HOUSTON--(BUSINESS WIRE)--Skyward Specialty Insurance Group, Inc. ("Skyward Specialty" or the "Company"), a leader in the specialty property and casualty (P&C) market, revealed today that it has expanded its Construction portfolio by adding a Crane and Rigging captive program, in partnership with eMaxx Assurance Group of Companies, Inc. (“eMaxx”), a tech-enabled specialty provider of property and casualty captive solutions. The two companies have maintained a successful partnership for more than four years.
The Company's new captive program will target a broad range of coverages including commercial auto, general liability and workers' compensation. In addition, Skyward Specialty offers excess coverage outside of the captive program. Adding this program to Skyward Specialty's portfolio will deliver solutions to members to reduce operation costs, have more control over insurance costs when they have favorable loss experience and potentially insulate members from large premium swings. In addition, robust claims and risk management services support clients' efforts to keep losses to a minimum.
"With inflation impacting the cost of claims and ultimately influencing premiums, group captives provide an alternative mechanism where businesses with good experience can offset the impact," said Timothy Kolojay, President of eCaptiv, Vermont Sponsored Captive Insurance Company and operating company of eMaxx.
By offering a captive solution in its crane and rigging business class in tandem with its traditional insurance customers, Skyward Specialty can serve a wide range of crane and rigging contractors.
"The addition of captive capabilities in Crane and Rigging adds an important tool to our product arsenal and enhances the Company's position in this unique niche," said Rick Childs, Senior Vice President, Construction. "We can provide clients and agents with capabilities not readily available in the marketplace, enabling us to grow with existing clients and establish new relationships with larger clients we may not have been able to support under a guaranteed cost program."
On the heels of several portfolio expansion announcements, the addition of this new program to the construction division demonstrates Skyward Specialty’s strategy to build a strong, sustainable position in specialty markets and rule its niche by identifying underserved markets and delivering impactful risk management solutions.
ABOUT SKYWARD SPECIALTY
Skyward Specialty is a growing specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. For its most recent fiscal year, the Company had nearly one billion dollars in gross written premiums. The Company has eight underwriting divisions -- Accident & Health, Captives, Global Property, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S.
Skyward Specialty's subsidiary insurance companies consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A- (Excellent) by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit www.skywardinsurance.com.