SKWD - Earnings call 4 2023 | Skyward Specialty Insurance Group, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the Skyward Specialty Insurance Group Fourth Quarter 2023 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

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

our We the will the for will lines and call with open begin questions. then prepared today we remarks,

those comments include may financial future from which or differ performance. risk factors forward-looking Our actual projections by a results involve materially affect nature, today which in risk of may may cause forward-looking to number factors statements, our their contained and uncertainties, Such statements.

discussed part on of that, to factors filed our types and of Exchange well our supplemental reconciliations These as Securities non-GAAP other call turn as with press our Investors section. With skywardinsurance.com the XX-K are as Commission. previously available under in I the will was Andrew? certain press containing schedules over along the financial of that release Financial information, Andrew. and included our measures, website, with release are

Andrew Robinson

Thank included and XXXX you, thank and ratio point We for per strong, of the reporting income XX% premiums Natalie. cat our in X.X quarter diluted of us. joining $X.XX grew combined operating Good the quarter closed Gross you less written adjusted for than our morning, share. of XX.X% everyone, losses.

deliver shareholder strength. and a rate, strategy Operationally, and underwriting the peer even call. Altogether, ruler this property. strong. in though returns group more execution submission the talk the While industry, continues of our top the of our returns of business be profitability, continue we and is quiet is financial niche quarter for was cat quarter be flow about at over growth, it visible end will continue to sheet to to I quartile low our be excellent, retention balance our the in aim to XX% in our later

call results Mark? financial turn in over to Mark I'll that, greater detail. the With to discuss our

Mark Haushill

Andrew. Thank you,

diluted or ago. or a of reported of share the share In diluted the compared million grew $XX.X Only $X.XX each to approximately grew quarter, year operating per period in same we written divisions, XX%. E&S, is we Solutions expected adjusted Agriculture to $XX.X period per business. grow Lines this a given our the in $XX.X an diluted net quarter, Property for ago. the million and per Global which million or year did not reported by or seasonality gross On the Transactional compared & $XX.X income For share million Captives, same Industry $X.XX XX% Professional $X.XX per over quarter, income diluted the premiums of net basis, $X.XX share for

professional, was quarter this fourth quarter $XXX retention retention opportunities XX% to versus renew to continue the for Year-to-date, excess we million in XX% our approximately when fourth quarter The is and XX% XX% premium net to was by year versus premiums $XXX Fourth of ago. the grew a workers' compared XXXX quarter division million programs. XXXX. XXXX. see reinsurance We fourth net compensation premium approximately in approximately in XXXX. Net written excellent quarter the XX% in

and we XXXX. the renewals programs these these are orderly of of for with All structures and were terms satisfied

principally fourth ratio fourth X.X combined current XX.X% was to to changing X.X ratio underwriting compared accident a improvement points XXXX. quarter the The our business. driven to year of XX.X% in the mix The loss of by in Turning results. improved of point quarter non-cat

Elliott. from combined to of X.X quarter, catastrophe accounted ratio cat winter During on of less for X.X points was quarter the fourth and point XXXX, the which the minimal compared impacted were losses losses storm, than by

impact there was benefit the from the from prior development. LPT, deferred no Excluding net year

We indicated central conservative XXXX. maintain to estimate end we that as in actuarial expense loss are the quarters our The of a to is compared than redundant at of the quarter in in and our talked slightly of respect sub-XX% XXXX target position our to a in prior fourth reserves so expectations more regarding ratio a a line our shift end with the position with expense business of increased this continue XXXX. at We ratio. and the business investing mix

free Turning with core to $X.X million of invested to to driven we compared XXXX. cash to yield the portfolio million investment doubled in fourth fixed fixed our income, in core improving results. increase deploy X.X%. million our put an the by Net investment of asset $XXX quarter, base. $XX the investment income prior at almost strategy increase work period Consistent our the quarter, to million in same significant to was the $X.X all quarter, portfolio from and income million $XX.X income in from investment a net The year flow

a yield X.X% versus at Our embedded was ago. XX, X.X% year XXXX, December

investment and Our XXXX of negative core portfolio. the billion, a impacted our income fixed income ago. Net income $XXX quarter portfolio over is XXXX adjustment from fourth million year now a equity by mark-to-market in increase fixed in $X opportunistic were

provided on that income Just $XX quarter, of the notice last we a portfolio. a redemption fixed million reminder opportunistic

