Insurtech company Luzern Risk raises $45m in Series B round

Luzern Risk, a US-based full-service captive insurance manager focused on alternative risk solutions, has secured $45m in a Series B funding round.

Insight Partners led the round, with Trust Ventures and existing backer Caffeinated Capital also taking part.

Caffeinated Capital previously led Luzern Risk’s seed funding round in 2023 and its $12m Series A round in 2025.

The company said the new funding will go towards developing its AI-native technology platform, which is designed to cut the time required to launch and manage custom captive insurance programmes at scale.

The proceeds will also be used to support the systemisation of operations to reduce turnaround times and broaden client options across the alternative risk value chain.

Luzern Risk CEO and co-founder Gabriel Weiss said: “We set out to make captives more accessible to a broader set of the market, and everything we have learned since has strengthened our conviction that captives will play a far bigger role in risk management than they do today.”

Captives are regulated insurance entities owned by a parent organisation, enabling companies to write bespoke coverage, retain underwriting profit and build surplus.

According to the statement, approximately $240bn in gross premium is currently written through captives, accounting for around 10% of the global property and casualty market.

Luzern Risk works with brokers, fronting carriers, reinsurers and advisers, and its clients include both mid-market businesses and large publicly traded companies.

Insight Partners is based in New York City and has offices in London, Tel Aviv and the Bay Area.

As of 31 December 2025, it reported more than $90bn in regulatory assets under management.

The company has invested in more than 900 businesses globally and over 55 of its portfolio companies have completed an initial public offering.

Insight Partners managing director Philine Huizing said: “Luzern is building the infrastructure layer that makes that expansion possible. We backed this team because we believe they are defining how risk finance gets done, and we are excited to support them in this next phase of growth.”