UK private equity firm Apiary Capital has completed a “significant strategic investment” in specialist independent managing general underwriter Carbon Underwriting Limited.
Without disclosing the investment’s financial terms, Carbon chief executive Nick Tye said in a release: “We are delighted to welcome Apiary’s strategic investment in Carbon Underwriting – this is a pivotal moment that we are confident will help accelerate our transformative impact on the market as we drive towards a data-driven coverholder future.
“This investment will support our expansion, including the development of our underwriting platform and proprietary technology platform, Graphene, as well as investing in our people.”
According to Carbon, which acts as an incubator and springboard for managing general agents, the PE firm’s backing will aid the MGU in sustaining its strong growth momentum in the area of delegated underwriting authority.
“At Carbon, we set out in 2018 with a mission to revolutionise the world of delegated underwriting and establish a global benchmark,” declared Tye, whose camp is keen to set new industry standards. “We understand the significance of embracing modern technology to enhance our offering, and our in-house technology ecosystem, Graphene, has been instrumental in achieving this vision.
“We are delighted to have the support of Apiary Capital, known for their expertise in accelerating business development at innovative companies across many sectors. Their insight and guidance will undoubtedly propel Carbon to new heights and help us to capitalise on opportunities in the market.”
Apiary partner Jeniv Shah added that they are “absolutely thrilled” to partner with Tye and his co-founders Jacqui Ferrier and Ben Laidlaw, and the rest of the Carbon roster.
“This is exactly the calibre of business that Apiary seeks to invest in: a founder-owned business, with a differentiated, technology-led proposition, and an opportunity to capture transformational growth in a large, underserved market,” Shah said.
“Carbon’s dynamic, inclusive culture also aligns well with Apiary’s vision and business strategy. We have been impressed with Carbon’s rigorous commitment to improving the efficiency of the coverholder value chain for all stakeholders.
“The team has done a great job establishing the business and building it to where it is today; we look forward to supporting them in realising the next phase in their potential while maintaining their focus on harnessing the power of data to drive improved underwriting performance, superior analysis, and fluidity of portfolio management.”
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