Business
Skyward Specialty Insurance Group Reports First Quarter 2025 Results
HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported first
About this update from Skyward Specialty Insurance Group, Inc.
[{"type":"text","content":"HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported first quarter 2025 net income of $42.1 million, or $1.01 per diluted share, compared to $36.8 million, or $0.90 per diluted share, for the same 2024 period. Adjusted operating income(1) for the first quarter of 2025 was $37.3 million, or $0.90 per diluted share, compared to $31.0 million, or $0.75 per diluted share, for the same 2024 period. Highlights for the first quarter included: Gross written premiums of $535.3 million, an increase of 16.7% compared to 2024;Combined ratio of 90.5%;Ex-Cat combined ratio of 88.3%;Annualized return on equity of 20.5%; and,Book value per share of $21.06, an increase of 6% compared to December 31, 2024. (1) See \"Reconciliation of Non-GAAP Financial Measures\" Skyward Specialty Chairman and CEO Andrew Robinson commented, \"We delivered outstanding first quarter results, including adjusted operating income(1) which increased over 20% to $37.3 million, which is the best in Company history, and we achieved annualized return on equity of 20.5%. We continued our consistent and strong record of growth in underwriting performance as gross written premiums increased by approximately 17%, and we delivered a 90.5% combined ratio inclusive of 2.2 points of catastrophe losses. Our strong growth this quarter highlights the strength of our diversified business portfolio, with our global agriculture unit and our accident & health division each having a breakout quarter; we have highlighted these two areas as part of our intentional strategy to grow in areas less exposed to the P&C market.\" \"As we look out to the remainder of the year, we remain confident that the strength of our diversified business portfolio, the power of our Rule Our Niche strategy, our investment in technology and talent, and our track record for consistent execution, positions us to continue to deliver strong financial results that create long-term value for our shareholders.\" Results of Operations Underwriting Results Premiums ($ in thousands) Three months ended March 31,unaudited 2025 2024 %ChangeGross written premiums $535,326 $458,620 16.7%Ceded written premiums $(192,055) $(171,520) 12.0%Net retention 64.1% 62.6% NM(1)Net written premiums $343,271 $287,100 19.6%Net earned premiums $3...