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Skyward Specialty kicks off the 2023 IPO market; here’s how past insurance IPOs have performed

January 12, 2023

Specialty property and casualty insurer Skyward Specialty (SKWD) aims to raise $128 million in the first major IPO of 2023. It’s on the calendar to trade on Friday.

In the past five years, 20 insurance companies have gone public on US exchanges, 16 of which raised $100 million or more. This list is made up of a diverse group of companies providing or distributing insurance in a variety of product lines, including health, auto, mortgage, and P&C.

The 20 insurance IPOs have had mixed trading. The group averaged a first-day return of 14% (8% ex-LMND), but the return from offer was just 6% as of Wednesday’s close. Recent returns are dragged down by the 12 insurance listings from 2020-2021 (-56% average return), which followed the general IPO market’s shift to high-growth, unprofitable companies valued at historically-high levels.

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