BOSTON, Aug. 16, 2022 — Ledgebrook, an insurtech startup based in Boston and established in March, has revealed that it has acquired USD 4.2M in early capital to expand its business and write its first policies in Q4 2022. Before expanding through numerous other product launches in 2023, the company intends to start by offering a broad-appetite E&S GL product (with supported excess) to establish its value proposition to wholesale brokers.
According to Gage Caligaris, the founder and CEO of Ledgebrook:
“The E&S markets are ripe for disruption as brokers and clients aren’t adequately served by traditional players’ lengthy, unsophisticated quotation procedures.”
Gage, an actuary by training, is enthusiastic about providing a long-underserved area of the insurance business with the best in cutting-edge technology and service.
While COO Paul Velekei sets up operations utilizing decades of experience creating and scaling financial companies, underwriting team leader Steve Mills, former President of The Hanover’s E&S division, leads the team with 30 years of insurance industry experience.
Brand Foundry Ventures, American Family Ventures, and 15 angel investors participated in Ledgebrook’s seed round, which Brand Foundry Ventures also led. Thanks to the seed capital, the firm will be able to develop its staff, technology, and operational infrastructure to introduce its first product.
Mike Mansell, the company’s principal:
“Our group is ecstatic to work with Ledgebrook. They are innovating E&S in a way that has never been done before Ledgebrook is poised to provide a best-in-class experience by bringing to E&S the potent combination of cutting-edge technology and in-depth insurance expertise. We are honored to work alongside the excellent Ledgebrook team as they update the E&S environment.”
According to Brand Foundry partner and Ledgebrook board member Brian Spaly:
“Team Ledgebrook has a big, bold vision & the determination to execute against it. The sky’s the limit for how far they may go, and I’m proud to have been an early backer.”
More about Ledgebrook:
Ledgebrook is an E&S MGA with a tech-enabled approach that aims to offer wholesale brokers the best-in-class pricing and risk selection through their cutting-edge next-gen tech stack. Ledgebrook’s long-term goal is to develop into a technologically advanced, worldwide diversified re/insurer under the direction of veterans of the insurance sector.
Team Ledgebrook is made up of seasoned business professionals who know how antiquated technology platforms, low pricing sophistication, and a lack of automation may be upgraded to give brokers and insureds better quotes.
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