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‘Carbon Secures Strategic Investment from Apiary Capital’

London: 17 July 2023 Carbon Underwriting Limited (Carbon) the specialist, independent managing general underwriter (MGU), announces today that UK private equity firm Apiary Capital (Apiary) has completed a significant strategic investment in Carbon.

Apiary’s investment will support Carbon’s management team in continuing to maintain its strong growth momentum as the Lloyd’s benchmark of excellence for Delegated Underwriting Authority business, delivering on its mission to transform the international coverholder market.


Nick Tye, CEO at Carbon, said: “We are delighted to welcome Apiary’s strategic investment in Carbon Underwriting – this is a pivotal moment that we are confident will help accelerate our transformative impact on the market as we drive towards a data-driven Coverholder future. This investment will support our expansion including the development of our underwriting platform and proprietary technology platform, Graphene, as well as investing in our people.

At Carbon, we set out in 2018 with a mission to revolutionise the world of delegated underwriting and establish a global benchmark. We understand the significance of embracing modern technology to enhance our offering, and our in-house technology ecosystem, Graphene, has been instrumental in achieving this vision.

We are delighted to have the support of Apiary Capital, known for their expertise in accelerating business development at innovative companies across many sectors. Their insight and guidance will undoubtedly propel Carbon to new heights and help us to capitalise on opportunities in the market.

We are poised to shape the future of underwriting, delivering unmatched value to our partners and setting new standards in the industry. The future is bright, and we are excited to embark on this next phase in our journey of transformation and growth.”

Jeniv Shah, Partner at Apiary Capital, commented: “We are absolutely thrilled to partner with Carbon Co-Founders Nick Tye, Jacqui Ferrier and Ben Laidlaw, and the rest of the Carbon team. This is exactly the calibre of business that Apiary seeks to invest in: a Founder-owned business, with a differentiated, technology-led proposition, and an opportunity to capture transformational growth in a large, underserved market.

Carbon’s dynamic, inclusive culture also aligns well with Apiary’s vision and business strategy. We have been impressed with Carbon’s rigorous commitment to improving the efficiency of the coverholder value chain for all stakeholders.

The team have done a great job establishing the business and building it to where it is today; we look forward to supporting them in realising the next phase in their potential while maintaining their focus on harnessing the power of data to drive improved underwriting performance, superior analysis, and fluidity of portfolio management.”

Carbon was advised by Oppenheimer and Wilkie Farr & Gallagher. Apiary Capital was advised by Acrisure Re Corporate Advisory and Solutions, Salient Solutions, PKF, Browne Jacobson and Oxbow Partners.


Notes to Editors

About Carbon Underwriting

Carbon Underwriting is a class agnostic MGU and Lloyd’s Syndicate driving transformation in the international coverholder market. It operates as an Underwriting and Data Lead with a keen focus on coverholder partnership.


Carbon is supported by its proprietary technology platform ‘Graphene’ which presents Underwriters and coverholders with superior data that motivates profitable and informed underwriting decisions.


The MGU acts as an incubator, enhancer and springboard for MGAs to encourage accretive and profitable growth.


For more information, please visit:


About Apiary Capital

Apiary Capital is a UK private equity firm investing in the education, healthcare, financial, business and technology services sectors. The firm seeks to acquire platform companies in attractive markets and supports management teams to accelerate growth.

More information about Apiary Capital is available here


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Lysander PR

07842 729 579


Steve Colton

Lysander PR

07554 889 056 



Registered office address:

5th Floor, 20 Gracechurch Street, London, EC3V 0BG

Carbon Underwriting is a trading name of Carbon Underwriting Limited which is an appointed representative of Davies MGA Services Ltd, a company authorised and regulated by the Financial Conduct Authority under firm reference number 597301 to carry on insurance distribution activities. Carbon Underwriting Limited is registered in England and Wales company number 11193856. Registered office at 5th Floor, 20 Gracechurch Street, London, EC3V 0BG

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