Skyward Specialty Insurance Group, Inc. has reported a slightly higher combined ratio for Q2 2023 at 92.2% compared to the 91.8% for Q2 2022. The company has also reported a higher loss ratio for Q2 2023, currently at 64% compared to the year-over-year of 62.8%.
The increased loss ratio for Q2 2023 has been attributed to the catastrophe losses that include convective storms, hail and tornadoes faced in the current quarter, compared to year over year where the loss ratio was not affected by catastrophe losses.
Consequently, reporting the Cat loss and LAE ratio of 3.5% compared to 0.0% for the second quarter of 2022. The current accident year non-cat loss and LAE ratio reported is 60.7% compared to 62.8% for Q2 2022. This was driven by the shift in the mix of business and the continued run-off of exited business.
The gross premiums written (GWP) for Q2 2023 saw a 29.4% increase year over year, currently standing at $4.21 million. The increase is attributed to the double-digit premium growth in the company’s transactional E&S, global property and agriculture, professional lines, surety and captives underwriting divisions.
The reported underwriting income is currently $15.5 million compared to $12 million for Q2 2022. The company has also reported a net income of $19.5 million, compared to $5.1 million year over year. Net income for the first half of 2023 was $35.0 million, compared to $21.4 million in Q2 2022.
Skyward Specialty CEO, Andrew Robinson, commented, “Our exceptional growth in gross written premiums of 29.4% and a strong combined ratio of 92.0%, in spite of elevated catastrophe losses, is a direct result of the extraordinary execution of our “Rule Our Niche” strategy by our team of 470 employees. We are well positioned to continue to deliver strong growth and underwriting margin expansion as we look out to the remainder of 2023 and into 2024.”
