MGA secures capacity deal with recently rebranded insurance firm

Managing general agent (MGA) NBS Underwriting has secured a new capacity deal with Hadron UK.

Hadron UK, which was formerly known as Folgate Insurance, will join the MGA’s insurer panel on 1 October 2024.

From that date, the provider’s A- rated capacity will be available across NBS’ small and medium-sized enterprise (SME), professional indemnity, property owners and commercial products.

Steve Cowman, managing director at NBS, said: “We believe the addition of Hadron UK will significantly expand the range of options available to our brokers and clients.

“It supports our growth ambitions over the next five years and strengthens our position as a provider of adaptable and high-quality insurance solutions.”

Rebrand

US insurance firm Hadron acquired London-based Folgate in February 2024 as it looked to expand its geographical footprint.

The deal saw Folgate’s financial strength rating (FSR) be upgraded to A- (excellent) from B (fair). It was then rebranded to its current name in August.

Its capacity partnership with NBS is the first such deal to be announced since the rebrand took effect.

Cowman said: ”Our partnership with Hadron UK demonstrates our commitment to delivering high-quality solutions, leveraging its expertise and capacity to support the evolving needs of MGAs like us, while complementing and strengthening our relationship with Accelerant.

“We look forward to the opportunities this collaboration will bring as we continue to build on our strengths.”