---
schema_version: "secwatch.filing_event.v1"
accession: "0001519449-23-000015"
form_type: "8-K"
ticker: "SKWD"
cik: "0001519449"
company_name: "Skyward Specialty Insurance Group, Inc."
filed_at: "2023-04-03T23:59:59+00:00"
generated_at: "2026-06-17T06:56:48.577401+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Skyward Specialty enters $150M credit facility with Truist, replaces prior bank debt

## Summary
- $150M revolving credit facility; up to $30M for letters of credit; accordion feature allows $50M increase to $200M.
- Interest: SOFR + 150-190 bps or base rate + 50-90 bps; maturity March 29, 2028.
- Prior Prosperity Bank credit agreement terminated; all outstanding amounts repaid on March 29, 2023.
- Unsecured facility guaranteed by non-insurance subsidiaries; covenants include minimum net worth, debt-to-cap ratio, A.M. Best rating, minimum liquidity.

## SEC filing metadata
- accession: 0001519449-23-000015
- form_type: 8-K
- ticker: SKWD
- cik: 0001519449
- company_name: Skyward Specialty Insurance Group, Inc.
- filed_at: 2023-04-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1519449/000151944923000015/0001519449-23-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1519449/000151944923000015/skwd-20230329.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001519449-23-000015
- JSON: https://secwatch.observer/filing/0001519449-23-000015.json
- Plain text: https://secwatch.observer/filing/0001519449-23-000015.txt

## Key facts
- Debt Financings
  Skyward Specialty Insurance Group, Inc. incurred credit facility of $150.0 million with Truist Bank at term SOFR plus a margin, which will range from 150 basis points to 190 basis poi maturing March 29, 2028.
  - Instrument: credit facility
  - Principal: $150.0 million
  - Counterparty: Truist Bank
  - Rate: term SOFR plus a margin, which will range from 150 basis points to 190 basis poi
  - Maturity: March 29, 2028
  - Event: incurrence
  source text: parties thereto (each a “Lender” and collectively, the “Lenders”), Truist Bank as Administrative Agent (the “Agent”). The initial maximum principal amount of the Facility is $150.0 million. The Facility provides that the Company may utilize a portion of the maximum principal amount, not to exceed $30.0 million, for the issuance of one or more letters of credit.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1519449/000151944923000015/0001519449-23-000015-index.htm
- Material Agreements
  Skyward Specialty Insurance Group, Inc. terminated Credit Agreement with Prosperity Bank (effective 2023-03-29).
  - Action: termination
  - Agreement: credit facility
  - Counterparty: Prosperity Bank
  - Effective: 2023-03-29
  source text: the Company terminated its Credit Agreement dated as of December 11, 2019, between the Company and Prosperity Bank (the “Prior Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1519449/000151944923000015/0001519449-23-000015-index.htm
- Material Agreements
  Skyward Specialty Insurance Group, Inc. entered into Credit Agreement with Truist Bank valued at $150.0 million (effective 2023-03-29).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Truist Bank
  - Value: $150.0 million
  - Effective: 2023-03-29
  source text: On March 29, 2023, Skyward Specialty Insurance Group, Inc. (the "Company"), a Delaware corporation, entered into a Credit Agreement (the “Facility”) by and among the Company as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), Truist Bank as Administrative Agent (the “Agent”). The initial maximum principal amount of the Facility is $150.0 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1519449/000151944923000015/0001519449-23-000015-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.