Today, Skyward Specialty Insurance Group, a leader in the specialty property and casualty market, announced a new partnership with reThought Insurance , a technology and underwriting company that has developed the industry’s most sophisticated proprietary flood risk assessment technology.
The partnership brings together two insurance industry innovators. Skyward Specialty brings deep expertise in commercial property along with distinctive capabilities to integrate advanced technology and new forms of data for better risk selection and loss management. reThought’s state-of-the-art proprietary underwriting methodology and risk assessment technology enables the most accurate, comprehensive, and profitable means by which to visualize, assess, underwrite, and price commercial flood coverage for complex risks.
The partnership will deliver insurance solutions that utilize high-definition data, proprietary Model Convergence technology leveraging multiple catastrophe flood models and expert systems generating reThought’s unique view of risk for selection and pricing of risk. Coverage will be available through a select group of partner distributors, for a broad range of classes, with primary and excess limits of up to $20MM per risk and $100MM for replacement values available.
Andrew Robinson, CEO of Skyward Specialty commented, “Skyward Specialty continues to take bold steps to leverage advanced technologies to provide innovative and hard-to-match solutions that our clients and distributors need. Through our partnership with reThought, we can provide our brokers and commercial property owners with a market-leading risk transfer solution for their flood exposures. Cory Isaacson and his team at reThought have built a one-of-a-kind business and we couldn’t be prouder of our partnership and the value it will create for those we serve.”
reThought CEO Isaacson remarked, “We have the most advanced data and technology solution to understand, price, and deliver insurance products for commercial flood risk – we are now at an inflection point to serve this market at a time when the need is greatest and existing insurance options are insufficient. Skyward Specialty Insurance is a genuinely unique partner that can understand and amplify the power of the solutions we have built. I know that together we are unmatched in the commercial flood market and our distribution partners and their customers will benefit as a result.”