Skyward Specialty Insurance initiated with a Hold at TD Cowen

TD Cowen analyst Andrew Kligerman initiated coverage of Skyward Specialty Insurance (SKWD) with a Hold rating and $43 price target The firm says that while it appreciates several of Skyward’s strategies, including its exit of underperforming lines and focus on lines where it aims to be top quartile with competitive moats, it has concerns around macro trends, including social and medical cost inflation, as well as company-specific reserving and some businesses. Overall global property pricing appears to be softening and social inflation continues to affect casualty reserves, especially those related to large corporate clients and commercial auto insurance, the analyst tells investors in a research note.