Hadron, a revolutionary insurer focused on aiding Managing General Underwriters (MGUs) in accelerating their growth, has announced its expansion into the UK market with the acquisition of Folgate Insurance Company.
Although the specific terms of the deal remain undisclosed, the acquisition of Folgate marks a significant expansion for Hadron, extending its presence from 50 U.S. states and the District of Columbia into the United Kingdom.
The partnership signifies Hadron’s commitment to addressing deficiencies in the global hybrid insurance model. This includes improving service quality, enhancing data and technological efficiency, adding value to program partners, and expediting the speed to market.
The company’s goal is to combine best-in-class underwriting and portfolio management technology with reliable, long-term insurance capacity, addressing the challenges faced by specialty underwriting firms.
Hadron’s business model focuses on providing flexible capacity and reinsurance services to MGUs seeking specialty insurance coverages. The company’s disciplined yet pragmatic approach to underwriting risk, in collaboration with MGU specialists and risk capital providers, aims to design optimal and efficient structures that support rapid paths to market and long-term stability.
Sam Gaynor, Managing Director of Altamont Capital, Hadron’s equity sponsor, said, “Hadron’s entry into the UK is a testament to the impactful global approach Hadron has developed to enable the success of its specialty MGU partners. We are delighted to build on Folgate’s centuries-long history as we marry best-in-class underwriting and portfolio management technology with reliable, long-term insurance capacity to address the pain points of specialty underwriting firms.”
Ian Russell, Chief Executive Officer & Chief Underwriting Officer of Folgate, said, “Folgate was established in 1887 and has continuously stood out as a well-run and capitalised insurance entity. I couldn’t be more delighted about our bright future with Hadron and look forward to working with its team to serve the specialty MGU market in the UK.”
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