Ledgebrook Inc, a technology-driven excess and surplus lines managing general agency, recently completed the close of a $65 million funding round.
The oversubscribed Series C round was led by existing investor The Stephens Group, LLC . Existing investors Duquesne, Brand Foundry, Floating Point, and American Family Ventures participated in the round, alongside new investors including Hummingbird Nomads.
Gage Caligaris, founder and chief executive officer of the Massachusetts-based Ledgebrook, said the funding will allow the MGA to bring in additional talent to grow and enhance its service to wholesale brokers, offer new insurance products through its platform, and participate further in retaining risk on the insurance it is writing on behalf of its carrier partners.
The firm offers general and professional liability products.
Ledgebrook management and employees will continue to be the largest shareholders in the company. Ryan Morrow, managing director at Stephens Group, will join Ledgebrook’s board of directors.
“The round recognizes the momentum in our business. It positions Ledgebrook to truly establish itself as a premier E&S platform, known for consistent execution on our mission to delight wholesale brokers and for bringing together the best of insurance expertise and technology,” Caligaris said.
Ledgebrook was founded in March 2002, when it raised $4.2 million in seed funding. Since the it has raised another $4.6 million, $24 million and $17 million.
Prior to entering insurance, Ledgebrook founder Caligaris traded commodity derivatives at Barclays. His insurance career started in the actuarial program at Liberty Mutual, where he rose to become senior director of new mobility products.
John Mullen serves as president of E&S for Ledgebrook. Mullen has experience as a retail broker and an E&S underwriter and has worked for multiple regional and global insurance carriers. He joined Ledgebrook from Liberty Mutual.
The Stephens Group is a private investment firm with more than $2 billion of private equity assets under management. Since 2006, Stephens Group has invested in more than 50 companies, targeting industries including industrial products and services, specialty distribution, and vertical software.
Topics InsurTech Excess Surplus Tech
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