• Skyward Specialty Insurance Group Reports Fourth Quarter 2023 Results

    来源: Nasdaq GlobeNewswire / 20 2月 2024 16:05:01   America/New_York

    HOUSTON, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc.TM (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported fourth quarter 2023 net income of $29.3 million, or $0.74 per diluted share, compared to $20.4 million, or $0.63 per diluted share, for the same 2022 period. Net income for the year ended 2023 was $86.0 million, or $2.24 per diluted share, compared to $39.4 million, or $1.21 per diluted share, for the same 2022 period.

    Adjusted operating income(1) for the fourth quarter of 2023 was $24.3 million, or $0.61 per diluted share, compared to $11.6 million, or $0.36 per diluted share, for the same 2022 period. Adjusted operating income(1) for the year ended 2023 was $80.8 million, or $2.11 per diluted share, compared to $58.6 million, or $1.79 per diluted share, for the same 2022 period.

    Highlights for the quarter included:

    • Gross written premiums increased 21.4%.
    • Underwriting income(1) of $21.0 million compared to $12.8 million for the fourth quarter 2022.
    • Combined ratio of 90.7% compared to 92.4% for the fourth quarter 2022.
    • Current accident year non-cat loss and LAE ratio of 60.9% compared to 63.2% for the fourth quarter 2022.
    • Cat loss and LAE ratio of 0.4% compared to 1.2% for the fourth quarter 2022.
    • Year to date return on equity of 15.9% compared to 9.3% for the same 2022 period.
    • Year to date return on tangible equity(1) of 19.0% compared to 11.8% for the same 2022 period.
    (1) See "Reconciliation of Non-GAAP Financial Measures"

    Skyward Specialty Chairman and CEO Andrew Robinson commented, “We capped off an outstanding year with another strong quarter, delivering a 90.7% combined ratio and growing gross written premiums by 21%. For 2023, we delivered on every key metric, growing gross written premiums by 28%, delivering a 90.7% combined ratio, achieving a return on equity of 15.9%, and growing our fully diluted book value per share by over 24% to $15.96. Our “Rule Our Niche” strategy combined with our strong execution continues to be the foundation of our commitment to being a top quartile financial performer at all parts of the market cycle.”

    “In the fourth quarter we also executed on an upsized follow-on offering, a testament to our shareholder’s confidence in our team, our strategy, and our execution. Our journey to this point has been simply remarkable, and it is rooted in the commitment of our employees, the partnership with our distribution, and the support of our customers. We have every reason to believe that 2024 will build on our outstanding success in 2023.”

    Results of Operations

    Underwriting Results

    Premiums            
    ($ in thousands) Three months ended December 31 Twelve months ended December 31
    unaudited 2023 2022  %
    Change    		  2023   2022  %
    Change
    Gross written premiums $        321,605  $        264,832          21.4        % $        1,459,829  $        1,143,952          27.6        %
    Ceded written premiums $        (107,488) $        (84,876)         26.6        % $        (549,138) $        (468,409)         17.2        %
    Net retention          66.6%          68.0%  NM (1)           62.4%          59.1% NM (1) 
    Net written premiums $        214,117  $        179,956          19.0        % $        910,691  $        675,543          34.8        %
    Net earned premiums $        224,932  $        170,143          32.2        % $        829,143  $        615,994          34.6        %
    (1) Not meaningful            
                 

    The fourth quarter 2023 increase in gross written premiums, when compared to the same 2022 period, was primarily driven by our Transactional E&S, Captives, Industry Solutions and Professional Lines underwriting divisions. For the year ended 2023, five of our underwriting divisions experienced over 30% growth compared to the same 2022 period.

