Luzern Risk, a full-service captive manager focused on alternative risk solutions, has raised $45 million in a Series B funding round. The investment was led by Insight Partners with participation from Trust Ventures and existing investor Caffeinated Capital. The company announced the funding on September 17, 2026, signaling plans to accelerate its technology platform and expand AI capabilities.
Strategic Funding to Expand Platform
The new capital will support three core priorities for Luzern Risk as it expands its platform. The company plans to advance its AI-native technology, improve risk insights for clients, and deliver more efficient captive service. It also aims to systemize operations and reduce turnaround times for work that is often complex and specialized.
Beyond technology and operations, the Series B will give clients additional options across the alternative risk value chain. Luzern Risk expects these combined investments to drive a step change in growth. The round follows a $12 million Series A in 2025 led by Caffeinated Capital, which also led the company's seed round in 2023.
Captive Insurance Market Momentum
Captives are regulated insurance entities owned by the parent organization, converting unpredictable expenses into strategic assets. They allow organizations to write bespoke coverage, retain underwriting profit, and accumulate surplus. Today, approximately $240 billion in gross premium is written through captives, representing about 10 percent of the global property and casualty market.
Adoption is accelerating beyond the Fortune 500 companies that have long used the structure. Luzern Risk works alongside brokers, fronting carriers, reinsurers, and advisors to meet growing demand from mid-market and large publicly traded companies. The company has experienced rapid year-over-year revenue growth as its expanding solution set has met the market.
Leadership Perspectives and Investor Confidence
Gabriel Weiss, CEO and Co-Founder of Luzern Risk, said the company set out to make captives more accessible to a broader set of the market. He noted that everything learned since has strengthened the conviction that captives will play a far bigger role in risk management. Weiss added that the investment enables better client outcomes at much greater scale.
Jonathan York, CTO and Co-Founder, emphasized the outsized impact technology can have for clients. He said every automated process makes a captive more efficient to run while increasing quality. York also noted that co-developing solutions with clients gives the company confidence that the approach will benefit the insurance industry as a whole.
Philine Huizing, Managing Director at Insight Partners, described the captive insurance market as undergoing a structural expansion. She said Luzern is building the infrastructure layer that makes this expansion possible. Huizing added that the firm backed the team because they are defining how risk finance gets done in the industry.
Varun Gupta, General Partner at Caffeinated Capital, said the firm led the seed and Series A rounds because of the CEO's vision of modernizing captives. He added that Caffeinated Capital is tripling down as the team continues to execute against the opportunity. The investor support highlights sustained confidence in Luzern Risk's alternative risk platform.
The $45 million Series B positions Luzern Risk to strengthen its role in modernizing the captive insurance market. By investing in platform development, AI capabilities, and operational efficiency, the company aims to serve a wider range of risk-conscious organizations. The funding underscores growing investor confidence in technology-driven alternative risk solutions and their potential for long-term growth.