Skyward Specialty Insurance Group, Inc. (Skyward Specialty) has announced the launch of Skyward Specialty EndWell Protection, which the company calls an industry-first well decommissioning solution. The product is built on an escrow-secured bond model. The company, a leader in the specialty property and casualty (P&C) market , said recent disruptions in the energy sector have created gaps in traditional surety solutions. This has led to tighter collateral requirements and reduced market capacity. With many surety providers now limiting support to only investment-grade accounts , Skyward Specialty saw a critical need for a more reliable and transparent approach to decommissioning bonds. “EndWell Protection’s escrow model uses an innovative collateral strategy that simplifies qualification for surety credit and affords oil and gas companies a fast, efficient way to secure their bonds,” said Chris Gagnon, senior vice president, head of commercial Surety. Gagnon added that after a year of working with other industry experts on the model, he believes it is the “future surety solution” for this segment of the energy sector. “Skyward Specialty EndWell Protection is a unique, first-of-its-kind solution,” said Matt Semeraro, president of Surety. “Chris and his team strategically designed it to meet the market’s call for capacity while offering peace of mind to regulators and reinsurers”. Semeraro also noted that the launch is another example of the company executing on its ‘Rule Our Niche’ strategy. This strategy, he explained, enables the firm to identify niche places in underserved markets and develop specialised, high-quality solutions to meet the unmet needs of its customers.
