Skyward Specialty Insurance Group, Inc. has posted a net income of $21.7 million for the third quarter of 2023, compared to a net loss of $2.4 million for the same period last year.
Net income for the first nine months of 2023 sits at $56.7 million, a substantial improvement compared to $19.0 million, for the same 2022 period.
Adjusted operating income for Q3 was $25.0 million, compared to $10.7 million from the prior year quarter.
Adjusted operating income for the first nine months of 2023 was $56.5 million, compared to $46.9 million for the same 2022 period.
Moreover, Skyward Specialty posted an underwriting income of $22.3 million for the quarter, a major increase compared to $0.3 million for the third quarter of 2022.
Combined ratio for Q3 sat at 90.2%, compared to 99.8% for Q322.
Meanwhile, Skyward Specialty’s current accident year non-cat loss and LAE ratio for the quarter came in at 60.7% compared to 62.0% from the same period last year.
In addition, the firm posted a cat loss and LAE ratio of 0.4% compared to 2.8% for the third quarter of 2022.
Skyward Specialty CEO Andrew Robinson, commented on the company’s results: “We continued to deliver exceptional underwriting results in the third quarter. We achieved a company best 90.2% combined ratio, grew gross written premiums over 30%, and delivered a 16.4% annualized return on equity. This continues the impressive trend of reporting double-digit gross written premiums growth, a low 90’s combined ratio inclusive of cats, and mid-teens annualized return on equity in every quarter as a public company.
“Our results demonstrate again our ability to execute at a high level and meet and exceed the key metrics that we set out. We have built a genuinely distinctive company and I strongly believe that our success, and our team’s commitment to improve on that success, will continue.”
