SWG Specialty Underwriting: embracing niche markets with a new identity
SWG Specialty Underwriting: embracing niche markets with a new identity | Insurance Business Canada
Insurance News
SWG Specialty Underwriting: embracing niche markets with a new identity
A solution provider for risks that don’t fit the mold
Insurance News
By
Nicole Panteloucos
This article was created in partnership with SWG Specialty Underwriting Services Ltd.
Last month, A.M. Fredericks Underwriting Management Ltd. (AMF) officially rebranded as SWG Specialty Underwriting Services Ltd., marking a strategic move aimed at expanding into niche markets and addressing complex, harder-to-place risks.
To delve deeper into the vision behind this rebrand, Insurance Business sat down with Ghazal Hamid (pictured), president of SWG Specialty Underwriting Services, who shared key insights into the motivations behind the shift and the company’s future direction.
The acquisition behind the rebrand
For Hamid, unpacking the decision behind the rebrand requires stepping back to SWG’s initial acquisition of AMF. “When we decided to acquire AMF, we were seeking a company that could fill gaps in our in-house authority,” Hamid explained.
Accordingly, the rebrand was primarily driven by AMF’s proven track record of writing hard-to-place niche products under its own authority. While SWG previously managed similar risks, the firm lacked the capabilities to underwrite them directly, often relying on London markets for coverage in these specialized areas.
With over 30 years of industry experience and robust domestic relationships, AMF emerged as the ideal complement to SWG’s existing portfolio. “Our intention when purchasing AMF was to integrate it into our SWG Holdings umbrella of companies, which is the reason for the name change,” continued Hamid.
Filling a need for niche risks
“The specific verticals that truly captured our interest with SWG Specialty, formerly AMF, included snow removal contractors, for which they had an established program; roofing contractors, supported by an in-house program; and contractors managing water exposures, such as sprinkler contractors and plumbers,” noted Hamid.
“These areas are notoriously difficult to underwrite and service, making SWG Specialty’s expertise in these sectors invaluable.”
While other domestic markets or MGA firms may shy away from high-hazard and high-exposure categories, SWG Specialty Underwriting Services has demonstrated a long-standing ability to write these lines of business profitably.
“The parameters that AMF historically facilitated showcased a long-term viability in writing these classes. That intellectual capital was what we aimed to acquire when we purchased AMF,” confirmed Hamid.
Innovating with data-driven underwriting
A standout feature of SWG Specialty’s approach is its data-first underwriting process, which leverages actuarial governance to proactively assess risks. “We work closely with Dion Strategic, an actuarial consulting firm that helps us set pricing points and forecast risk exposures based on both historical and current data,” Hamid noted. “This allows us to project how a book of business will perform under various conditions and adjust our underwriting strategies accordingly.”
This data-driven methodology not only keeps SWG Specialty competitive but also enables the company to provide coverage for high-exposure risks that other insurers might avoid. “While our competitors often start with a narrative and attempt to back it up with data, we take the opposite approach. Our narrative is built on the validity of our data, ensuring that we can write even high-risk verticals profitably,” added Hamid.
Consequently, Hamid emphasizes that the rebrand will deliver enhanced underwriting capabilities to broker clients. Although there may be certain classes of risk that the firm chooses not to engage with, the overall vision of SWG Specialty is to provide solutions to clients when others cannot assist.
“We should avoid declining any verticals. We are committed to finding solutions—no matter how innovative or outside the box they may be. If you face challenges placing a risk and no-one else can help, we will be there to assist you,” Hamid confirmed.
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