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Skyward Specialty Insurance Group Reports Fourth Quarter 2023 Results
HOUSTON, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc.TM (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported
About this update from Skyward Specialty Insurance Group, Inc.
[{"type":"text","content":"HOUSTON, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc.TM (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported fourth quarter 2023 net income of $29.3 million, or $0.74 per diluted share, compared to $20.4 million, or $0.63 per diluted share, for the same 2022 period. Net income for the year ended 2023 was $86.0 million, or $2.24 per diluted share, compared to $39.4 million, or $1.21 per diluted share, for the same 2022 period. Adjusted operating income(1) for the fourth quarter of 2023 was $24.3 million, or $0.61 per diluted share, compared to $11.6 million, or $0.36 per diluted share, for the same 2022 period. Adjusted operating income(1) for the year ended 2023 was $80.8 million, or $2.11 per diluted share, compared to $58.6 million, or $1.79 per diluted share, for the same 2022 period. Highlights for the quarter included: Gross written premiums increased 21.4%.Underwriting income(1) of $21.0 million compared to $12.8 million for the fourth quarter 2022.Combined ratio of 90.7% compared to 92.4% for the fourth quarter 2022.Current accident year non-cat loss and LAE ratio of 60.9% compared to 63.2% for the fourth quarter 2022.Cat loss and LAE ratio of 0.4% compared to 1.2% for the fourth quarter 2022.Year to date return on equity of 15.9% compared to 9.3% for the same 2022 period.Year to date return on tangible equity(1) of 19.0% compared to 11.8% for the same 2022 period. (1) See \"Reconciliation of Non-GAAP Financial Measures\" Skyward Specialty Chairman and CEO Andrew Robinson commented, “We capped off an outstanding year with another strong quarter, delivering a 90.7% combined ratio and growing gross written premiums by 21%. For 2023, we delivered on every key metric, growing gross written premiums by 28%, delivering a 90.7% combined ratio, achieving a return on equity of 15.9%, and growing our fully diluted book value per share by over 24% to $15.96. Our “Rule Our Niche” strategy combined with our strong execution continues to be the foundation of our commitment to being a top quartile financial performer at all parts of the market cycle.” “In the fourth quarter we also executed on an upsized follow-on offering, a testament to our shareholder’s confidence in our team, our strategy, and our execution. Our journey to this point has been simply remarkable, and it is rooted in the com...