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Skyward Specialty Insurance Group Reports Second Quarter 2023 Results
HOUSTON, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported second
About this update from Skyward Specialty Insurance Group, Inc.
[{"type":"text","content":"HOUSTON, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported second quarter 2023 net income of $19.5 million, or $0.51 per diluted share, compared to $5.1 million, or $0.16 per diluted share, for the same 2022 period. Net income for the first half of 2023 was $35.0 million, or $0.93 per diluted share, compared to $21.4 million, or $0.66 per diluted share for the same 2022 period. Adjusted operating income(1) for the second quarter of 2023 was $16.0 million, or $0.42 per diluted share, compared to $16.4 million, or $0.50 per diluted share, for the same 2022 period. Adjusted operating income(1) for the first half of 2023 was $31.5 million, or $0.84 per diluted share, compared to $36.2 million, or $1.11 per diluted share, for the same 2022 period. Highlights for the quarter included: Gross written premiums increased 29.4%.Underwriting income(1) of $15.5 million compared to $12.0 million for the second quarter of 2022.Combined ratio of 92.0% compared to 91.8% for the second quarter of 2022.Current accident year non-cat loss and LAE ratio of 60.7% compared to 62.8% for the second quarter of 2022.Cat loss and LAE ratio of 3.5% compared to 0.0% for the second quarter of 2022.Annualized return on tangible equity(1) of 18.3% compared to 6.1% for the same 2022 period. (1) See \"Reconciliation of Non-GAAP Financial Measures\" Skyward Specialty CEO Andrew Robinson commented, \"Our exceptional growth in gross written premiums of 29.4% and strong combined ratio of 92.0%, in spite of elevated catastrophe losses, is a direct result of the extraordinary execution of our “Rule Our Niche” strategy by our team of 470 employees. We are well positioned to continue to deliver strong growth and underwriting margin expansion as we look out to the remainder of 2023 and into 2024.\" Results of Operations Underwriting Results Premiums ($ in thousands) Three months ended June 30, Six months ended June 30,unaudited 2023 2022 %Change 2023 2022 %ChangeGross written premiums $421,994 $326,227 29.4% $782,492 $608,869 28.5%Ceded written premiums $(208,257) $(137,496) 51.5% $(366,614) $(284,737) 28.8%Net retention 50.6% 57.9% NM (1) 53.1% 53.2% NM (1)Net written premiums $213,737 $188,731 13.2% $415,878 $324,132 28.3%Net earned premiums $194,347 $146,076 33.0% $377,178 $287,...