XX% money million. have the operating that had core anticipate XX, and approximately $XXX reinvesting opportunistic was we this the short-term million proceeds fixed inclusive over resulting into in of Given flow from we investments the portfolio. in already cash part notice and income in our of income at fixed from $XXX million portfolio, At market of taken December December $XXX the portfolio redemption. that strong of actions the XX, We

quarter, the be During X%. yield on short-term investments to continue our north of

core fixed liquidity this We will continue to income portfolio. our deploy into

a executed million we million, to XX%. X.X sold Westaim quarter, reducing their ownership shares sold the approximately and Skyward million stock. approximately successful of X common X.X of offering upsized follow-on During

appreciate see to and shareholders support continue new We and existing interest from our strong our for strategy. company our and their we

combined inclusive that, to I'll based between the points at of terms expect grow X $XXX for XXXX, ratio over a of between look to and and adjusted year call income cap. With on to to XX%, turn In over full we X.X million net remarks. we back how XX% Andrew XX% $XXX million concluding of

Andrew Robinson

you, Thank Mark.

year a Skyward digits we as X off defining divisions. Our another was quarter in double Operationally, what underwriting quarter for fourth grew of great we our results truly Specialty. capped had

to trends. above continue estimated pricing pure the single is cost increases loss in our which high realize digits, We

new of Our we should pricing over generating book, margins was up XXs. again that strong business attractive our remained our low in-force indicators the underwriting are in continue. retention strong and All the

which We we the have see over activity, is from XX% year-over-year achieved. year, the strong increase also largest continue up prior to submission ever

particularly our to full results of the notable, lead-up IPO. the in context Our are year also

company quartile performance. delivers to During top that that consistently period, we communicated committed a core metrics and building

demonstrated commitment. this results towards progress XXXX Our our

For a $XX.XX of the adjusted XX.X% million, XX%, operating on XX.X% delivered to income a fully we achieved record year, grew of and we diluted $XX.X XX% of value equity $XX.XX. and return growth book from per combined by of ratio share and

a for achievement us. significant marked year underwriting The

all Professional now end have X Transactional company's as Liability. that of of divisions now million division $XXX a at can we XXXX. $XXX were this than Each As X reached substantially producing million X at is The Surety, divisions and more year earnings. contribute underwriting the E&S our that scale the compared to to

in talent earnings. added meaningfully businesses and of million, significant In these generating driven X technology. our the X in million outstanding All just to diversification by and we've have from are to aggregate investments grown years, $XX X $XXX returns

best target on market those returns is we line capitalize to on our risk-adjusted division opportunities delivering both above each and at the top and to While returns capital, our that continue offer margins minimum we areas to that or shape grow on capital. ensure portfolio

course, As such, underwriting technology. have of areas, new and, we investments adjacencies, ongoing teams in product

returns on the of reflected for the by time, towards also short niche was a have cycle. and Specialty, at year myself and we I for course, we in the of such accomplished remarkable our and XXXX find inspired period and I following possibilities laser-focused As top executing Skyward what progress on a energized generating all parts of remain progression And market strategy our beyond. ruler quartile what

XXX goals like call and to to like I'd the open to excellent XXXX over their their XXXX. our it in We now Q&A. colleagues performance thank operator my I'd to back for the Operator? Finally, turn for shared up commitment for to drive achieving to

Operator

Carletti JMP. first of Our the Instructions] Citizens [Operator from Matthew question line comes with

