Skyward Specialty Announces Follow-On Offering of its Common Stock
November 13 2023 - 4:31PM
Skyward Specialty Insurance Group Inc.TM (NASDAQ: SKWD)
("Skyward Specialty" or the “Company") a leader in the specialty
property and casualty (“P&C”) market, today announced the
Company has commenced a follow-on offering of 2,150,000 shares of
its common stock. Additionally, Skyward Specialty’s existing
stockholder, The Westaim Corporation (“Westaim”), is offering
2,350,000 shares. Westaim also granted the underwriters a 30-day
option to purchase up to an additional 675,000 shares.
Skyward Specialty’s principal purposes of the offering are to
support its continued growth and allow the Company to capitalize on
market opportunities – led by its existing lines, but also
continuing to expand into new products and adjacencies that fit the
Company’s strategy by increasing capitalization and financial
flexibility. Skyward Specialty will not receive any of the proceeds
from the sale of the shares by Westaim.
Barclays, Keefe, Bruyette & Woods, Inc., A Stifel Company
and Jefferies are acting as joint lead book-running managers for
the proposed offering. Piper Sandler, JMP Securities, A Citizens
Company, Truist Securities, Raymond James, BMO Capital Markets and
Wolfe | Nomura Alliance are acting as joint book-running managers
for the proposed offering.
A registration statement relating to these securities was filed
with and declared effective by the Securities and Exchange
Commission (the “SEC”) today and is available on the SEC’s website
at www.sec.gov. Accordingly, the offering is being made by means of
a prospectus. Copies of the prospectus relating to the offering may
be obtained from Barclays Capital Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone:
(888) 603-5847 or email: Barclaysprospectus@broadridge.com), Keefe,
Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York,
New York 10019, Attention: Equity Capital Markets (telephone: (800)
966-1559, or email: kbwsyndicatedesk@kbw.com) or Jefferies LLC, 520
Madison Avenue, New York, NY 10022, Attention: Equity Syndicate
Prospectus Department (telephone: (877) 821-7388, or email:
prospectus_department@jefferies.com).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
STATEMENTS
Certain statements contained in this press release constitute
forward-looking statements, including with respect to statements
relating to the offering, including the timing and size of the
offering and the anticipated use of proceeds therefrom and the
grant of the option to purchase additional shares. Management has
based these forward-looking statements on its current expectations,
assumptions, estimates and projections. While they believe these
expectations, assumptions, estimates and projections are
reasonable, such forward-looking statements are only predictions
and involve known and unknown risks and uncertainties, many of
which are beyond management's control. These statements involve
risks and uncertainties that may cause Skyward Specialty's actual
results, performance or achievements to differ materially from any
future results, performance or achievements expressed or implied by
these forward-looking statements, including, without limitation:
the risks and uncertainties with market conditions and the
satisfaction of customary closing conditions related to the
proposed offering and the other risks and uncertainties described
in the Skyward Specialty’s filings with the SEC, included under the
heading “Risk Factors” in Skyward Specialty’s Annual Report on Form
10-K and any subsequent filings with the SEC. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and, except as required by law, Skyward Specialty assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. All forward-looking statements are
qualified in their entirety by this cautionary statement, which is
made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
About Skyward SpecialtySkyward Specialty
(NASDAQ: SKWD) is a rapidly growing and innovative specialty
insurance company, delivering commercial property and casualty
products and solutions on a non-admitted and admitted basis. The
Company operates through eight underwriting divisions -- Accident
& Health, Captives, Global Property & Agriculture, Industry
Solutions, Professional Lines, Programs, Surety and Transactional
E&S.
Skyward Specialty's subsidiary insurance companies consist of
Houston Specialty Insurance Company, Imperium Insurance Company,
Great Midwest Insurance Company, and Oklahoma Specialty Insurance
Company. These insurance companies are rated A- (Excellent) with
positive outlook by A.M. Best Company. For more information about
Skyward Specialty, its people, and its products, please
visit skywardinsurance.com.
Investor contact:Natalie
Schoolcraft,nschoolcraft@skywardinsurance.com614-494-4988
or
Media ContactHaley DoughtySkyward Specialty
Insurance Group713-935-4944hdoughty@skywardinsurance.com
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