Business
Skyward Specialty Insurance Group Reports Second Quarter 2024 Results
HOUSTON, Aug. 05, 2024 (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. 05, 2024 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported second quarter 2024 net income of $31.0 million, or $0.75 per diluted share, compared to $19.5 million, or $0.51 per diluted share, for the same 2023 period. Net income for the first half of 2024 was $67.8 million, or $1.65 per diluted share, compared to $35.0 million, or $0.93 per diluted share, for the same 2023 period. Adjusted operating income(1) for the second quarter of 2024 was $33.1 million, or $0.80 per diluted share, compared to $16.0 million, or $0.42 per diluted share, for the same 2023 period. Adjusted operating income(1) for the first half of 2024 was $64.0 million, or $1.56 per diluted share, compared to $31.5 million, or $0.84 per diluted share, for the same 2023 period. Highlights for the second quarter included: Gross written premiums increased 17.6%.Underwriting income(1) of $23.9 million compared to $15.5 million for the second quarter of 2023.Adjusted operating income(1) of $33.1 million compared to $16.0 million for the second quarter of 2023.Combined ratio of 90.7% compared to 92.0% for the second quarter of 2023.Cat loss and LAE ratio of 1.2% compared to 3.5% for the second quarter of 2023.Annualized return on equity of 19.6% through the first half of 2024 compared to 14.8% for the same 2023 period.Annualized return on tangible equity(1) of 22.4% through the first half of 2024 compared to 18.3% for the same 2023 period. (1) See \"Reconciliation of Non-GAAP Financial Measures\" Skyward Specialty Chairman and CEO Andrew Robinson commented, \"Our second quarter results continue the consistently excellent performance we have produced in each of the seven quarters reporting as a public company and our adjusted operating income of $33.1 million was the best in Company history. Our 90.7% combined ratio, inclusive of 1.2% of catastrophe losses, was again excellent. Our 18% gross written premiums growth reflects the power and sustainability of our \"Rule our Niche\" strategy. We are pleased with the sources of our growth which are increasingly coming from parts of our business that are less exposed to the P&C cycles, including our surety, accident & health and captives divisions and our agriculture business unit within our global property & agriculture division. We...