Skyward Specialty Insurance (SKWD) Group announced that it commuted the Loss Portfolio Transfer and Adverse Development and Retrocession Agreement with R&Q Re Bermuda Ltd related to accident years 2018 and prior. The Company received $11.7M in cash. Additionally, at December 31 the Company strengthened LPT loss reserves by $25.3 M and recognized approximately $9.8M , net of tax, of uncollectible reinsurance recoverable from R&Q. Skyward Specialty also announced the following fourth quarter 2024 preliminary results and provided 2025 guidance: Highlights for the fourth quarter included: Gross written premiums of $388.4M, an increase of $66.M or 20.8%, when compared to 2023; Adjusted combined ratio of 91.6%, including catastrophe losses of 2.2 points;Net investment income of $20.7M; Net income of $14.4M; and, Adjusted operating income of $33.2M.
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