Matthew Carletti

you could I underwriters when you we IPO might big were kind about theme a big guys out a something bring hear year? of you changed organization, to have ago forward fast a use AI able was I it mean on that I Is on claims, forth. what if second. how And how in was year over of feet the and and hoping plays embrace rewind power up that. guys XX,XXX be like was embracing? I we your and per Just that hoping a a to you're road lot on so go kind And show, technology maybe year. there? it speed just working how on past us has quick changed the things to about that your a role And so might

Andrew Robinson

the bring claims kind desktop managers have first case, of account think probably of And on of nearly well say intensity, quickly. professionals like So of very just right? the done propensity be yes, have that a Well, the our lot that highest being that in -- -- pace, of Yes. would crank rapid turning that would as kind is say, the to moving at we're XX% potential separating so can session is we that we're scientists and as part in And been isolate are our meeting our how the And presentation, to for of next just the watching those the our going the all claims part it our to underwriters. of business, every greater the development, is Board to for our out that our claims. reserve we've show of able XX% intelligence I claims that like -- I to with very trying very, in on stuff week, movement. I data you the as this

out the off whether respond single so, notice come down. manager can a loss the a thing. If the GeForce we're things outbound the we entity GeForce risk event rapidly of event, And back we're to of look, right to now Great an using not first waiting that. we've determine there's the had to one of that then turns completely it's And was that in sort for reaching of within And upside telematics. fundamentally auto, accident. is that notion not flipped of just if there example

really little that that out can we've list got long equal there's these et number those examples, it's things describing, those our figure are of part our of always et it's I'm all X on we doing. to the that what's a We're stuff that of things so trying just right, And angles, be cetera. we cetera, an And on And make big business. impact examples just underwriting, a -- in can product, DNA.

Matthew Carletti

with Great. you funds million Mark. at in And sneak if another one the then funds longer I for the that Is or of of time question long of it XX-day line That's in, reinvested? can year-end, could help process are take mentioned redemption. XX% be kind Westaim how Can that that of just or redeemed quarter helpful. a you usually and kind takes? kind $XXX for those us of to Mark, of

Mark Haushill

be quarter. of won't to about in XX%-ish it redeemed let I for, rest think bit but We'll 'XX. what it XX% will tell. looking looking it No, a of be know, Matt. will a the 'XX of and time it -- in in for little that's take time. But you I'm I'm 'XX, Sure,

Andrew Robinson

duration what -- X just second the And of years, laddered, the right? are were mature, sort Matt, year, X loans under reasonably XX% just well XX-XX, years, in it's are they -- was in And first not the year. but these these So letting average around we're little a the XX% correct.

Operator

question of with comes from Mark next line the Truist. Hughes Our

Mark Hughes

base, of million. million? seeing to That's $XX properly? that XXXX off Mark, coming million of the Am guidance I $XXX it the $XXX is

Mark Haushill

Yes, Yes. are. you sir,

Mark Hughes

about top of Okay. in you as And a that pretty think the income Anything and from say like seems you can line investment the guidance. contribution strong that result. terms net

Mark Haushill

want to deal? you Do

Andrew Robinson

is Yes, Andrew. Mark, this

to But pretty Mark XX together. ] the gave cat I you I'll with [ should you guys XX, just -- portion think put say is, and to what know on you to that gross combined you can between it guidance to consistent. models the we'll of ratio that, our leave that, be net that your

in premium your you kind your written the our asking so want work And for plans fill way -- it say through earned don't XXXX put to if specifically I taking will premium just you're about that guidance our growth. by and growth, give in XXXX, we on of blanks. can

the on XX%. that conditions and market what for That's the for. we've are planning Our plans internal we're That's that based made. we investments see

compare it this functional the we've that our measure a view, space, And also Bermudian primary up number again, and that public us that the division of able against what -- said least but of to you I be it's can times our I sort us should at of is competitors. others. that market double our a, of of a guys competitors against in during the the in directly of would company is a you a growth specialty are the insurance the would of the diversified say describe we sort to includes also guys handful and we compete

of believe up We'll growth to that's put kind your cohort growth, doubled of up to our that And we've models, plans that call in year. with the our growth doubling of is sort what you That's than XX% out been plan. the figure year. consistently growth more want whatever And it leave at XX% that to guys we but for. this cohort of you next into line