    Combined Ratio Three months ended December 31 Twelve months ended December 31
    (unaudited) 2023 2022 2023 2022
    Non-cat loss and LAE(1) 60.9% 63.2% 60.9% 62.8%
    Cat loss and LAE(1) 0.4% 1.2% 1.4% 1.1%
    Prior accident year development - non-LPT 0.0% 0.0% 0.0% 0.0%
    Prior accident year development - LPT(2) (0.2)% (0.4)% (0.2)% 1.4%
    Loss ratio 61.1% 64.0% 62.1% 65.3%
    Net policy acquisition costs 13.4% 11.8% 13.0% 10.6%
    Other operating and general expenses 16.3% 17.5% 16.3% 18.9%
    Commission and fee income (0.1)% (0.9)% (0.7)% (0.8)%
    Expense ratio 29.6% 28.4% 28.6% 28.7%
    Combined ratio 90.7% 92.4% 90.7% 94.0%
    Adjusted Underwriting Ratios        
    Adjusted loss ratio(2) 61.3% 64.4% 62.3% 63.9%
    Expense ratio 29.6% 28.4% 28.6% 28.7%
    Adjusted combined ratio(2) 90.9% 92.8% 90.9% 92.6%
    (1) Current accident year
    (2) See "Reconciliation of Non-GAAP Financial Measures"
             

    The loss ratio for the fourth quarter of 2023 improved 2.9 points when compared to the same 2022 period. The non-cat loss and LAE ratio improved 2.3 points when compared to the same 2022 period, primarily driven by the shift in the mix of business. Catastrophe losses only added 0.4 points to the current quarter loss ratio compared to the fourth quarter of 2022, which was impacted by 1.2 points of catastrophe losses from Winter Storm Elliott.

    The loss ratio for the year ended 2023 improved 3.2 points when compared to the same 2022 period. The non-cat loss and LAE ratio improved 1.9 points when compared to the same 2022 period, driven by the shift in the mix of business and continued run-off of exited business. Catastrophe losses from second and third quarter convective storms and first quarter wind and hail events, including tornadoes, added 1.4 points to the loss ratio compared to 2022, which was impacted by 1.1 points of catastrophe losses from Hurricane Ian and Winter Storm Elliott. The loss ratio for the year ended 2022 included 1.4 points from the net impact of LPT reserve strengthening.

    The expense ratio for the fourth quarter increased 1.2 points and was flat year to date 2023 when compared to the same 2022 periods. The quarter to date increase was primarily driven by the shift in the mix of business. The improvement in the other operating and general expense ratios for the fourth quarter and year ended 2023, when compared to the same 2022 periods, was primarily due to the increase in earned premiums.

    The expense ratios for the fourth quarter and year ended 2023 exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income (loss).

    Investment Results

    $ in thousands Three months ended December 31 Twelve months ended December 31
    (unaudited) 2023
    		 2022
    		 2023
    		 2022
             
    Cash and short-term investments(1) $3,283  $796  $11,353  $1,427 
    Core fixed income  10,717   5,907   32,572   16,544 
    Opportunistic fixed income  (1,227)  (2,322)  (6,844)  16,784 
    Equities  675   881   2,682   2,160 
    Net investment income(1) $13,448  $5,262  $39,763  $36,915 
             
    Net unrealized gains (losses) on securities still held $8,736  $11,122  $11,130  $(15,058)
    Net realized losses  (992)  (710)  (58)  (647)
    Net investment gains (losses) $7,744  $10,412  $11,072  $(15,705)
    (1) excludes income from operating cash for the fourth quarter and years ended December, 31, 2023 and 2022.

    Net investment income for our investment portfolio for the fourth quarter and year ended 2023 increased $8.1 million and $2.9 million, respectively, when compared to the same 2022 periods.

    The increase in income from our core fixed income portfolio for the fourth quarter and year ended 2023 was due to (i) a larger asset base as we continued to increase our allocation to our core fixed income portfolio and (ii) a higher book yield of 4.5% at December 31, 2023 compared to 3.7% at December 31, 2022. The increase in income from short-term and money market investments for the fourth quarter and year ended 2023, when compared to the same 2022 periods, was due to a larger asset base and higher investment yields when compared to the same 2022 periods. The opportunistic fixed income portfolio continued to be impacted by a decline in the fair value of limited partnership investments for the fourth quarter of 2023 and 2022 and for the year ended 2023.

    Stockholders’ Equity

    Stockholders’ equity was $661.0 million at December 31, 2023 which represents an increase of 23.5% compared to stockholders' equity of $535.4 million at September 30, 2023. The increase in stockholders’ equity was primarily due to (i) net proceeds of $62.5 million from our November follow-on offering, (ii) an increase in the market value of our investment portfolio, and (iii) net income.

