Skyward Specialty Insurance Group, Inc. has recently released its 10-Q report, providing a detailed insight into its financial performance for the three and six months ended June 30, 2024. The company, incorporated in 2006 and headquartered in Houston, Texas, is an insurance holding company that underwrites commercial property and casualty insurance products in the United States.
In the second quarter of 2024, Skyward Specialty reported gross written premiums of $496.2 million, compared to $422 million in the same period in 2023, marking a substantial increase of 17.5%. The net written premiums for the same period amounted to $297.1 million, a significant 39.0% increase from $213.7 million in the second quarter of 2023. The company's net earned premiums also saw a notable rise, reaching $257.6 million, compared to $194.3 million in the second quarter of 2023, representing a 32.5% increase.
Skyward Specialty's underwriting income for the second quarter of 2024 was $23.9 million, up from $15.5 million in the same period in 2023. The net income for the second quarter of 2024 stood at $30.9 million, a substantial increase from $19.5 million in the second quarter of 2023. The company's annualized return on equity for the second quarter of 2024 was 17.5%, compared to 15.1% in the same period in 2023.
Additionally, the company reported an expense ratio of 29.0% for the second quarter of 2024, compared to 28.0% in the same period in 2023. The expense ratio for the first half of 2024 was 28.8%, up from 27.7% in the first half of 2023.
In terms of investment results, Skyward Specialty reported net investment income of $22.1 million for the second quarter of 2024, a significant increase from $8.6 million in the same period in 2023. The company also reported net investment gains of $6.5 million in the second quarter of 2024, compared to $6.3 million in the same period in 2023.
Today the company's shares have moved 2.3% to a price of $37.68. If you want to know more, read the company's complete 10-Q report here.
