Buckle, a technology-driven financial services company, has acquired Gateway Insurance Company (Gateway), including its 47 state insurance licenses. Gateway was formerly an indirect subsidiary of Atlas Financial Holdings, Inc. (Atlas), which provides auto insurance to the light commercial automobiles market in the U.S.
Buckle is re-capitalizing Gateway to support Atlas’ wholly owned managing general agency, Anchor Group Management, Inc. (AGMI). In partnership with Atlas, Buckle will now be able to provide comprehensive, affordable auto insurance to the commercial auto market, providing protection to part-time rideshare and delivery drivers, full-time taxicab and limousine drivers, non-emergency para-transit drivers, and transportation network companies (TNCs). Financing for the re-capitalization was provided by clients of Hudson Structured Capital Management Ltd. (doing its re/insurance business as HSCM Bermuda Management Company).
“We believe this deal is a win-win for both TNCs and independent contractor drivers,” said Marty Young, co-founder of Buckle. “As this partnership drives down the costs of insurance, we are excited to continue advancing our goal of providing well-deserved support to the mobility ecosystem. Every time Buckle sells a policy, its TNC partner’s balance sheet improves as risk is moved from the TNC to the independent contractors.”
Buckle has agreed to support AGMI as it scales annual premiums. AGMI also plans to transition Atlas’ taxi, livery, and full-time TNC driver policies from its pool of subsidiaries over to Gateway.
The primary business of Atlas is commercial automobile insurance in the United States, with a niche market orientation and focus on insurance for the “light” commercial automobile sector including taxicabs, non-emergency para-transit, limousine/livery (including full-time transportation network company drivers) and business auto. For more information about Atlas, please visit www.atlas-fin.com.
About Hudson Structured Capital Management Limited (HSCM Bermuda)
HSCM Bermuda is an asset manager focused on investments in the Re/Insurance and Transportation sectors. HSCM was launched in 2016 and focuses on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets, and are experiencing a shift from balance sheet and to market financing. For more information about HSCM Bermuda, please visit www.hscm.com.
Buckle provides technology-driven financial products and services to the shared economy. When delivering insurance, the company’s goal is to offer streamlined and transparent transactions to those who turn their personal assets into revenue-driving opportunities. For more information on Buckle, visit www.buckleup.com and connect on Facebook and LinkedIn.
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