US-based group acquires ‘substantial’ stake in sports insurance provider

Sports and prize insurance provider Hedgehog Risk has sold a significant stake of its business to US-based Sig Insurance Holdings.

Based in London, Hedgehog Risk works with sponsors, teams and agencies to help structure and insure performance bonus incentives in player/team contracts, protect performance-linked revenues and provide coverage for promotions linked to sporting events.

Hedgehog Risk said it had offloaded a “substantial interest” to Sig Insurance as it looks to expand in the UK and Europe.

The funding will also increase the capacity to cover larger and longer-term risks and give the provider the ability to structure new products.

Sig Insurance, meanwhile, will use Hedgehog Risk’s expertise to help it grow in the US.

’Significant moment’

Luke de Rougemont, managing director at Hedgehog Risk, said that his firm’s collaboration with Sig Insurance “is a significant moment in our journey as it will help fuel growth across key markets”.

“[It will also] allow us to move into new lines of business in the sports and entertainment insurance sectors,” he added.

“We’re delighted to be working with the Sig Insurance team because, ultimately, it means we will be better able to meet the needs of our clients.”