Skyward Specialty addresses unmet market need with new technology E&O Product
September 8, 2022 (Houston, TX) - Skyward Specialty Insurance Group, Inc.™ ("Skyward Specialty" or the "Company"), a leader in the specialty property and casualty (P&C) market, announced it is adding a Technology Errors and Omissions (E&O) Liability insurance solution to its growing professional liability portfolio. The coverage offers tailored solutions for the unique exposures faced by technology companies.
Currently available solutions that combine technology E&O and cyber liability present a growing problem in terms of more restrictive coverage, higher pricing, larger retentions and less available capacity for customers.
"We have strong relationships in the marketplace, and based on feedback from our industry partners, we recognized a widening, untapped capacity for technology liability," said Jim Mormile, Senior Vice President, Professional Liability. "Our team of underwriting and claims experts' deep understanding of E&O risk in the technology sector enabled us to create a solution we believe solves the capacity issues in this niche space that the traditional bundled cyber and tech coverage cannot."
Companies that offer cutting-edge, regularly evolving services and products, like tech, telecommunications and internet-based service companies, are prime candidates for Skyward Specialty's Technology E&O coverage.
"We've developed a solution designed to keep pace with tech companies' continuously changing risk profile. Our E&O coverage is customizable and flexible to tackle their less tangible and less traditional risks," said Mormile.
The addition of Technology E&O Liability to the professional liability portfolio follows several recent strategic portfolio additions, including cannabis and, more recently, employed lawyers liability.
"As a Company, we approach risk assessment, risk mitigation and delivery of risk transfer solutions to our customers differently. We challenge all of our business leaders to design solutions around direct engagement with trading partners", said John Burkhart, President of Specialty Lines. "Jim and his team listened to our trading partners and have done a great job leveraging their relationships and skills to solve an escalating capacity gap in the tech industry."
Skyward Specialty's Technology E&O Liability will be market-ready beginning Saturday, October 1, 2022, and will be offered on a non-admitted basis for both primary and excess protection.
About Skyward Specialty
Skyward Specialty is a rapidly growing specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through 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 skywardinsurance.com.
Skyward Specialty Insurance Group