Skyward Specialty Insurance Group, Inc. (Skyward Specialty or the Company) is broadening its Professional and Management Liability solutions for the U.S. Legal Cannabis Market by expanding its private company appetite and adding cannabis-related risk to multiple coverage classes. The Company’s D&O and E&O coverage will focus on providing owners, board members and executive officers, as well as service providers to cannabis companies, coverage to protect against increasing financial risks in this rapidly growing and evolving market.
“Both the D&O and E&O markets are underserving its trading partners and their clients in the cannabis market, leaving risks unaddressed and problems unresolved,” said John Burkhart, President of Specialty Lines.
“We are ready to solve the long-term risk transfer needs in the emerging cannabis marketplace,” said Michael Abdulahad, Senior Vice President of D&O Lines. “Given the current regulatory environment, it is a challenge for private cannabis companies to access quality D&O and E&O coverage to tackle the expansive demands of this industry.”
By extending Skyward Specialty’s E&O coverage to companies servicing the cannabis industry and addressing the growing D&O need, the Company is positioned to take proactive steps towards managing these unique risks.
“After discussions with our brokerage partners, we recognized an opportunity to build creative solutions in this flourishing marketplace,” said Jim Mormile, Senior Vice President, Professional Lines. “Our top-tier underwriting experts approach risk unconventionally and create innovative solutions for our partners and insureds, delivering comprehensive risk management even in the most niche markets.”
The addition of cannabis-related risk coverage to Skyward Specialty’s Professional and Management Liability portfolio is another in a series of new businesses and products the Company has launched over the past year.
About Skyward Specialty
Skyward Specialty is a property and casualty insurance holding company with nearly a billion dollars in premium and $2BN in assets. The company has highly respected businesses in specialty lines including management and professional liability, healthcare professional liability, medical stop loss, surety, E&S property and liability, large commercial property, programs, as well as multi-line solutions for the energy, trucking, and construction industries.
Skyward Specialty’s subsidiary insurance companies consist of Houston Specialty Insurance Company; Imperium Insurance Company; Great Midwest Insurance Company; Oklahoma Specialty Insurance Company; and Boston Indemnity Company, Inc. These insurance companies are rated A- (Excellent) by A.M. Best Company. Skyward Specialty was formerly known as Houston International Insurance Group (HIIG). For more information about Skyward Specialty, its people, and its products, please visit www.skywardinsurance.com.