Created: Jul 18, 2023 08:00 AM
Alex Kazanjian, managing director, Augment (Photograph supplied)
A new reinsurance broker with plans to have a presence on the island has officially launched, with access of up to $100 million in funding from Altamont Capital Partners, a Palo Alto private equity firm.
Augment Risk said on its LinkedIn page that it will have “a global presence in the US, UK, Bermuda, EU and Cayman”.
Over the past decade, the company said in a statement, the reinsurance market has been hit by significant changes, including those related to more complex risks, economic volatility and regulatory shifts.
For that reason, it said, a “one-size-fits-all approach is no longer sufficient”.
With global reach and scale, Augment said, it creates solutions not only across geographies but also across product lines, leveraging multiple strategies “designed to work in lockstep”.
Alex Kazanjian, managing director, Augment, said: “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.”
Augment said it helps partners to manage volatility through “strategic, structurally efficient, multi-class and multi-geography transactions.”
It added that it is positioned to serve a wide range of clients around the globe.
While reinsurance forms the base of its strategy, Augment said, it offers a number of strategies.
It develops and build protection — “including prospective reinsurance and retrospective capital and legacy structures” — for its property and casualty clients “with a focus on maximising enterprise value”.
“Augment’s strategy is a perfect match for Altamont’s insurance investing focus,” said Sam Gaynor, managing director, Altamont.
“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.”
Keoni Schwartz, managing director at Altamont, added: “Augment is the latest example of de novo platform formation in financial services, something we’ve successfully done five times previously at Altamont.
“With our over $4.3 billion of capital under management, we look forward to bringing substantial resources to bear to aid in Augment’s success.”
Joe Zuk, operating partner, Altamont Capital Partners, said: “We’re thrilled to back Augment, whose strategic solutions address the most complex business challenges faced by its P&C industry partners.”
Sam Gaynor, managing director, Altamont Capital Partners (File photograph)
Keoni Schwartz, managing director at Altamont Capital Partners (File photograph)
Joe Zuk, operating partner, Altamont Capital Partners (File photograph)
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