Carbon Underwriting Limited has penned an agreement that sees FTV Capital make a significant growth equity investment in the managing general agent which operates Carbon Syndicate 4747 in the Lloyd’s market.

Carbon launched in 2018 and says the investment will support further growth and continued development of its proprietary data and analytics technology, Graphene. It will also support the expansion of its US business.

Following the deal, Carbon will continue to operate independently, led by its existing management team.

Jacqui Ferrier, CEO of Carbon, said: “We set out in 2018 with a mission to revolutionise the world of delegated underwriting and establish a global benchmark. We remain committed to that mission and to building an independent, market-leading platform, serving clients globally.

“We are now building on our outstanding success so far with the backing of further experienced investors in FTV who have a strong track record and meaningful presence in the US and broader MGA market, bringing both credibility and strategic value.”

Richard Earnshaw, partner at FTV, added: “Carbon has established itself as a scaled, profitable and highly differentiated platform in one of the most attractive segments of the Lloyd’s market.

“Its focus on low-volatility SME risk, combined with the real-time visibility and portfolio control delivered by Graphene, has produced an exceptional and consistent underwriting track record and strong customer retention. We have deep conviction in Carbon’s data-driven approach and its multiple levers for growth.”