Participated · Equity · Nov 2024

Ruby Re is a Missouri-domiciled third-party life reinsurance company established as an insurance sidecar vehicle. The vehicle is positioned to provide asset-intensive reinsurance capacity and to scale those capabilities as capital is deployed. RGA announced the platform and continues to support it; RGA executives framed the raise as validation of the strategy and track record. The company has now raised a total of $480 million in committed capital, near the top of its $400M–$500M target range. Investors include institutional and specialist insurance investors who committed in an initial close and a second round of capital. AllianceBernstein appointed a member to Ruby Re’s board following its commitment, signaling investor governance involvement. Ruby Reinsurance Company is a Missouri-based third-party life reinsurance company focused on the US asset-intensive business. Its business model reinsures transactions from Reinsurance Group of America (RGA) without directly engaging with clients. Ruby Re completed an initial funding round securing equity capital commitments from Golub Capital, Hudson Structured Capital Management Ltd. (operating as HSCM Bermuda), and Sammons Financial Group. RGA plans to retrocede an existing block of liabilities worth $2.5 billion to Ruby Re and will cede a quota share of future qualifying business, subject to underwriting standards and regulatory approvals. Jefferies served as financial advisor and Oliver Wyman provided actuarial support; Latham & Watkins advised RGA and Sidley Austin represented the lead investors. RGA describes the vehicle as alternative capital that expands its capacity on attractive terms for clients, shareholders, and Ruby investors.

Participated · Equity · Jul 2024

Earned Wealth operates a tech-enabled, integrated personal financial management platform that delivers wealth, tax, career advisory, insurance, and practice-level services tailored to doctors. The firm combines prognostic technology with fiduciary advisors who specialize in physicians’ unique financial decisions across medical school loan repayment, practice buy-ins, malpractice coverage, and practice sales. Earned serves more than 3,000 clients and manages over $2 billion in assets. The company intends to use new capital to expand its platform, accelerate product innovation, and pursue strategic acquisitions to broaden offerings. As part of that M&A push, Earned announced the acquisition and rebrand of Thomas Doll, adding practice-focused tax planning and retirement programs. Management says the firm will further invest in technology and its team to scale nationwide and deepen services for medical practices. Earned (formerly Forme Financial) is a wealth management platform purpose-built for physicians that emerged from beta with a rebrand and a Series A. Its core product is a proprietary wealth engine that combines a physician’s career journey with predictive technology to generate data-driven recommendations across estate planning, taxes, debt management, insurance and investments; Certified Financial Planners help physicians evaluate major career decisions. The company charges customers fees based on assets under management and earns commissions when customers purchase items such as insurance. Since its beta launch in May 2022, Earned has worked with more than 100 physicians in 24 states, with 71% of users logging in weekly and an average reported tax savings of $77,000; the CEO declined to disclose revenue. With the new funding, Earned plans to invest in hiring and technology to add more tools and features to its wealth engine and to accelerate customer acquisition. The company says it aims to become a one-stop financial advisory shop for physicians and is considering future expansion to other high-earning healthcare professionals such as dentists and to physician families, citing an estimated $13 billion annual addressable market.

Participated · Series D · Sep 2023

Kin Insurance offers direct-to-consumer home insurance with a focus on areas vulnerable to hurricanes, wildfires and other severe weather events. The company leverages capital-market solutions such as catastrophe bonds alongside traditional reinsurance to strengthen financial resilience and protect policyholders. The May 2026 transaction (Series 2026-1) was its fourth catastrophe bond placement and its largest to date, reflecting its national expansion beyond Florida. Kin reported the deal achieved its most favourable pricing yet and drew its largest pool of institutional investors, which the company says signals confidence in its underwriting and risk-selection strategy. Kin also highlighted customer satisfaction metrics as of 6 May 2026, including a 4.7/5 Google score from over 8,591 reviews, an A+ and 4.8/5 on the Better Business Bureau from 1,458 reviews, and a 4.9/5 "Excellent" rating on Trustpilot from 7,386 reviews. The company continues to rely on reinsurance and capital-market instruments to support policyholder protection and its longer-term growth plans.

Participated · Seed · Jun 2023

Meanwhile operates as the world’s first fully Bitcoin-denominated life insurer, regulated by the Bermuda Monetary Authority. Its core products package traditional life insurance, annuities and savings vehicles with Bitcoin, positioning BTC as a long-term store of value for policyholders. The company serves both retail families and institutional partners that want to launch compliant, bitcoin-linked savings, retirement and corporate treasury products. Meanwhile generates yield by conservatively lending Bitcoin and providing private credit, making it one of the largest long-duration BTC lenders with terms over six months. Demand has driven the firm’s Bitcoin assets under management to grow more than 200%. Future plans center on expanding global distribution through established insurers and other institutional channels while continuing to build “long-duration” financial building blocks for the broader Bitcoin economy. To date, the company has raised $122 million in 2025 to fund these initiatives.

Participated · Equity · Dec 2022

CyberCube offers a suite of SaaS products—such as Portfolio Manager, Account Manager, Broking Manager, and the forthcoming Exposure Manager—that help insurance and reinsurance companies quantify and manage cyber risk across single accounts and entire portfolios. Its analytics are trusted by more than 130 clients, including 75% of the top 40 U.S. and European cyber insurers by gross written premiums and most of the top 20 global brokers. In 2025 the company plans to launch Exposure Manager and Version 6.0 of Portfolio Manager while continuing to deepen its use of artificial intelligence and large language models. Founded within Symantec in 2015 and spun out as an independent company in 2018, CyberCube now operates offices in San Francisco, New York, Chicago, London, and Tallinn. The platform leverages proprietary data, analytics, and AI to translate cyber exposure into financial terms, enabling better underwriting, portfolio management, and capital allocation decisions. The business positions itself as the analytics engine powering the rapid global expansion of the cyber insurance market. Current leadership has also strengthened governance with the appointment of former Verisk CEO Scott G. Stephenson as Chair of the Board.