FTV Capital has agreed to make a growth investment in Carbon Underwriting, a delegated authority underwriting specialist that operates its own Lloyd's syndicate. The deal marks FTV's continued push into financial services businesses with scalable platforms and strong management teams. Carbon specializes in delegated underwriting, a niche within the insurance sector that allows third parties to underwrite risks on behalf of insurers.

The company will maintain independent operations following the investment, continuing under its existing management team's leadership. This independence is typical for FTV's growth investments, allowing portfolio companies to pursue expansion while leveraging the firm's strategic and financial support. Carbon's platform focuses on the delegated authority market, which has gained traction as insurers seek more efficient risk placement mechanisms.

The capital infusion will accelerate Carbon's growth across its delegated underwriting platform and support the build-out of its US business. This expansion comes as the delegated underwriting model gains momentum in North American markets, where regulatory changes and capacity constraints have created opportunities for specialized underwriters. The US push represents a significant growth avenue for the Lloyd's-focused business.

The investment reflects private equity's ongoing appetite for insurance sector opportunities, particularly in businesses that can scale through technology and operational improvements. Carbon's positioning in the delegated authority space, combined with access to FTV's resources, positions the company for potential market share gains in an evolving insurance landscape.