Hadron, a pioneering insurer designed to helping Managing General Underwriters (MGUs) accelerate their growth with flexible capacity and reinsurance services, today (1 February 2024) announced its expansion into the UK market with the acquisition of Folgate Insurance Company Limited. Terms were not disclosed.
“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,” said Sam Gaynor, Managing Director of Altamont Capital, Hadron’s equity sponsor. “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.”
Based in the United States, Hadron announced its launch in the fourth quarter of 2023 and is backed by over $250M in capital from Altamont and other institutional investors. The U.S. entity, Hadron Specialty Insurance Company, has obtained an A- (Excellent) rating from AM Best in Financial Size Category VIII.
The acquisition of Folgate expands the Hadron footprint from 50 U.S. states and Washington D.C. into the UK. Using a disciplined yet pragmatic view of underwriting risk and working closely with its MGU specialists and risk capital providers, Hadron designs optimal, efficient structures that support both rapid paths to market and long-term stability.
“Folgate was established in 1887 and has continuously stood out as a well-run and capitalized insurance entity,” said Ian Russell, Chief Executive Officer & Chief Underwriting Officer of Folgate. “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.”
Ian Russell, CEO/CUO of Folgate
Hadron’s strategy will 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.
Hadron is comprised of Hadron Specialty Insurance Company, an Arkansas-domiciled E&S carrier firm rated A- (Excellent) from AM Best in Financial Size VIII, and now Folgate Insurance Company Limited (soon to be rebranded as Hadron UK). The hybrid carrier provides insurance capacity to select MGUs sourcing specialty insurance coverages. The business model has been designed to improve the efficiency of the value chain and address the significant challenges facing MGUs, facilitating their success.
Folgate Insurance Company Limited, established in 1877, is a UK insurance company acquired by Anglo London Limited in 2014. Folgate initially operated as a quota share reinsurer and began writing direct business in 2019.