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Ledgebrook raises $200 million as Allianz X backs the insurer
The specialty insurer also signed a multi-year reinsurance deal with Allianz Re, and says it expects to top $1 billion in cumulative premiums written since starting in 2023.
Ledgebrook, a Boston-based specialty insurance company founded in 2022, raised $200 million in primary equity financing, co-led by Allianz X and Rockefeller Capital Management, with participation from existing investors, according to Coverager.
The insurer also said Allianz Re agreed to enter a multi-year reinsurance agreement with Ledgebrook.
Ledgebrook writes general liability, professional liability, and specialty coverage for mid-sized-market businesses in the E&S market, distributed exclusively through wholesale brokers.
The company claims it is on track to surpass $1 billion in cumulative premium written since it began writing business in 2023, and it describes its Blackbird underwriting platform as reading submissions, classifying risk, and calculating a technical price quickly.