Hybrid insurer Hadron has entered the UK market with the acquisition of Folgate Insurance Company Limited, terms of the transaction were not disclosed.
Based in the US, Hadron announced its launch in the fourth quarter of 2023 with a significant capital injection of over $250 million from Altamont and other institutional investors.
It was founded by a group of industry veterans with extensive experience in insurance, operations, technology, and finance. Hadron’s primary focus is on supporting its specialty Managing General Underwriters (MGUs) partners.
The acquisition of Folgate expands the Hadron footprint from 50 US states and DC into the UK. Sam Gaynor, Managing Director of Altamont Capital, Hadron’s equity sponsor, commented: “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.”
Established in 1887, Folgate currently underwrites classes such as Property, General Liability, Professional Liability, Directors & Officers and Warranty.
Since it was founded, it has continuously stood out as a well-run and capitalised insurance entity, according to Ian Russell, Chief Executive Officer & Chief Underwriting Officer of Folgate.
Russell added: “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 market in the UK.”
Hadron’s strategy aims to address many deficiencies in the worldwide hybrid insurance model, such as poor service, substandard data and technological efficiency, limited value-add to its program partners, and slow speed to market, the firm stated.
