Skyward becomes Slingshot’s primary carrier partner

Slingshot Insurance has partnered with Skyward Specialty , which will serve as its primary carrier partner, giving the embedded insurance startup access to AM Best A-rated capacity across all 50 states.

The partnership follows Slingshot’s recent $27 million seed round, which Skyward co-led. Slingshot provides technology and insurance infrastructure for MGAs and other businesses developing embedded products, targeting markets such as amateur sports, travel and the gig economy.

Its platform automates data-heavy workflows to reduce the time and cost of launching and managing products. The company focuses on high-volume, lower-premium opportunities that can be difficult for traditional insurance infrastructure to support economically.

Skyward will contribute underwriting, product development and technical insurance expertise.

“Embedded insurance solutions represent an important evolution in how specialty insurance can reach customers, particularly as businesses increasingly seek to distribute products and services through digital platforms. With every business opportunity we pursue, we contemplate a build versus partner approach, and we believe Slingshot is the ideal partner for Skyward to pursue the embedded market. Slingshot’s platform and knowledge of this market, combined with Skyward’s underwriting, product, and technical insurance know-how, as well as our experience in emerging risk, including across the digital economy, make this a compelling partnership and attractive strategic investment for Skyward Group. With our strategic support, Slingshot will more rapidly scale its embedded insurance model and extend Skyward’s specialty into an entirely new market that we do not serve today.” – Andrew Robinson, Chairman and CEO of Skyward Group.