I am so pleased to write the inaugural edition of the Skyward Specialty blog, Horizons. Having taken a moment to think about topics that would fit, I quickly concluded that simply reflecting on this moment for our industry and our Company would make a great launch point for our first blog entry.
For the better part of 35 years, I have worked primarily in London and the US in the property and casualty industry. During this time, I have run a major management consultancy insurance practice, a specialty division for a diversified insurer, an Insurtech company, have been a board member of both public and private insurers, and, of course, now as CEO of Skyward Specialty. Yet, as we start the new year, I can only think about how this moment is the most dynamic and unique period for our industry, my career, and our Company since its founding.
We have witnessed a fundamental change in the distribution landscape in recent years, given massive consolidation in retail and wholesale brokerages driven by attractive economics, investor interest, and cheap debt. Simultaneously, we have seen a deconstruction of the traditional insurance company structure into MGAs, new forms of permanent and temporary capital, and greater direct involvement of capital markets in providing risk capital. Meanwhile, customer needs are changing given the cost of risk (going up) and increased diversity of risk (financial, social, climate, geopolitical, other) that altogether form an industry and market landscape that is very different compared to even 10 years ago.
“Our commitment extends beyond merely transferring risk. It involves consistently innovating and creating better solutions year-over-year with the simple purpose of providing affordable protection against the potential financial loss our customers may experience.”
And, of course, technology will, without a doubt, fundamentally change our industry (hello, generative AI). Changes, such as the types of risks we can measure, price and address, the design of products (e.g. continuous vs episodic), the approach to risk management and risk mitigation, and, of course, cost to deliver and ease of use of solutions to our customers and distribution partners.
As a significant employer in the US and given our industry's role in transferring risk, we have an outsized responsibility to make the communities in which we live and work a better place. Our commitment extends beyond merely transferring risk. It involves consistently innovating and creating better solutions year-over-year with the simple purpose of providing affordable protection against the potential financial loss our customers may experience. We strive to not only secure economic well-being but also actively contribute to the improvement of the communities we call home.
In the posts that follow, which will be written by my colleagues, our trading partners, and customers (but not with a GPT 😉), we will share how we as a Company are leading in response to these changes. More specifically, how we are earning a preferred position with our distribution partners and delivering products and solutions to allow our customers to transfer risk to a safer place. We, like others, are working hard every day to be better than the day before, and the progress we are making is promising, and we believe worth sharing.
Amid the most interesting and dynamic period in our industry, I am confident Skyward Specialty will stand out as a driving force, pushing boundaries, spearheading initiatives to better serve our customers, strengthen partnerships, support our workforce, and positively impact the communities where we operate.
“As we start the new year, I can only think about how this moment is the most dynamic and unique period for our industry, my career, and our Company since its founding.”
And here, through our blog, we will provide a place to learn about the incredible real-world experiences, perspectives, successes, and challenges we face through this transformational time. Thanks in advance for taking the time to stay connected.