Reinsurance broker Augment has announced its official launch, backed with up to $100 million in funding from private equity firm Altamont Capital Partners.
Amidst the emergence of ever more complex risks, macroeconomic volatility, and an evolving regulatory landscape, Augment believes that a one-size-fits-all approach is no longer sufficient.
With global reach and scale, Augment aims to create solutions not only across geographies but also across product lines, leveraging multiple strategies designed to work in lockstep.
Alex Kazanjian, managing director, Augment, said: “Augment was founded because we believed that by taking a holistic approach to our partners’ needs – broking the entire client, rather than any single class of business – we could unlock unprecedented opportunities for growth.
“Focusing on establishing long term relationships with our clients, rather than on their product, enables us to deliver the creative approaches today’s market needs.”
Augment will help partners manage volatility through strategic, structurally efficient, multi class and/or multi geography transactions.
It is strategically positioned to serve a wide range of clients across the globe, the firm stated. Noting that, while reinsurance is at the foundation of its approach, Augment offers a range of strategies.
The broker designs and places protections – including prospective reinsurance and retrospective capital and legacy structures – for its property and casualty clients with a focus on maximising enterprise value.
“Augment’s strategy is a perfect match for Altamont’s insurance investing focus,” Sam Gaynor, Managing Director, Altamont, commented. “They’ve identified a clear market need to help their P&C customers address the most complex risk capital challenges in the most efficient manner, and we’re excited to lend platform-formation capabilities to form a brokerage firm perfectly suited to today’s market dynamics.”
Keoni Schwartz, Managing Director at Altamont, added: “Augment is the latest example of de novo platform formation in Financial Services, something we’ve successfully done five times previously at Altamont. With our over $4.3 billion of capital under management, we look forward to bringing substantial resources to bear to aid in Augment’s success.”
“We’re thrilled to back Augment, whose strategic solutions address the most complex business challenges faced by its P&C industry partners,” said Joe Zuk, Operating Partner, Altamont Capital Partners.
