US-based hybrid carrier Hadron has forayed into the UK market through the purchase of Folgate Insurance Company.
The consideration paid for the deal was not made public.
Founded in 1877, Folgate Insurance was taken over by Anglo London in 2014.
The company, which started as a quota share reinsurer, transitioned to writing direct business in 2019 following the approval of its direct licence by the Prudential Regulation Authority in 2018.
At present, it underwrites classes including general and professional liability, and property.
By acquiring Folgate, Hadron expands its presence beyond the 50 US states and Washington, DC.
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Folgate CEO and chief underwriting officer Ian Russell said: “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 [managing general underwriter] market in the UK.”
Launched in the fourth quarter of 2023, Hadron is supported by more than $250m in capital from Altamont and other institutional investors.
Hadron offers insurance capacity to select MGUs that source specialty insurance coverages, aiming to enhance value chain efficiency and address the hurdles faced by MGUs.
The company said it collaborates with MGU specialists and risk capital providers to create optimal structures, enabling quick market entry as well as long-term stability.
Hadron equity sponsor Altamont Capital managing director Sam Gaynor 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.”