Leadenhall in $60m debt financing for health insurer Friday Health Plans

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Leadenhall Capital Partners LLP, the London headquartered specialist insurance linked securities (ILS) and reinsurance related investments manager, is providing $60 million in debt financing to Denver, Colorado based health insurer Friday Health Plans.

Leadenhall Capital PartnersLeadenhall Capital Partners LLP had previously participated in a $50 million funding round for the health insurance start-up at the end of 2019.

Friday Health Plans largely underwrites individual and small group health insurance products.

In announcing a new $100 million round of equity funding last week, Friday Health Plans also revealed that Leadenhall Capital Partners will provide an additional $60 million in debt financing, boosting the new funding to $160 million.

Friday Health Plans noted its robust membership growth of more than 400% in 2021 and is set to use the additional funds to expand into new markets, focusing on technology-driven individual and small-group health insurance.

“This funding will not only allow us to offer health plans to more people, but will also accelerate Friday’s technology innovation,” explained Sal Gentile, CEO of Friday Health Plans. “Friday was built specifically for individuals seeking simplicity, practical health benefits, and great service – all at an affordable price. We’re able to offer that through a combination of efficient operational execution and consumer-centric technology.”

“Leadenhall is delighted to continue to support and further expand its successful partnership as Friday Health Plans grows its business,” Tom Spreutels, Head of Origination at Leadenhall Capital Partners stated. “We are equally pleased to be supporting Friday as an innovative provider of affordable health insurance, bringing their plans to a wider group of individuals.”

Friday Health Plans already has over 70,000 members in Colorado, New Mexico, Nevada and Texas, and is now planning to expand its product offerings to multiple new states each year.

Leadenhall specialises in both P&C and life insurance linked investments and has invested in life, accident and health insurance start-ups before.

The investment manager has specific expertise in this sector, helping it to identify promising investment opportunities, while also enabling it to support companies that could help to secure it access to attractive accident & health risks for its life insurance and reinsurance fund portfolios.

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