Luzern boosted by new series B influx of funding

Luzern Risk has announced a $45 million Series B led by Insight Partners, with participation from Trust Ventures and existing investor Caffeinated Capital, which led the company’s seed round in 2023 and $12 million Series A in 2025.

Luzern Risk said that its AI-native technology platform is built to significantly compress the time required to launch and administer custom captive programs at scale. As commercial insurance becomes increasingly costly and volatile, risk-conscious organisations are seeking greater control over how their exposures are financed.

It also pointed out that captives convert unpredictable expenses into strategic assets by offering the ability to write bespoke coverage, retain underwriting profit, and accumulate surplus. Today, about $240 billion in gross premium is written through captives, making up roughly 10% of the global P&C market. Adoption is accelerating beyond the Fortune 500 companies who have long made use of the structure, and the sector is poised to grow significantly.

Luzern Risk works alongside brokers, fronting carriers, reinsurers, and advisors who are similarly committed to meet the demand for captives. The company’s digital platform is the foundation for client relationships, supporting a client base that cuts across industries and includes mid-market as well as large, publicly traded companies. Revenue has grown rapidly year over year as Luzern Risk’s solution set has met the market.

“We set out to make captives more accessible to a broader set of the market, and everything we have learned since has strengthened our conviction that captives will play a far bigger role in risk management than they do today,” said Gabriel Weiss, chief executive and co-founder of Luzern Risk. “This investment lets us do what we care about most: deliver better outcomes for our clients, at a much greater scale.”

The Series B funding will accelerate three of Luzern Risk’s core strategic priorities:

• It will advance the development of its platform and continue to build out its AI capabilities, producing more efficient captive service and better risk insights for owners.

• It will also bolster operational strength by systemising operations across the business, reducing turnaround times for work that is often complex and specialised.

• Finally, it will provide clients with additional options across the alternative risk value chain. Together, these investments are expected to drive a step change in growth.

“This is a space where technology can have an outsized impact for clients,” said Jonathan York, CTO and co-founder of Luzern Risk. “Every process we automate makes a captive more efficient to run while increasing quality, and every capability we add gives owners something they could not get before. The feedback we hear from our clients as we co-develop solutions with them gives us confidence we’re onto something that will be great for insurance industry-wide.”

Captives sit at the foundation of Luzern Risk’s long-term vision. The structure increasingly makes sense for more firms, which can take advantage of captives shaped to precisely fit their needs. In turn, capital eager to participate in risk should find it easier to identify relevant opportunities.

Realising that vision means building infrastructure an entire ecosystem can use, including clients, brokers, carriers, reinsurers, and regulators. Common standards and products will allow brokers to place risk into captives with less friction, carriers and reinsurers to underwrite with better information, and regulators to oversee well-structured reporting.

“The captive market is undergoing a structural expansion, moving from a tool reserved for large multinationals into a viable strategy for a much broader universe of companies,” said Philine Huizing, Managing Director at Insight Partners. “Luzern is building the infrastructure layer that makes that expansion possible. We backed this team because we believe they are defining how risk finance gets done, and we’re excited to support them in this next phase of growth.”

“We led the seed and Series A rounds of Luzern because we believed in Gabriel’s vision of modernising captives,” said Varun Gupta, General Partner at Caffeinated Capital. “We look forward to tripling down as this exceptional team continues to execute against the massive opportunity of building the world’s best alternative risk solutions.”

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