Barclays upgraded Skyward Specialty Insurance (SKWD) to Overweight from Equal Weight with a price target of $63, up from $53. After analyzing reserving trends to evaluate the strength of balance sheets in the non-life insurance group, the firm has a more constructive view on reserves for the industry following a year where the industry marked up liabilities. The review gave Barclays greater reassurance around Skyward’s reserve risk, particularly in commercial auto, and it expects continued portfolio optimization efforts to reduce underwriting volatility.
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