Leadenhall invests in 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, has participated in a funding round for a health insurance start-up in Colorado named Friday Health Plans.

Leadenhall Capital PartnersFriday Health Plans is a Denver, Colorado-based health insurance holding company that largely underwrites individual and small group health insurance products.

In announcing a new $50 million round of funding yesterday, Friday Health Plans revealed that Leadenhall Capital Partners was a key participant in the round, alongside healthcare focused private equity specialist investment firm Peloton Equity.

The funding round is expected to help Friday Health Plan’s expand in Colorado and into new markets, accelerating the sales and marketing activities of its health insurance product range and develop new value-added technology and related services.

Friday Health Plans was founded in 2015 by health technology industry veterans Sal Gentile and David Pinkert, who saw an opportunity to launch a simpler, friendlier health insurance company following the passage of the Affordable Care Act.

“We’re extremely excited about the opportunity to offer our services to the increasing number of people who buy health insurance for themselves and their families,” said Sal Gentile, CEO of Friday Health Plans.

“We’ve been very impressed by Friday’s ability to run an efficient, technology-enabled health plan in the individual health insurance market,” said Justin Yang, partner with Peloton Equity. “We look forward to helping Friday bring their consumer-focused products and same brand of success to new markets soon.”

The funding round is expected to close within 45 days, contingent on regulatory approval and all closing conditions being satisfied.

ILS investment manager Leadenhall Capital Partners has a strong and growing specialism in life and health insurance and reinsurance linked investing, with around $2.6 billion of assets managed by its Life and Alternative Credit investments team, a significant component of its roughly $5.5 billion of total ILS assets under management.

Luca Albertini, CEO of Leadenhall Capital Management, told us, “We’re delighted to be able to support Friday in their efforts to expand the provision of affordable health insurance.”

Leadenhall has invested in life, accident and health insurance start-ups before, as it has the expertise in this sector to identify promising investment opportunities, while also backing companies that may also help to secure it with access to attractive accident & health risks for its life insurance and reinsurance fund portfolios.

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