Skyward Specialty Announces Pricing of Its Secondary Offering of Its Common Stock

HOUSTON, May 06, 2024 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD) (“Skyward Specialty” or the “Company”) a leader in the specialty property and casualty (“P&C”) market, announced the pricing of its secondary offering of 4,400,000 shares being offered by The Westaim Corporation, through its wholly-owned subsidiary, Westaim HIIG GP Inc. (the “Selling Stockholder”) at $36.50. In connection with the offering, the Selling Stockholder has also granted the underwriters a 30-day option to purchase up to an additional 660,000 shares of Skyward Specialty's common stock. The Selling Stockholder will hold 4.80% and 6.45% in Skyward Specialty, assuming full and no exercise of the underwriters’ option to purchase the additional shares, respectively.

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

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

The offering is being made pursuant to an automatically effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on May 6, 2024 and only by means of a final prospectus supplement. A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, by visiting the SEC website at www.sec.gov or from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: [phone] or email: [e-mail]), Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York, New York 10019, Attention: Equity Capital Markets (telephone: [phone] or email: [e-mail]) or Jefferies LLC, 520 Madison Avenue, New York, NY 10022, Attention: Equity Syndicate Prospectus Department (telephone: [phone], or email: [e-mail]).