Skyward Specialty’s GWP hit $400m for Q3’24, increase of 12%

Skyward Specialty Insurance Group, Inc. has reported a rise of 12.4% in gross written premiums (GWP) as they hit $400 million in Q3 2024, compared to last year’s $355 million. For 9M 2024, GWP hit $1.3 billion, increasing by 19% from the comparative quarter’s $1.1 billion.

Skyward Specialty attributes the increase in GWP to double-digit premium growth, primarily from the firm’s captives, transactional E&S, surety, and global property & agriculture underwriting divisions.

Net written premiums (NWP) experienced a decrease of 4.4% to $268 million in Q3 2024 compared to $280 million for Q3 2023, and 9M 2024 rose 22.4% to $852 million from last year’s $696 million.

At the same time, net premiums earned increased by 28.7% for the quarter to $269 million from $227 million, and increased by 26.4% for 9M 2024 to $763 million from last year’s $604 million.

The firm reported a combined ratio of 92.2% and ex-Cat combined ratio of 89.4% compared to 90.2% and 89.8%, respectively, for the third quarter of 2023.

In Q3 2024, the carrier’s cat loss and loss adjustment expense (LAE) ratio rose from 0.4% to 2.8%, and for 9M, it increased from 1.5% to 1.8%.

The firm stated that the loss ratios for Q3 and 9M 2024 increased by 2.3 points and improved by 0.5 points, respectively year on year, with Q3 2024 impacted by higher catastrophe losses from Hurricanes Helene and Beryl.

On the asset side of the balance sheet, Skyward has reported a net income of $36.7 million compared to Q3 2023’s $21.7 million, for 9M net income was $104.4 million, compared to $56.7 million last year.

The firm attributed the $6.4 million and $33.6 million increase, respectively to increased income from fixed-income portfolio and short-term investments due to higher yields and larger asset bases.

Andrew Robinson, Chairman and Chief Executive Officer, Skyward Specialty commented: “These past weeks have proven to be a very difficult time and our thoughts continue to be with those impacted by Hurricanes Helene and Milton; I am proud of the extraordinary efforts of our claims team and partners who continue to deliver exceptional service to our customers affected by these catastrophes.

“As for our third quarter, our results reflect our continued excellent execution of our “Rule our Niche” strategy, and our disciplined underwriting and our strategic risk management. Our adjusted operating income was up nearly 18% over the prior year quarter, continuing the trend of strong earnings growth we have delivered every quarter as a public company, and our 19.1% annualized return on equity year to date is outstanding.

“We delivered gross written premiums growth of 12.4% over the prior year quarter while continuing to increase our mix of business to areas that are less exposed to the P&C cycles. Given investments into our business, the momentum building in certain divisions, and with full consideration for the market backdrop, I am confident that we are well positioned to deliver strong growth as we look forward to the coming quarters.”

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