Ledgebrook has raised $200 million in primary equity financing co-led by Allianz X, the strategic investment arm of Allianz Group, and Rockefeller Capital Management. Existing and new investors also participated in the financing, although they were not named.
The Boston-based company plans to use the capital to scale its technology and further develop Blackbird, its proprietary AI-native underwriting platform. The financing was announced alongside a separate multi-year reinsurance agreement between Ledgebrook and Allianz Re.
Founded in Boston in 2022 by Gage Caligaris, Ledgebrook operates an AI-native specialty insurance platform focused on the US excess and surplus market. The company writes general liability, professional liability and other specialty coverage for mid-sized businesses, distributing its products exclusively through wholesale brokers.
Blackbird processes insurance submissions, classifies risks and calculates technical pricing to support underwriting decisions. Ledgebrook says the platform can help deliver quotes on specialty risks in hours, while experienced underwriters retain responsibility for final decisions.
The company said it is on track to surpass $1 billion in cumulative premium written since it began writing business in 2023. Ledgebrook previously closed a $65 million Series C round in June 2025 led by existing investor The Stephens Group.
