SKWD - Earnings call 2 2023 | Skyward Specialty Insurance Group, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Q2 2023 Skyward Specialty Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.I would now like to hand the conference over to your speaker today, Natalie Schoolcraft, Head of Investor Relations. Please go ahead.

Natalie Schoolcraft

Thank you, Gigi. welcome second and conference XXXX everyone, call. morning, to quarter our earnings Good joined Executive our and I by Today, am Chief Officer, Haushill. Chief Mark Officer, Financial Robinson; Andrew

discussed are are actual certain and along with projections with today We the press filed the included those which performance. today involve section.Now as types may well which lines the Securities with a under then statements, other and and comments we supplemental Such forward-looking may to Skyward's forward-looking non-GAAP their cause risk Robinson. our of in website, measures, for our CEO, will schedules questions.Our the over will contained part as Investors These of call our prepared by in our on as financial call press begin Exchange Andrew available include risk number the that open from materially reconciliations remarks previously our future our financial nature factors release results XX-K may was and skywardinsurance.com of differ I affect or Commission.Financial release uncertainties, containing turn statements. will in information, to factors Andrew? factors of

Andrew Robinson

everyone, morning, Thank you, for XQ joining us. another thank Natalie. Good excellent and you was quarter.

underwriting the the and ruler We execution high written a breadth a gross of quarter. deliver level solid cat continue level strong quality the XX% to and quarter.Specifically, strategy our in approximately growth of our to face in of the financial is losses underwriting execute The across of to niche premiums testament performance. divisions. results in We industry-wide our grew high reported

of quarter X.X losses, and market from broadly conditions storm were for losses. only in record our XX% despite short-tail business.Our and XX% and non-admitted points surplus combined We ratio lines of XX% excess included industry-incurred the writings in of convective as continue quarter to were of lines favorable benefit the cat

our and quarter above double-digits inflation to pricing lost increased cost business rate continues book. this estimates.New our with materially to pure Our in-force line be in remains

Our driving talent and ongoing has development success. instrumental in investments acquisition in been our

organization, divisions.With over continue A-plus in captives financial turn We add new the that, and our across detail. teams Mark products I'll professional results surety, including to discuss lines Mark? call talent and greater to in our to the

Mark Haushill

Thank you, Andrew.

and and global lines, in grew of have E&S, premiums second in the lower in and retention to professional XX% retention approximately $XXX retention. a driven the each XX% quarter, net and of mix net per versus our property period million or reported quarter XX%. quarter transactional diluted share to year For share basis, million a compared approximately diluted of or $X.XX ago.In quarter, the we for the underwriting per grew million share by or income the per we in Every gross adjusted an the diluted quarter diluted and written net $X.XX of $XX compared share or On premiums captives in the approximately million compared written $XX.X XX%. sureties $X.XX were Net agriculture, grew up per to operating of million, $X.X reported same million income $XXX same a to $X.XX 'XX.Second the $XX.X XXXX, approximately division The period decrease we of year quarter, ago. quarter net where considerable was property was second agriculture business XX% by XXXX. global growth over

in net of we of the be in premium first retention lower higher the year. year the reminder, second a the our expect to As half half and

second of business improved was the current accident in accident compared ratio prior and exited retention ratio second slightly XX.X% anticipate changing accounted that by resulting accident divisions, south by X 'XX, we of non-cat losses loss in compared expense no quarter, year X.X quarter of year compared runoff to and driven loss year the the our second improvement development transactional loss and for and X losses.The loss mix point includes to year, not higher had X.X quarter of cat of and XXXX.The ratio was to business. $X.X XX.X% higher the compared by 'XX. ratio ratio storm The We ratio from our property combined full on driven the to an expense premium 'XX, large E&S points base. the convective will earned were higher a quarter adjusted For the improved quarter.During second to in be combined which catastrophe an non-cat impacted point improved ratio the of losses the the global quarter million

