Buckle, a digital financial services company for the gig economy, has completed a $15 million upsizing of its term loan with participation from Siguler Guff & Company, along with existing lender Hudson Structured Capital Management (conducting its re/insurance business as HSCM Bermuda).
This increases the total to $35 million, with the proceeds of the deal set to provide capital to support the company’s distribution of its gig insurance products and the growth of business on its carriers.
It will also help to fund Buckle’s strategy of utilizing a portfolio of reinsurance partnerships across all programs.
This transaction brings the total capital raised by Buckle to date to approximately $115 million.
“Today’s announcement underscores Buckle’s unique ability to attract participants in this emerging segment and validates our distinctive approach as we advocate for the economic independence of our drivers,” said Marty Young, CEO of Buckle.
“The recent expansion of our gig product across Maryland and Nevada, as well as our ongoing support of our members helps us bolster the success of these drivers.”
Ray Miller, Managing Director for Credit and Special Situations at Siguler Guff, also commented: “We’re thrilled to begin a relationship with Buckle, an emerging leader in the gig insurance space. The deep industry experience of the team, scalability of the platform, and its focus on a unique segment of the market makes Buckle an exciting partner for our investment.”
“Our ongoing relationship with Buckle has gone from strength to strength, and we are pleased to provide additional surplus capital to Buckle as they achieve their vision and growth,” added Rachel Bardon, partner and chief actuary at HSCM Bermuda.
