A group of re/insurance industry veterans have announced the launch of a new specialty insurance business called Upland Capital Group, backed by initial capital from Newlight Partners.
Upland plans to offer a diversified portfolio of excess and surplus lines (E&S) casualty, property, and specialty insurance products, with an initial focus on excess casualty products distributed through select wholesale brokers.
The company is funded through an equity investment of up to $200 million from growth equity investor Newlight and an additional investment from the executive management team.
Upland’s executive leadership team includes Todd C. Hart, Chairman as President & Chief Executive Officer, and James A. Damonte as President of Insurance Operations and Chief Underwriting Officer.
Additionally, Mark J. Morrison will serve as Executive Vice President and Chief Financial Officer, and Pamela Byron-Button as Senior Vice President and Chief Administrative Officer.
Hart has spent more than three decades in financial services, serving most recently as the CEO of Rhode Island-based Narraganset Bay Insurance Company.
Damonte, meanwhile, is a 20-year veteran specialty insurance underwriter and has spent the bulk of his career in executive leadership roles at Hallmark Financial Services and several other companies.
Morrison has over thirty-five years of industry experience, including fourteen years as the President & Chief Executive Officer of specialty insurance carriers Hallmark Financial Services and Associates Insurance Company.
And finally, Byron-Button is 30-year insurance industry veteran and most recently served as the Vice President of Service Operations at Narragansett Bay Insurance Company.
“From top to bottom, we have assembled a highly experienced, accomplished team of talented executives at Upland Capital Group,” said Hart.
“Key to success is that our core executive group have all worked together, developed relationships built on trust and mutual respect and bring complementary skill sets,” he continued.
“We intend to build a company based on our core values of culture, service and support, combined with modern problem-solving to provide solutions to our customer’s specialty insurance needs and requirements.”
Srdjan Vukovic, a Partner at Newlight, also commented: “We are excited to be partnering with the accomplished Upland executive team on this exciting new venture. Having worked closely with Todd Hart on numerous other ventures over the past 15 years, we have seen firsthand his integrity and commitment to operational excellence.”
Vukovic went on: “The Upland team brings substantial experience in building profitable insurance platforms and shares our values and philosophy of building sound, sustainable businesses. We are confident that Upland will be well positioned to become a best-in-class specialty insurance company and partner to its customers well into the future.”