Houlihan Lokey Advises FTV Capital

Houlihan Lokey is pleased to announce that FTV Capital (FTV), a global sector-focused growth equity firm with a strong track record of investing in high-growth financial technology and services companies, has agreed to make a significant growth equity investment in Carbon Underwriting Limited (Carbon), a market-leading delegated authority underwriting specialist with its own Lloyd’s syndicate.

The years 2023–2026 have seen Carbon experience an exceptional period of growth with premium increasing from £150 million to £471 million at market-leading loss ratios—a growth trajectory that demonstrates the value and further potential of Carbon’s business model. This investment will accelerate Carbon’s growth across its delegated underwriting platform, fund continued development of its proprietary Graphene data and analytics technology, deepen its AI capabilities, and support the company’s international expansion, including the build-out of its U.S. business.

The transaction was led by Mike Vostrizansky, Richard Earnshaw, and Max Weber from FTV. Carbon will benefit from FTV’s Global Partner Network®, a strategic group of more than 600 executives from many of the world’s leading enterprises, and FTV Propel®, the firm’s in-house team of seasoned operators, to accelerate execution across product, go-to-market, and organisational scaling.

Carbon will continue to operate independently, led by its existing management team of Jacqui Ferrier and Ben Laidlaw, and built around the same culture, strategic focus, and underwriting discipline that have driven its success to date. These foundations will continue to guide the business as it enters its next chapter.

Houlihan Lokey served as the exclusive buyside M&A and financing advisor to FTV. This transaction further strengthens Houlihan Lokey’s leadership in the U.K. and European insurance MGU/MGA sector.

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