Augment, a new Miami-headquartered reinsurance broker, announced its official launch with access of up to $100 million in funding from Altamont Capital Partners.
Over the last decade, the global reinsurance market has been buffeted by significant shifts — among them the emergence of ever more complex risks, macroeconomic volatility and an evolving regulatory landscape, said Augment, explaining that, as a result, a one-size-fits-all approach is no longer sufficient.
“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,” said Alex Kazanjian, managing director, Augment. “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 manage volatility through strategic, structurally efficient, multi-class and/or multi-geography transactions. While reinsurance is at the foundation of its approach, Augment offers a range of strategies. It designs and places protections — including prospective reinsurance and retrospective capital and legacy structures — for its property/casualty clients with a focus on maximizing enterprise value.
“Augment’s strategy is a perfect match for Altamont’s insurance investing focus,” added 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, commented: “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.”
In addition to its Miami headquarters, the broker has offices in Bermuda, Cayman Islands, Dublin and London.