Robinson: Skyward's non — cyclical business reaches 50% as P&C market softening accelerates
By Isha Marathe Oct 13 (The Insurer) — Skyward Specialty has grown its non-cyclical business to 50% of its portfolio, as CEO Andrew Robinson warned that the rapid deterioration in property pricing could begin to accelerate across casualty and other liability lines. Speaking to The Insurer TV at ITC Vegas, Robinson said the insurer had surpassed its earlier ambition of building around one-third of its portfolio in businesses less exposed to traditional property and casualty pricing cycles. Today, those businesses account for half of Skyward's operations across the US and Apollo's Lloyd's platform, spanning agriculture, accident and health, credit and surety, and insurance for the digital economy. The shift comes as Robinson said property insurance had entered approximately its sixth consecutive quarter of declining prices, following some of the hardest market conditions of his 35-year career. He described the speed of successive year-on-year property rate reductions as unprecedented in his experience, warning that excess capital was beginning to exert similar pressure on casualty markets despite continued loss-cost inflation. "It feels like it's a bit at a knife's edge," Robinson sa
By Isha Marathe Oct 13 (The Insurer) — Skyward Specialty has grown its non-cyclical business to 50% of its portfolio, as CEO Andrew Robinson warned that the rapid deterioration in property pricing could begin to accelerate across casualty and other liability lines. Speaking to The Insurer TV at ITC Vegas, Robinson said the insurer had surpassed its earlier ambition of building around one-third of its portfolio in businesses less exposed to traditional property and casualty pricing cycles.
Today, those businesses account for half of Skyward's operations across the US and Apollo's Lloyd's platform, spanning agriculture, accident and health, credit and surety, and insurance for the digital economy. The shift comes as Robinson said property insurance had entered approximately its sixth consecutive quarter of declining prices, following some of the hardest market conditions of his 35-year career. He described the speed of successive year-on-year property rate reductions as unprecedented in his experience, warning that excess capital was beginning to exert similar pressure on casualty markets despite continued loss-cost inflation.
"It feels like it's a bit at a knife's edge," Robinson said. "Hopefully, what we'll see in casualty doesn't repeat what we saw (in) property," he added, while acknowledging uncertainty over whether pricing declines would accelerate. Robinson said Skyward was seeking to defend its property and casualty portfolios while expanding businesses less vulnerable to pricing cycles. Within management liability, the insurer has increasingly targeted specialist segments including blockchain, Web3 and cannabis, where tailored products and underwriting expertise could offer greater protection against competition.
The company is also pursuing expansion following its acquisition of Apollo, including the launch of IBOTT US to bring its digital-economy insurance capabilities, particularly in autonomous vehicles, to the American market. Watch the full interview as Robinson discusses Skyward's strategy for navigating softening P&C market conditions, growth opportunities in specialty lines, the expansion of its Apollo business into the US and how the insurer is deploying AI across its operations.