’We are excited to embark on this next phase in our journey of transformation and growth,’ says chief executive
Lloyd’s syndicate Carbon Underwriting has secured investment from UK private equity firm Apiary Capital.
A statement released yesterday (17 July 2023) said the investment will support Carbon’s expansion, including the development of its underwriting and proprietary technology platform Graphene.
The managing general underwriter (MGU) also expects the funds to help it “accelerate our transformative impact on the market as we drive towards a data-driven coverholder future”.
“We are delighted to have the support of Apiary Capital, known for their expertise in accelerating business development at innovative companies across many sectors,” Carbon chief executive Nick Tye said.
”We understand the significance of embracing modern technology to enhance our offering and our in-house technology ecosystem Graphene has been instrumental in achieving this vision.”
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Tye said that the support of Apiary Capital and its expertise would help the MGU capitalise on new opportunities in the market.
“We are poised to shape the future of underwriting, delivering unmatched value to our partners and setting new standards in the industry,” he said.
“The future is bright and we are excited to embark on this next phase in our journey of transformation and growth.”
Jeniv Shah, partner at Apiary Capital, said the firm invested in the MGU as its “dynamic, inclusive culture aligns well with Apiary’s vision and business strategy”.
“The team have done a great job establishing the business and building it to where it is today,” Shah added.
“We look forward to supporting them in realising the next phase in their potential while maintaining their focus on harnessing the power of data to drive improved underwriting performance, superior analysis, and fluidity of portfolio management.”
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