Business
Skyward Specialty Insurance Group Reports Fourth Quarter 2022 Results
HOUSTON, TX, Feb. 28, 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, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported fourth quarter 2022 net income of $20.4 million, or $0.63 per diluted share, compared to $1.3 million, or $0.04 per diluted share, for the same 2021 period. Adjusted operating income(1) for the fourth quarter of 2022 was $11.6 million, or $0.36 per diluted share, compared to $7.6 million, or $0.23 per diluted share, for the same 2021 period. Highlights for the quarter included: Gross written premiums increased 18.1%, while continuing business grew 21.4% compared to the fourth quarter of 2021.Combined ratio of 92.4% compared to 106.8% for the fourth quarter 2021.Adjusted combined ratio(1) of 92.8% compared to 94.8% for the fourth quarter 2021.Net investment income increased 30.6% to $5.3 million compared to the fourth quarter 2021. (1) See \"Reconciliation of Non-GAAP Financial Measures\"(2) See Share and Per Share data table for additional information Skyward Specialty CEO Andrew Robinson commented, \"We finished 2022 strong with another quarter of double-digit premium growth, a low 90's combined ratio and full year adjusted ROE(1)(2) of 13.8%. We were minimally impacted by the winter storm that swept across the U.S. the last week of the year, a testament to our disciplined underwriting and the diversity and strength of our business portfolio, which enable us to deliver consistent results even during periods of volatility. We continue to realize strong pure rate in excess of expected loss cost trends, and our double-digit growth in each and every one of our eight underwriting divisions during 2022 provides us a terrific launch point for continued growth and margin expansion in 2023.\" Robinson further commented, \"2022 was an extraordinary year for Skyward Specialty. Everything that we have done since 2020 was rewarded by the successful completion of our upsized initial public offering (\"IPO\") on the Nasdaq stock exchange and initiated trading on January 13th. Our IPO would not have been possible without the hard work of our employees, as well as the support of our policyholders, distribution partners, Board of Directors and shareholders. The accomplishments we have realized since 2020 are not only financial, but wide-reaching and strategic, touching nearly every part of ou...