US SPECIALTY INSURER UPLAND CAPITAL LAUNCHES

Start-up specialty insurer Upland Capital Group has launched, backed by an initial $200m equity investment from Newlight Partners. The capital will be used to fund the insurer’s immediate build-out and organic growth plans. Dallas, Texas-based Upland will offer a “diversified portfolio” of excess and surplus lines (E&S) casualty, property, and specialty insurance products, with an initial focus on excess casualty products distributed through select wholesale brokers, it said. Upland claims to have built a “best-in-class team” of seasoned underwriters and experts. It will be led by Todd Hart as chairman, president and chief executive officer. Most recently, Hart served as the chief executive of Rhode Island-based Narraganset Bay Insurance Company. James Damonte will serve as president of insurance operations and chief underwriting officer. He was previously at Hallmark Financial Services.