AM Best revised the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to positive from stable for Skyward Specialty Insurance Group’s members, affirming their Financial Strength Rating of A (Excellent).

The rating agency also affirmed the Long-Term ICR of "a" (Excellent) for Great Midwest Insurance Company, Houston Specialty Insurance Company, Oklahoma Specialty Insurance Company and Imperium Insurance Company. All entities are headquartered in Houston, TX.

Rating Actions

AM Best simultaneously revised the outlook to positive for Skyward Group (NASDAQ: SKWD) and its $20 million, 7.25% subordinated notes due 2039. The parent group’s Long-Term ICR was affirmed at "bbb" (Good), while the notes retained a "bbb-" (Good) rating.

What the Numbers Show

The positive outlook revision reflects a divergence between the group’s operating performance and its recent leverage increase. While financial leverage rose following the acquisition of Apollo Group Holdings Limited, AM Best noted that both leverage and interest coverage metrics remain within rating guidelines. This suggests the acquisition has not yet eroded the credit quality supported by consistent investment income and underwriting profitability.

Key Drivers

• Balance Sheet Strength: AM Best assesses Skyward’s balance sheet as very strong, supported by organic surplus growth from operating earnings and parental capital contributions.
• Underwriting Discipline: Management maintains a neutral business profile by refining risk selections across targeted niches, resulting in consistent underwriting profitability.
• Risk Management: The enterprise risk management program is deemed appropriate for the scale and complexity of operations, with diversity in geographic spread, products and distribution sources.

Skyward Group (Nasdaq: SKWD) announced a planned leadership transition within its finance function, with Chief Financial Officer Mark Haushill set to retire effective March 31, 2027. Taryn McHarg, who currently serves as Skyward Group’s Deputy CFO and CFO of its subsidiary Apollo Group Holdings Ltd., will succeed him.

Haushill has served as CFO for more than 10 years, overseeing key financial milestones including the company’s IPO in 2023 and the acquisition of Apollo, which closed in January 2026. He also led improvements in the company’s capital structure and its AM Best financial rating. To ensure a seamless transition, Haushill will remain with the organization as a Senior Advisor through the end of 2027.

Succession Details

Taryn McHarg brings extensive experience in insurance and healthcare finance. She has served as CFO at Apollo for more than four years. Prior to that, she spent nine years at BUPA, one of the largest non-US private healthcare insurers, where she progressed to CFO of international markets. Her career also includes seven years at Ernst & Young.

CEO Andrew Robinson highlighted the internal nature of the succession as a reflection of the company’s executive talent depth. "Our thoughtful transition of the CFO to such a high-quality internal successor in Taryn reflects the strength of our executive talent and our commitment to building a company for the long term," Robinson said.

McHarg noted that the combination of Skyward Specialty and Apollo has created a diversified organization with strategic opportunities. She stated her intention to build on the foundation established by Haushill and the broader finance team to deliver long-term value for shareholders.

About Skyward Group

Skyward Group is the holding company for Skyward Specialty Insurance Group, Inc. and Apollo Holding Group. The company provides specialized insurance solutions across global specialty property and casualty markets, focusing on niche and complex risks.