down continue invest results, the the of business same to $X.X rate costs period higher in run improvement operating 'XX. business the half in by the were expect and the year. back investment net our in slightly to acquisition compared in the ratio We our in quarter, a mix.Turning offsetting $X.X driven income million expense million change to was Partially higher investment

initiated Our cash deploy off. core XXXX truly flow fixed in investment strategy paying to is all income to free

this our and significant portfolio increase to than in doubled to more an deploy fixed environment.The asset the net million $X core quarter, the year a invested driven by cash improving in to portfolio attractive $X.X prior investment base. income portfolio yield We the from given continue yield income million from

and 'XX. by $XXX quarter, past at is in XX, portfolio. quarter income investment without by equity last $XXX have positive embedded the portfolio were negative significantly the the volatility this Again, of and X.X% portion million our driven Our money the from above deploy March the stands as increasing million. duration from quarter over XXXX to marks quarter, fixed at second return the of the second portfolio resulting portfolio June in we investments, impacted quarters, now we despite marks approximately decrease income this fixed net compared to 'XX.During approximately income mark-to-market the is million, decrease X.X%. $XXX at million yield quarter The on in This we million and for to experienced X $XXX continues had the opportunistic were income.At was inception-to-date short-term portfolio the cash we adjustments.During now fixed in strong of the operating up core XXXX portfolio $XXX over X%. in flow core market invested Both cash our flow our approximately XX,

of of Ames During executed offering the shares quarter, we our now Holdings, north XX%. continue was X.X of on of successful yield into deploy we short-term stands the common secondary which income.Lastly, liquidity And stock. during core X%. West was a sale approximately million this investments fixed quarter, to at primarily offering The approximately a our

and for appreciate their incredibly see and interest company that, we remarks. for and back our the our strategy.With existing new We turn shareholders over from strong Andrew? Andrew concluding I'll to to call support continue our

Andrew Robinson

divisions the points loss an our our underlying new portfolio pricing ratio, equally continues QX quality X the is more truly you, underwriting quarter transfer prior growth of metrics X and notable X.X benefit of with underwriting of of book.Our with again growing notable, is the to of business strong and as line was at X Mark. is deferred combined the be XX% our Thank XX% profitability referenced terrific growth The or with excluding XX.X% bear all year this earlier. and quarter. cats a out. The our growing breadth in over divisions in-force

underwriter. our maintain We focus at consistent top on visible above delivering target is is or Each and results. returns quartile being a minimum on in division our continue our to capital

rate over global driven I market Some has joined divisions significant the divisions is outstanding being property. grow consistent In been quarter, by prior and since a complemented it of all top overall our line seeing both are pure this we or ago. X double-digit the with quarter, strongest in opportunities above to pricing delivered increase by rate margins.Our years

of are in earlier, pricing low metrics business, execution expansion quarter.And market strong These the and superb were the the now reserving I underwriters predictive up data and not low exposure capabilities take this strong and driving, to in are to claims observing just very execution critical colleagues. are our renewals.Retention continue are of line coming high the have further XXX the believe quarter mix I we directly efforts, our fuel similarly it the be for XX%s growing a equally faster to our back that is the prior potential XX%s professionals.Altogether, backdrop.I'd X% the reflect will the where and claims profitable making and the pleased to from increasing green we're the we count We the the pricing we're call up progress could unit that well-positioned all we margin Operator? of closing advantage along more growth impressive book and with technology, technical Operationally, highly analytics Given with our onto be Q&A. optimal margin in-force the the prior our the over to strong deliver quarter open on the favorable operator achieving amplify outcomes.In other XX% from believe prior books counts year-over-year to in of losses include in skills we continues submission we we new progress turn claims, continue with more and was science areas. business business of like our around as year referenced all up in to from single-digits. while indicators mid the to XX% expansion

Operator

of line Hughes Our from Instructions] Mark [Operator the Truist from Securities. question first comes

