Ledgebrook, a Boston, Mass.-based InsurTech founded in March, announced that it raised $4.2 million in seed funding to build out its operations with the goal of writing its first policies in the fourth quarter of 2022.
The company plans to start by launching a broad-appetite excess and surplus general liability product to establish its value proposition to wholesale brokers ahead of expanding via multiple additional product launches in 2023, according to a company press release.
“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,” said Ledgebrook Founder and CEO Gage Caligaris in the release. “We’re building Ledgebrook specifically for the wholesale broker.”
Steve Mills, former president of The Hanover’s excess and surplus division and 30-year insurance industry veteran, leads the underwriting team for Ledgebrook, while Chief Operating Officer Paul Velekei stands up operations.
Ledgebrook’s seed round was led by Brand Foundry Ventures with participation from American Family Ventures and 15 angel investors. The startup’s seed funding will allow it to build out the team, technology and operational infrastructure to launch its first product, according to the release.