London-based Carbon Underwriting has secured significant funding from the alternative lender BOOST&Co to fuel further growth. Carbon will use the investment for working capital purposes, including investing in new lines of business, developing Graphene, its data-driven underwriting platform, and bolstering its underwriting and leadership teams.
Carbon is a London-based specialist, independent, class-agnostic Managing General Underwriter (MGU) for the insurance industry. The business began underwriting through its Syndicate (CBN 4747) in July 2020; at the same time, Carbon Underwriting MGU has onboarded a number of new S&P A-rated capacity providers, supporting a wide range of international MGAs.
Core to Carbon’s business, in addition to its market-leading underwriting, is its proprietary technology platform, Graphene. This provides all parties in the distribution chain with superior data that drives profitable and informed underwriting decisions at a low headcount, by using cutting-edge data science and machine-learning technologies. The platform is used for pricing and actuarial monitoring of delegated portfolios, and does so via a suite of traditional insurance data enriched with novel third-party data sets.
Adam Brinn, head of London and the east at BOOST&Co, says: “We are delighted to be supporting Carbon Underwriting with a growth loan to enable the further development of the company’s innovative underwriting technology platform. This is an exciting opportunity to work with an experienced and ambitious team, and we hope this is the beginning of a long-term funding partnership.
The team at BOOST&Co was impressed by Carbon Underwriting’s management team, including their long experience in the insurance sector and their high level of personal investment in the firm.”
Nick Tye, the chief executive of Carbon Underwriting, says: “We are extremely proud of what we have achieved over the past three years and we are pleased to be partnering with BOOST&Co for this additional funding, which will enable us to develop our business further so that we can capitalise on the current opportunities in the market.
“Our business continues to go from strength to strength, and this working capital will enable us to continue to drive profitable growth while developing our underwriting platform and investing in our people. We are delighted that BOOST&Co has recognised our potential, and we are excited about the future as we steer Carbon forward and transform the landscape of how delegated authority business is written.”