Embroker

Embroker is a San Francisco-based digital commercial insurance brokerage and MGA. Matt Miller founded it in 2015. At the time he was a Principal at private-equity firm Hellman & Friedman, where he had led insurance deals including HUB International and Applied Systems. He started Embroker with co-founders George Djordje Vranjesevic and Yotam Shacham. The idea has stayed the same for ten years: one digital platform — today called Embroker ONE — where US small and mid-market businesses can buy D&O, EPL, cyber, tech E&O, professional liability and commercial package coverage in minutes, without submitting a PDF to a broker.

Broker-plus-MGA hybrid, not a pure MGA. Embroker is not just an MGA (a managing general agent — a firm that writes policies on behalf of an insurer). It is also a licensed retail brokerage, which means it acts as the broker of record for its own clients. It also runs a product called Embroker Access that lets outside retail and wholesale brokers place business through Embroker ONE. Compare that to Vouch, a competitor founded in 2018. Vouch focused on one narrow segment — venture-backed startups — as a pure MGA, then built its own licensed carrier (Vouch Insurance Company) in 2021, and sold both to Hiscox in August 2025. Embroker took the opposite approach: it covers more verticals (technology startups, law firms, biotech, accountants, bookkeepers, real estate, consultants, financial professionals) across a single platform, rather than going deep on one segment.

Funding and investors. Total disclosed funding is approximately $142.4M across six rounds, per Crunchbase and Tracxn. The sequence: a 2016 seed round; a $12.2M Series A led by Canaan Partners, with Nyca Partners, XL Innovate and an SVB debt facility; a $28M Series B in April 2019 led by Tola Capital; and a $100M Series C in June 2021 led by FTV Capital, with Hudson Structured Capital Management (HSCM Bermuda) and Gaingels joining and Tola, Canaan, Bee Partners and MassMutual Ventures following on. BlackRock does not appear in any public source as an Embroker investor — treat any such claim as unverified. The 2021 Series C was framed around becoming a "full-stack carrier." As of April 2026 that has not happened: Embroker still writes on reinsured and fronted paper, not on its own admitted company.

Capacity stack. The insurance policies Embroker sells are backed by two A+ reinsurers: Munich Re and Everest Re. Reinsurers take on the financial risk behind the policies. Munich Re is cited in press as taking 100% of the risk on Embroker's flagship Startup Package D&O/EPL program. In October 2024 Embroker added Everspan as a fronting carrier (fronting means Everspan's name goes on the policy; the risk stays with the reinsurer). Everspan is a subsidiary of Ambac and was named 2024 Fronting Carrier of the Year by Insurance Insider. Everspan now underwrites new coverage packages on ONE for accountants, bookkeepers, tax preparers, real estate agents and consultants. No Accelerant relationship is documented in public sources.

Founder transition. Matt Miller ran Embroker as CEO until January 2023, when he stepped down after a health-related leave of absence. He stayed on the board. Ben Jennings, who had been Chief Revenue Officer at Embroker for four years, was named CEO in July 2023. Some sources cite 2022 for this change — that date is wrong. In October 2024 Embroker also hired a new CIO, announced alongside the Everspan partnership. In December 2024 Carrier Management ran a profile of Jennings covering Embroker's technology strategy.

What the AI actually does. Embroker ONE uses predictive modeling and machine learning to quote, bind and issue D&O, EPL, cyber and professional-liability policies on specific industry programs. A business fills in one application; the platform handles the rest without a human underwriter reviewing the file. In 2024 Embroker added an AI document-ingestion feature that reads third-party insurance applications and ACORD forms (a standard insurance industry form) and pulls out the data automatically. The company says this saves account managers up to 40 hours per month. In August 2025 Embroker launched an AI Coverage Endorsement — an add-on that covers risks tied to using or building AI systems. All of this AI capability runs inside Embroker's own broker and MGA workflow. It is not a product that other carriers can license.

Analyst gap. No Gartner, Celent, Forrester or Novarica leader-quadrant coverage of Embroker has appeared in public search through April 2026. Sources used here are trade press (Insurance Journal, Carrier Management, Business Insurance, Reinsurance News, The Insurer, InsurTech Digital, FinTech Global, Insurance Business), primary Embroker, FTV Capital and Business Wire releases, and Crunchbase / Tracxn funding databases.