Q3 2024 Skyward Specialty Insurance Group Inc Earnings Call Transcript
Key Points
- Skyward Specialty Insurance Group Inc (SKWD) reported a strong adjusted operating income of $0.71 per diluted share for Q3 2024, with a year-to-date increase of over 50% compared to 2023.
- The company achieved a 92.2% combined ratio, demonstrating effective risk management and disciplined underwriting, despite an active catastrophe quarter.
- Gross written premiums grew by 12.4% in Q3 2024, with significant contributions from transactional E&S, surety, captives, programs, and agriculture.
- Skyward Specialty Insurance Group Inc (SKWD) announced a share repurchase program of up to $50 million, reflecting confidence in its financial position and commitment to shareholder value.
- The company's investment strategy yielded positive results, with net investment income increasing to $19.5 million in the quarter, driven by a higher portfolio yield and increased invested asset base.
- The market for certain lines, such as D&O and miscellaneous E&O, has become more competitive, impacting growth in these areas.
- Global Property market conditions have deteriorated, with increased competition leading to irresponsible pricing practices by some competitors.
- The company is cautious about loss cost inflation, particularly in Commercial Auto and bodily injury-exposed risks, which may affect growth in these segments.
- Skyward Specialty Insurance Group Inc (SKWD) experienced a loss of $1.1 million in its alternative and strategic investments portfolio due to a decrease in the fair value of limited partnership investments.
- The company's Professional Lines and Industry Solutions segments saw a decline in gross premiums written, attributed to competitive pressures and strategic adjustments.
Good day and thank you for standing by. Welcome to the Q3 2024 Skyward Specialty 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, Antoine. Good morning, everyone, and welcome to our third 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 statements. These
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