AI financial infrastructure firm Corgi has launched an admitted insurance carrier, adding to the range of insurance structures it already operates across its group, including risk retention groups, reinsurers, captives, and managing general agencies.
According to the firm, different risks are best suited to different structures. The launch of admitted carrier Corgi Insurance Company expands the range of options the group can deploy for a given account.
Corgi has filed its first products for the carrier, with planned offerings targeting a range of small and middle-market industries. These include technology companies, professional and administrative offices, retail stores, personal services businesses such as salons and repair shops, self-storage facilities, restaurants, and wholesalers and distributors. The offerings will also include coverage for condominium and homeowners associations, as well as small apartment buildings and residential rental properties.
Emily Yuan, co-founder and chief operating officer of Corgi, said the carrier was part of the firm's wider ambitions.
"Corgi is built to be full-stack, and we look forward to expanding what we can write on this paper as we bring more products to market," said Yuan.
The launch follows a period of investment. Earlier this year, Corgi secured $108m in total financing from a group of investors that includes Y Combinator, Kindred Ventures, Contrary, Oliver Jung, Glade Brook Capital Partners, Seven Stars, Leblon Capital, Fellows Fund, Alumni Ventures, Quadri Ventures, Vocal Ventures, Phosphor Capital, and SV Angel, among others.
