The Skyward Group $SKWD announced on Tuesday the global expansion of its insurance solution for the life sciences sector. This provides expanded multinational insurance coverage for U.S. life science companies with international operations. The company has experienced strong revenue growth of 22.28% over the last twelve months with a market capitalization of approximately $2.06 billion.
The expansion is the first joint initiative between Skyward Specialty $SKWD and Apollo since the acquisition of Apollo by Skyward Group earlier this month. The new offering leverages Apollo's 1969 Lloyd's syndicate to offer expanded international coverage options. According to data from InvestingPro Skyward's financial health is rated as "GREAT", with high ratings for cash flow and profitability. This indicates that the company is well positioned to fund its expansion initiatives.
"The expansion of our life sciences product reflects the strength of our combined company and our ability to jointly pursue new opportunities," said Andrew Robinson, Chairman and Chief Executive Officer of Skyward Group, in a press release.
The company stated that Apollo's Lloyd's platform and global licensing capabilities, combined with Skyward Specialty's underwriting expertise, will support the expansion of its specialty risk portfolio.
Skyward Group acts as a holding company for the Skyward Specialty Insurance Group
$SKWD and Apollo and provides specialized insurance solutions in the global property and casualty specialty markets. The company's stock is traded on the Nasdaq Global Select Market.
Skyward Specialty offers insurance solutions through nine underwriting lines, including Accident & Health, Agriculture, Professional Lines and Surety. The company's insurance companies have an A rating (Excellent) with a stable outlook from A.M. Best Company.
Apollo operates as an insurance platform at Lloyd's of London and offers products in the property, casualty, marine, energy & transport and specialty insurance segments.
