On a call with analysts, the executive noted that Skyward is not in the spot market for talent, but the company will continue investing in its workforce as it expands various lines including surety, professional lines and captives.
“People are coming to us for the right reasons. They are world class professional underwriters [who] want to be in an environment where underwriters can underwrite, and they should be rewarded appropriately,” he said. “And we got it constructed in a way that seems to be working.”
Following the launch of its IPO in New York at the beginning of the year, the specialist has been expanding its operations with key appointments in various sectors.
The executive declined to comment on new lines of business the company is planning to launch and add talent in, but signaled its hiring spree would continue throughout Q3.
"In this quarter you will see some notable talent additions that are the same quality and help us grow and develop our business consistent with the kind of thing that you saw in the last quarter and the quarter before,” he added.
The executive was speaking after Skyward yesterday posted an 0.2-point improvement in its CoR to 92% as its expense ratio decreased one point to 28%.
The talent shortage has been one of the most discussed topics among specialty insurers in recent months and is one of the top concerns for E&S players.
At last year’s WSIA’s annual event, executives told Inside P&C that the cost of hiring and retaining top talent in the sector is increasing, with wages up 20%-30%, depending on the specialty segment.
Reinsurance buy
Skyward saw 15%-20% risk-adjusted rate increases during its property cat renewals on May 1 as its attachment point rose to $12mn from $10mn the year before.
In addition, for second and third events the insurer’s cover drops down to add further protection “if there's a series or frequency and severity.”
“We thought it was a great outcome given the backdrop of what everybody was saying,” Robinson said.
The executive added that Skyward moved its treaty renewals forward one month to April 1 next year “to get greater distance from the big Florida placement”.
“We're set up for next year to have the placement I believe now on 4.1 … which allows us to have more attention of the market.”
