Exclusive: Ledgebrook in strategic partnership with Spectra as it prepares to launch cyber offering

By David Bull

April 4 - (The Insurer) - E&S-focused insurtech MGA Ledgebrook has entered a strategic partnership with cyber insurance and risk management platform Spectra and is in the process of developing a new suite of cyber products that is slated to launch later this year.

Details of the new cyber offering being worked on could not be immediately confirmed.

However, a spokesperson for Ledgebrook confirmed the partnership with Spectra and the planned 2025 launch of a suite of cyber-related products that will integrate the Bermuda-based startup’s products and expertise.

Spectra’s founding CEO Edouard von Herberstein said: “We are excited and proud to partner with Ledgebrook, as they prioritise unique risk data, technology and quoting speed to deliver leading commercial insurance service to U.S. mid-market customers.

“This partnership will benefit our managed service provider partners and their customers when they seek rapid quotation for comprehensive cyber insurance coverage reflecting their preferred cyber posture.”

Ledgebrook founder and CEO Gage Caligaris added: “I’ve been incredibly impressed with Edouard, Eric (Altamura) and the entire Spectra team. Their innovative approach to cyber risk management is truly next-level, and we couldn't be more excited to partner with Spectra as we build our companies together.”

Launched in 2022, Ledgebrook offers a range of insurance solutions to mid-market customers in the U.S., distributing through wholesalers.

The tech-enabled platform says it aims to provide wholesale brokers with the fastest, most efficient quoting experience with access to comprehensive coverage options.

The MGA uses next-generation technology to deliver what it claims is best-in-class pricing and superior risk selection through its proprietary models.

Since its launch, the MGA has introduced general casualty and professional liability products to the market, with plans to roll out cyber and additional offerings in the coming year.

So far it has raised more than $50 million in funding from venture capital and family offices.

Its most recent raise was a $17 million Series B round in September led by family office Duquesne. The Stephens Group also participated alongside long-term partners Brand Foundry Ventures and American Family Ventures.

Ledgebrook has ambitious plans to become the leading specialty (re)insurance carrier globally, writing $50 billion in premiums annually.

Spectra was also launched in 2022 with an initial focus on offering services to managed service providers and insurance carriers.