AM Best Revises Outlooks to Positive for Members of Skyward Specialty Insurance Group
25 August 2023 - 5:27PM
Business Wire
AM Best has revised the outlooks to positive from stable
and 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 companies are members of Skyward
Specialty Insurance Group (Skyward), whose ultimate parent is
Skyward Specialty Insurance Group, Inc., [NASDAQ: SKWD], and are
headquartered in Houston, TX.
The Credit Ratings (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.
The positive outlooks are driven by the group’s operating
performance, which is reflective of a sustained trend of improving
underwriting results since 2020 following a change in executive
leadership, as well as consistent investment income. Following 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 since that time in its targeted
niches. Going forward, AM Best will continue to monitor trends in
underwriting performance and overall operating results.
Skyward’s management has also 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. Financial leverage and
interest coverage ratios remain within AM Best’s expectations with
additional capacity to access the capital markets if needed.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2023 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Raymond Thomson, CPCU, ARe, ARM Associate Director
+1 908 882 2394 raymond.thomson@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Rosemarie Mirabella Director +1 908 882
2125 rosemarie.mirabella@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com
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