Skyward Specialty Insurance Group has published its financial results for the quarter and year ended December 31, 2023.
Here’s how the insurance company performed in the periods:
|
Metric |
Q4 2023 |
Q4 2022 |
FY 2023 |
FY 2022 |
|---|---|---|---|---|
|
Gross written premium |
$321.6 million |
$264.8 million |
$1.5 billion |
$1.1 billion |
|
Revenues |
$246.3 million |
$187.4 million |
$886 million |
$642.4 million |
|
Net income |
$29.3 million |
$20.4 million |
$86 million |
$39.4 million |
|
Adjusted operating income |
$24.3 million |
$11.6 million |
$80.8 million |
$58.6 million |
|
Combined ratio |
90.7% |
92.4% |
90.7% |
94% |
Commenting on the numbers, Skyward Specialty chair and chief executive Andrew Robinson said in a release: “We capped off an outstanding year with another strong quarter, delivering a 90.7% combined ratio and growing gross written premiums by 21%.
“For 2023, we delivered on every key metric, growing gross written premiums by 28%, delivering a 90.7% combined ratio, achieving a return on equity of 15.9%, and growing our fully diluted book value per share by over 24% to $15.96.
“ Our ‘Rule Our Niche’ strategy combined with our strong execution continues to be the foundation of our commitment to being a top quartile financial performer at all parts of the market cycle.”
The CEO added: “In the fourth quarter we also executed on an upsized follow-on offering, a testament to our shareholder’s confidence in our team, our strategy, and our execution.
“Our journey to this point has been simply remarkable, and it is rooted in the commitment of our employees, the partnership with our distribution, and the support of our customers. We have every reason to believe that 2024 will build on our outstanding success in 2023.”
Skyward Specialty is the name behind Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company.
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