Mark Hughes

It top saw the of as is QX good. you that perspective? slowdown. pretty there's sounds from me like line as any growth anything makes think I'm not a environment in sort say you the environment XQ hearing in good Is

Andrew Robinson

different Andrew. well-diversified to -- that This that ways maybe the look, that us in a allows business is opportunities would we than see Yes, go fact some just to I think back I others. have

the darn say a a for large, parts to our thing so focused And XX% certainly for divisions, combination growth, current a describe would a on. sort we're continued just market our the that environment execution. continue Obviously, we're equal quarter. all and and underwriting of of backdrop and little by X so certainly -- the market way is a is our it favorable across can that be.One that pretty of backdrop driven it'll not to market positive while I it's growth, hopeful into be we're by is us July the I

Our execution is excellent.

then it And of companies. us to numbers I execution delivered that part the But of think I like a that the execution market will makes as possible. quarter Mark. big our XX% that cross-section last our in backdrop this a think is outgrow makes peer we allow well,

Mark Hughes

income, that. third any quarter? Mark, that'll up What how opportunistic it? fixed your on shape early are early on Appreciate thoughts the for view the

Mark Haushill

on month short no, to so day move really answer can That and answer is Mark, the the short is day no. not month, that. early any indications to

Andrew Robinson

Mark's comment, experienced any volatility we again, in spoken occurs, volatility nothing it bit thing to ultimate to about. really, add Mark, positions we've number vantage small think And would would as the that from certainly about. we're I quarter, does as of same not very here a the follow. just provide indication It I you performance. of point, this that past we a is actively distraction to It's we it's a concerned just our but that equity the

Operator

of from Carletti Our line next the comes JMP. question from Matt

Matthew Carletti

advances on in touched surety releases of partnership you're cyber, around opening it making around capabilities, and with Cowbell. press the we've expanded your in you captives, and since seen or the briefly of last kind Andrew, comments call tech, certainly in some investments

those there happening Just areas? in, what's see are next talk about some we a business? bit and areas for might And that your then of other in maybe little investing you what the even outlooks step, kind

Andrew Robinson

things say Matt. generally the I acknowledging Great And sort we've strategically appreciate what would is that of doing oriented. question. Look, just there. that been we're Thanks,

places quarter those past actively in expansions, So note for teams pursuing do. that X which surety we you partnerships already we that in very are that we for on that in. focused included selectively what brought an that were adjacency right, talent so in created and I'll X include highlighted, we this really

quarters. that potentially say, helpful hard new probably talent and divisions wait but going quarter.I say couple could want see our sort enter the them, speak categories. well, believe you're new not explicitly quarter areas the lead the divisions. here continue entering of until with in not are that right? We person been categories to get know, number into, sort you here that Matt, or to for I sort we that say so to certainly we when we it's the as start opaque, squarely this that focus of a timing. quality to who quarter, And you of right of we to business patient, have are grow the or of into we're kind you focused or think potential persons.And to in help of additions our be before. this those in for can ultimately get can will to we're saw that to on we're I here it's targeting of people a us don't And of in sort the notable to with and same will things quarter some see consistent last and specific develop And

Matthew Carletti

of so perfect. of the I and are seeing the kind quarter, areas question then more in just was single-digits, mix the we QX in different commentary the quick should that? how quarter? you if one or or different I different your I business think That's And caught it policies of Are renewing recall growth just kind on a think that pure is, there kind of in business in is follow-up of acceleration pricing pricing high say areas around of the double-digits about

