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London, UK: 9 November 2021 – Carbon Underwriting Limited (Carbon), the specialist, independent managing general underwriter (MGU) and Lloyd’s syndicate, is pleased to announce that it has received investment funding from BOOST&Co, the alternative lender of growth capital for UK SMEs.  

Carbon began underwriting through its Syndicate (CBN 4747) in July 2020 while at the same time, Carbon Underwriting MGU has on-boarded a number of new S&P A-rated capacity providers supporting a wide range of international MGAs.

Core to Carbon’s business – in addition to its market leading underwriting – is its proprietary technology platform, Graphene. This platform provides all parties in the distribution chain with superior data that drives profitable and informed underwriting decisions at a low headcount by using cutting-edge data science and machine learning technologies. 

Backed by an expert team of in-house digital experts, Graphene is used for pricing and actuarial monitoring of delegated portfolios – and does so utilising a suite of traditional insurance data enriched with novel third party data sets. 

Carbon will use the funding from BOOST to fuel further growth – in particular for working capital purposes including investing in new lines of business, developing Graphene and further bolstering the underwriting and leadership teams.

BOOST&Co is a leading provider of growth capital for innovative, fast-growing UK SMEs. The independent asset manager offers loans ranging from £1m to £10m, covering a wide range of sectors, with a strong track record in technology, media and telecommunications (TMT). It has funded more than £500m across more than 130 deals to date and provided close to £200m under the government’s CBILS initiative to support SMEs during Covid-19.

Nick Tye, CEO of Carbon Underwriting, said: 

“We are extremely proud of what we have achieved over the last three years and are very pleased to be partnering with BOOST&Co for this additional funding which will enable us to develop our business further – including our leading technology platform, Graphene – so that we can capitalise on the current opportunities in the market.

Our business continues to go from strength to strength and this working capital will allow us to continue to drive profitable growth while developing our underwriting platform, and invest in our people. These are the three core pillars of Carbon’s successful growth going forwards.

We are delighted that BOOST&Co has recognised our potential and we are very excited about the future as we steer Carbon forward and transform the landscape of how delegated authority business is written.” 

Adam Brinn, Head of London and the East at BOOST&Co, commented: 

“We are delighted to be supporting Carbon Underwriting with a growth loan to enable the further development of the company’s innovative underwriting technology platform. This is an exciting opportunity to work with an experienced and ambitious team, and we hope this is the beginning of a long-term funding partnership.

“The team at BOOST&Co were impressed by Carbon Underwriting’s management team, including their long experience in the insurance sector and their high level of personal investment in the firm.”