Specialty insurance firm Skyward Specialty Insurance Group has published its first quarter of 2023 results, reporting a net income of $15.6 million and an improved combined ratio of 90.2%.
In the same period last year, the insurer reported a net income of $16.3 million and a combined ratio of 91.9%.
Gross written premiums (GWP) increased 27.5% to $360.5 million, from $282.6 million. Net written premiums were $17.8 million, compared to the $11.4 million reported in Q1 2022.
According to Skyward, the increase in GWP, when compared to the same 2022 period, was primarily driven by double-digit premium growth in the company’s transactional E&S, global property and agriculture, professional lines, surety and captives underwriting divisions.
Other highlights in Skyward’s Q1 2023 report include the company’s 0.7 points loss ratio improvement when compared to the same 2022 period.
Catastrophe losses from wind and hail events, including tornadoes, added 1.8 points to the current quarter loss ratio compared to Q1 2022, which was not impacted by catastrophe losses.
The non-cat loss and LAE ratio improved 2.4 points when compared to last year’s first quarter, to 61.1% from 63.5%, primarily driven by the continued run-off of exited business and the shift in the mix of business, Skyward noted.
Andrew Robinson, Skyward Specialty CEO, commented: “Our strong momentum from year-end 2022 continued in the first quarter of 2023 with gross written premium growth of 27.5% and a 90.2% combined ratio.
“Despite a high catastrophe quarter for the industry, we were minimally impacted with only 1.8 points of catastrophe losses, a testament to our disciplined underwriting and diversified business mix.”
Adding: “We continue to execute our ‘Rule our Niche’ strategy, launching our global agriculture and inland marine underwriting units in the first quarter.
“We also continued to invest in underwriting teams and talent throughout the organisation. Our first quarter results demonstrate that we are well positioned to continue to deliver value to our shareholders and business partners throughout 2023.”
