Skyward Specialty Commutes the LPT, Announces Preliminary Fourth Quarter 2024 Results and Provides Guidance for 2025

HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today announced that it commuted the Loss Portfolio Transfer and Adverse Development and Retrocession Agreement (“LPT”) with R&Q Re (Bermuda) Ltd. ("R&Q") related to accident years 2018 and prior. The Company received $11.7 million in cash. Additionally, at December 31, 2024 the Company strengthened LPT loss reserves by $25.3 million and recognized approximately $9.8 million, net of tax, of uncollectible reinsurance recoverable from R&Q.

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