Westaim: Understory and Skyward Specialty Unveil Innovative Insurance Captive Solution for Auto Dealer Market | Celent Market Screener


UNDERTORY AND SKYWARD SPECIALTY LAUNCH AN INNOVATIVE INSURANCE CAPTIVE SOLUTION FOR THE AUTO DEALER MARKET

Madison, Wisconsin and Houston, Texas (November 9, 2022) – Understory Inc. (“Understory”) and Skyward Specialty Insurance Group Inc., leading providers of innovative insurance solutions for climate riskTMs (“Skyward Specialty”), a leader in the specialty and casualty insurance (P&C) market, has partnered to launch new insurance solutions to help U.S. auto dealers combat rising costs and volatility in dealership inventory coverage. Take control or help distributors open lots (DOL). ).

“To date, insurers have not addressed the growing hail threat, which is the largest risk within standard open lot coverage. They asked me to write a check,” said co-founder and CEO Alex Kubicek. of the understory.

This new solution combines Understory’s breakthrough weather technology and risk mitigation expertise with Skyward Specialty’s deep underwriting, claims and captive experience to pioneer a mutualized captive property insurance structure. The program is member-owned and managed at a competitive premium, allowing dealers to make decisions that enhance asset protection. In addition, members of the program share in the underwriting profits typically retained by standard insurers.

Understory’s proprietary hyperlocal climate risk engine aims to accurately and fairly price risk while leveraging unmatched forecasting capabilities. Additionally, Understory’s science-based insurance combines real-time underwriting, early weather warnings, loss mitigation support and automated weather claims processes to create a sustainable insurance product for all partners involved.

“We are delighted to partner with Skyward Specialty to deliver this innovative solution,” said Kubicek. “By combining our weather modeling and technology with our P&C and captive track record and expertise, dealers will find superior coverage in a market where rates and volatility from standard DOL models continue to increase. You can solve the continuous struggle of

Skyward Specialty continues to innovate for its clients by using new types of risk data, advanced analytics and emerging technologies to extend a deeper understanding of climate risk to their assets. Combining Skyward Specialty’s focus on technology with its underwriting knowledge in the auto dealer market, partnering with Understory is a natural step in a strategy to address the complexity of an underserved market. increase.

Skyward Specialty CEO Andrew Robinson said: “By applying this level of data science to solve the climate challenges unique to this market, and combining it with our highly specialized underwriting and claims talent, we will ultimately be able to We are able to reinvent owner risk management and risk transfer.Our partnership with Understory is another example of our strategy in action.”

Launched on September 1, 2022, the program already has its first members and has partnered with a hand-picked group of expert DOL brokers to create an impressive pipeline of potential members. Additionally, the program is backed by several industry-leading reinsurers rated A-AM Best or better. See below for more information on his Understory’s groundbreaking tech and its intended participants as a captive. this linkyou can know more.

About Understory

Understory is a leading provider of insurance solutions built for the era of climate change. The company’s global network of Dot weather sensors powers the world’s most sophisticated weather risk models. By combining a mutualized and optimized risk structure with accurate weather technology and modeling, Understory develops affordable and stable property insurance solutions. Understory is based in Madison, Wisconsin. For more information, please visit the following URL: www.understoryweather.com.

About Skyward Specialties

Skyward Specialty is a rapidly growing specialty insurance company providing commercial property and casualty insurance products and solutions on an unlicensed and licensed basis. The company operates through his eight underwriting divisions: Accident & Health, Captive, Global Properties, Industry Solutions, Professional Lines, Programs, Guarantees and Transaction 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 insurers are rated A- (Excellent) by AM Best Company. For more information about Skyward Specialty, its employees and its products, please visit www.skywardspecialty.com. www.skywardinsurance.com.

media contacts

Lower floor

608-665-0032 press@understoryweather.com

Skyward Specialties Haley Doughty 713-935-4944 hdoughty@skywardinsurance.com

Disclaimer

Westem Corporation I published this content on November 9, 2022 You are solely responsible for the information contained therein.Distributor publicunedited and unchanged, on November 9, 2022 15:00:02 UTC.

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