| Schedule of Fair Value of Consideration Transferred |
The table below presents the components of the fair value of consideration transferred: | | | | | | | | | | ($ in thousands, except for share and per share amounts) | | | | Share consideration | | | | Skyward Specialty Insurance Group, Inc. common stock issued to existing Apollo common stockholders | | 3,679,332 | | | Skyward Specialty Insurance Group, Inc. closing stock price on December 31, 2025 | | $ | 51.11 | | | Consideration of Skyward Specialty Insurance Group, Inc. issued common stock | | $ | 188,051 | | | Cash consideration | | 371,089 | | | Total consideration | | $ | 559,140 | | | | |
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| Schedule of Preliminary Purchase Price Allocation |
The following table summarizes the preliminary purchase price allocation as of the Acquisition Date: | | | | | | | | | | ($ in thousands) | | January 1, 2026 | | Assets acquired, excluding goodwill | | | | Fixed maturity securities, available-for-sale, at fair value | | $ | 222,460 | | | Short-term investments, at fair value | | 187,178 | | | Cash and cash equivalents | | 68,054 | | | Funds at Lloyd's | | 106,336 | | | Premiums receivable, net | | 272,803 | | | Reinsurance recoverables, net | | 165,540 | | | Ceded unearned premium | | 69,097 | | | Deferred policy acquisition costs and VOBA | | 56,128 | | | Deferred income taxes | | 13,966 | | | Intangible assets, excluding goodwill, net | | 262,000 | | | Other assets | | 25,830 | | | Total assets acquired, excluding goodwill | | 1,449,392 | | | Liabilities assumed | | | | Reserves for losses and loss adjustment expenses | | 477,596 | | | Unearned premiums | | 233,501 | | | Reinsurance and premium payables | | 144,536 | | | Funds held for others | | 18,684 | | | Accounts payable and accrued liabilities | | 71,506 | | | Deferred income taxes | | 69,837 | | | Total liabilities assumed | | 1,015,660 | | | Fair value of net assets acquired, excluding goodwill | | 433,732 | | | Total consideration | | $ | 559,140 | | | Preliminary allocation to goodwill | | $ | 125,408 | | | | |
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| Schedule of Identifiable Intangible Assets |
The identifiable intangible assets primarily relate to syndicate capacity, cover holder relationships, strategic partner syndicates and trade names. The amounts, based on preliminary valuations and subject to final adjustment, allocated to intangible assets are as follows: | | | | | | | | | | | | | | | | | | | ($ in thousands) | Estimated fair value | | Estimated average useful life (in years) | | Estimated Annual Amortization Expense | | Syndicate 1969 capacity - with fees | $ | 90,000 | | | Indefinite | | N/A, indefinite lived asset | | Syndicate 1971 capacity - with fees | 110,000 | | | Indefinite | | N/A, indefinite lived asset | | Cover holder relationships | 25,000 | | | 7 | | $ | 3,571 | | | Strategic partner syndicates | 2,000 | | | 5 | | 400 | | | Trade name | 35,000 | | | 10 | | 3,500 | | | Total | $ | 262,000 | | | | | $ | 7,471 | | | | | | | |
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