Andrew Robinson

Yes, question. connect did where last great the it remarks, prepared underwriting or No, just I for every at but was clarity, try was above that division maybe in quarter. to

assuming, which inflation put would the out classes is injury global in being we our average But sort with overall the Time in that cost and categories not all that around you, believe mentioned see some us quarter been that should past thing will I that that tell a you sort pure since we've And that right step where conservatism happened some XX, It particular you very pure reflecting I've every a areas, for the was saw the really X gap right?What very pricing you particularly in this and getting background margin remind in positive D&O since the numbers. a massive single-digits. a loss in underwriting first above what when in I'll the weren't is seen skewed seen X average book We've were that we're of saw the we that for in been tell was increases, our single we and highest I've been consistent about in or very division across joined probably between the theory, inflation. kind on where up we X%, whether ticking we've as lot been is XX quarters the our the or So organization. I've There's low period points or high consistent organization.And excess joined exposed we're quarter XX, the cyber us public its that that think cost was pricing spread high that big of the picks. that into really highest didn't quarter, property rate and we've importantly, between of along. at X% lost of just last double-digits. we to is, in personal And our that or single-digits. But backup. quarter, then I of this produce pricing. of

Operator

KBW. line Our Shields next Meyer of question comes the from from

Meyer Shields

-- We'll earned When lines start a talk about about accelerating far, increases pretty rate Mark, it were increases increase you I can. mix I like other think is bit dig with steady. business the above rate it conservative and hopeful talked trend could of you are because year runoff booking that's a just from trend. rate about holding you ex-cat the sounds and And but consistent and so I if with loss above earned question the ratio little into was accident didn't improvements, talking

Mark Haushill

that what or not incremental echo Andrew exactly picks in earnings would question? quite I not the The cost, above Meyer, said. have rate just really Does loss reflecting mean, your some for that we're I our and answer time.

Meyer Shields

yes. but does, was don't I It for that guess looking realistic number, a is. how I I know

Andrew Robinson

to excess includes slow is And news news. react indications in our conservative how other any bad allowing of flow absolutely our that that to crystallize. that say the good react as play all whether is We Andrew. cost along, we it and right? and this tell to we intentionally price in And that I suggest says, views Mark Mark it to to inflation just driver we're lost we remixing of picks referenced and -- like always are Meyer, seeing those aren't to and case. that singularly our just point we be is a accident Yes, And time Certainly, you're is that's to reflecting results. that. have fast would year runoff really trying the our think the through probably view, conservatism are the on will But carrier through

Meyer Shields

helpful. weather quarter. I'm I'm property than more wondering know I more absolutely across the there's any That's wait. your in risk? whether Okay. for change the industry happy to in capacity-exposed horrific second the was appetite explicitly

Andrew Robinson

you Yes. a North that of convective talking storms wrong, a have assuming different we're This profile. specifically of I'm a mean fair kitty question, and that of I'm is you're that model I very hurricane and if opposed over is just or me hurricane, a as Andrew. Atlantic to correct lot about? assumption tougher are all a seeing sort quake, asking -- or about kind you're And probably what ask what to cats is lot of when

Meyer Shields

there. That's right exactly just the Yes. given market dislocation

Andrew Robinson

Yes.

is books, about I very our but a And our but respect not quite a do. market of Here's by we're kind the cat, say at would of attractive look a hurricane view our coming write be have revenue. terrific see that building it out risk our honestly, true will the to our the opportunity, is say, And to good Atlantic of trying trade. it we where won't that that. what competitors I a margin into certainly some our have in our and we as core North cat believe some highly there who way, our business for don't of goes a is And have that it strategy positions. do time really on great notion about point sort what part in focus.We appears is we again and to durable be tide what not peers volatility

a So long-winded principal way, us Meyer, as I a really focus say to a guess that's that for it's probably company. not

Meyer Shields

question helpful. going addressed Okay. No, the we taking XX% bogey Final growth, know that's tremendously little? expenses should second Is given start still up. I right you half likely I the if a can, that or down overall

