AM Best Affirms Credit Ratings of Skyward Specialty Insurance Group's Members
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) 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. (Skyward Group), (NASDAQ:SKWD), and are headquartered in Houston, TX. At the same time, AM Best has affirmed the Long-Term ICR of "bbb" (Good) of Skyward Group. In addition, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of "bbb-" (Good) of $20 million, 7.25% subordinated notes, due 2039, issued by Skyward Group. The outlook of these Credit Ratings (ratings) 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 ratings recognize the group's operating performance, which is reflective of a continuing trend of improving underwriting profitability and consistent investment income. Management continues to institute numerous initiatives to refine its underwriting focus and risk selections and capitalize on its expertise in many segments as a specialty lines writer. Positive trends in underwriting profitability are noted across 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 past 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. In addition, improved operating results contributed to surplus growth over the past several years. Skyward's profile stands as a specialty writer with diversity in geographic spread, products and distribution sources. The ERM program is appropriate for the scale and complexity of operations.
The affirmation of the Long-Term ICR to Skyward Group reflects financial leverage and interest coverage ratios which remain within AM Best's expectations.
A prior press release issued on Aug. 1, 2024 incorrectly identified the amount of debt listed under Skyward Group's Long-Term IR.
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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