Mergers and acquisitions
New US insurer Hadron Specialty Insurance has expanded into the UK with the acquisition of Folgate Insurance Company.
Hadron, the hybrid insurance company that was revealed last November to provide underwriting capacity to select the administration of general underwriters who obtain specialty coverage, purchased Folgate for an undisclosed sum.
Sam Gaynor, managing director of equity sponsor Hadron Altamont Capital, he said in the message: “Hadron’s entry into the UK is a testament to the impressive global approach Hadron has developed to enable the success of its specialist MGU partners.
“We are pleased to build on Folgate’s century-long history as we combine best-in-class underwriting and portfolio management technology with reliable, long-term underwriting capacity to address the challenges of specialty underwriting firms.”
Under the deal, Folgate will soon be renamed Hadron UK.
“Established in 1887, Folgate has consistently performed as a well-managed and capitalized insurance company,” commented Ian Russell, managing director and director of underwriting at Folgate.
“I couldn’t be more delighted about our bright future with Hadron and look forward to working with his team in the UK specialty MGU market.”
