Skyward Specialty Insurance Group Inc (NAS:SKWD)

Q4 2024 Skyward Specialty Insurance Group Inc Earnings Call Transcript

Feb 26, 2025 / 02:30 PM GMT

Release Date Price: $51.01 (-0.80%)

Transcript 10-K8-K

Key Points

Positve

Skyward Specialty Insurance Group Inc (SKWD) reported a strong adjusted operating income of $0.80 per diluted share for Q4 2024, driven by outstanding underwriting and investment results.
The company achieved quarterly growth above 20% for the third time in 2024, with a full-year adjusted operating income increase of 57% over the prior year.
Gross written premiums grew by 21% for the quarter and 19% for the year, with significant contributions from surety, programs, captives, transactional ENS, and agriculture.
Skyward Specialty Insurance Group Inc (SKWD) successfully shifted its portfolio to less P&C cycle-exposed parts of the market, contributing to a strong return on equity of 16.3% for the year.
The company maintained a strong reserve position, with IBNR making up over 69% of total reserves, indicating a robust liability management strategy.

Negative

The adjusted combined ratio for the year was slightly elevated at 91.2%, driven by an increase in catastrophe loss ratio.
Skyward Specialty Insurance Group Inc (SKWD) faced challenges with loss cost inflation in occurrence liability, including auto liability, which remains a concern.
The company experienced a slowdown in submission growth, dropping to the mid-10s from previous quarters' 20% growth.
Professional lines growth was down slightly due to softening conditions in some targeted lines, although recovery is expected in 2025.
The company had to increase reserves by $25.3 million related to losses from accident years 2018 and prior, impacting the combined ratio.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SKWD.OQ - Skyward Specialty Insurance Group Inc
Q4 2024 Skyward Specialty Insurance Group Inc Earnings Call
Feb 26, 2025 / 02:30PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by and welcome to the Skyward Specialty Insurance Group's 4th quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's remarks, there will be a question and answer session. To ask a question during this session, you'll need to press 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press 11 again. As a reminder, today's program is being recorded, and now I'd like to introduce your host for today's program, Natalie Schoolcraft, Vice President of Investor relations. Please go ahead.

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