Buckle, a U.S.-based financial services group, announced on Wednesday it has Gateway Insurance Company (Gateway), including its 47 state insurance licenses. According to Buckle, 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 also revealed it is re-capitalizing Gateway to support Atlas’ wholly-owned managing general agency, Anchor Group Management, Inc. (AGMI).
Buckle reported it 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 para-transit drivers, and transportation network companies (TNCs). Marty Young, Co-Founder of Buckle, spoke about the acquisition by stating:
“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.”
Founded in 2017, Buckle state provides financial products and services to the shared economy. The company revealed that beginning with insurance, its goal is to offer streamlined and transparent transactions to those who turn their personal assets into revenue-driving opportunities.