Financial product developer Buckle has acquired Gateway Insurance Company and its 47 state insurance licenses.
Prior to this, Gateway was an indirect subsidiary of Atlas Financial Holdings, an auto insurance firm in the US.
Through the deal, Buckle is re-capitalising Gateway to support Atlas’ wholly owned managing general agency, Anchor Group Management.
In partnership with Atlas, Buckle will be able to offer affordable insurance to the commercial auto market, providing protection to part-time rideshare and delivery drivers, full-time taxicab and limousine drivers, non-emergency para transit-drivers, and transportation network companies.
Buckle co-founder Marty Young said, “We believe this deal is a win-win for both TNCs and independent contractor drivers.
“As this partnership drives down the costs of insurance, we are excited to continue advancing our goal of providing well-deserved support to the mobility ecosystem. Every time Buckle sells a policy, its TNC partner’s balance sheet improves as risk is moved from the TNC to the independent contractors.”
Buckle has agreed to support AGMI as it scales annual premiums.
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