The word from NRF for you;
Global law firm Norton Rose Fulbright has advised the management shareholders of Carbon Underwriting Limited (Carbon) on a significant growth equity investment from FTV Capital into Carbon.
The investment will support Carbon’s continued growth as a delegated authority underwriting specialist and help accelerate the development of its proprietary data and analytics platform, Graphene. The funding will also enable the business to further enhance its artificial intelligence capabilities and expand into new markets, including the United States.
Carbon has reported significant growth in recent years, with reported premium increasing from £150 million to £471 million between 2023 and 2026, alongside the maintenance of low loss ratios. The transaction reflects investor interest in Carbon’s underwriting model and its use of technology within the delegated authority market.
Carbon will continue to operate independently under its existing management team, maintaining its established underwriting discipline, strategic focus and organisational culture.
The Norton Rose Fulbright team was led by corporate insurance partner Matt Foster, who was supported by counsel Ed Gardner, senior associate Daisy Larcombe and associates Jacque Calf and Prairie Moat, as well as partners Sophie O’Connor (private equity) and Matthew Findley (employee incentives).
Matt Foster said:
“This transaction highlights continued investor interest in the Lloyd’s ecosystem and in platforms utilising delegated underwriting models to access wider distribution channels and high quality underwriting talent. In Carbon, Nick, Jacqui, Ben and their entrepreneurial team have built a differentiated platform combining Lloyd’s market underwriting knowledge and experience with advanced and innovative data capabilities. This investment positions the business well for its next exciting phase of growth. We are really pleased to have supported Jacqui, Ben and the wider Carbon team on this important transaction.”
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