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Ledgebrook raises $200m and inks multi-year reinsurance with Allianz Re
The AI-native specialty insurer said it plans to use the funding to scale its technology and expand its Blackbird underwriting platform.
Ledgebrook, an AI-native specialty insurance platform, raised $200 million in primary equity financing co-led by Allianz X and Rockefeller Capital Management, and also agreed to a multi-year reinsurance agreement with Allianz Re, according to Reinsurance News.
The $200 million follows prior funding rounds starting in August 2022, beginning with $4.2 million in seed funding, then $4.6 million in early 2023, a $17 million Series B round in October 2024, and a $65 million oversubscribed Series C round last year.
Reinsurance News reports that the latest raise included participation from both existing and new investors alongside Allianz X and Rockefeller Capital Management.
Ledgebrook said it intends to use the proceeds to scale its technology and extend Blackbird, its proprietary AI-native underwriting platform, which it describes as reading submissions, classifying risk, calculating a technical price, and generating quotes for specialty risks, often within hours rather than weeks with experienced underwriters.