The $48 million raise was comprised of a private placement of $30 million aggregate principal amount of senior unsecured notes and $18 million of follow-on equity capital from incumbent investors.

The capital raise follows the closing of several new managing general agency (MGA) partnerships in 2021, with Transverse now managing a portfolio of insurance risk with annualized premiums in excess of $400 million.

Erik Matson, CEO and co-founder, said the capital raise will allow it to meet demand from MGAs with additional capacity and expanded lines of coverage.