New reinsurance broker Augment Risk enters market

New reinsurance broker Augment Risk enters market | Insurance Business America

Insurance News

New reinsurance broker Augment Risk enters market

Firm launched with backing of private equity firm

Insurance News

By
Terry Gangcuangco

A new reinsurance broker has entered the market.

Backed by private equity firm Altamont Capital Partners, Augment will have access to as much as $100 million in funding to offer bespoke reinsurance solutions from its locations in London, Dublin, Bermuda, Miami, and Cayman.

Augment managing director Alex Kazanjian, whose credentials include time spent at Aon’s reinsurance operations and McGill and Partners, said in a release: “Augment was founded because we believed that by taking a holistic approach to our partners’ needs – broking the entire client, rather than any single class of business – we could unlock unprecedented opportunities for growth.

“Focusing on establishing long-term relationships with our clients, rather than on their product, enables us to deliver the creative approaches today’s market needs.”

Serving property and casualty clients, Augment will offer prospective reinsurance and retrospective capital and legacy structures across the globe.

Altamont managing director Sam Gaynor commented: “Augment’s strategy is a perfect match for Altamont’s insurance investing focus.

“They’ve identified a clear market need to help their P&C customers address the most complex risk capital challenges in the most efficient manner, and we’re excited to lend platform-formation capabilities to form a brokerage firm perfectly suited to today’s market dynamics.”

Fellow Altamont managing director Keoni Schwartz added that they look forward to bringing substantial resources to help Augment succeed.

What do you think about this story? Share your thoughts in the comments below.