AM Best Upgrades Credit Ratings of Skyward Specialty Insurance Group’s Members
2024年8月2日 - 6:10AM
ビジネスワイヤ(英語)
AM Best has upgraded the Financial Strength Rating to A
(Excellent) from A- (Excellent) and the Long-Term Issuer Credit
Ratings (Long-Term ICRs) to “a” (Excellent) from “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. (Skyward Group),
[NASDAQ: SKWD], and are headquartered in Houston, TX. The outlook
of these Credit Ratings (ratings) has been revised to stable from
positive. In addition, AM Best has assigned a Long-Term ICR of
“bbb” (Good) to Skyward Group. Also, AM Best assigned a Long-Term
Issue Credit Rating of “bbb-” (Good) to the $20,000, 7.25%
subordinated notes, due 2039, issued by Skyward Group. The outlook
assigned to this rating is stable.
The ratings reflect Skyward’s balance sheet strength, which AM
Best assesses as very strong, as well as its adequate operating
performance, neutral business profile and appropriate enterprise
risk management.
The rating upgrades 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. Several years
ago, following a past period of underwriting volatility, management
began to institute numerous initiatives to refine its underwriting
focus and risk selections and capitalize on their expertise in many
segments as a specialty lines writer. Positive trends in
underwriting profitability have been noted since that time in its
targeted niches. AM Best will continue to monitor trends in premium
growth, 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.
The assignment of the Long-Term ICR to Skyward Group follows its
successful IPO. Financial leverage and interest coverage ratios at
this holding company 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.
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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
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Relations Specialist +1 908 882 2318
al.slavin@ambest.com