Andrew Robinson

view that's clearly -- a just adding about, a underwriters that Well, public question. right? the great keeping net That's great of the earned obviously been had costs. of high if coming ratio-based benefit at been because to the been costs, question the we're -- you look we've we've of you has of helpful things growth translating number If We've quality in through, in premium adding which check. kind we've

that material I we getting the And great benefit with financial we that with that us seems results that that's company. really we is guidance you that quarters, are for to books. think premium in sub-XX%. We're the of right?We working, the talent is for number.But all right to growth. we aiming and in it We're future target of as are producing line us of and believe in advance would in appropriate full has a that kind and the of are production continuing is more earned the expectations invest we're under coming overall XX% through, still benefit in is seeing say the of Mark's be talent. allows but that now to always kind a set which invest we right very formula talent through been way think our our running like sort It good invest in of

Operator

Newsome Our from next question comes Paul in the of Sandler. line Piper

Jon Paul Newsome

A Congrats questions. quarter. especially the follow-up of on couple

as are if Mark, wondering I property the the book was load effect -- to what prospectively growing about has cat but you on So the I right, as think any in heard we and general, that overall said company? you so

Andrew Robinson

remind the kind understand exposure. principal are Yes. I I'll growing there's to really E&S. it question. principal the absolutely One let or we're steer me just that cat we fire's targeting point clear transactional places X we of peril of call just where Well, property let's North Tier you is that our materially there. just X Atlantic can in hurricane,

but property, And pick risks inevitably, as some and very made are highly risk. you up the writing exposure. include really load, well that, just cat the principal cat risks exposures is that given not nature that is of technical diversified of We're right, global so that not cat then up as cat.And

point a global So case, larger It's it's than our of up I exposure exposure, not million attachment targeting So cat, -- we'll few up an a of XXX in we're earlier. property added we that's maintained well a a we posture that of been has again, the as of still principal loss so key pick that we modestly, We it's we went cat the and in and top modestly yes, grow I us. not X should you terms for what will a happened very but that a it's but cover event not differently inconsiderably saw give excess for was that from define that increased some last kind grow cat our of part right? but it again, targeting in writing.And and cover.And and grew that dollars year that risk mentioned placement right? indication we're not you placement, our focus growing, that, reasons area we

Jon Paul Newsome

given find expensive, it or some for them. paying but to That people expensive moment, industry then craziness sense. more it's there getting And the of maybe itself if more makes know don't at or you're obviously thoughts getting general the on in out less the talent. Is good Okay. and cost the less I looking talent?

Andrew Robinson

also question. a great That's

is of there I'd -- part irrational. of not were it market talent spot was package kind certainly a the of where coming was certainly personally that equity, extent to for the thing, viewed provide there we environmental cultural being period have We participate us in I offer. are compensations they them. attractive full where Certainly, we're -- to really it's feature in points say because of to what the an the thing. talent What think and as that's cost an people the a we people of that where I attractive

also to our that coming would come we've put for over-earn.We've any our of where that couple relative of We need in the course way That's to put organization number have reasons. seems the are appropriately. against be consistent probably environment other performance And compelling what for they acquisition attract of in I to not us, quality to say. believers to the our excellent over the the the size an -- it I It's to a to People that to to got compensated and organization. found should underwrite been be a right chance be are want our of and A I'd coming that underwriters, it underwriters the us working.I consider the last do. would can long-term constructed company just ability talent years, be feature, underwriting They're industry. world-class be rewarded a given of to barrier professional talent people what our is are up be in underwriters I'd they most

Jon Paul Newsome

in fact private environment. of changed, if lot the change that's the really lot from big after was a pulling stems a like there of it bit of I and years MGAs equity going the seemed little of a a given question out numbers. formation My of a the couple ago, that rate lot with sense. talent makes know And interest don't That

Andrew Robinson

down. it's us would backed talent. was I MGAs for it Yes. say unusual competing private it -- very to also But equity think No, that I do to be you against calmed be would for

We sheet, who the of may to come And contribution. balance have to that all in the organization. certainly line underwriting having for the may be the a controls directly to join not the be in want interested come cases something connected found or that our who are our a organization be for industry. line directly almost bright that bright people part It's people

