Skyward Specialty Announces Pricing of Its Secondary Offering of Its Common Stock
May 06 2024 - 7:38PM
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: (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.
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) by A.M.
Best Company with positive outlook. For more information about
Skyward Specialty, its people, and its products, please
visit skywardinsurance.com.
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 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 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.
Investor contact:Natalie SchoolcraftSkyward
Specialty Insurance
Group614-494-4988nschoolcraft@skywardinsurance.com
or
Media ContactHaley DoughtySkyward Specialty
Insurance Group713-935-4944hdoughty@skywardinsurance.com
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