Buckle introduces its new proposition
In April, we reported that Buckle is no longer offering its car insurance product for rideshare and delivery drivers.
In a regulatory filing by Gateway, the carrier that was acquired by Buckle, the company said that it is focused on achieving profitability and moving the business model toward that of a fully fronted carrier, limiting underwriting risk to protect future capital and surplus.
Now, Buckle is featuring this new model on its website.
“Buckle, through its wholly owned insurance carrier Gateway, is reimagining the fronting carrier model, providing competitive terms and professional guidance focused on helping small to mid-size MGAs grow in their select markets,” the company writes while sharing its vision: “Buckle’s vision is to lower the cost of fronting in such as fashion that MGAs will never consider owning an insurance carrier, because Buckle is a better economic solution.”
Founded in 2017, Buckle raised $116 million in equity and debt and acquired several carriers. Earlier this year it sold American Service Insurance Company to GM, which later changed the name of the carrier to OnStar National Insurance Company.
By the way, did you notice any typo?