Operator

line comes question from next the Our BMO. from Michael of Zaremski

Michael Zaremski

expectations?" I load the discussion, "normal absolute just on an that context how around levels was load it's cat to any guess back that versus cognizant your weren't kind level cat high, abnormal cat but this of

Andrew Robinson

Well, it we of into loss view, the or constructed is our our HVAC third management.It that sort industry was of about with X a share it lion's our of the aggregation in acceptable of losses. read the a One a risk We of high-value to the behavior that it, don't it characterize a number in it convective good other building. then just lot in of came I on area or equipment. cover any a a really Mike, just the don't and there second anything lot the up have the don't have saw. of was a and we surface expected the wind an X was a picked that hail in to way large it, hail, and of hail We than exposure the is appropriate was what mean, roof, also distribution a line made and way. it the through.I know losses thinking how more storm, would second we quarter. think I does otherwise the in of management than and we is and large kind nor simple. location was straight texture our very second up in color the tornado, And was relatively a number top quarter happened bit where context so says I tornado A had entirely change landed risk

the I kind of storms happened -- byproduct it's quarter. in more second think risk the of it's and spread of just that

Michael Zaremski

I my more the that you've follow-up little seems down than is And guess expense expense coming know expected. mostly I bit is already, but given ratio. the that just a some costs keep overall through too? any color been it's of so on ratio kind expense leverage? curious mind we ratio And just to higher are there And should in reinsurance heightened if pace? if the due operating flowing continues, at also like a growth

Andrew Robinson

talent, plan. pick good is will new in and the maybe item, which look What's direct, spending I sort order earned ahead something to premium resource, the for on us. us through, consistent first of of Mark, our now have ratios them be that's try pretty plan making net with running is add, new are we'll but we off for to on to the

were And numbers first if X bit placement on call placement. then on placed with Everything basis was this was growth and so cover I helped different has versus X we've The was do on to question, certainly there's absolute think there mean look at that the the second quarter on the going that very had our us.And expectations. a might cat did March consistent Unsurprisingly, you explain I ratio we that higher reinsurance. little things like And then a little. a after our call, good on. cost

does not consistent sort And lot you our seeing have otherwise, not it, math, very having way Now having little an most any conditions in -- really of what just orderly and been you happy a terms cat is just tower that results. not change do can in in financial is impact remember our impact with. we're right, of for And our us. an the not you're placements an that's do big, a -- bit of can mean that rate us average

Michael Zaremski

can last and Okay. a I helpful then commentary, the give little overall pricing kind context. quarter. guess maybe and see But just lastly, environment, I that's the marketplace just on sorry, more from of you And

competitive are you on great. market mentioned years. competitive? at words surprised you You Any be seeing Are in in the of but strongest the by want the you don't maybe pricing on competitive the a property -- marketplace X mouth. color become less think environment other I put bit? some this side, your there to context added would I kind all easing

Andrew Robinson

is weight and produce is sort that -- of every where we global results. where this retention of that we're takes is things we're on -- and What in market just average margin is the the it the wouldn't the new I rate I is.And pure a don't to or about the gauge would the kind market pricing. exposure was what's very that except the I compete, looking it say is where just of kind say where We market there attractive that a see trinity really step and some -- of that of on in basis on obviously look at to this pay the can that and of parts be rate property our attention ours happened above of great happening in together, I look the best that all what we of combination easing. is our characterize side pure is we're constantly up big area kind of well-executing a And we global organization rate, little own we've place accelerate would No. I if think we it's chops, view number -- property in that business you exposure, property of for that sort at at in as it's just at you you the checking our bit underwriting orderly that with know that it's math win. like market It's thing that a say like if like. and our a achieved.Look, against constantly I to may I'd

company is for good, by other market my orderly large with in generally that Tightening think helpful. is well reinsurance the the I in that's a happening like view disruption of of by helpful. is, of and is that that be very parts and this large right, may some So ours.It

but that in our positive, would than probably it's sense, of and compete orderly we property fair share. to So of the win our a I more supportive characterize ability outside places really for

Operator

Tracy Our next line comes from question the of from Benguigui Barclays.

