Ledgebrook, an Excess and Surplus Lines Insurtech, announced that it has completed the close of an oversubscribed $65 million Series C funding round, led by existing investor The Stephens Group. And existing investors Duquesne, Brand Foundry, Floating Point, and American Family Ventures will also participate in the round, alongside new investors, including Hummingbird Nomads.
How the funding will be used: The funding round will enable Ledgebrook to bring in further talent to grow and enhance its client-service-led approach to wholesale brokers, provide new insurance products through its platform, and participate further in retaining risk on the insurance it is writing on behalf of its carrier partners.
New board member: Ledgebrook management and employees will continue to be the largest shareholders in the company. And Ryan Morrow, Managing Director at Stephens Group, will join Ledgebrook’s Board of Directors.
Advisors: DLA Piper has served as legal counsel to Ledgebrook. Stinson LLP has served as legal counsel to Stephens Group.
KEY QUOTES:
“I’m really excited to deepen our collaboration with Stephens Group and the Stephens Family. Their fair, open, honest and long-term approach to business partnerships, matches our own at Ledgebrook and has shone through since their initial investment last year.”
“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. I am proud of the backing we have from our existing and new investors and am incredibly grateful for their support.”
Gage Caligaris, Founder and Chief Executive Officer of Ledgebrook
“Ledgebrook is a unique and truly impressive, founder-led platform in the attractive E+S marketplace with fantastic early momentum. We look forward to a partnership with Gage and Ledgebrook for many years ahead. We and our co-investors could not be more excited to partner with the team as the business scales.”
Ryan Morrow
