Skyward Specialty is a property and casualty insurance holding company formed in 2007 with nearly a billion dollars in premium and $2 billion 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, 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) Financial Category IX by A.M. Best Company.
In November 2020, Houston International Insurance Group, Ltd. (HIIG) announced their name change to Skyward Specialty Insurance Group (Skyward Specialty) See press release here: HIIG Changes Name to Skyward Specialty Insurance Group Inc.
For more information about Skyward Specialty, its people and products, please visit www.skywardinsurance.com
In 2014, Westaim established Westaim HIIG Limited Partnership, (“the Partnership”). The Partnership was funded by Westaim along with third party investors, including affiliates of Everest Re Group, Ltd. and AXA XL (formerly Catlin Group Limited). With the funding, in July 2014, the Partnership completed the acquisition of the majority interest in Houston International Insurance Group, Ltd. (HIIG). In January 2015 the Partnership provided additional funding for HIIG. In April 2020 HIIG completed a convertible preferred share rights offering that resulted in gross proceeds of $100 million to HIIG. As part of the rights offering, Westaim purchased $44 million (or 44%) of the HIIG preferred shares offered.
At September 30, 2020, Westaim owned approximately 62.0% of the Partnership and the Partnership held HIIG common shares representing approximately 34.6% of the total fully diluted HIIG common shares outstanding. Westaim’s look-through interest in common shares through the Partnership was 21.5%. Also at September 30, 2020, Westaim’s direct ownership of the HIIG convertible preferred shares represents 23.0% of the fully diluted HIIG common shares outstanding and resulted in a combined Westaim 44.5% look-through interest in HIIG.
For further information, please refer to the March 2014 Houston International Insurance Group, Ltd. – Investor Presentation