US-based property and casualty insurer Skyward Specialty Insurance Group has formed a partnership with insurtech Propeller to bolster its transactional bond business.
Through this partnership, Skyward Specialty seeks to enhance its transactional commercial and subdivision surety writing capabilities.
Skyward Specialty will leverage Propeller’s online platform that offers fee-free white label URL to automate the surety bond process for customers and agents.
The tie-up will also support Skyward Specialty’s strategy to lead in the speciality lines it serves in transactional surety.
Skyward Specialty vice president and head of commercial surety Chris Gagnon said: “Strong agency partnerships are vital to our success, and we look forward to growing with Propeller as our surety division becomes a force in transactional commercial surety.
“With our existing Tinubu eSurety partnership combined with Propeller’s platform, we integrate cutting-edge technology in the most competitive sector of the surety industry that allows us to adjust with the market instantly.”
Propeller co-founder and chief operations officer Chris Kolger stated: “This partnership is a perfect example of automation meeting appetite. Skyward Specialty’s forward-thinking model will allow us to significantly expand our subdivision and cannabis capabilities, which will provide a much-needed spark to the industry.”
In January 2021, Skyward Specialty bought Aegis Surety from K2 Insurance Services for an undisclosed sum.