Skyward Specialty Insurance Group, Inc. reports developments for a specialty property and casualty insurance group operating through U.S. Skyward Specialty operations and Apollo's Lloyd's platform. News commonly covers quarterly operating results, gross written and managed premiums, combined ratios, investment performance, and segment reporting across the Skyward Specialty segment, the Apollo segment, and corporate functions.
Company updates also describe product and underwriting expansion in specialized lines such as E&S property, power generation, renewable energy, life sciences, accident and health, agriculture and credit, professional lines, specialty programs, surety, and transactional E&S. Governance items include board composition and public-company oversight.
Skyward Specialty Insurance Group (SKWD) reported strong Q4 2024 results with net income of $14.4 million ($0.35 per diluted share), though lower than Q4 2023's $29.3 million. Full-year 2024 net income reached $118.8 million ($2.87 per share), up from $86.0 million in 2023.
Q4 highlights include gross written premiums of $388.4 million, a 20.8% increase year-over-year, and an adjusted combined ratio of 91.6%. The company achieved a return on equity of 16.3% for 2024 and book value per share grew 18% to $19.79.
Throughout 2024, Skyward expanded its portfolio by launching new units in Media Liability, Life Sciences, Mortgage and Credit, and Renewable Energy. Six out of eight divisions reported double-digit growth. The results were impacted by catastrophe losses, primarily from Hurricane Milton in Q4 and Hurricanes Helene and Beryl in Q3 2024.
Skyward Specialty Insurance Group (SKWD) has announced several significant developments in its Q4 2024 operations and 2025 outlook. The company has commuted its Loss Portfolio Transfer agreement with R&Q Re, receiving $11.7 million in cash while strengthening LPT loss reserves by $25.3 million.
Q4 2024 preliminary results show strong performance with gross written premiums of $388.4 million, representing a 20.8% increase year-over-year. The company achieved an adjusted combined ratio of 91.6%, net investment income of $20.7 million, net income of $14.4 million, and adjusted operating income of $33.2 million.
For 2025, Skyward projects net income between $138.0-150.0 million and a combined ratio between 91.0-92.0%. The company expects its exposure to January California wildfires to result in losses less than $10.0 million, net of reinsurance. Growth in gross written premiums is anticipated in the low to mid-teens for 2025.
Skyward Specialty Insurance Group (NASDAQ: SKWD) has announced its upcoming fourth quarter 2024 earnings release schedule. The company will release its financial results after market close on Tuesday, February 25th, 2024. The earnings call is scheduled for Wednesday, February 26, 2025, at 9:30 a.m. EDT.
Investors can access the live audio webcast through the company's investor website at investors.skywardinsurance.com under Events & Presentations. A conference call option is also available through registration, which will provide dial-in information and a unique PIN. A replay of the webcast will be accessible two hours after the call on the company's investor website.
Skyward Specialty Insurance Group (Nasdaq: SKWD) has announced the launch of its new Life Sciences liability coverage under its Healthcare Solutions underwriting unit. The comprehensive insurance solution addresses various exposures including products-completed operations, errors and omissions, medical professionals liability, general liability, and hired/non-owned auto liability.
The initiative is led by Julie Miglin, vice president of Life Sciences, who joined in August with over 15 years of experience from Chubb and Beazley. The coverage is specifically designed for the life sciences, nutraceutical, and cosmetic industry, with a focus on technology and AI integration. The new product will be available from November 18.
Skyward Specialty Insurance Group (SKWD) reported strong Q3 2024 results with net income of $36.7 million ($0.89 per diluted share), up from $21.7 million in Q3 2023. The company achieved gross written premiums of $400.0 million, a 12.4% increase year-over-year, and maintained a solid combined ratio of 92.2%. Key highlights include an annualized return on equity of 19.1% through the first nine months of 2024 and a book value per share of $19.89, representing a 19% increase from December 2023. The Board authorized a $50.0 million share repurchase program in October 2024.
Skyward Specialty Insurance Group (NASDAQ: SKWD) has announced a time change for its third quarter earnings conference call and webcast. The event will now take place at 9:30 a.m. EDT on Wednesday, October 30, 2024, instead of the previously scheduled 8:30 a.m. EDT. The company will release its Q3 2024 earnings results after market close on Tuesday, October 29. Results will be available on the company's investor website, where investors can access the live audio webcast and register for the conference call. A replay will be available two hours after the call.
Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD) has announced its plans to release its third quarter 2024 earnings results after the market closes on Tuesday, October 29. The results will be available on the company's investor website. Following this, Skyward Specialty will host an earnings call on Wednesday, October 30 at 8:30 a.m. EDT to review the financial results.
Investors can access the live audio webcast through a link on the company's investor site. Additionally, a conference call option is available for investors who register via the provided link. Registrants will receive dial-in information and a unique PIN to join the call. A webcast replay will be made available two hours after the call concludes, accessible from the same location on the company's investor website.
Skyward Specialty Insurance Group (Nasdaq: SKWD) has expanded its renewable energy coverage solutions to meet the growing demand in the specialty property and casualty market. The company now offers casualty coverage options for various renewable energy classes, including solar, wind, hydroelectric, biomass, and geothermal sectors.
Rob Roberts, president of Energy at Skyward Specialty, emphasized the rising demand for renewable energy and the need for specialized risk management solutions. He highlighted the company's team of industry experts who are equipped to develop strategies and apply best-in-class underwriting to address the needs of this dynamic market opportunity.
This expansion aligns with Skyward Specialty's strategy to deliver innovative, customized solutions to specialized markets and further diversifies their energy portfolio.
The Westaim (TSXV: WED) has successfully sold its remaining 1,919,639 common shares in Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD). This transaction, executed through a wholly-owned subsidiary, generated net proceeds of approximately US$79.0 million, after deducting commissions. The sale marks Westaim's complete exit from its investment in Skyward Specialty, a significant move that could potentially impact the company's financial position and future investment strategy.
Skyward Specialty Insurance Group (Nasdaq: SKWD) has been recognized as one of the Best Places to Work in Insurance for 2024 by Business Insurance and Best Companies Group for the second consecutive year. This award highlights Skyward Specialty's commitment to fostering an exceptional workplace culture that promotes innovation, inclusion, and professional growth.
Key highlights from the employee engagement survey:
- 95% of employees are very satisfied with their employer
- 93% would recommend working at Skyward Specialty to a friend
The company's focus on employee engagement, diversity, and inclusion initiatives has positioned it as an employer of choice in the insurance industry. Tom Schmitt, Chief People and Administration Officer, emphasized the company's dedication to maintaining a high-quality workplace where employees can thrive.