Luzern Risk, a captive manager specialising in alternative risk solutions, raises US$45 million in a Series B funding round led by Insight Partners. Trust Ventures participates alongside existing investor Caffeinated Capital, which led the company’s seed round in 2023 and its US$12 million Series A in 2025. The company says its technology platform is built to compress the time required to launch and administer custom captive programmes at scale. It works alongside brokers, fronting carriers, reinsurers and advisers, and its client base spans mid-market and large publicly traded companies. The funding supports three priorities. Luzern Risk plans to advance its platform and build out its artificial intelligence capabilities, to systemise operations across the business and reduce turnaround times on complex work, and to give clients additional options across the alternative risk value chain. The company says about US$240 billion in gross premium is written through captives, making up roughly 10 per cent of the global property and casualty market, and that adoption is accelerating beyond the Fortune 500 companies that have long used the structure. Its longer-term aim is to build infrastructure for the wider ecosystem, including clients, brokers, carriers, reinsurers and regulators, with common standards and products intended to let brokers place risk into captives with less friction, carriers and reinsurers underwrite with better information, and regulators oversee structured reporting. Gabriel Weiss, chief executive officer and co-founder of Luzern Risk, says: "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. This investment lets us do what we care about most: deliver better outcomes for our clients, at a much greater scale." Jonathan York, chief technology officer and co-founder, says: "This is a space where technology can have an outsized impact for clients. 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." Philine Huizing, managing director at Insight Partners, says: "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. Luzern is building the infrastructure layer that makes that expansion possible." Varun Gupta, general partner at Caffeinated Capital, says: "We led the seed and Series A rounds of Luzern because we believed in Gabriel's vision of modernising captives. 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."
