Buckle, a technology-driven financial services company, has acquired Gateway Insurance Company (Gateway), including its 47 state insurance licenses. Gateway was formerly an indirect subsidiary of Atlas Financial Holdings, Inc. (Atlas), which provides auto insurance to the light commercial automobiles market in the U.S.
Buckle is re-capitalizing Gateway to support Atlas’ wholly-owned managing general agency, Anchor Group Management, Inc. (AGMI). In partnership with Atlas, Buckle will now be able to provide comprehensive, affordable auto insurance to the commercial auto market, providing protection to part-time rideshare and delivery drivers, full-time taxicab and limousine drivers, non-emergency paratransit drivers, and transportation network companies (TNCs). Financing for the re-capitalization was provided by clients of Hudson Structured Capital Management Ltd. (doing its re/insurance business as HSCM Bermuda Management Company).
“We believe this deal is a win-win for both TNCs and independent contractor drivers,” said Marty Young, co-founder of Buckle. “As this partnership drives down the costs of insurance, we are excited to continue advancing our goal of providing well-deserved support to the mobility ecosystem. Every time Buckle sells a policy, its TNC partner’s balance sheet improves as risk is moved from the TNC to the independent contractors.”
Buckle has agreed to support AGMI as it scales annual premiums. AGMI also plans to transition Atlas’ taxi, livery, and full-time TNC driver policies from its pool of subsidiaries over to Gateway.