Mark Hughes

Understood. And then, on Mark, here? investment net anything income that's the relevant

Mark Haushill

Mark, $X fixed income about X.X%. a yield we of talked portfolio billion with just

the can that I throughout do to You 'XX. expect math. and continue I

can bit The variable. a more be other components little

to income. it portfolio to leave the out in fixed of I'll model you So terms

little With will in the rest but around it opportunistic, moved you tell. of done bit, We've 'XX. on a it, just know, has time as well

Mark Hughes

work. You a lot asking guys me do are to of

Mark Haushill

I that. can help you with

Andrew Robinson

how you can us we to your about send models, If that? out fill your want models,

Mark Hughes

on you're that was it strong but what a hear bit down little basis, seasonally year-over-year. I quarter, it's Property, even a not Global saying,

You Anything quarter. more particular meaningful the year. on the lot in had going fourth earlier in a growth in

Andrew Robinson

look I give genuinely, you it. a It's Mark, It read negative light that. you will very tell you, don't quarter. at would if very, a false

we think one I let account go.

[ written in into We for division, roll that Agra there's ] no fourth and quarter. also Agra the premium

Look, maybe can how market So with property think focus the about opportunities good peak its available false great it's given you started there. I are is, very well say you that we to where obviously, knowing give don't feel a already peak. as that its honestly, negative. profit of I let of sort confidence year sort our at past either the I the growth both that discrete us we or as are But the in

Operator

comes question with the Anderson line next Our from of Andrew Jefferies.

Andrew Anderson

net? kind about Lines how Professional from Transactional of and can that of think retained growth help source of growth GPW us the E&S, And you much at Looking the there? is

Andrew Robinson

market Yes. knowing D&O context without the question, public the only the assume bit. been sort a that's of probably your talked Well, can about of market, the it particularly I D&O that given little that underlies everything and in

everything off, professional claims our made division. that's rolls underwriting First into

professional, So face small value, our quite than main honestly, less a which, million is there relatively miscellaneous our driveline limit. average $X.X is

offering. that like in E&O, are things included classes of types tech as All excess employed our lawyers well lawyers,

management also for been care portfolio come what's As growth the well to And a you saw, in does the in a us of professional engineers It we book include business. market. as including second. liability big our also really, did which line liability, is offering, health professional is architects and a I'll media

I For conversation, management of to about almost liability, but noteworthy it's management great all maybe front just think today a of feel liability that in is get book, probably our I look, probably it It a rate. that side company. and go. Side of been and of is is We've A Less has ABC. XX% is that retention private XX% XX% than X/X public, letting that a

we're some true cannabis, where been pretty [indiscernible] our expertise in after darn market. sort as others, WebX which positive we specialty niche of risks very the rest areas liability, the of as going very successful like legitimate compared like on areas, [ we amongst are to And the we've right? ], on So have side, management are in

us of of So our how professional portfolio others. maybe atypical sort it growth our compare is in very is would you against

And principally question net. but then principally average it's it low, your entirely we to because is so lastly, net. not limit are It's keeping our

Andrew Anderson

non-LPT thinking can within maybe And loss years you to of Very us some 'XX picks developing, on how LPT are business helpful. 'XX both and accident color business? give the about kind for here, casualty

Mark Haushill

brought years so of LPT Look, XXXX, and accident include would course, the question. Good talking glad years. about I'm 'XX up. reminder, year. Andrew. 'XX of which, Good part industry The Sure, prior the the you policy it is covered

Before LPT any took seeing costs. we not that. to We're went limit. surprises co-participation the inflation public, up we and/or loss talked about the on We've

our rate question? credit haven't pulled not statement. loss loss Our picks, Does think through exceeded your we're increases And of Andrew, are. in trends that full have been terms we what meaning for taking answer and conservative, we our inflation We've rate cost income increases. that with

Andrew Anderson

Yes, that's helpful.

