Skyward Specialty

May 09, 2023

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Mar 31, 2023

Skyward Specialty Q1 2023 Earnings Report

Reported net income of $15.6 million and adjusted operating income of $15.5 million.

Key Takeaways

Skyward Specialty Insurance Group reported a strong first quarter in 2023, marked by a 27.5% increase in gross written premiums and a combined ratio of 90.2%. The company's underwriting income rose to $17.8 million, driven by growth in transactional E&S, global property and agriculture, professional lines, surety, and captives underwriting divisions, despite a high industry catastrophe quarter.

Gross written premiums increased 27.5%.

Underwriting income of $17.8 million compared to $11.4 million for the first quarter of 2022.

Combined ratio of 90.2% compared to 91.9% for the first quarter of 2022.

Current accident year non-cat loss and LAE ratio of 61.1% compared to 63.5% for the first quarter of 2022.