Skyward Specialty eyes US surety market with Aegis; strikes double deal with K2

Property/casualty insurer Skyward Specialty Insurance Group,  formerly known as Houston International Insurance Group (HIIG), has acquired Aegis Surety from K2 Insurance Services.

The deal also sees California-based specialty insurance services company K2 acquire Skyward's pest control solutions programme XPro.

Aegis Surety offers surety bonds to a broad range of contractors in addition to commercial surety, specialising in underwriting bid, performance, payment, supply and maintenance bonds.

Headquartered in Harrisburg, Pennsylvania, Aegis Surety supports businesses in 45 states and the District of Columbia with offices in Syracuse, New York; Wayne, Pennsylvania; Atlanta, Georgia; Boston, Massachusetts; and Charleston, South Carolina.

“Combining Aegis Surety into Skyward Surety vaults us into a leadership position in our target surety markets,” said Skyward Specialty CEO Andrew Robinson. “The Aegis Surety transaction effectively doubles our underwriting and leadership team, ensuring we have the exceptional talent to deliver the value and service our customers expect while further positioning the business for profitable growth.”

He added: “Skyward will continue to be the insurer in partnership with K2 as the managing general agent (MGA) for [XPro] programme. These transactions, taken together, illustrate our commitment to be a top-tier specialty insurer with strong defensible positions and an aim to ‘rule our niche’; The transactions are also accretive.”

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