    Conference Call

    At 9 a.m. central standard time tomorrow, February 21, 2024, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    Non-GAAP Financial Measures

    This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

    We have chosen to exclude the net impact of the Loss Portfolio Transfer (“LPT”), all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening in certain non-GAAP metrics, where noted, as the business subject to the LPT is not representative of our continuing business strategy. The business subject to the LPT is primarily related to policy years 2017 and prior, was generated and managed under prior leadership, and has either been exited or substantially repositioned during the reevaluation of our portfolio. We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

    About Skyward Specialty Insurance Group, Inc.

    Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions - Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

    Skyward Specialty's subsidiary insurance companies consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A- (Excellent) with positive outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

    Forward-Looking Statements

    Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words "believe," "expect," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty's Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Skyward Specialty Insurance Group, Inc.

    Media contact:
    Haley Doughty
    hdoughty@skywardinsurance.com 
    713-935-4944

    or

    Investor contact:
    Natalie Schoolcraft,
    nschoolcraft@skywardinsurance.com 
    614-494-4988


     
    Skyward Specialty Insurance Group, Inc.
     
    Consolidated Balance Sheets    
    ($ in thousands, except share and per share amounts) December 31
    (unaudited)  2023   2022 
    Assets    
    Investments:    
    Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,047,713 and $662,616, respectively) $        1,017,651  $607,572 
    Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $329 as of December 31, 2023)          42,986   52,467 
    Equity securities, at fair value          118,249   120,169 
    Mortgage loans (at fair value as of December 31, 2023; at amortized cost as of December 31, 2022)          50,070   51,859 
    Other long-term investments          114,505   129,142 
    Short-term investments, at fair value          270,226   121,158 
    Total investments          1,613,687   1,082,367 
    Cash and cash equivalents          65,891   45,438 
    Restricted cash          34,445   79,573 
    Premiums receivable, net          179,235   139,215 
    Reinsurance recoverables, net          596,334   581,359 
    Ceded unearned premium          186,121   157,645 
    Deferred policy acquisition costs          91,955   68,938 
    Deferred income taxes          21,991   36,188 
    Goodwill and intangible assets, net          88,435   89,870 
    Other assets          75,341   82,846 
    Total assets $        2,953,435  $2,363,439 
    Liabilities and stockholders’ equity    
    Liabilities:    
    Reserves for losses and loss adjustment expenses $        1,314,501  $1,141,757 
    Unearned premiums          552,532   442,509 
    Deferred ceding commission          37,057   29,849 
    Reinsurance and premium payables          150,156   113,696 
    Funds held for others          58,588   36,858 
    Accounts payable and accrued liabilities          50,880   48,499 
    Notes payable          50,000   50,000 
    Subordinated debt, net of debt issuance costs          78,690   78,609 
    Total liabilities          2,292,404   1,941,777 
    Stockholders’ equity:    
    Series A preferred stock, $0.01 par value; 10,000,000 and 2,000,000 shares authorized, 0 and 1,969,660 shares issued and outstanding, respectively          —   20 
    Common stock, $0.01 par value, 500,000,000 and 168,000,000 shares authorized, 39,863,756 and 16,832,955 shares issued, respectively          399   168 
    Treasury stock, $0.01 par value, 0 and 233,289 shares, respectively          —           (2)
    Additional paid-in capital          710,855   577,289 
    Stock notes receivable          (5,562)  (6,911)
    Accumulated other comprehensive loss          (22,953)  (43,485)
    Accumulated deficit          (21,708)  (105,417)
    Total stockholders’ equity          661,031   421,662 
    Total liabilities and stockholders’ equity $        2,953,435  $2,363,439 
         



     
    Skyward Specialty Insurance Group, Inc.
     
