UK-based Carbon Underwriting has entered into an agreement for a growth equity investment from FTV Capital, a sector-focused growth equity firm.
The financial terms of the deal were not disclosed.
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The investment is set to back Carbon’s expansion in delegated authority underwriting, including the scaling of its Graphene data and analytics platform and entry into new markets.
The transaction for FTV was led by Mike Vostrizansky, Richard Earnshaw and Max Weber.
Carbon operates its own Lloyd’s syndicate and says it is the market-leading delegated authority underwriting specialist.
The company said its premium increased from £150m ($198.3m) to £471m between 2023 and 2026, adding that this was achieved at market-leading loss ratios.
Carbon CEO Jacqui Ferrier said: “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 [managing general agent] market, bringing both credibility and strategic value.”
The investment will also deepen the company’s AI capabilities and support international expansion, including the buildout of its US business.
As part of the arrangement, Carbon will have access to FTV’s Global Partner Network, which it described as a group of more than 600 executives from leading enterprises, and FTV Propel, the firm’s in-house team of operators, to support execution across product, go-to-market strategy and organisational scaling.
Carbon will continue to operate independently under its current management team.
FTV partner Mike Vostrizansky added: “Carbon 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.”
