Skyward Specialty and New Heights Partner to Broaden Crane and Rigging Products, Offerings
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Insights
The strategic partnership between Skyward Specialty Insurance Group and New Heights Insurance Solutions reflects a targeted approach to enhance service offerings in the niche crane and millwright insurance market. This collaboration appears to be a calculated move to consolidate expertise and technology, aiming to strengthen market presence and deliver more sophisticated risk management solutions.
From an industry perspective, the partnership is indicative of a trend where specialty insurers seek to differentiate through technological integration. This is particularly significant in sectors like crane and millwright operations, where risk assessment is complex and demands high precision. By leveraging advanced analytics and dedicated claims support, the companies are likely positioning themselves to offer more competitive premiums and improved customer service, which could lead to increased market share and potentially higher revenues.
However, the success of such strategic alliances hinges on seamless integration of technologies and expertise. If executed effectively, this could serve as a model for similar partnerships within the insurance industry, potentially leading to a wave of consolidation and innovation.
The partnership between Skyward Specialty and New Heights underscores the importance of specialized risk data in crafting insurance solutions for small-sized crane and millwright accounts. Access to Skyward Specialty's technology platforms could enable New Heights to refine their risk selection process, which is a cornerstone of profitability in the insurance business.
With superior risk selection, insurers can better price policies according to the actual risk they entail, potentially leading to a more favorable loss ratio. This can be particularly beneficial in the crane and millwright sectors, where the operational risks can be substantial and highly variable. The ability to offer bespoke solutions to these industries not only enhances customer satisfaction but also reflects a proactive approach to risk management that could set a new standard within the specialty insurance segment.
However, the integration of new technology and analytics into existing processes can be challenging and requires careful management to avoid disruption. The long-term success of the partnership will likely depend on the ability of both companies to adapt and continually improve their risk assessment capabilities.
HOUSTON, March 26, 2024 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) ("Skyward Specialty") a leader in the specialty property and casualty market, and New Heights Insurance Solutions (“New Heights”), a division of Specialty Program Group LLC, announced a strategic partnership to expand crane and millwright capabilities for both companies.
With more than than two decades of experience, New Heights holds a leading position in providing targeted insurance coverage to crane rental operators and millwright operations. Through this partnership, New Heights will be Skyward Specialty’s lead program administrator for all small sized crane and millwright accounts. Additionally, both New Heights and Skyward Specialty will continue to write medium to large crane and millwright business.
Leveraging the innovative power of Skyward Specialty’s technology platforms, New Heights will gain access to new types of risk data and advanced analytics to create expertly crafted insurance solutions for these small sized accounts. In addition to utilizing the specialty carrier’s technologies, New Heights will access Skyward Specialty’s current capabilities including dedicated claims professionals, risk management and premium audit services to augment superior risk selection making both companies recognized industry leaders in the crane and rigging market.
Megan Rose, president of New Heights, shared her perspective on the partnership, "By aligning with Skyward Specialty, we are not just combining resources, we are merging our deep industry knowledge with cutting-edge technology to offer unmatched insurance solutions. This partnership is a testament to our dedication to serving the crane and millwright sectors with the highest level of expertise and efficiency.”
Kirby Hill, president of Industry Solutions, Programs & Captives at Skyward Specialty, added, "We are excited to partner with New Heights to extend our reach into the crane and rigging sectors, offering bespoke solutions that meet the specific needs of these industries. Together, we are committed to driving positive change and delivering superior value to our clients."
Both Skyward Specialty and New Heights are longtime members of Specialized Carriers & Rigging Association (“SCRA”), dedicated to understanding member needs and helping the industry be successful through cutting edge risk management solutions.
About New Heights Insurance
New Heights Insurance Solutions, a division of Specialty Program Group LLC, is at the forefront of the crane industry, offering specialized insurance coverage for Crane Rental Operators, Steel Erectors, and Millwright operations. With over 25 years of experience and a commitment to industry-tailored solutions, New Heights delivers comprehensive coverage across the United States, supported by A.M. Best “A” rated carriers. For more information, visit newheightsinsurance.com
About Skyward Specialty Insurance
Skyward Specialty (NASDAQ: SKWD) is a rapidly growing and innovative 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 & Agriculture, 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) with positive outlook by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit skywardinsurance.com.
New Height Insurance Solutions
Megan Rose
Phone: 215-809-2161
Email: megan.rose@newheightsinsurance.com
Skyward Specialty Insurance
Haley Doughty (Media Contact)
Skyward Specialty Insurance Group
713-935-4944
hdoughty@skywardinsurance.com
Natalie Schoolcraft (Investor Contact)
Skyward Specialty Insurance Group
614-494-4988
nschoolcraft@skywardinsurance.com
For solution-related questions contact Rick Childs at rchilds@skywardinsurance.com or Lynn Cordes lcordes@skywardinsurance.com
FAQ
What is the strategic partnership announced by Skyward Specialty Insurance Group, Inc. and New Heights Insurance Solutions?
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