares.

In other recent news, Skyward Specialty Insurance Group reported fourth-quarter 2024 earnings that surpassed analysts’ expectations, with earnings per share (EPS) reaching $0.8 compared to the forecasted $0.65. The company’s revenue also exceeded projections, totaling $304.4 million against an expected $265.04 million. Keefe, Bruyette & Woods (KBW) responded to these results by raising the price target for Skyward Specialty to $62.00, citing the company’s solid financial performance. Jefferies also increased its price target to $62.00, maintaining a Buy rating and noting the company’s alignment with pre-announced guidance. However, Wolfe Research downgraded Skyward Specialty’s stock from Outperform to Peer Perform, citing concerns over trading multiples and risk-return profiles. Wolfe Research set a year-end 2025 fair value range for the company at $50 to $59. Additionally, Skyward Specialty’s gross written premiums grew by 21% in the fourth quarter, contributing to a full-year growth of 19%, with the company expecting continued growth in the low to mid-teens for 2025. Skyward Specialty’s management anticipates completing underwriting actions in California by the end of the first quarter of 2025, which is seen as a significant development for stabilizing operations.

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