    Consolidated Statements of Operations and Comprehensive Income (Loss)
    ($ in thousands, except share and per share amounts) Three months ended
    December 31    		 Twelve months ended
    December 31
    (unaudited)  2023   2022  2023   2022 
             
    Revenues:        
    Net earned premiums $224,932  $170,143 $829,143  $615,994 
    Commission and fee income  247   1,547  6,064   5,199 
    Net investment income  14,004   5,264  40,322   36,931 
    Net investment gains (losses)  7,744   10,412  11,072   (15,705)
    Other (loss) income  (632)  1  (632)  1 
    Total revenues  246,295   187,367  885,969   642,420 
    Expenses:        
    Losses and loss adjustment expenses  137,396   108,976  515,237   402,512 
    Underwriting, acquisition and insurance expenses  66,791   49,913  243,444   182,171 
    Interest expense  2,774   2,127  10,024   6,407 
    Amortization expense  462   387  1,798   1,547 
    Other expenses  1,303   —  5,364   — 
    Total expenses  208,726   161,403  775,867   592,637 
    Income before income taxes  37,569   25,964  110,102   49,783 
    Income tax expense  8,304   5,545  24,118   10,387 
    Net income  29,265   20,419  85,984   39,396 
    Net income attributable to participating securities  —   9,755  1,677   18,879 
    Net income attributable to common shareholders $29,265  $10,664 $84,307  $20,517 
    Comprehensive income (loss):        
    Net income $29,265  $20,419 $85,984  $39,396 
    Other comprehensive income (loss):        
    Unrealized gains (losses) on investments:        
    Net change in unrealized gains (losses) on investments, net of tax  30,825   763  25,516   (48,545)
    Reclassification adjustment for gains on securities no longer held, net of tax  (105)  58  (4,984)  420 
    Total other comprehensive income (loss)  30,720   821  20,532   (48,125)
    Comprehensive income (loss) $59,985  $21,240 $106,516  $(8,729)
             



     
    Skyward Specialty Insurance Group, Inc.
     
    Share and Per Share Data         
    ($ in thousands, except share and per share amounts) Three months ended
    December 31    		 Twelve months ended
    December 31
    (unaudited)  2023   2022   2023   2022 
             
    Weighted average basic shares  37,570,274   16,576,760   36,031,907   16,568,393 
    Weighted average diluted shares  39,582,352   32,669,335   38,317,534   32,653,194 
             
    Basic earnings per share $0.78  $0.64  $2.34  $1.24 
    Diluted earnings per share $0.74  $0.63  $2.24  $1.21 
    Basic adjusted earnings per share $0.65  $0.37  $2.20  $1.84 
    Diluted adjusted earnings per share $0.61  $0.36  $2.11  $1.79 
             
    Annualized ROE (1)  19.6%  19.9%  15.9%  9.3%
    Annualized adjusted ROE (2)  16.3%  11.3%  14.9%  13.8%
    Annualized ROTE (3)  23.0%  25.5%  19.0%  11.8%
    Annualized adjusted ROTE (4)  19.1%  14.5%  17.9%  17.6%
             
          December 31,
           2023   2022 
             
    Shares outstanding      39,863,756   16,599,666 
    Fully diluted shares outstanding      41,771,854   33,290,638 
             
    Book value per share     $        16.72  $25.82 
    Fully diluted book value per share     $        15.96  $12.87 
    Fully diluted tangible book value per share     $        13.84  $10.17 
             
    (1) Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period
    (2) Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period
    (3) Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period
    (4) Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders' equity during the period


    Skyward Specialty Insurance Group, Inc.
    Reconciliation of Non-GAAP Financial Measures

    Adjusted operating income (loss) – We define adjusted operating income (loss) as net income (loss) excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income (loss) should not be viewed as a substitute for net income (loss) calculated in accordance with GAAP, and other companies may define adjusted operating income differently.        

    ($ in thousands) Three months ended December 31 Twelve months ended December 31
    (unaudited)  2023   2022  2023   2022 
      Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax
    Income as reported $37,569  $29,265  $25,964  $20,419  $110,102  $85,984  $49,783  $39,396 
    Less (Add):                
    Net impact of loss portfolio transfer  457   361   699   552   1,427   1,127   (8,572)  (6,772)
    Net investment gains (losses)  7,744   6,118   10,412   8,225   11,072   8,747   (15,705)  (12,407)
    Other (loss) income  (632)  (499)  1   1   (632)  (499)  1   1 
    Other expenses  (1,303)  (1,029)  —   —   (5,364)  (4,238)  —   — 
    Adjusted operating income $31,303  $24,314  $14,852  $11,641  $103,599  $80,847  $74,059  $58,574 
                     

    Underwriting income (loss) – We define underwriting income (loss) as net income (loss) before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income (loss) represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income (loss) should not be viewed as a substitute for pre-tax income (loss) calculated in accordance with GAAP, and other companies may define underwriting income (loss) differently.

