’We are now building on our outstanding success so far with the backing of further experienced investors,’ says chief executive
Carbon Underwriting has signed an agreement for a growth equity investment from FTV Capital.
The MGA said the deal will accelerate growth across its delegated underwriting platform, fund continued development of its proprietary Graphene data and analytics technology, deepen its artificial intelligence (AI) capabilities and support the company’s international expansion.
It will continue to operate independently, led by its existing management team.
Jacqui Ferrier, Carbon Underwriting’s chief executive, said: “At Carbon Underwriting, we set out in 2018 with a mission to revolutionise the world of delegated underwriting and establish a global benchmark.
”We remain committed to that mission and to building an independent, market-leading platform, serving clients globally. We are now building on our outstanding success so far with the backing of further experienced investors in FTV, who have a strong track record and meaningful presence in the US and broader MGA market, bringing both credibility and strategic value.”
Increasing premium
FTV Capital is a sector-focused growth equity investment firm that has raised more than $10.2bn (£7.71bn) to invest in firms.
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The deal was led by Mike Vostrizansky, Richard Earnshaw and Max Weber from FTV.
Vostrizansky said: “Carbon Underwriting has cracked one of the most attractive, underserved corners of the insurance market and its data-led approach to delegated underwriting resonates strongly with where the industry is heading.”
The deal comes following Carbon Underwriting’s premium increasing from £150m to £471m between 2023 and 2026.
The firm did this with the help of Apiary Capital, which have been investors in the firm since 2023.
Jeniv Shah, partner at Apiary Capital, said: “We are incredibly proud to have been a part of Carbon’s story since our investment in 2023. Ferrier, Ben Laidlaw and the rest of the team have built a truly special business, with a wonderful culture and they have done an excellent job trebling the size of the business and diversifying it into new markets over the last three years.
“We have no doubt that with FTV on board the business is well placed to continue its stellar growth.”
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