Boston-based InsurTech Ledgebrook, which develops AI-native technology for specialty insurance, has raised $200 million in primary equity funding to expand its underwriting of complex and hard-to-place commercial risks in the US.
Allianz X, the corporate venture unit of Allianz Group, and Rockefeller Capital Management co-led the funding round, which also included new and existing investors. Separately, Allianz Re will become a multi-year reinsurance partner for Ledgebrook.
Ledgebrook plans to use the funding to further develop its technology, including Blackbird, its in-house underwriting engine. The company expects its cumulative written premium to surpass $1 billion, after starting to write policies in 2023.
The company connects wholesale brokers looking for coverage for complex risks with the capital providers supporting those policies. Ledgebrook underwrites general liability, professional liability, and specialty lines for mid-market businesses, distributing its products exclusively through wholesale brokers.
Its Blackbird platform processes submissions, categorises risks, and generates technical pricing. This enables Ledgebrook to provide quotes for specialty business within hours rather than weeks, while human underwriters remain responsible for the final underwriting decisions.
The investment also expands Allianz X’s US property and casualty (P&C) portfolio. Ledgebrook’s focus on general liability for mid-sized businesses in the excess and surplus (E&S) market gives the investor exposure to a segment that was not previously covered by its platform.
Ledgebrook was founded in Boston in 2022 by CEO Gage Caligaris, a mathematician and actuary trained at Harvard. Its carrier, Ledgebrook Specialty Insurance Company, received an A- (Excellent) Financial Strength Rating and a Financial Size Category of VIII from AM Best in August 2026. The company has around 300 employees, including approximately 80 underwriters and 50 engineers.
