Whiskey business

Buckle increases the size of its term loan to support the continued growth of its insurance platform

JERSEY CITY, NJ–(BUSINESS WIRE)–Buckle, a digital financial services company for the gig economy, has completed a $15 million increase in its term loan with participation from Siguler Guff & Company, LP (“Siguler Guff”) as well as from existing lender Hudson Structured Capital Management Ltd. (carrying on re/insurance business as HSCM Bermuda). That brings the total to $35 million. Proceeds from the agreement provide capital to support the company’s distribution of its on-demand insurance products and the significant growth of its insurers’ business, as well as Buckle’s strategy of utilizing a portfolio of reinsurance partnerships in all programs. This transaction brings the total capital raised by Buckle to date to approximately $115 million.

“Today’s announcement underscores Buckle’s unique ability to attract participants in this emerging segment and validates our distinctive approach as we champion the economic independence of our drivers,” said Marty Young, CEO of Buckle. “The recent expansion of our gig product into Maryland and Nevada, along with our continued support of our members, helps us bolster the success of these drivers.”

“We are delighted to begin a relationship with Buckle, an emerging leader in on-demand insurance. The team’s deep industry experience, platform scalability and focus on a unique market segment make Buckle an exciting partner for our investment,” said Ray Miller, Managing Director, Credit and special situations at Siguler Guff.

“Our ongoing relationship with Buckle has only grown stronger, and we are pleased to provide additional excess capital to Buckle as they realize their vision and growth,” said Rachel Bardon, Partner and Chief Actuary at HSCM. Bermuda.

Buckle makes insurance affordable and easy to obtain for rideshare and delivery drivers by filling the gaps in conventional policies that leave construction workers underinsured. The company also partners with companies that support other transportation audiences to align stakeholder efforts across the insurance ecosystem.

In 2019, Buckle launched its basic carpool insurance policy which combines personal and commercial coverages. In 2020, the company announced the acquisition and recapitalization of Gateway Insurance Company (Gateway), and in 2021 acquired and recapitalized American Service Insurance Company and American Country Insurance Company to obtain the 49 state insurance licenses that the company uses today. Through Gateway, Buckle is expanding insurance coverage to include Transportation Network Companies (TNCs) and Delivery Network Companies (DNCs), as well as traditional taxi, limo and livery businesses.

Over the past three months, Buckle has successfully extended all expiring reinsurance with its historical reinsurers, in addition to adding a key new reinsurer.

“We are proud of the breadth and depth of our ongoing reinsurance partnerships. These renewals are a testament to the strength of Buckle’s business model, the value our reinsurers see in our approach and the expertise we bring,” said James Camerino, Head of Strategic Partnerships at Buckle.

Buckle’s growth trajectory includes a planned expansion of insurance and credit products as well as additional partnerships as it expands nationwide.

About Siguler Guff

Siguler Guff is a global multi-strategy private markets investment firm which, together with its affiliates, has approximately $16 billion in assets under management as of December 31, 2021 and over 25 years of investment experience. Siguler Guff seeks to generate strong risk-adjusted returns by opportunistically focusing on market niches. Siguler Guff’s primary investment strategies include opportunistic and private credit, small business private equity, distressed real estate and emerging markets. Siguler Guff’s investment products include direct investment funds, multi-manager funds and custom segregated accounts.

About Hudson Structured Capital Management Ltd.

Hudson Structured Capital Management Ltd., doing business in the management of re/insurance investments as HSCM Bermuda (“HSCM”), is an asset manager focused on alternative investments seeking mezzanine level returns. HSCM focuses on the re/insurance and transport sectors. HSCM was launched in 2016 and, as of January 1, 2022, had over $3 billion in assets under management and committed capital. HSCM focuses on key economic sectors that are likely to outperform global GDP, offer low correlations to broader markets, and are experiencing a shift from balance sheet to market funding. For more information, visit www.hscm.com.

About Loop

Buckle is the digital financial services company providing affordable insurance for the gigging industry. Serving the rising and vital middle class, Buckle protects drivers for personal driving, ridesharing and delivery for leading companies such as Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub , Favor, Postmates, Caviar, etc. Buckle also offers insurance solutions for certain partners. Join us on Facebook, TwitterLinkedIn and www.buckleup.com.