Ledgebrook, an AI-native specialty insurance platform, has raised $200 million in primary equity financing to expand its technology and underwriting platform.

The funding round was co-led by Allianz X and Rockefeller Capital Management, with participation from both existing and new investors.

The latest funding brings significant new capital to the Boston-based company, which began raising funds in 2022. Ledgebrook has raised several rounds since then, including a $65 million Series C in 2025.

Ledgebrook plans to use the new funding to scale its technology and further develop Blackbird, its AI-powered underwriting platform. Blackbird can analyze insurance submissions, classify risks and calculate technical pricing, allowing the company to quote specialty risks in hours rather than weeks.

Experienced underwriters remain responsible for making the final insurance decisions.

Ledgebrook provides general liability, professional liability and other specialty insurance coverage for mid-sized businesses in the excess and surplus (E&S) market. Its products are distributed through wholesale brokers.

The company says it is on track to surpass $1 billion in cumulative premiums written since it began writing business.

Alongside the equity investment, Allianz Re has agreed to a multi-year reinsurance agreement with Ledgebrook. The partnership will support the company’s continued growth in the specialty insurance market.

Ledgebrook was founded in Boston and is led by CEO Gage Caligaris.