Reinsurance brokerage firm Augment Risk, has announced the appointment of Andrew Matson as Chief Executive Officer (CEO), who will focus on building on the firm’s significant traction, having already bound $1 billion of premium in its first year of business.
“Augment Risk was founded to address a fundamental structural problem in the insurance and reinsurance markets. We champion the need for a shift from outdated practices of ‘products sold at prices’ to better cater to our clients’ needs,” Matson said.
He continued: “I am thrilled to work with some of the most exceptional talent in the industry. We believe we can transform reinsurance broking for the better by focusing on our client’s entire business, creating partnerships with reinsurers, and enhancing equity value by better managing capital, reducing earnings volatility, and expanding the margins of our clients. Our approach has never been done at this scale.”
Matson comes to Augment Risk following over three years with McGill and Partners, where he joined in 2020 as Head of Portfolio Solutions before becoming Head of Structured Solutions.
Prior to that, he served at Aon for close to 15 years, with his last role being the firm’s CEO Global MGA & Portfolio Solutions. Before Aon, he was part of Guy Carpenter, where he served as Reinsurance Broker for over four years.
Matson joins Augment Risk at a time the reinsurance industry is facing an increased interest rate environment, the rise in loss cost through inflation, and challenges mounting from natural catastrophes.
Through his years of experience, he has brought billions of dollars of premium to the global reinsurance market, and now Augment Risk highlights, the need to manage capital more efficiently has never been more important.
The brokerage firm believes that Matson’s deep experience and understanding of the challenges facing reinsurers’ businesses are key to executing the vision of Augment Risk’s groundbreaking broker model.
Sam Gaynor, Managing Director for Altamont Capital Partners, which announced $100 million in funding for Augment Risk earlier this year, commented: “Andrew has the experience and conviction to lead Augment Risk’s next chapter of growth, and we are pleased to welcome him as CEO.
“Augment Risk addresses a clear market need to help global customers manage complex risk capital challenges based on efficiency, with a model poised to transform the reinsurance industry.”
“Augment Risk provides the depth and breadth of expertise to ensure leaders of global companies have the capital, tools, and strategic insights necessary to thrive in a complex, often volatile environment; a one-size-fits-all approach to reinsurance doesn’t work and isn’t always in the best interest of their businesses,” said Keoni Schwartz, Co-Founder and Managing Director, Altamont Capital Partners. “This puts Augment Risk in a completely different category of reinsurance, building a new market in the industry to deliver better outcomes for these businesses.”
