Ledgebrook, a Boston-based MGA InsurTech, has raised $4.2m in seed funding to provide a “best-in-class” quoting experience to wholesale brokers.
The InsurTech was founded in March with the goal of providing the fastest, easiest quoting experience to wholesale brokers while delivering a high standard of pricing and risk selection via its tech stack.
The seed round was led by Brand Foundry Ventures with participation from American Family Ventures and 15 angel investors.
According to Ledgebrook, the funding will allow it to build out the team, technology, and operational infrastructure to launch its first product.
The MGA InsurTech is composed of industry veterans who understand how the lack of automation, limited pricing sophistication and outdated technology platforms can be improved to create better quoting experiences for brokers and better rates for insureds.
Following on from this funding round, Ledgebrook said its plans to launch an Excess & Surplus (E&S) general liability product to establish its value proposition to wholesale brokers, before expanding via multiple additional product launches in 2023.
Gage Caligaris, Ledgebrook’s founder and CEO, said, “The E&S markets are ripe for disruption as brokers and customers aren’t well served by the slow, unsophisticated quoting processes of legacy players…We’re building Ledgebrook specifically for the wholesale broker.”
Mike Mansell, principal at American Family Ventures, added, “Our team is thrilled to partner with Ledgebrook. They’re bringing innovation to E&S that the segment hasn’t seen before. By introducing the powerful combination of cutting-edge technology and deep insurance expertise to E&S, Ledgebrook is set to deliver a best-in-class experience. We’re thrilled to partner with the top-notch team at Ledgebrook as they modernize the E&S landscape.”
Earlier this year, North American insurance technology provider Vertafore acquired MGA Systems, a provider of purpose-built software for MGAs.
According to Vertafore, the MGA market has seen consistent growth over the last several years, continuing to expand in the face of headwinds and disruptions across the broader economy.
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