Hybrid insurer enters British market by way of M&A route
New US insurer Hadron Specialty Insurance coverage has expanded into the UK by buying Folgate Insurance coverage Firm.
Hadron, a hybrid insurer that was unveiled final November to offer insurance coverage capability to pick managing normal underwriters sourcing specialty coverages, snapped up Folgate for an undisclosed quantity.
Sam Gaynor, managing director of Hadron’s fairness sponsor Altamont Capital, stated in a launch: “Hadron’s entry into the UK is a testomony to the impactful international strategy Hadron has developed to allow the success of its specialty MGU companions.
“We’re delighted to construct on Folgate’s centuries-long historical past as we marry best-in-class underwriting and portfolio administration know-how with dependable, long-term insurance coverage capability to handle the ache factors of specialty underwriting corporations.”
Underneath the deal, Folgate will quickly be rebranded as Hadron UK.
“Folgate was established in 1887 and has repeatedly stood out as a well-run and capitalized insurance coverage entity,” Folgate chief govt and chief underwriting officer Ian Russell famous.
“I couldn’t be extra delighted about our brilliant future with Hadron and stay up for working with its group to serve the specialty MGU market within the UK.”
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