Luzern Risk (formerly XN Captive) announced a $12 million Series A funding round from Caffeinated Capital to advance its goal of modernizing captive insurance for the underserved middle market.
What Luzern Risk does: Luzern Risk delivers a fully integrated digital captive solution—combining intelligent software with insurance expertise to give businesses strategic control over risk, capital, and performance.
With insurers raising premiums, restricting coverage, and exiting entire markets, more businesses are looking for ways to reduce volatility and optimize cash flow. And for decades, the Fortune 500 has relied on captive insurance as the quiet cornerstone of risk strategy given its ability to deliver control over coverage and convert unpredictable insurance expenses into retained profit.
But, captive adoption across the middle market (where many well-managed businesses overpay for traditional insurance) has been limited by the formation complexities.
Luzern makes captive ownership more accessible with a customer-friendly, all-in-one platform designed to streamline decision-making and tailor solutions to each client’s unique needs.
Luzern Risk replaces a cumbersome captive formation process with a single, intuitive platform. From initial analysis to ongoing management, Luzern unifies every aspect of the captive lifecycle for new and existing captive owners, agencies, and program partners into a digital system designed for clarity, ease of use, and long-term growth.
The foundation of Luzern’s strategy is its proprietary platform, which features a modern user interface, agentic AI, full API compatibility, and a suite of automation that boldly departs from the typical insurance experience.
KEY QUOTES:
“Captives have always been a powerful lever for insurance control, but until now, they’ve remained the domain of only the largest, best-resourced organizations. We’ve engineered the Luzern platform as the bridge to profitable insurance ownership for everyone.”
– Gabriel Weiss, CEO and Co-Founder of Luzern Risk
“Luzern represents the future of risk infrastructure. This isn’t just software for a legacy industry. Luzern is shaping a new reality, where businesses approach insurance not as a line item, but as a strategic asset.”
– Varun Gupta, General Partner at Caffeinated Capital
“There was a time when you had to call your stock broker to get a share price quote. Now you can do it instantly. We see a similar opportunity to modernize captive insurance through design and a world-class customer experience. Our platform replaces reams of paper and perpetual uncertainty with a digital command center—and the power of insurance ownership.”
– Jonathan York, CTO of Luzern Risk and formerly Head of Digital Transformation & Client Technology at Bridgewater Associates
