Carbon Underwriting Limited, a leading delegated authority underwriter at Lloyd's, has secured a £250m growth equity investment from FTV Capital. This partnership is expected to drive the company's strategic objectives over the next few years and cement its position as a market leader in insurance technology.
The investment will accelerate Carbon's growth across its delegated underwriting platform, with a particular focus on developing its proprietary Graphene data and analytics technology. This technology forms the backbone of its operational model, enabling efficient risk assessment and management. Furthermore, the funding will support the enhancement of Carbon's artificial intelligence capabilities and facilitate its expansion into new international markets, including the United States.
Under the leadership of CEO Jacqui Ferrier since 2018, Carbon has achieved remarkable growth, with premium income increasing from £150m to £471m between 2023 and 2026. This exceptional performance is underpinned by market-leading loss ratios, underscoring the value and future potential of its business model within the insurance sector.
FTV Capital's backing brings credibility and strategic value to Carbon's ambitious plans. The firm has a strong track record in scaling financial technology businesses and a presence in the US MGA market, making it an ideal partner for Carbon as it seeks to expand globally. According to Mike Vostrizansky, a partner at FTV Capital, Carbon's data-led approach to delegated underwriting aligns with the industry's direction and presents a significant opportunity for growth.
Ben Laidlaw, Managing Director of Carbon, expressed enthusiasm for the investment, highlighting the company's established approach and its commitment to building an independent, market-leading platform serving clients worldwide. The partnership is expected to bring both strategic value and significant growth opportunities, as highlighted by the £250m investment.