Hybrid insurer Hadron has announced its official launch with a capital of more than $250m from private investment firm Altamont and other institutional investors.
Hadron said it will now move ahead with its plan to address the challenges faced by managing general underwriters (MGUs) and bring “significant underwriting capacity” to the surging programme space.
In a press statement, Hadron said: “With plans to offer capacity across all 50 US states and DC and to provide portfolio-wide reinsurance support, Hadron is delivering a unique offering to the market compared to traditional alternatives.”
Hadron was founded earlier this year by a group of industry veterans with experience in insurance, operations, technology and finance.
It will primarily focus on supporting its speciality MGU partners.
By working in collaboration with MGU partners and risk capital providers, Hadron expects to design efficient structures that ensure long-term stability and rapid market entry.
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Altamont operating partner Joe Zuk said: “Hadron is poised to make a profound impact by leveraging the management team’s unparalleled operational prowess and enduring industry alliances. Hadron will assume a pivotal role in satisfying the escalating needs of this burgeoning demand.”
Altamont was advised by BMO Capital Markets on the transaction. Sidley Austin served as legal counsel.
Altamont managing director Sam Gaynor said: “Hadron is committed to raising the bar by delivering stability and service to our partners.
“This commitment is more needed than ever as speciality underwriters have stepped up to fill voids in the insurance market — yet shocks to the carrier ecosystem have created uncertainty.”