The investment will accelerate Carbon’s growth in delegated authority underwriting by helping to scale its market-leading data and analytics platform, Graphene, and supporting expansion into new markets, including across the US
LONDON, June 30, 2026–(BUSINESS WIRE)–Carbon Underwriting Limited (“Carbon”), the market leading delegated authority underwriting specialist with its own Lloyd’s syndicate, is pleased to announce that it has signed an agreement for a significant growth equity investment from FTV Capital (“FTV”), a global sector-focused growth equity firm with a strong track record of investing in high-growth financial technology and services companies.
The years 2023-2026 have seen Carbon experience an exceptional period of growth with premium increasing from £150m to £471m at market-leading loss ratios; a growth trajectory that demonstrates the value and further potential of Carbon’s business model. This investment will accelerate Carbon’s growth across its delegated underwriting platform, fund continued development of its proprietary Graphene data and analytics technology, deepen its AI capabilities and support the company’s international expansion, including the build-out of its US business.
The transaction was led by Mike Vostrizansky, Richard Earnshaw and Max Weber from FTV. Carbon will benefit from FTV’s Global Partner Network®, a strategic group of more than 600 executives from many of the world’s leading enterprises, and FTV Propel®, the firm’s in-house team of seasoned operators, to accelerate execution across product, go-to-market and organisational scaling.
Carbon will continue to operate independently, led by its existing management team and built around the same culture, strategic focus and underwriting discipline that have driven its success to date. These foundations will continue to guide the business as it enters its next chapter.
Jacqui Ferrier, Carbon CEO, said: “At Carbon, we set out in 2018 with a mission to revolutionise the world of delegated underwriting and establish a global benchmark. We remain committed to that mission and to building an independent, market-leading platform, serving clients globally. We are now building on our outstanding success so far with the backing of further experienced investors in FTV who have a strong track record and meaningful presence in the US and broader MGA market, bringing both credibility and strategic value.
“Ben and I would like to extend a heartfelt thank you to Jeniv, Thomas and the team at Apiary Capital – our investors since 2023 – for their belief in our business and the support they have provided to allow us to scale quickly and responsibly. We are also deeply grateful to our managing agents Asta, Lloyd’s, our partners, coverholders, capital providers, reinsurers, brokers and the entire Carbon team for their support and commitment throughout our journey from SIAB through to now. And of course, a special thank you to our co-founder and friend Nick Tye, who has played such an important part in the Carbon story.”