Operator

next of Bruyette, with & Our question Keefe, Shields Woods. the line from comes Meyer

Meyer Shields

you question, range light environment. a at most compared wondering, I produced guess, quick upper outlook? the conservative it's catastrophe was pricing is something cat your to overall I Or changing of is worse than guys peers, of on load. know the also exposure? One it mix higher the have terms in is really, least of it's in And but I this really intentionally

Andrew Robinson

No.

Our cat AAL our cat combination number is use XX-year of -- history. a what we and for

where have ] area points really when a can or you're cats hurricane talking yourself storms something might maybe combative you small a about it of what up lot be of in you and get [ of messed X a agri So to that happens, we're in sort book. to property of that's we're to it's appropriate able lot our aggregate, of job cat we're which like our that portfolio a And ensures in grow feel successfully we sort continue that giving of to way total, in the some or that's be then our concentrated as X.X and not recognition adding else.

management. and given X what our we'll in book given I that in outcome overall. you And of probably our to which so we have range, a point amount you property probably looked business, yes, is And our think [indiscernible] the portfolio good years, of if be that pretty over X find we're X.X really good that darn at

Meyer Shields

Okay. No, that's very helpful.

that also You prospects. increasing property growth include rate exposure Does increases? along mentioned with

Andrew Robinson

there our in interruption. to business inflation, of might business, Global right, supplement all that's Property. E&S part look, In our just true And in portfolio, growth our nicely growth like related values there's we Well, is on given Yes. values in interruption. obviously what business depending Transactional of

on doing We likely the cash actual value buildings. are

how to growth exposure equivalent through lot seeing And should so there's a policies. -- in help? maybe not to But risks. we're that theoretically say not exposure of not those that sort given of not running be that's lot you're Does oftentimes of kinds se per of structure a price for that those increase we assigned rate the that

Meyer Shields

one And can. becoming of been issues that yes. last up wondering if implies does, at available the We've It industry. I'm question, a what I competitors competitors. verbal from maybe around lot seeing for or talent reserve And

Andrew Robinson

a That's due honest. to I talent a flippant, I question. I correlation Look, of know probably we an a see to good really we this adverse that not that not out can is would going to want to but believe it, organization if that flushed don't sound bit the be would little development.

Meyer Shields

Okay. right. No,

Sometimes what what say can't the anything? which I was bit really reaction you get -- asking the about, a I is imprecise, little is but

Andrew Robinson

records, X.X here, people been view I to we've distribution et the which will their right? [indiscernible], been a one following, their their we're et say, we So of track have Well, very the with tend Yes. has good recruiting, that and underwriting cetera. our thing intentional years for very targeted cetera, recruiting, case though, my

And weeks that, pool. long time, of I a of announcement, only recruiting media area a has intentional we're few we quite example were general an the one was us liability way. a and been a that focus three wouldn't for teams. for recruiting We're so back that like not of targeting from And say great

teams, we those so move were when able on And so we fast. to get really one of

Operator

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

Jon Paul Newsome

I lot, to questions, sort maybe the And question. recently. that the the A last your of was think I a worse concerns want want One like -- significantly at more is, link. ask over response wondering would I if even has the of I to year competitive and second then couple gotten environment the least I

baseline If my response see that with And getting line you you're book you what of the environment is may a what over. years. from the is that has just you're could perspective. combine your the to what or Because And flat to lines, up rate the outside you're your versus looking conversation the you with inflation that point inflation. not series about how is continues to of sort sense gotten course, rate in both of turn a competitive to versus happening may book of from specialty respect where of But and own your in think as is those that? what's with fear the do

