Welcome to our dedicated page for Skyward Specialty Insurance Group news (Ticker: SKWD), a resource for investors and traders seeking the latest updates and insights on Skyward Specialty Insurance Group stock.
Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD) is a dynamic specialty insurance company that delivers a wide range of commercial property and casualty products on both non-admitted and admitted bases. The company operates through eight underwriting divisions, including Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety, and Transactional E&S. This diversified structure allows Skyward Specialty to offer customized insurance solutions across various market niches, including general liability, excess liability, professional liability, commercial auto, group accident, health, property, surety, and workers' compensation.
Founded with the goal of addressing the unique needs of specialized industries, Skyward Specialty has expanded significantly over the years. The company's subsidiary insurance entities include Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These subsidiaries are rated A- (Excellent) by A.M. Best Company with a positive outlook, reflecting their strong financial stability and operational performance.
Skyward Specialty's commitment to innovation and excellence is evident in its recent achievements. The company reported a robust first-quarter 2024 net income of $36.8 million, or $0.90 per diluted share, compared to $15.6 million, or $0.42 per diluted share, for the same period in 2023. Such impressive financial results underscore the effectiveness of its strategic initiatives and operational efficiencies.
The company has also made notable leadership appointments to strengthen its market position. For instance, Mark Boland now leads the Transactional E&S segment, Rick Childs heads the Construction division, and Doug Davies oversees Global Property. These leadership changes are designed to leverage the specialized expertise of each executive, further driving the company's growth and market penetration.
Skyward Specialty also places a strong emphasis on partnerships to extend its reach and capabilities. A recent collaboration with New Heights Insurance allows both entities to offer specialized insurance coverage to crane rental operators and millwright operations. This partnership combines deep industry knowledge with advanced technology to deliver superior risk management solutions.
For more information, please visit skywardinsurance.com or contact their media representative, Haley Doughty, at hdoughty@skywardinsurance.com or 713-935-4944.
Skyward Specialty Insurance Group (SKWD) reported strong Q3 2024 results with net income of $36.7 million ($0.89 per diluted share), up from $21.7 million in Q3 2023. The company achieved gross written premiums of $400.0 million, a 12.4% increase year-over-year, and maintained a solid combined ratio of 92.2%. Key highlights include an annualized return on equity of 19.1% through the first nine months of 2024 and a book value per share of $19.89, representing a 19% increase from December 2023. The Board authorized a $50.0 million share repurchase program in October 2024.
Skyward Specialty Insurance Group (NASDAQ: SKWD) has announced a time change for its third quarter earnings conference call and webcast. The event will now take place at 9:30 a.m. EDT on Wednesday, October 30, 2024, instead of the previously scheduled 8:30 a.m. EDT. The company will release its Q3 2024 earnings results after market close on Tuesday, October 29. Results will be available on the company's investor website, where investors can access the live audio webcast and register for the conference call. A replay will be available two hours after the call.
Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD) has announced its plans to release its third quarter 2024 earnings results after the market closes on Tuesday, October 29. The results will be available on the company's investor website. Following this, Skyward Specialty will host an earnings call on Wednesday, October 30 at 8:30 a.m. EDT to review the financial results.
Investors can access the live audio webcast through a link on the company's investor site. Additionally, a conference call option is available for investors who register via the provided link. Registrants will receive dial-in information and a unique PIN to join the call. A webcast replay will be made available two hours after the call concludes, accessible from the same location on the company's investor website.
Skyward Specialty Insurance Group (Nasdaq: SKWD) has expanded its renewable energy coverage solutions to meet the growing demand in the specialty property and casualty market. The company now offers casualty coverage options for various renewable energy classes, including solar, wind, hydroelectric, biomass, and geothermal sectors.
Rob Roberts, president of Energy at Skyward Specialty, emphasized the rising demand for renewable energy and the need for specialized risk management solutions. He highlighted the company's team of industry experts who are equipped to develop strategies and apply best-in-class underwriting to address the needs of this dynamic market opportunity.
This expansion aligns with Skyward Specialty's strategy to deliver innovative, customized solutions to specialized markets and further diversifies their energy portfolio.
