Business
Skyward Specialty Insurance Group Reports First Quarter 2023 Results
HOUSTON, TX, May 09, 2023 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported
About this update from Skyward Specialty Insurance Group, Inc.
[{"type":"text","content":"HOUSTON, TX, May 09, 2023 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported first quarter 2023 net income of $15.6 million, or $0.42 per diluted share, compared to $16.3 million, or $0.50 per diluted share, for the same 2022 period. Adjusted operating income(1) for the first quarter of 2023 was $15.5 million, or $0.42 per diluted share, compared to $19.8 million, or $0.61 per diluted share, for the same 2022 period. Highlights for the quarter included: Gross written premiums increased 27.5%.Underwriting income(1) of $17.8 million compared to $11.4 million for the first quarter of 2022.Combined ratio of 90.2% compared to 91.9% for the first quarter of 2022.Current accident year non-cat loss and LAE ratio of 61.1% compared to 63.5% for the first quarter of 2022. (1) See “Reconciliation of Non-GAAP Financial Measures” Skyward Specialty CEO Andrew Robinson commented, “Our strong momentum from year-end 2022 continued in the first quarter of 2023 with gross written premium growth of 27.5% and a 90.2% combined ratio. Despite a high catastrophe quarter for the industry, we were minimally impacted with only 1.8 points of catastrophe losses, a testament to our disciplined underwriting and diversified business mix.” “We continue to execute our ‘Rule our Niche’ strategy, launching our global agriculture and inland marine underwriting units in the first quarter. We also continued to invest in underwriting teams and talent throughout the organization. Our first quarter results demonstrate that we are well positioned to continue to deliver value to our shareholders and business partners throughout 2023.” Results of Operations Underwriting Results Premiums ($ in thousands) Three months ended March 31unaudited 2023 2022 %ChangeGross written premiums $360,498 $282,642 27.5% Ceded written premiums $(158,357) $(147,241) 7.5% Net retention 56.1% 47.9% NM(1)Net written premiums $202,141 $135,401 49.3% Net earned premiums $182,831 $141,726 29.0% (1)Not meaningful The quarter to date 2023 increase in gross written premiums, when compared to the same 2022 period, was primarily driven by double-digit premium growth in our transactional E&S, global property and agriculture, professional lines, surety and captives underwriting divisions. Combined Ratio Three months ended March 3...