Andrew Robinson

time -- Okay. Well, of I'll But tell will on, couple not to you what's first -- too of of follow if that let me that. industry theme. been take sort much going make observations, on move I there's I'll a no consistent the just you

the earnings was -- instances, very auto season, -- started, hearing, You're in the by drumbeat announcement professional. a long for you're been Then that of on When -- hearing professional. time. was discussions there lot the before a around year hearing the driven you've in season a large some

clear there's into making GL it's so -- and no next the and theme. access, Now

and think fantastic quarter. analyst combination been long to everyone well, it talking to community, about for good see. the do it's are that time. rising said, some here I sink competitors investment a really -- of this of great kitchen there in the cost Like we a like media companies, dump community has loss a which now your feels time

it just inflationary how and risk loss on both booking about have how of companies some they're they're have in companies their liability ratios. recognized been a the environment that it is is I that. great that And did that But think lot who the talking writing

moved to reserves above reported reserve released our dollar We've not And top since copart, listen, perfect. But our I've XXXX, joined, of been we to sheet our position Mark's about conundrum. incredibly -- and trend, of out we've this take right? right? bit part, that's conservative the pricing a loss pricing of very consistently the ever to the to our For what is seemed point, the nothing's in of to like LPT new quarter a to other decisions quarter, like companies' sink period-over-period. a and It stronger balance business for it in strong some. getting that cost do our People's ensure -- all was little me, third that's kitchen that's about just

But asked those There to all our week. of reason the competitive my the of areas a see within undercutting feels consistently people that relatively of been that not something some the stupidity get environment. a just I on the likely writing who we're what exposure. challenging Occasionally, a are has competitor are We where business, handful lot of it rational environment because certain certainly doing no like public is crazies on is I, The every for similar D&O market out nuts. auto. there. examples in happening particularly And MGAs are anything send are a course, at in reason me underwriters kind of

proportional also fantastic constructive. quarter astonishing that the and our But aggregate, suits the us. feels plenty fact that that that's relatively of opportunity. weeding through flow, grew we in XX% there's of that's that so in in see The us. the And us quarter, picking of job versus me tells kind this quarter, before, tells last solely submission are are me that XX% talent absolutely really the [indiscernible] brought And we doing with results to that is a of our things orderly that it out through of the market by some the terms behavior. because suit you at like But showing out, quarters in the market submissions increase and

look orderly like a we -- that market that more a feels created the point, that of of. some the would to period seasoning in out. taken quarter, we're for fourth was things is more have aggregate. I the trying approaching I occurred it allowing Sanza, and ourselves we like consistent, kind And to almost actions it's that the been our was in have feel know, So it the some I rational when at some that don't be I position to ski about play reserves talked time orderly this, on areas where quarter folks and can that the of and there move. patch just of a in a have holding advantage we're fourth how And at took about consistently and see redundancy that been

Operator

Wolfe question from comes next Our Securities. Bill of the Carcache line with Research

Bill Carcache

up commentary, coming on duration the core ahead what's extending latest possibility expected portfolio to income that the thinking of your the begin Following the cycle fixed on investment most cutting your here the of of rate months? in

Mark Haushill

we're to not duration. looking now, Right extend

how extending things about at not right is but out, been right see and just some duration We'll -- Our X quite has now. real yet. in play interested it real out for time. Not honestly, not

Bill Carcache

over have separately, written, E&S ultimately high Andrew, may, that move do the How Understood. And you exposure time. of much markets you you back you've focused to speak you could business That's there? you think level, are see I a some helpful. the on the can admitted how risk at to if that

Andrew Robinson

Property unit, we're I as of within of describe light. And unit within say would kind our our also hard writing what event partition it's and is what -- I in unit. E&S as about and big can topic Global to most last conversation. of tell I Professional an not sort you I'd that What believe our Transactional E&S industry of week a it's you and parts

stuff I sticky think the the E&S market. very that is we're seeing into that

flow is for marketplace, And not the whether there's business if into it's in that's so that I feel around competition good more true about just less that. there's challenge But right, that the is E&S business, the said, E&S there. it

will percentage order market. small it be up surprised ultimately that does it's admitted our a than end obviously But so back I'd the have And if of a effect. more second in business

at We want -- to a I private when write where a it free to being great real that's a try true, Well, we're true while domain -- risk thoughtful of people, imagine. you would cannabis you want you our number the And can We're across do we're takes example, describe that's into the markets WebX looking give management we're doing I risk. to company, true I a expertise I the only tends be liability, time and standardized ourselves very examples, of that do as generally to a and E&S writer. around any or business. small going not that

