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Skyward Specialty Insurance Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing gross written premiums of $400,014,000, an increase from $355,732,000 in the same quarter the previous year. The increase was primarily driven by growth in the transactional E&S, programs, captives, surety, and global property & agriculture underwriting divisions.
Net earned premiums for the quarter were $269,557,000, compared to $227,033,000 in the previous year. The net retention rate was 67.1%, down from 78.9% in the previous year.
Losses and loss adjustment expenses for the quarter were $170,521,000, representing 63.3% of net earned premiums, compared to 61.0% in the previous year. The increase was attributed to higher catastrophe losses from Hurricanes Helene and Beryl.
Underwriting, acquisition, and insurance expenses for the quarter were $79,817,000, representing 29.6% of net earned premiums, compared to 30.1% in the previous year.
Net investment income for the quarter was $19,521,000, up from $13,089,000 in the previous year, driven by a larger asset base and higher yields.
Net investment gains for the quarter were $10,187,000, compared to losses of $2,984,000 in the previous year, primarily due to unrealized gains on securities.
Net income for the quarter was $36,668,000, compared to $21,711,000 in the previous year. Basic earnings per share were $0.91, up from $0.59 in the previous year.
Skyward Specialty maintained a financial strength rating of 'A' (Excellent) from A.M. Best Company.
The company reported cash provided by operating activities of $283,216,000 for the nine months ended September 30, 2024, compared to $218,539,000 in the previous year.
The filing details the company's credit agreements, including a new $57 million loan from the Federal Home Loan Bank of Dallas and a $150 million revolving credit facility.
The company announced a share repurchase program authorizing the repurchase of up to $50 million of its common stock.
Skyward Specialty does not anticipate any material changes in its risk factors from those disclosed in its 2023 Form 10-K.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Skyward Specialty Insurance Group Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.