Skyward Specialty posts $29.3m net income in Q4’23, combined ratio sits at 90.7%
Skyward Specialty Insurance Group, Inc. has posted a net income of $29.3 million for the fourth quarter of 2023, compared to $20.4 million for the same period last year.
Net income for the year ended 2023 was $86.0 million, compared to $39.4 million for the same 2022 period.
Adjusted operating income for the fourth quarter of 2023 was $24.3 million, compared to $11.6 million for the same period in 2022.
Adjusted operating income for the year ended 2023 was $80.8 million, compared to $58.6 million for the same 2022 period.
The gross premiums written (GWP) for Q4 2023 saw a 21.4% increase year over year, currently standing at $321.6 million. Net written premiums were $214.1 million, compared to the $179.9 million reported in Q4 2022.
According to Skyward, the increase in GWP, when compared to the same 2022 period, was primarily driven by Transactional E&S, Captives, Industry Solutions and Professional Lines underwriting divisions.
Moreover, Skyward Specialty posted an underwriting income of $21.0 million compared to $12.8 million for the fourth quarter of 2022.
Combined ratio for Q4 sat at 90.7%, compared to 92.4% for Q4’22.
Meanwhile, Skyward Specialty’s current accident year non-cat loss and LAE ratio for the quarter came in at 60.9% compared to 63.2% from the same period last year.
In addition, the firm posted a cat loss and LAE ratio of 0.4% compared to 1.2% for the fourth quarter 2022.
“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,” Skyward Specialty Chairman and CEO Andrew Robinson commented.
“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 commitment of our employees, the partnership with our distribution, and the support of our customers. We have every reason to believe that 2024 will build on our outstanding success in 2023,” Robinson concluded.
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