Skyward Specialty acquires Aegis Surety
Skyward Specialty announced the acquisition of Aegis Surety and the simultaneous sale of XPro (solutions for the Pest Control industry). K2 Insurance Services is both the seller of Aegis Surety and the buyer of XPro.
“Combining Aegis Surety into Skyward Surety vaults us into a leadership position in our target surety markets. Above all else it is about great talent. The Aegis Surety transaction effectively doubles our underwriting and leadership team, ensuring we have the exceptional talent to deliver the value and service our customers expect while further positioning the business for profitable growth. We have great admiration for Bob Kimmel and the leadership team at K2, and we view the sale of our market leading XPro business as an excellent opportunity to work with a world-class organization. Skyward will continue to be the insurer in partnership with K2 as the managing general agent (MGA) for this program. These transactions, taken together, illustrate our commitment to be a top-tier specialty insurer with strong defensible positions and an aim to ‘rule our niche’; The transactions are also accretive.” – Skyward Specialty CEO Andrew Robinson.
Aegis Surety Senior Vice President Trevor Hash will become the Head of Contract Surety, reporting to Skyward Specialty’s Head of Surety, Matthew Semeraro. “Along with our entire team, I am excited to join Skyward Specialty and support the growth and development of this business,” said Hash. “Skyward Specialty is building a world-class specialty insurance company with incredible talent. We are all proud to join this team.”
Aegis Surety offers surety bonds to a broad range of contractors in addition to commercial surety, specializing in underwriting bid, performance, payment, supply and maintenance bonds. Headquartered in Harrisburg, Pennsylvania, Aegis Surety supports businesses in 45 states and the District of Columbia with offices in Syracuse, New York; Wayne, Pennsylvania; Atlanta, Georgia; Boston, Massachusetts; and Charleston, South Carolina.