    ($ in thousands) Three months ended
    December 31    		 Twelve months ended
    December 31
    (unaudited)  2023   2022   2023   2022 
    Income before federal income tax $        37,569  $25,964  $        110,102  $49,783 
    Add:        
    Interest expense          2,774   2,127           10,024   6,407 
    Amortization expense          462   387           1,798   1,547 
    Other expenses          1,303   —           5,364   — 
    Less (Add):        
    Net investment income          14,004   5,264           40,322   36,931 
    Net investment gains (losses)          7,744   10,412           11,072   (15,705)
    Other (loss) income          (632)  1           (632)  1 
    Underwriting income $        20,992  $12,801  $        76,526  $36,510 
             

    Adjusted Loss Ratio / Adjusted Combined Ratio – We define adjusted loss ratio and adjusted combined ratio as the corresponding ratio (calculated in accordance with GAAP), excluding losses and LAE related to the LPT and all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening. We use these adjusted ratios as internal performance measures in the management of our operations because we believe they give our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Our adjusted loss ratio and adjusted combined ratio should not be viewed as substitutes for our loss ratio and combined ratio, respectively.

    ($ in thousands) Three months ended
    December 31    		 Twelve months ended
    December 31
    (unaudited)  2023   2022   2023   2022 
    Net earned premiums $224,932  $170,143  $829,143  $615,994 
             
    Losses and LAE  137,396   108,976   515,237   402,512 
    (Add) Less: pre-tax net impact of LPT  (457)  (699)  (1,427)  8,572 
    Adjusted losses and LAE $137,853  $109,675  $516,664  $393,940 
             
    Loss ratio  61.1%  64.0%  62.1%  65.3%
    (Add) Less: net impact of LPT (0.2)% (0.4)% (0.2)%  1.4%
    Adjusted loss ratio  61.3%  64.4%  62.3%  63.9%
             
    Combined ratio  90.7%  92.4%  90.7%  94.0%
    (Add) Less: net impact of LPT (0.2)% (0.4)% (0.2)%  1.4%
    Adjusted combined ratio  90.9%  92.8%  90.9%  92.6%
             

    Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity less goodwill and intangible assets. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

    ($ in thousands) December 31
    (unaudited)  2023   2022 
    Stockholders' equity $        661,031  $421,662 
    Less: Goodwill and intangible assets          88,435   89,870 
    Tangible stockholders' equity $        572,596  $331,792 
         


     
    Skyward Specialty Insurance Group, Inc.
    Gross Written Premiums by Underwriting Division (Unaudited)
     
      Three months ended  Twelve months ended
      December 31 December 31
    ($ in thousands)  2023   2022  %
    Change    		  2023   2022  %
    Change
    Industry Solutions $        78,796  $65,391  20.5% $        305,476  $267,628  14.1%
    Global Property & Agriculture          25,996   27,516  (5.5)%          273,191   205,081  33.2%
    Programs          35,694   31,901  11.9%          178,726   163,653  9.2%
    Accident & Health          38,882   33,701  15.4%          151,701   130,808  16.0%
    Captives          40,375   26,706  51.2%          167,624   124,286  34.9%
    Professional Lines          40,145   30,884  30.0%          154,565   93,011  66.2%
    Transactional E&S          31,560   22,453  40.6%          122,508   75,098  63.1%
    Surety          30,157   25,328  19.1%          106,056   79,062  34.1%
    Total continuing business $        321,605  $263,880  21.9% $        1,459,847  $1,138,627  28.2%
    Exited business          —   952  (100.0)%          (18)  5,325  (100.3)%
    Total gross written premiums $        321,605  $264,832  21.4% $        1,459,829  $1,143,952  27.6%
                 

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