DLA Piper advises AI-native specialty insurance platform Ledgebrook on primary equity financing

DLA Piper advised Ledgebrook, AI-native specialty insurance platform, on its US$200 million primary equity financing. The new capital will be used to scale its technology and extend Blackbird, its proprietary AI-native underwriting platform.

Ledgebrook provides general liability, professional liability, and specialty coverage to mid-sized businesses in the excess and surplus lines market exclusively through wholesale brokers. Its underwriting process combines the experience of its underwriters, who make final risk-selection and pricing decisions, with Blackbird, its proprietary technology platform, which supports submission review, risk classification and technical pricing.

“Ledgebrook has distinguished itself by combining sophisticated technology with experienced underwriting to deliver greater speed and rigor,” said Randy Socol, the DLA Piper Partner who led the deal. “We have been proud to advise Ledgebrook since its seed financing and throughout the company’s growth.”

“Our vision is for Ledgebrook to be the company that makes the wheels of insurance spin faster,” said Gage Caligaris, Founder & CEO of Ledgebrook. ”Businesses with complex risk deserve specialized underwriting, rated with rigor, and delivered at speed. Our platform lets our underwriters do that with real discipline. DLA Piper has advised us since our seed financing, and we value the firm’s longstanding counsel and support throughout our growth.”

In addition to Socol (San Diego/Los Angeles), the deal team included Partner Anthony Taranto and Associates Katie Nguyen (both San Diego) and Melinda Banki (Los Angeles).