Specialty property and casualty (P&C) insurer, Skyward Specialty Insurance Group, Inc., has acquired Aegis Surety from K2 Insurance Services, which in turn has acquired the firm’s XPro business.
Trevor Hash, Aegis Surety Senior Vice President, will become the Head of Contract Surety, reporting to Skyward Specialty’s Head of Surety, Matthew Semeraro.
“Combining Aegis Surety into Skyward Surety vaults us into a leadership position in our target surety markets,” said Andrew Robinson, Chief Executive Officer (CEO) of Skyward Specialty.
Adding: “Above all else it is about great talent. The Aegis Surety transaction effectively doubles our underwriting and leadership team, ensuring we have the exceptional talent to deliver the value and service our customers expect while further positioning the business for profitable growth.”
Headquartered in Harrisburg, Pennsylvania, Aegis Surety offers surety bonds to a wide range of contractors in addition to commercial surety, specialising in underwriting bid, performance, payment, supply, and maintenance bonds.
“We have great admiration for Bob Kimmel and the leadership team at K2, and we view the sale of our market leading XPro business as an excellent opportunity to work with a world-class organization. Skyward will continue to be the insurer in partnership with K2 as the managing general agent (MGA) for this program. These transactions, taken together, illustrate our commitment to be a top-tier specialty insurer with strong defensible positions and an aim to ‘rule our niche’; The transactions are also accretive,” continued Robinson.
Hash added: “Along with our entire team, I am excited to join Skyward Specialty and support the growth and development of this business. Skyward Specialty is building a world-class specialty insurance company with incredible talent. We are all proud to join this team.”
