Skyward Specialty Insurance Group Inc (NAS:SKWD)

Q1 2025 Skyward Specialty Insurance Group Inc Earnings Call Transcript

May 2, 2025 / 01:30 PM GMT

Release Date Price: $58.63 (+9.45%)

Transcript 10-Q8-K

Key Points

Positve

Skyward Specialty Insurance Group Inc (SKWD) reported a record net income of $42 million and adjusted operating income of $37.3 million for Q1 2025.
The company achieved a 17% growth in gross written premiums, driven by strong performance in its agriculture, accident and health, specialty programs, transactional ENS, and surety divisions.
The first quarter combined ratio was 90.5%, with a non-catastrophe loss ratio of 60.2%, marking the best in company history.
Skyward Specialty Insurance Group Inc (SKWD) successfully renewed its property reinsurance programs with favorable terms, providing greater protection at lower costs.
The company demonstrated strong investment performance, with net investment income increasing to $19.3 million, supported by a higher portfolio yield and increased invested asset base.

Negative

The company faced 2.2 points of catastrophe losses due to Midwest convective storms and California wildfires.
There is significant seasonality in the agriculture and credit insurance divisions, which may impact premium contributions throughout the year.
The global property premiums decreased, reflecting a softening market, although the company maintained a high account retention rate.
Skyward Specialty Insurance Group Inc (SKWD) noted irresponsible competition in the market, particularly from fronted programs and certain MGAs, which could impact pricing and underwriting margins.
The company is addressing a material weakness in IT controls, although it had no impact on financial statements, it requires remediation within the year.

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

SKWD.OQ - Skyward Specialty Insurance Group Inc
Q1 2025 Skyward Specialty Insurance Group Inc Earnings Call
May 02, 2025 / 01:30PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by and welcome to Skyward Specialty first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press 11 on your telephone. You would then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Natalie Schoolcraft, Vice President of Investor Relations. Please go ahead.

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