Skyward Specialty Insurance Group, Inc. has announced its financial results for the first quarter of 2024 reporting a net income of $36.8 million and an improved combined ratio of 89.6%.
The increase in Q1 2024’s net income compares to the $15.6 million reported for the same 2023 period. While this quarter’s combined ratio improved from 90.2% seen in Q1 2023.
Adjusted operating income for this year’s first quarter was $31.0 million, compared to $15.5 million for the same 2023 period. Gross written premiums also saw growth, to $458.6 million from $360.4 million in Q1 2023.
According to the insurer, this 27.2% increase when compared to the same 2023 period, was driven by double-digit premium growth primarily from our captives, transactional E&S, surety, global property & agriculture and professional lines underwriting divisions.
The firm’s combined ratio includes non-cat loss and LAE ratio of 60.6% in Q1 2024, which improved compared to 61.1% for the first quarter of 2023. As well as a cat loss and LAE ratio of 0.4%, which also improved compared to 1.8% for Q1 2023.
The first quarter of 2024 was minimally impacted by catastrophe losses, while the first quarter of 2023 was impacted by wind and hail events, including tornadoes, Skyward noted.
Net investment income for the first quarter of 2024 increased $13.7 million when compared to the same 2023 period.
Skyward Specialty Chairman and CEO Andrew Robinson commented: “We continued to build on our outstanding 2023 results in the first quarter of 2024, delivering an 89.6% combined ratio inclusive of cat losses, gross written premium growth of approximately 27%, and annualized return on equity of 21.7%.
“The excellent execution of our “Rule our Niche” strategy and the diversity of our business portfolio continues to distinguish us in the marketplace as 7 of our 8 underwriting divisions achieved double digit growth.”
Robinson concluded: “While the market opportunities have become more nuanced, we are confident that 2024 will continue to provide plenty of opportunity to deliver attractive returns for our shareholders and to profitably grow our Company.”
