“Can an AI-native, vertically integrated insurance carrier rebuild the $1T+ commercial insurance stack from underwriting to claims for the technology-company risk class?”
Corgi launched in 2024 as an AI-native, full-stack commercial insurance carrier for tech startups, using a federally chartered Risk Retention Group (TRRG) to underwrite its own paper rather than acting as a broker. After receiving regulatory approval in July 2025, it scaled rapidly, raising three back-to-back rounds in 2026 that took it from ~$630M post-money to a reported $4B valuation in eight weeks. The company has expanded beyond its insurance carrier core into adjacent financial-infrastructure products — Corgi ETFs (a publicly traded thematic ETF family under Corgi Funds) — positioning itself as 'the AI financial infrastructure company' rather than a pure insurtech.
Corgi's embedded insurance is provided by Technology Risk Retention Group, Inc. (TRRG) (in-house) and Corgi Insurance Services, Inc. (in-house).
Corgi's investing and wealth products are powered by Corgi Funds (in-house).
The Embedded Finance Index 2026 maps 2 layers in Corgi's stack: Insurance (Technology Risk Retention Group, Inc. (TRRG) (in-house) and Corgi Insurance Services, Inc. (in-house)); Investing (Corgi Funds (in-house)).
Corgi was founded by Emily Yuan and Nico Laqua and is founded in 2024, headquartered in San Francisco, California, United States.
Corgi has raised ~$374M (Seed + Series A + Series B + Series B1, plus reported Series B2) in total (latest round: Series B2 (reported), 2026; valuation: $4B (reported, 2026)).
Get a read on where your own stack stands against Corgi and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.