The Westaim (TSXV: WED) has successfully sold its remaining 1,919,639 common shares in Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD). This transaction, executed through a wholly-owned subsidiary, generated net proceeds of approximately US$79.0 million, after deducting commissions. The sale marks Westaim's complete exit from its investment in Skyward Specialty, a significant move that could potentially impact the company's financial position and future investment strategy.
Skyward Specialty Insurance Group (Nasdaq: SKWD) has been recognized as one of the Best Places to Work in Insurance for 2024 by Business Insurance and Best Companies Group for the second consecutive year. This award highlights Skyward Specialty's commitment to fostering an exceptional workplace culture that promotes innovation, inclusion, and professional growth.
Key highlights from the employee engagement survey:
- 95% of employees are very satisfied with their employer
- 93% would recommend working at Skyward Specialty to a friend
The company's focus on employee engagement, diversity, and inclusion initiatives has positioned it as an employer of choice in the insurance industry. Tom Schmitt, Chief People and Administration Officer, emphasized the company's dedication to maintaining a high-quality workplace where employees can thrive.
Skyward Specialty Insurance Group (Nasdaq: SKWD) has partnered with Acceleration Aviation Underwriters to launch a comprehensive aviation insurance program. The new offering covers a wide range of aviation-related businesses, including commercial and general aviation aircraft, fixed based operators, flight schools, and airports. This strategic move aims to address the challenges of capacity and coverage in the aviation insurance market.
Kirby Hill, president of Captives, Programs & Alternative Risk at Skyward Specialty, emphasized the partnership's alignment with the company's strategy to target underserved markets. Chris Jones, president of Acceleration Underwriters, expressed enthusiasm about contributing to Skyward Specialty's success in the P&C market through this collaboration.
Skyward Specialty Insurance Group (NASDAQ: SKWD) has strengthened its regional Contract Surety teams with the addition of six surety specialists. The company has recruited experienced professionals to key positions:
- Gregg Callahan as regional VP in New England
- Larry Mastalski as regional VP in Texas and Midwest
- Sam Allison as assistant regional VP in Texas
- Sean Fallows as regional assistant VP in the Pacific Northwest
- Joe Waynauskas as senior underwriter in the north-central region
- Joe Michalewsky as underwriter in the Northeast region
These strategic hires bring extensive expertise and established relationships in the surety market, positioning Skyward Specialty to capitalize on market opportunities and reinforce its regional growth strategy.
Skyward Specialty Insurance Group (NASDAQ: SKWD) announced its entry into the mortgage (re)insurance market on August 13, 2024. To spearhead this new venture, the company has brought on Jean-Philippe “JP” Latour as senior vice president. Latour joined in May 2024, bringing extensive experience from Arch and Vantage Risk, where he played key roles in developing reinsurance solutions and leading market entries. Latour's background includes significant expertise in banking, capital markets, and mortgage banking.
Andrew Robinson, chairman and CEO, highlighted the positive reception from GSEs, primary insurers, and brokers. The new unit marks Skyward's second reinsurance initiative, following its entry into the Global Agriculture market in 2023. The move aligns with Skyward's strategy to diversify its portfolio and focus on less P&C cycle-exposed markets. Robinson emphasized the ongoing evaluation of niche (re)insurance opportunities to create shareholder value.
Skyward Specialty Insurance Group (SKWD) reported strong Q2 2024 results, with net income of $31.0 million ($0.75 per diluted share), up from $19.5 million in Q2 2023. Adjusted operating income reached $33.1 million ($0.80 per diluted share), compared to $16.0 million in Q2 2023. Key highlights include:
- Gross written premiums increased 17.6%
- Underwriting income of $23.9 million
- Combined ratio improved to 90.7%
- Annualized return on equity of 19.6% for H1 2024
- AM Best upgraded rating to A (Excellent) with stable outlook
The company's growth was driven by strong performance in captives, transactional E&S, and surety underwriting divisions. CEO Andrew Robinson expressed confidence in the company's position to deliver attractive returns and profitable growth.
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