Luzern Risk, a full-service captive manager specialising in alternative risk solutions, has closed a $45m Series B funding round.
The round was led by Insight Partners, with participation from Trust Ventures and existing backer Caffeinated Capital, which previously led the company’s seed round in 2023 and its $12m Series A in 2025.
Luzern Risk has built an AI-native technology platform designed to significantly shorten the time needed to launch and run bespoke captive insurance programmes at scale.
The company said organisations are increasingly looking to take greater control over how they finance their exposures, as commercial insurance grows more expensive and unpredictable.
Captives are regulated insurance entities owned by the parent organisation that can turn volatile insurance costs into strategic assets, giving owners the ability to write tailored coverage, keep underwriting profit and build up surplus. Around $240bn in gross premium currently flows through captives globally, equivalent to roughly a tenth of the worldwide property and casualty market, and Luzern Risk noted that uptake is spreading well beyond the Fortune 500 firms that have traditionally relied on the structure.
Luzern Risk partners with brokers, fronting carriers, reinsurers and advisors to meet this rising demand. Its digital platform underpins relationships with a client base spanning multiple industries, from mid-market businesses to large, publicly listed companies, and the company said revenue has climbed quickly year on year as demand for its offering has grown.
The new capital will be directed towards three strategic priorities. It will fund continued development of the platform and its AI capabilities, aiming to deliver more efficient captive administration and sharper risk insights for owners. It will also support efforts to standardise operations across the business to cut turnaround times on complex, specialised work, while giving clients more choice across the alternative risk value chain.
Luzern Risk said captives sit at the core of its long-term ambitions, with the structure becoming increasingly viable for a wider range of firms able to tailor a captive to their exact needs.
Luzern Risk CEO and Co-Founder Gabriel Weiss said, “We set out to make captives more accessible to a broader set of the market, and everything we have learned since has strengthened our conviction that captives will play a far bigger role in risk management than they do today. This investment lets us do what we care about most: deliver better outcomes for our clients, at a much greater scale.”
Luzern Risk CTO and Co-Founder Jonathan York said, “This is a space where technology can have an outsized impact for clients.
“Every process we automate makes a captive more efficient to run while increasing quality, and every capability we add gives owners something they could not get before. The feedback we hear from our clients as we co-develop solutions with them gives us confidence we’re onto something that will be great for insurance industry-wide.”
Insight Partners Managing Director Philine Huizing said, “The captive market is undergoing a structural expansion, moving from a tool reserved for large multinationals into a viable strategy for a much broader universe of companies. Luzern is building the infrastructure layer that makes that expansion possible. We backed this team because we believe they are defining how risk finance gets done, and we’re excited to support them in this next phase of growth.”
Copyright © 2026 FinTech Global
