Skyward Specialty Insurance Group’s sustained trend of improving underwriting results since 2020 and consistent investment income has resulted in AM Best revising its outlook to positive from stable.
After a period of underwriting volatility, management instituted several correcting initiatives to refine its underwriting focus and risk selections as a specialty lines writer, and improved underwriting profitability has been noted by AM Best.
Alongside the revision to positive, the global ratings agency has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Great Midwest Insurance Company (GMIC), Houston Specialty Insurance Company, Oklahoma Specialty Insurance Company and Imperium Insurance Company (IIC).
All of these companies are members of Skyward Specialty Insurance Group and are headquartered in Houston, Texas.
AM Best says that it will continue to monitor trends in underwriting performance and overall operating results.
The ratings reflect Skyward’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile, and appropriate enterprise risk management.
AM Best also highlights the fact Skyward’s management team has instituted numerous capital initiatives in recent years, which included a loss portfolio transfer intended to minimize the impact of discontinued lines.
The group has also benefited from numerous parental capital contributions to support its operations.
