Shares of SKYWARD SPECIALTY INS GROUP INC (NASDAQ:SKWD) surged 5.08% in Thursday's intraday trading session, driven by the company's impressive fourth quarter 2024 earnings report and positive outlook.
SKYWARD reported a strong adjusted operating income of $0.80 per diluted share for Q4 2024, fueled by outstanding underwriting and investment results. The company achieved over 20% quarterly growth for the third time in 2024 and saw a 57% increase in full-year adjusted operating income compared to the prior year. Gross written premiums grew by 21% for the quarter and 19% for the year, with significant contributions from various business segments like surety, programs, captives, transactional ENS, and agriculture.
The company has successfully shifted its portfolio to less P&C cycle-exposed parts of the market, contributing to a robust return on equity of 16.3% for the year. SKYWARD maintained a strong reserve position, with IBNR making up over 69% of total reserves, indicating a robust liability management strategy. However, the adjusted combined ratio for the year was slightly elevated at 91.2% due to an increase in catastrophe loss ratio, and the company faced challenges with loss cost inflation in occurrence liability, including auto liability.
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