ThinCats, the leading alternative finance provider to mid-sized SMEs, has provided a funding package to support UK private equity firm Apiary Capital’s (Apiary) strategic investment in Carbon Underwriting Limited (Carbon) a specialist, independent managing general underwriter (MGU).

The funding supports Apiary’s investment which will enable Carbon’s management team in continuing to maintain its strong growth momentum as the Lloyd’s benchmark of excellence for Delegated Underwriting Authority business, delivering on its mission to transform the international coverholder market.

Established in 2018 by co-founders Nick Tye, Jacqui Ferrier and Ben Laidlaw, Carbon is a class-agnostic MGU with a Lloyd’s Syndicate, and operates as an Underwriting and Data Lead with a keen focus on coverholder partnership.

The business currently employs 47 staff and utilises its proprietary technology platform ‘Graphene’ to present underwriters and coverholders with superior data that facilitates profitable and informed underwriting decisions.

Carbon was advised by Oppenheimer and Wilkie Farr & Gallagher. Apiary Capital was advised by Acrisure Re Corporate Advisory and Solutions, Salient Solutions, RSM, PKF, Browne Jacobson and Oxbow Partners. ThinCats was advised by HCR.

We are delighted to welcome Apiary’s strategic investment in Carbon Underwriting – this is a pivotal moment that we are confident will help accelerate our transformative impact on the market as we drive towards a data-driven Coverholder future. This investment will support our expansion including the development of our underwriting platform and proprietary technology platform, Graphene, as well as investing in our people. 

Nick Tye, CEO at Carbon

Jeniv Shah, Partner at Apiary Capital, commented: “We are absolutely thrilled to partner with Carbon Co-Founders Nick Tye, Jacqui Ferrier and Ben Laidlaw, and the rest of the Carbon team. This is exactly the calibre of business that Apiary seeks to invest in: a Founder-owned business, with a differentiated, technology-led proposition, and an opportunity to capture transformational growth in a large, underserved market. It has been fantastic working with ThinCats on another transaction, Dave, Neil and their wider team have been excellent throughout the process and we look forward to partnering on future investments.”

Dave Sherrington, Managing Director, London & South, ThinCats commented; “It’s fantastic to be working with the Apiary team on another exciting investment. They have deep expertise in accelerating business development at innovative companies across many sectors and with their guidance Carbon is well positioned to shape the future of underwriting. We are excited to play our part in the next phase of their journey of transformation and growth.”