Q2 2024 Skyward Specialty Insurance Group Inc Earnings Call Transcript
Key Points
- Skyward Specialty Insurance Group Inc (SKWD) reported Q2 adjusted operating income of $0.80 per diluted share, the best in company history and nearly double the same quarter last year.
- Underwriting income increased by over 50% and investment income rose by over 150% from the prior year.
- The company achieved a sub-92% combined ratio for the sixth consecutive quarter and 18% plus growth.
- Skyward Specialty Insurance Group Inc (SKWD) was upgraded by AM Best to an A rating, reflecting significant improvement from an A- with a negative outlook in 2020.
- The company was recognized as one of the best places to work by U.S. News & World Report, highlighting a positive and inclusive workplace environment.
- The expense ratio increased by 1 point compared to the second quarter of 2023, attributed to business mix shift and investments in the business.
- Catastrophe losses from convective storms accounted for 1.2 points on the combined ratio, although lower than the previous year's 3.5 points.
- The commercial auto segment saw a reduction in exposure due to concerns about structural loss cost inflation, impacting overall growth in this area.
- The Global Property division experienced a double-digit step down in written premium due to competitive and irrational market behavior.
- The alternative and strategic investments portfolio, although stabilizing, continues to run off and contribute less to overall investment income.
Good day, and thank you for standing by. Welcome to the Skyward Specialty Insurance earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Natalie Schoolcraft, Head of Investor Relations. Please go ahead.
Thank you, Sean. Good morning, everyone, and welcome to our second-quarter 2024 earnings conference call. Today, I am joined by our Chairman and Chief Executive Officer, Andrew Robinson; and Chief Financial Officer, Mark Haushill. We will begin the call today with our prepared remarks and then we will open the lines for questions.
Our comments today may include forward-looking statements, which by their nature involve a number of risk factors and uncertainties, which may affect future financial performance. Such risk factors may cause actual results to differ materially from those contained in our projections or forward-looking
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