AM Best Revises Issuer Credit Rating Outlook to Positive for Skyward Specialty Insurance Group’s Members

AUGUST 28, 2026 09:17 AM (EDT)

AM Best Revises Issuer Credit Rating Outlook to Positive for Skyward Specialty Insurance Group's Members

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FOR IMMEDIATE RELEASE

OLDWICK - AUGUST 28, 2026 09:17 AM (EDT)
AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of "a" (Excellent) of Great Midwest Insurance Company, Houston Specialty Insurance Company, Oklahoma Specialty Insurance Company and Imperium Insurance Company. All companies are members of Skyward Specialty Insurance Group (Skyward), whose ultimate parent is Skyward Specialty Insurance Group, Inc. (Skyward Group), [NASDAQ: SKWD], and are headquartered in Houston, TX. The outlook of the FSR is stable. At the same time, AM Best has revised the outlook to positive from stable and affirmed the Long-Term ICR of "bbb" (Good) of Skyward Group. In addition, AM Best has revised the outlook to positive from stable and affirmed the Long-Term Issue Credit Rating of "bbb-" (Good) of $20 million, 7.25% subordinated notes, due 2039, issued by Skyward Group.

These Credit Ratings (ratings) reflect Skyward's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The revision of Long-Term ICR outlook to positive recognizes the group's operating performance, which is reflective of a continuing trend of solid underwriting profitability and consistent investment income. Management closely monitors and when necessary, institutes initiatives to refine its underwriting focus and risk selections, to remain nimble and capitalize on its expertise in many segments as a specialty lines underwriter. Consistent underwriting profitability is noted across its targeted niches. AM Best will continue to monitor trends in Skyward's premium growth, underwriting performance, reserving and overall operating results.

Skyward's management team has carefully managed its capitalization, which has benefited from operating earnings and parental capital contributions to support its operations when prudent. In addition, in more recent years, improved underwriting and investment results have led to organic surplus growth via greater operating earnings. Skyward Group's financial leverage increased following its recent acquisition of Apollo Group Holdings Limited; however, both leverage and interest coverage metrics remain within the guidelines for the rating. Skyward's business profile stands as a specialty writer with diversity in geographic spread, products and distribution sources. The ERM program is extensive and appropriate for the scale and complexity of operations.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.