Hudson Structured Capital Management Ltd., which engages in insurance and reinsurance investing activities under the name HSCM Bermuda, participated as an investor in a $ 60 million Series B funding round for the auto insurance company and ride-sharing Buckle, thus expanding its investment in the company.
At the same time, Hudson Structured, acting as HSCM Bermuda, also doubled the size of a surplus debt financing deal it already had in place to support Buckle’s insurance company.
The ILS, reinsurance and transportation investment manager began its investment relationship with Buckle in 2020, when Hudson Structured recapitalized an auto insurer to support the expansion of insurtech focused on ridesharing and travel. sharing economy.
Buckle had acquired auto insurer Gateway Insurance Company (Gateway), a company with 47 state insurance licenses, and Hudson Structured, through recapitalized HSCM Bermuda Gateway, backing funding for the licensed frontline carrier.
Hudson Structured then co-led a $ 31 million Series A funding round for Buckle in August 2020, expanding its investment relationship with auto insurance.
Today, the investment manager has doubled down on these two aspects, participating in a new $ 60 million Series B funding round for Buckle, led by Volery Capital Partners with participation from Eldridge, Assurant Ventures, HSCM Bermuda and other insiders.
In addition to the $ 60 million in Series B funding, Buckle also announced that HSCM Bermuda has increased the excess term loan it provided from $ 10 million to $ 20 million, which is a measure designed to provide additional capital to support the premium growth of Buckle’s Gateway Insurance. Society.
“This further increase validates Buckle’s positive momentum across its insurance programs and strengthens our belief in the growth opportunity the company faces today,” said Marty Young, co. -Founder and CEO of Buckle. “Through our capital efficient multi-operator strategy, we are expanding our digital insurance platform nationwide so that we can offer a range of attractive insurance options to workers in the small economy. American jobs, many of whom were seen as essential workers throughout the pandemic. ”
Hudson Structured invests across the entire spectrum of the insurance and reinsurance market, including insurtech, with direct investments in risk through Insurance-Linked Securities Agreements (ILS), funding by private borrowing and also venture capital investments.