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Understory, Skyward launch captive solution for auto dealerships

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Understory, Skyward launch captive solution for auto dealerships

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The new product combines Understory’s weather technology and risk mitigation expertise with Skyward Specialty’s underwriting, claims and captive experience to create a shared captive property insurance structure. The program is member-owned and controlled, with competitive premiums, the companies said. Program members get a share of underwriting profits, which standard insurance companies typically keep.

Understory’s proprietary climate risk engine aims to accurately and fairly assess risk using its predictive capabilities. The company’s science-based insurance combines real-time underwriting, early weather warnings, loss mitigation assistance and automated claims processes to create a sustainable insurance product.

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“We are thrilled to partner with Skyward Specialty to provide this innovative solution,” said Kubicek. “The marriage of our weather modeling and technology with their damage and captivity track record and expertise resolves dealers’ continued struggle to find superior coverage in a market that continues to see rising rates and volatility from standard DOL models.”

Skyward Specialty is using new types of risk data, advanced analytics and emerging technologies to deepen its understanding of climate risks for properties, the companies said.

“The severity and unpredictability of hailstorms and other risks has driven the market to provide inadequate insurance solutions to dealers,” said Andrew Robinson, CEO of Skyward Specialty. “We are proud to partner with Understory to create an innovative and unparalleled risk solution to solve this challenge. Applying this level of data science to solve climate challenges unique to this market and combining it with our highly specialized underwriting and claims talents will ultimately reinvent risk management and transfer for automotive dealership owners. Our partnership with Understory is another example of our strategy in action.

The program, which launched on September 1, already has its first members and a pipeline of potential members generated in partnership with a select group of DOL brokers, the companies said. The program is backed by top reinsurers with an AM Best rating of A- or better.

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