Augment, a newly launched reinsurance broker, is making waves with an inaugural investment.
The firm announced its official entrance into the market, fortified by a funding injection of up to $100m provided by private equity firm, Altamont Capital Partners.
The substantial capital support of up to $100m, afforded by Altamont Capital Partners, signals the strategic significance and promise of Augment’s approach to reinsurance. In a landscape of increasing macroeconomic volatility, evolving regulations, and complex risks, Augment argues that a general solution is simply not adequate.
Augment’s core purpose lies in the creation of tailored solutions spanning not only geographies but product lines as well. The firm uses an array of strategies, all designed to harmoniously cooperate and address the intricate risk environment of today.
The newly minted funding will bolster Augment’s aim to serve partners worldwide. Augment, in its bid to shift from a product-centric to a client-centric approach, offers more than just reinsurance. It provides a diverse array of strategic tools, ranging from prospective reinsurance to retrospective capital and legacy structures, all designed to boost enterprise value and manage volatility.
In a statement, managing director Alex Kazanjian remarked, “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.”
While reinsurance remains at the heart of its approach, Augment tailors its strategies to meet individual client needs and complexities. The firm’s long-term ambition is to foster growth through innovative, creative approaches.
Altamont, known for its insurance investing focus, recognises the potential of Augment’s strategy. Sam Gaynor, Altamont’s managing director, applauded Augment for identifying a crucial market need to assist P&C customers in tackling complex risk capital challenges. Gaynor added that Altamont was excited to provide platform-formation capabilities to construct a brokerage firm well-suited to current market dynamics.
Altamont, which boasts over $4.3bn of capital under management, has expressed enthusiasm in supporting Augment’s strategic approach to complex business challenges. Joe Zuk, Operating Partner at Altamont Capital Partners, echoed this sentiment, stating that Altamont is thrilled to back Augment’s endeavours.