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Understory and Skyward Specialty Launch Revolutionary

MADISON, Wisc. and HOUSTON, 09 Nov. 2022 (GLOBE NEWSWIRE) — Understory Inc. (“Understory”), a leading provider of innovative insurance solutions for climate risk, and Skyward Specialty Insurance Group Inc.TM (“Skyward Specialty”), a leader in the specialty property and casualty (P&C) market, has partnered to launch a new insurance solution to help U.S. auto dealers address the rising costs and volatility of dealership inventory coverage, or dealers control open lot (DOL). ).

“Until now, insurers haven’t addressed the growing threat of hail, which is the biggest risk within standard open lot coverage. Instead, they’ve asked dealerships to write bigger checks for less coverage,” says Alex Kubicek, co-founder and CEO. from Understory.

The 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 mutated captive property insurance structure. The program is member-owned and controlled with competitive premiums and allows traders to make decisions to improve their asset protection. In addition, the program’s members share in underwriting profits, which standard insurance companies typically retain.

Understory’s proprietary, hyperlocal climate risk engine aims to price risk accurately and fairly while leveraging unsurpassed forecasting capabilities. In addition, 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. “Combining our weather modeling and technology with their track record and expertise in P&C and captives solves dealerships’ ongoing struggle to find superior coverage in a market that sees ever-increasing rates and volatility from standard DOL models.”

Skyward Specialty continues to innovate for its clients by using new types of risk data, advanced analytics and emerging technologies to strengthen its deep understanding of climate risks to real estate. Combining Skyward Specialty’s focus on technology with its underwriting knowledge in the automotive dealership market makes partnering with Understory a natural step in its strategy to better address the complexity of underserved markets.

“The severity and unpredictability of hailstorms and other risks has driven the market to provide inadequate insurance solutions for dealerships. We are proud to partner with Understory to create an unparalleled innovative risk solution to solve this challenge,” says Andrew Robinson, CEO at Skyward Specialty. . “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 will ultimately reinvent risk management and risk transfer for auto dealership owners. Our partnership with Understory is still an example of our strategy in action.”

The program, which launched on September 1, 2022, already has its first members and an impressive pipeline of potential members generated in partnership with a select group of special DOL brokers. In addition, the program is backed by several of the industry’s top reinsurers, which have an A-AM Best rating or better. For more specific information about the prisoner, Understory’s innovative technology and its target participants, follow this link to learn more.

About Understory
Understory is a leading provider of insurance solutions built for the age of climate change. The company’s global network of Dot weather sensors powers the world’s most sophisticated weather risk model. By combining mutual, optimized risk structures with precision weather technology and modeling, Understory develops affordable, stable property insurance solutions. Understory is based in Madison, Wisconsin. To learn more, visit www.understoryweather.com.

About Skyward Specialty
Skyward Specialty is a rapidly growing specialty insurance company that delivers commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions — Casualty and Health, Captives, Global Property, Industry Solutions, Professional Lines, Programs, Sponsor 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) by AM Best Company. For more information about Skyward Specialty, its people and its products, please visit www.skywardinsurance.com.

Media contacts
Understory
608-665-0032
press@understoryweather.com

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

Skyward Specialty Insurance Gr

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