Corgi
“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.