Skyward Specialty Insurance Group, Inc. is set to expand its coverages in the healthcare sector, by adding a new solution that will cater to the needs of E&S individual providers, including physicians.
As the healthcare landscape continues to present a variety of new challenges and opportunities for healthcare professionals, especially for individual providers and physicians, the demand for this type of coverage has outpaced the insurance market’s capacity and capabilities.
As a result, this has caused for a growing need for bespoke solutions for healthcare professionals.
At the same time, the nation is also facing an unprecedented shortage of individual providers and physicians with fewer healthcare professionals entering the market, while experienced professionals are leaving the market due to costly malpractice suits and rising costs of litigation.
Because of this, a large chunk of practitioners are facing difficulty obtaining tailored solutions due to their history and often are left with limited coverage options.
“We understand the critical role that individual providers and physicians play in the healthcare ecosystem. Through conversations with our brokers and industry partners we recognized there was a significant gap in the market that we are in a position to address,” commented Sarah Logue, senior vice president, Healthcare Solutions.
She continued: “We believe that by addressing the needs of this underserved market, we are providing peace of mind for practicing professionals while also supporting the growth and success of healthcare professionals across the country.”
Moreover, Skyward Specialty’s newly named Healthcare Solutions underwriting unit – formerly known as Allied Health – was established in 2021.
Since then, Skyward Specialty has taken huge steps to reach underserved markets beyond the traditional Allied Health scope.
John Burkhart, president of Specialty Lines at Skyward Specialty, said: “When we brought Sarah Logue and her team on, we knew we were ushering in a new phase of growth in this sector. And now, just one year later, we are launching Healthcare Solutions with new investments in talent and innovative solutions that will have a real impact on the marketplace and place us fully on a path to expand our current solutions and set us up for opportunities to come.”
Skyward Specialty also confirmed that the Healthcare Solutions team will begin accepting submissions for Individual Provider coverage on October 2, 2023.