Skyward Specialty Insurance Group, Inc. reported significant financial growth in its third quarter and the first nine months of 2024, as detailed in its recent 10-Q filing. For the third quarter of 2024, total revenues reached $300.9 million, a 25.7% increase from $239.2 million in the same period of 2023. Net earned premiums also rose to $269.6 million, up from $227.0 million year-over-year. For the nine months ended September 30, 2024, total revenues were $845.8 million, compared to $639.7 million in 2023, while net earned premiums increased to $763.5 million from $604.2 million.
The company’s net income for Q3 2024 was $36.7 million, a substantial increase from $21.7 million in Q3 2023. For the nine-month period, net income reached $104.4 million, compared to $56.7 million in the prior year. Basic earnings per share for Q3 2024 were $0.91, up from $0.59 in Q3 2023, and for the nine months, it increased to $2.61 from $1.56.
Skyward's total assets as of September 30, 2024, amounted to $3.6 billion, up from $2.9 billion at the end of 2023. Total stockholders’ equity also saw a significant rise, reaching $797.5 million compared to $535.4 million a year earlier. The company’s cash and cash equivalents increased to $105.6 million from $65.9 million over the same period.
The growth in revenue and profitability was attributed to increased gross written premiums, which totaled $400.0 million in Q3 2024, compared to $355.7 million in Q3 2023, reflecting a 12.5% increase. The company’s underwriting divisions, particularly in Captives and Transactional E&S, reported notable growth, with gross written premiums increasing by 28.0% and 46.2%, respectively.
Skyward also reported a rise in net investment income, which reached $19.5 million in Q3 2024, compared to $13.1 million in Q3 2023. The company experienced net investment gains of $10.2 million in Q3 2024, a significant turnaround from a loss of $3.0 million in the same quarter of the previous year.
In terms of strategic developments, Skyward Specialty Insurance Group entered into a Federal Home Loan Bank (FHLB) loan for $57.0 million in August 2024, secured by specific investment securities. The company also announced a share repurchase program in October 2024, allowing for the repurchase of up to $50.0 million of common stock.
Overall, Skyward Specialty Insurance Group demonstrated robust financial performance and strategic growth initiatives in the third quarter and first nine months of 2024, positioning itself favorably in the insurance market.
About Skyward Specialty Insurance Group, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.