’Hadron’s entry into the UK is a testament to the impactful global approach it has developed,’ says managing director

US-based Hadron Specialty Insurance is expanding into the UK with the acquisition of London-based Folgate Insurance Company.

Hadron is a hybrid carrier that provides insurance capacity to select managing general underwriters (MGUs) sourcing specialty insurance coverages.

The company said it decided to expand after receiving $250m (£197m) in capital from private equity firm Altamont Capital Partners and other institutional investors.

The firm noted that the acquisition of Folgate expands Hadron’s footprint from 50 US states into the UK.

Folgate, which is based in London, specialises in commercial insurance and underwrites several classes, including property, general liability and professional liability.

“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,” said Sam Gaynor, managing director of Altamont Capital 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.”


As part of the deal, Folgate is set to be rebranded to Hadron UK.

“Folgate was established in 1887 and has continuously stood out as a well run and capitalised insurance entity,” said Ian Russell, group chief executive and chief underwriting officer of Folgate.

“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.”

More American firms have been investing in the UK recently – for example, John Wepler, chief executive and chairman of American insurance industry-focused consultant MarshBerry, said in November 2023 that US brokers had completed 37 M&A deals in the UK between January and Novmber that year.

“The consolidation that we’ve witnessed in the UK hasn’t even really begun yet and the amount of momentum that is mounting is substantial,” he said. 

”We’re literally at the tipping point at the moment.”