2025-05-06-Jefferies-天域特种保险公司（SKWD）_2025年第一季度要点年初开局良好；每股收益基本不变_10页_398kb

SKWD, Skyward Specialty Insurance Group, Inc., is a specialty insurance company focusing on commercial property and casualty products. The equity research report maintains a HOLD rating with a price target of $60, unchanged from previous estimates. Financial highlights include strong 1Q25 performance, with EPS beating initial estimates by 2%. The 2025 EPS is revised to $3.55, representing a 2% increase, while 2026 EPS remains at $4.20 and 2027 EPS rises to $4.90, a 3% increase. Growth is projected at 15% for 2025, down from 19% in 2024, due to moderation expected in 2Q25, offset by improvements in other lines like Transactional E&S and Specialty Programs. Key risk factors include physical effects of climate change, rising competition, potential deterioration in loss trends, and social inflation impacts. Valuation supports the hold rating at 2.8x P/B, with analysts emphasizing the company's niche focus for avoiding CAT-exposed lines, though risks include weaker premium growth and underwriting challenges.