HSCM-backed Buckle secures upsizing of term loan

A company backed by Bermuda-based Hudson Structured Capital Management, which conducts its re/insurance business as HSCM Bermuda, has upsized its term loan, supporting its growth plans.

Digital financial services company Buckle has completed a $15mn upsizing of its term loan - to a new total of $35m - with participation from Siguler, Guff & Company, along with existing lender Hudson.

The proceeds will support the company’s distribution of its “signature” gig insurance products and the growth of business on its carriers, along with Buckle’s strategy of utilizing a portfolio of reinsurance partnerships across all programmes.

The deal “underscores Buckle’s unique ability to attract participants in this emerging segment and validates our distinctive approach as we advocate for the economic independence of our drivers,” said Marty Young, CEO of Buckle. “The recent expansion of our gig product across Maryland and Nevada, as well as our ongoing support of our members helps us bolster the success of these drivers.”

Buckle plans to grow across insurance and credit products, as well as additional partnerships as it expands nationwide.