Skyward Specialty Insurance
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The firm’s Q4 GWP grew over 21% fueled by surety, transactional E&S and captives.
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The Insurance Insider US news team runs you through the earnings results for the day.
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It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers.
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Intact Insurance’s Regina Williams and Sandi McIntosh joined the new team in December.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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Over a 40-year career, the executive has held numerous high-level positions in the insurance and investment industries.
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In addition, Westaim COO Robert Kittel also resigned from Skyward’s board while Tony Kuczinski was named lead independent director.
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The offering sold 3.6mn shares priced at $30.50 apiece and brought in approximately $104.9mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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With the fundraising, Skyward will capitalize on market opportunities within existing lines of business, but also continue to expand into new products.
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CEO Robinson said Skyward continues to see “strong submission activity” as business flow rose over 20% year-on-year.
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The Inside P&C news team runs you through the earnings results for the day.
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The carrier has appointed Scott Bailey as vice president of field operations for contract surety, among seven recent hires.
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The alternative energy warranty captive solutions will be available throughout the United States and Canada.
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The upgrade follows a period of underwriting volatility, with management instituting several initiatives to refine underwriting focus and risk selections as a specialty lines writer.
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Skyward saw 15%-20% risk-adjusted rate increases during its property cat renewals as its attachment point rose to $12mn from $10mn the year before.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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Before working at ICS, Robert Nizzi spent over six years at Enterprise Risk Strategies, where he was president until 2017.
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The Canadian investment company sold 3.85 million shares of common stock, priced at $23 per share.
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Skyward Specialty Insurance completed its initial public offering at the beginning of the year.
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Inside P&C’s news team runs you through the key highlights of the week.
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Anthony Kuczinski spent 34 years at Munich Re, serving as president and CEO for 15 years of Munich Reinsurance US Holdings until December 2022.
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Strong results reflect tailwinds in the E&S space, but social inflation will be a trend to watch.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Skyward’s surety book grew over 50% in Q1 after the company invested in a new surety platform with industry analytics.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The specialist’s ex-cat LR improved 2.4 points to 61.1% benefitted by the continued run-off of exited lines and the shift in the mix of business.
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The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing.
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Tran also previously held various leadership roles at Tokyo Marine Kiln, XL Catlin, and Catlin Group.
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Those two lines, along with transactional E&S and captives, generated gross written premium growth of over 35% in the fourth quarter of 2022.
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The carrier’s Q4 underwriting results benefited from a shift in the mix of its portfolio, continued run-off of some exited businesses and lower catastrophe losses.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Skyward shares shot up over 27% this morning to $19.15 per share, a development which will likely be closely watched by some carriers with IPO aspirations.
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