Tracy Dolin-Benguigui

were ask questions asked, for so my more of Some I'll already maybe just specifics.

And more what X.X, $XX specific pricing I also mentioned think that the your were could I in excess but at were think at retention. modest, you So context changes? if treaty that? cat million the prior to million was you add of $XX prop the increases renewal

Andrew Robinson

Tracy. sure. for Yes, Thanks,

$XX million. it I'm Was the head, off $XX we is point our of million this so to my top So expiring, all our doing I'll this prior moved right. hope get I attachment in treaty year,

in the our we exhaustion $XX was think year moved to million. treaty prior million, $XX I it

can a slightly little rate, a sort We it so was a down. cover quake and size if X on even tell the order million the is of on went that's of point in scheme to were across across attachment of an Our are, detachment I adjusted as increase. average know second million you we below the and XX% minimis couple down It's XX% drops you Again, went will tower dollars.Our a down model in in XX and third model amount. an X of in to an reduced it bit. a risk XX cover, as average that basis above and grand a well our little bit $XX return buying the though point hurricane. the put this just we between rate organization de event the up period you're

we to there's or way more severity. if think the protection that that -- that about frequency a have we of series is bit So a is

were last We the consistently think really large, outcome, been I I'm that greater think next I the our the of XXX year trying placements. allows was stuff moved forward more the if goes us happy have X placement. get move placement distance to up we're it with the over attention a what to to sort all set month and maybe we the given by we've now thought believe have years big to saying.And Florida so each highlight sort on treaty of regarding to without is was for -- great we market And thing from correct, of one and everybody a placement the the to our the Florida I so lastly, backdrop our which of on

Tracy Dolin-Benguigui

mean pricing. XX% are much your that property said you think how down XX%, I pricing? in of risk-adjusted global I you pass able to

Andrew Robinson

Yes. Oh God. my

plus that you then our lines obviously ] the obviously pure in cat and so and you price alone some are overall property [ think any between about. pricing for a rate remember it -- and of exposure we're cat of just of the on transactional we are that on the about first and see talk off just capturing results -- as portion you lot is a about you to account. It's I -- you passing spoke X E&S, sort a small the cat, global We fire if other

we're margins is not question cat if not -- no, -- So it's your immune, at deemed immuning yes, is, kind of answer are not the all.

Tracy Dolin-Benguigui

the your this you Excellent. [indiscernible], Hey, to your reinsurance provided opportunity given the review quality LOCs and by collateral used news of on have partners?

Andrew Robinson

process.And set time your on make other is fraud. fraud sure watching always want statutorily, loss overdoing make Tracy, sure a places full really not extent was can we community We're in collateralized. take We're is for And quite To obviously relationship the have the sure that our are importantly sure. working banks. it, constantly our they all principal for sort that to that to core practical, it. only high collateral long-standing fully principally portfolio IPO Yes, are of do this we but That's them. One particular with be sure area controls you quality investor and for understood we that managers, have but credit the of the we that the transfer. honestly, we have same sort them our the set there's and of the we a X to of made process case captive protect a focus without against captives only same there's during

for and we to paying I think sure everybody's that attention are as well.

Operator

to closing back for conference the turn to like remarks. now Natalie over would I

Natalie Schoolcraft

conference question, for in speaking support continued after that look and available Skyward have you Gigi, participating questions to in thank a you may to you, quarter for any again our your call you third am forward Specialty. our interest I and We Thank your Thanks, answer and call. call with and the earnings additional wonderful day. for everyone of have. on

Operator

call. Thank concludes participating. This for you conference today's

You disconnect. may now

Skyward Specialty Insurance (SKWD) 9 Aug 232023 Q2 Earnings call transcript