CARBON UNDERWRITING
Technology-first delegated underwriting MGU redefining the coverholder model at Lloyd's.
Overview
Carbon Underwriting is a London-based specialist independent managing general underwriter (MGU) and Lloyd's coverholder, focused on transforming the international delegated underwriting market. Co-founded in 2018 by Nick Tye, Jacqui Ferrier, and Ben Laidlaw, Carbon launched its first Lloyd's Syndicate (4747) as a Syndicate-in-a-Box (SIAB) on 1 July 2020, graduating to full syndicate status by 2023.
Carbon differentiates through its proprietary technology platform, Graphene, which delivers real-time data insights to coverholder partners and enables more informed, profitable underwriting decisions. The platform has processed over 1.8 billion gross GWP records and operates on Google Cloud infrastructure. Carbon became an official Google Cloud Partner in 2021.
In 2025, Lloyd's approved Carbon's second syndicate -- Syndicate 5757 -- focused solely on US program business, targeting GBP 119 million GWP in its first year. Combined with Syndicate 4747, Carbon forecasts approximately GBP 400 million in GWP under management in 2025. Syndicate 5757 is managed by Asta, the leading third-party managing agent at Lloyd's. The company grew from GBP 15 million in its first year to GBP 300 million by 2024, and remains PE-backed by Apiary Capital (invested 2023).
Products & Services
Coverholder Capacity (Syndicate 4747)
Carbon provides delegated underwriting capacity to brokers and coverholders across a range of specialty lines on a class-agnostic basis, enabling partners to write business on Carbon's Lloyd's paper.
Key Features
- Multi-line specialty capacity (class-agnostic)
- International Medical Malpractice (launched 2025)
- Whole Account Consortium (launched 2025)
Target Users: International brokers, coverholders, and reinsurers
Distribution: Wholesale, via appointed coverholders across 28+ partnerships in 3+ countries
US Program Business (Syndicate 5757)
Dedicated syndicate focused solely on US program business, effective January 2025. Managed by Asta. Targets GBP 119 million GWP in its first year, with the Graphene platform supporting technology-driven underwriting.
Target Users: US program managers and coverholders
Distribution: Wholesale, US specialist
At a Glance
- Founded
- 2018
- Headquarters
- London, United Kingdom
- Employees
- 51-200
Category & Focus
Last updated: 2026-05-11