Operator

question Our with the James. from Gregory Raymond of comes line next Peters

Unknown Analyst

look it's Sid at on we your over looks Property, specifically Professional but years, E&S more is really it like When for been driven in This Greg. X and Lines. growth Global broad-based Transactional last the

hoping the just some from attractive to underwriting you you outlook opportunities divisions more we others? comment on book? growth balanced more do your versus see be across still the in Should expect certain Or So here. can

Andrew Robinson

Yes. certain in There's that it will aggregate, to while just And we we of there. where opportunities certainly right? say have orderly property first cycles, believers of What the market big have areas aren't good that is is market. reduced advantage compete going rational, I'd the question as no are, in there's you about all, I to -- no micro you you're how to mentioned, right, taken matter things

plans a being areas. seen widespread our we've particular across lot and area Surety's in. year spikes mentioned of or less business another area growth had areas. maybe feel You this particular relatively sort I a that X our in of that for a

resources strong when of we features is and one of we're this of organization to sort of it. really opportunity inevitably, market a jump top on But see the reallocate our kind at that good I of think

XXXX that I'm how suspect out sensible, for us. I we'll the year that best back a couple better than expected, reflect sure worse not laid where it's and we an And X areas growth to on us. while have are the so And we plans the growth area we had going we'll or because is changed with probably had of where on play marketplace

execution. the execution that not -- that find to been reason tend always we've very -- I always in we're we're is our not good

it year. be our more I So balanced sort and driven. think assumption for as this more marketplace said, to I But widespread as working it's of tends

Operator

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

Unknown Analyst

Jack think question to quarter. levels on level, My guess, term, plus This last the current there those time? on premium or is percentage I net to fall I for XX% seating the expect right to do some is reinsurance gross longer seating over about is was know lumpiness Mike. you levels.

Andrew Robinson

Yes.

-- for Andrew. I think this that is

number looking XXXX, on into expectations the gross XX.X%, excuse believe a net was that number. I'm year, right -- be planning general -- believe, next wrong rolling year And our For that's quarter to think around not I that, a number. could for but good I I that our number I reasonable in aggregate the that, at for are me. this,

I our XXs I underwriting income, kind you'll think as given the investment outlook that and low of XXXX, just sort for net. you kind gross and income you think of to apportion tie do, when to you run numbers back of

Unknown Analyst

downward loss shift Great. business just Okay. talk the attritional was ratio. sticking in to XXXX, expect know ratio? you any color to momentum And then, your toward put wondering can you do impact XXXX, property how I mix a about for guess, about XXXX. on business that I loss I

Mark Haushill

Yes.

underlying we're sort loss out our so in view have broadly we've just then we've our a what you'll is in line. we that back out portfolio. definitely perspective, consistent find relatively said about of and forth, implied shortening take and And been from mix ratio up So expenses cat -- a

So I point, X-year was XX%. XXXX, duration, the liabilities. of of that at it's what call than we thereabouts XX% this end at business short This or less believe our this -- year,

as go not our loss forward look -- really there's in in on of working going it we run to tail recognition terms going there's on bit cost a We're for that's are much relatively shorter accident as XXXX, here more really over going of our also might towards underlying up in that rate that but And terms there mix of not much consistent. year. well. think I driving liabilities, that's assumptions something our planning little

Operator

now to Thank hand Natalie like the you. closing Schoolcraft I would remarks. back to conference for over

Natalie Schoolcraft

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

Operator

participation. concludes This for Thank your you call. today's conference

disconnect. now may You

Skyward Specialty Insurance (SKWD) 21 Feb 242023 Q4 Earnings call transcript