Carbon Underwriting Limited, a specialist, independent managing general underwriter (MGU), has announced a significant strategic investment from UK private equity firm Apiary Capital (Apiary).
The investment is expected to bolster Carbon’s growth momentum as it continues to be recognised as the Lloyd’s benchmark of excellence for Delegated Underwriting Authority business, with a focus on transforming the international coverholder market.
Nick Tye, the CEO at Carbon, expressed his delight in welcoming Apiary’s strategic investment, hailing it as a pivotal moment that will accelerate Carbon’s transformative impact on the market.
The investment will support the company’s expansion plans, particularly in the development of their underwriting platform and proprietary technology ecosystem, Graphene. Furthermore, the funds will be invested in strengthening their workforce.
Since its inception in 2018, Carbon has been on a mission to revolutionise the world of delegated underwriting and establish a global benchmark in the industry, Tye said. Embracing modern technology, their in-house platform Graphene has played a vital role in achieving this vision.
The partnership with Apiary, renowned for its expertise in fostering business development across various sectors, is expected to propel Carbon to new heights. With the strategic guidance and insights from Apiary, Carbon aims to capitalise on untapped opportunities in the market and reshape the future of underwriting. They are focused on delivering exceptional value to their partners and setting new standards within the industry.
Jeniv Shah, Partner at Apiary, expressed excitement about partnering with Carbon’s co-founders and the entire team. Apiary was particularly drawn to Carbon’s Founder-owned status, unique technology-driven proposition, and the potential for transformative growth in an underserved market. Apiary also praised Carbon’s dynamic and inclusive culture, which aligned well with their own vision and business strategy.
Carbon’s commitment to improving the efficiency of the coverholder value chain for all stakeholders impressed Apiary. The strategic investment comes at a time when Carbon has successfully established itself in the industry and is poised for further growth.
Apiary looks forward to supporting Carbon in realising its potential and maintaining a strong focus on utilising data to drive enhanced underwriting performance, superior analysis, and portfolio management fluidity.
Carbon received advice from Oppenheimer and Wilkie Farr & Gallagher during the transaction, while Apiary was advised by Acrisure Re Corporate Advisory and Solutions, Salient Solutions, PKF, Browne Jacobson, and Oxbow Partners.
