US-based insurtech managing general agent (MGA) Ledgebrook has secured $17m in a Series B financing round.
The round was led by Duquesne Family Office and included the Stephens Group, alongside continued support from long-term partners Brand Foundry Ventures and American Family Ventures.
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Set up in 2022, Ledgebrook plans to use the capital to speed up the expansion of its existing business and explore new opportunities.
This capital infusion also coincides with the appointment of a new chief financial officer, Anthony Segal-Knowles.
Segal-Knowles, who most recently worked for financial advisory and asset management company Lazard, brings expertise in financial and strategic planning, gained from his decades of senior-level positions at the British Treasury and the International Monetary Fund.
Ledgebrook founder & CEO Gage Caligaris said: “We are thrilled to welcome Duquesne Family Office and the Stephens Group into the Ledgebrook family. Their commitment to long-term thinking aligns well with our vision for what Ledgebrook can be in the coming decades. It is a rare opportunity to be able to bring on partners of this calibre and I could not be more excited.”
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By GlobalDataStephens Group managing director Ryan Morrow said: “We have been fortunate to get to know Gage over the last year, and it is clear he has the chance to build the next great insurance platform. The Excess and Surplus [E&S] market and its brokers are long overdue for better technology to place their most difficult risks, and Ledgebrook is building that exact platform.
“This investment not only supports Gage and the Ledgebrook team but also reinforces our commitment to fostering innovation in the insurance industry. We are excited to partner with Gage and the Ledgebrook team as they transform the way brokers place E&S policies.”
The Series B raise follows Ledgebrook’s $24m Series A, which was announced in March 2024.
American Family Ventures led the round, with participation from Brand Foundry Ventures and Floating Point.
Meanwhile, in June this year, Ledgebrook expanded its professional lines offerings with the introduction of a new architects and engineers (A&E) insurance product, launched in partnership with Obsidian Insurance.
The A&E insurance product was an addition to Ledgebrook’s miscellaneous professional liability and allied healthcare offerings, which were also developed in alliance with Obsidian.
