New US insurer Hadron Specialty Insurance has expanded into the UK by acquiring Folgate Insurance Company.
Hadron, a hybrid insurer that was unveiled last November to provide insurance capacity to select managing general underwriters sourcing specialty coverages, snapped up Folgate for an undisclosed amount.
Sam Gaynor, managing director of Hadron’s equity sponsor Altamont Capital, said in a release: “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.”
Under the deal, Folgate will soon be rebranded as Hadron UK.
“Folgate was established in 1887 and has continuously stood out as a well-run and capitalised insurance entity,” Folgate chief executive and chief underwriting officer Ian Russell noted.
“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.”
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