SKWDMEDIUM SIGNALOPPORTUNITY10-K

SKWD completed a major acquisition of 87% of Apollo Group Holdings Limited in September 2025, driving strong financial performance across all key metrics.

The Apollo acquisition represents a significant strategic expansion that has contributed to robust growth in revenue (+23.2%) and net income (+43.1%), suggesting successful integration and synergies. The updated investment accounting language indicates a shift toward more comprehensive recognition of investment-related gains and losses, which could increase earnings volatility but also upside potential.

Comparing 2026-03-02 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

SKWD delivered strong across-the-board growth with revenue increasing 23.2% to $1.4B and net income surging 43.1% to $170M, indicating successful business expansion and operational leverage. The balance sheet expanded proportionally with total assets growing 28.5% to $4.8B and stockholders' equity increasing 27.1% to $1.0B, while operating cash flow strengthened 33.7% to $408.1M. The balanced growth in assets, liabilities, and equity alongside strong cash generation suggests healthy organic growth supplemented by the Apollo acquisition, positioning the company well for continued expansion.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+43.1%
$118.8M→$170.0M

Net income grew 43.1% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+38.6%
$121.6M→$168.5M

Cash position surged 38.6% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+33.7%
$305.1M→$408.1M

Operating cash flow surged 33.7% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
+29.1%
$4.2M→$5.5M

Capex increased 29.1% — ongoing investment in capacity or infrastructure for future growth.

Total Liabilities
Balance Sheet
+28.8%
$2.9B→$3.8B

Liabilities increased 28.8% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+28.5%
$3.7B→$4.8B

Asset base grew 28.5% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+27.1%
$794.0M→$1.0B

Equity base grew 27.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+23.2%
$1.2B→$1.4B

Revenue growing 23.2% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-03
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.
Net investment gains (losses) Net investments gains (losses) represent the total investment-related gains and losses recognized in earnings during the period.
These amounts include net realized investment gains (losses) and net unrealized gains (losses) of equity securities, mortgage loans, and other investments.
Losses and LAE Losses and loss adjustment expenses ( LAE ) represent the costs incurred for insured losses, such as losses under a policy, whether paid or unpaid, as well as expenses of settling claims, including settlements, attorneys fees, investigation, appraisal, adjustment, defense costs, and the portion of general expenses allocated to claim resolution.
Apollo Acquisition On September 2, 2025, we entered into two share purchase agreements (the "Apollo Majority SPAs") with institutional and management shareholders, respectively, of Apollo Group Holdings Limited ("Apollo") (the "Majority Sellers").
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.
Net investment gains (losses) Net investments gains (losses) represent the increase or decrease in the fair value of equity securities and loans still held as investments during the period.
Expense ratio , expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses less commission and fee income to net earned premiums.
For the year ended December 31, 2024, 44% of our gross written premiums were written on an admitted basis and 56% were non-admitted.
Global Property and Agriculture : Our Global Property underwriting unit provides property-only solutions to large multi-jurisdictional entities with complex property exposures.
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