The company offers sports and prizes insurance and specialises in structuring performance bonus incentives within player and team contracts. Credit: PeopleImages.com – Yuri A/ Shutterstock.

Sports and prize insurer Hedgehog Risk has offloaded a “substantial interest” to SIG Insurance, part of the Susquehanna International Group. 

Hedgehog Risk will work alongside SIG Insurance’s US operations, leveraging the investment to enhance its presence in the UK and Europe.  

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This partnership is set to broaden Hedgehog Risk’s pricing capabilities across various sports disciplines and increase its capacity to manage larger, longer-term risks. 

The investment will also aid the company in structuring new insurance offerings.  

Hedgehog Risk director Luke de Rougemont said: “Our collaboration with SIG Insurance is a significant moment in our journey as it will help fuel growth across key markets and allow us to move into new lines of business in the sports and entertainment insurance sectors.  

“We are delighted to be working with the SIG Insurance team because ultimately it means we will be better able to meet the needs of our clients.” 

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Hedgehog Risk is known for underwriting Contractual Bonus and Prize Indemnity business in the UK since its inception in 2013. 

It specialises in structuring and insuring performance bonus incentives within player and team contracts, focusing on performance-linked revenues and offering coverage for promotions tied to sporting events. 

The company’s direct market model, with access to global specialty reinsurance markets, enables it to work with clients in a consultative role. 

Its ability to underwrite in-house helps it cover risk and also structure the deals. 

The company, which operates internationally as a coverholder at Lloyd’s, has a US subsidiary, Hedgehog Insurance Agency, based in New Jersey.