SKYWARD SPECIALTY INSURANCE GROUP ANNOUNCES THE ACQUISITION OF AEGIS SURETY AND SALE OF ITS XPRO BUSINESS, BOTH WITH K2 INSURANCE SERVICES
HOUSTON, Texas – January 20, 2021 – Skyward Specialty Insurance Group, Inc. (“Skyward Specialty” or the “Company”), a leader in the specialty Property and Casualty market, announced today the acquisition of Aegis Surety and the simultaneous sale of XPro (solutions for the Pest Control industry). K2 Insurance Services is both the seller of Aegis Surety and the buyer of XPro.
“Combining Aegis Surety into Skyward Surety vaults us into a leadership position in our target surety markets.” said Skyward Specialty CEO Andrew Robinson. “Above all else it is about great talent. The Aegis Surety transaction effectively doubles our underwriting and leadership team, ensuring we have the exceptional talent to deliver the value and service our customers expect while further positioning the business for profitable growth.”
“We have great admiration for Bob Kimmel and the leadership team at K2, and we view the sale of our market leading XPro business as an excellent opportunity to work with a world-class organization. Skyward will continue to be the insurer in partnership with K2 as the managing general agent (MGA) for this program. These transactions, taken together, illustrate our commitment to be a top-tier specialty insurer with strong defensible positions and an aim to ‘rule our niche’; The transactions are also accretive,” added Robinson.
Aegis Surety Senior Vice President Trevor Hash will become the Head of Contract Surety, reporting to Skyward Specialty’s Head of Surety, Matthew Semeraro. “Along with our entire team, I am excited to join Skyward Specialty and support the growth and development of this business,” said Hash. “Skyward Specialty is building a world-class specialty insurance company with incredible talent. We are all proud to join this team.”
Aegis Surety offers surety bonds to a broad range of contractors in addition to commercial surety, specializing in underwriting bid, performance, payment, supply and maintenance bonds. Headquartered in Harrisburg, Pennsylvania, Aegis Surety supports businesses in 45 states and the District of Columbia with offices in Syracuse, New York; Wayne, Pennsylvania; Atlanta, Georgia; Boston, Massachusetts; and Charleston, South Carolina.
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, medical stop loss, surety, E&S property and liability, and 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 products, please visit www.skywardinsurance.com.
About K2 Insurance Services
K2 Insurance Services (K2) is an insurance services holding company, which owns and controls a diverse set of specialty program administrators. Through its MGAs, K2 markets, underwrites and services over $1 billion annually in niche commercial and personal insurance premiums. From workers’ compensation for high hazard exposures such as commercial transportation to personal lines coverage for manufactured homes, K2 helps insure clients across a diverse array of risks and industries. K2 is headquartered in San Diego, California and is a privately held company. For more information about K2, its people and products, please visit www.k2ins.com.