New Product Leverages High-Definition Data, Expert Systems, and Multiple Flood Catastrophe Models
Today, Skyward Specialty Insurance Group, a leader in the specialty property and casualty market, announced a new partnership with reThought Insurance Corporation, a technology and underwriting company that has developed the industry’s most sophisticated proprietary flood risk assessment technology.
The partnership brings together two insurance industry innovators. Skyward Specialty brings deep expertise in commercial property along with distinctive capabilities to integrate advanced technology and new forms of data for better risk selection and loss management. reThought’s state-of-the-art proprietary underwriting methodology and risk assessment technology enables the most accurate, comprehensive, and profitable means by which to visualize, assess, underwrite, and price commercial flood coverage for complex risks. The partnership will deliver insurance solutions that utilize high-definition data, proprietary Model Convergence technology leveraging multiple catastrophe flood models and expert systems generating reThought’s unique view of risk for selection and pricing of risk. Coverage will be available through a select group of partner distributors, for a broad range of classes, with primary and excess limits of up to $20MM per risk and $100MM for replacement values available.
Andrew Robinson, CEO of Skyward Specialty commented, “Skyward Specialty continues to take bold steps to leverage advanced technologies to provide innovative and hard-to-match solutions that our clients and distributors need. Through our partnership with reThought, we can provide our brokers and commercial property owners with a market-leading risk transfer solution for their flood exposures. Cory Isaacson and his team at reThought have built a one-of-a-kind business and we couldn’t be prouder of our partnership and the value it will create for those we serve.”
reThought CEO Isaacson remarked, “We have the most advanced data and technology solution to understand, price, and deliver insurance products for commercial flood risk – we are now at an inflection point to serve this market at a time when the need is greatest and existing insurance options are insufficient. Skyward Specialty Insurance is a genuinely unique partner that can understand and amplify the power of the solutions we have built. I know that together we are unmatched in the commercial flood market and our distribution partners and their customers will benefit as a result.”
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.
reThought Insurance was founded in 2017 by insurance and insurance technology professionals and is a technology-centric Managing General Agent (MGA) focused on US commercial flood risk. For more information on how reThought has re-imagined flood insurance, please visit www.rethoughtinsurance.com